<SEC-DOCUMENT>0001104659-18-025642.txt : 20180420
<SEC-HEADER>0001104659-18-025642.hdr.sgml : 20180420
<ACCEPTANCE-DATETIME>20180420170940
ACCESSION NUMBER:		0001104659-18-025642
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		202
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180420
DATE AS OF CHANGE:		20180420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELECOM ARGENTINA SA
		CENTRAL INDEX KEY:			0000932470
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		18767457

	BUSINESS ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB
		BUSINESS PHONE:		54-11-4968-4000

	MAIL ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>a18-5108_120f.htm
<DESCRIPTION>20-F
<TEXT>


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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><a href="#TableOfContents" title="Click to go to Table of Contents"><font size="2" style="font-size:10.0pt;">Table of Contents</font></a></font></p>
<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>
<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 filed with the Securities and Exchange Commission on April&nbsp;20, 2018</font></b></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;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade align="center" style="color:black;"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;20-F</font></b></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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Mark One)</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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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">o</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION   STATEMENT PURSUANT TO SECTION&nbsp;12(b)&nbsp;OR 12(g)&nbsp;OF THE SECURITIES   EXCHANGE ACT OF 1934</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OR</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">x</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ANNUAL   REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE   ACT OF 1934<br>   For the fiscal year ended&nbsp;December 31, 2017</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OR</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">o</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TRANSITION   REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE   ACT OF 1934<br>   For the transition period from   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   to   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OR</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">o</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SHELL   COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES   EXCHANGE ACT OF 1934</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><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;">Date of event requiring this shell company report . . . . . . . . . . . . . . . . . . .</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><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commission file number:&nbsp;1-13464</font></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 align="center" style="margin:0in 0in .0001pt;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>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of Registrant as Specified in its charter)</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<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>    </td>   </tr>
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<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
<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;">Republic of Argentina</font></b></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Jurisdiction of incorporation or organization)</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<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>    </td>   </tr>
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<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
<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;">Alicia Moreau de Justo 50</font></b></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;">(C1107AAB) - Buenos Aires</font></b></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;">Argentina</font></b></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices)</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<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>    </td>   </tr>
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<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
<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;">Gabriel Blasi</font></b></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;">(Tel: 54-11- 4968-4019, Fax: 54-11-4313-9801,   E-mail: GBlasi@teco.com.ar,</font></b></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;">Alicia Moreau de Justo 50, 10th Floor,   (C1107AAB), Buenos Aires, Argentina) </font></b></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name, Telephone, E-mail and/or Facsimile number and Address of   Company Contact Person)</font></p>    </td>   </tr>  </table>
<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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities registered or to be registered pursuant to Section 12(b) of the Act:</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>
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<td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title&nbsp;of&nbsp;Each&nbsp;Class</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;of&nbsp;Each&nbsp;Exchange&nbsp;On&nbsp;Which&nbsp;Registered</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<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;">American Depositary Shares,<br>   representing Class&nbsp;B Ordinary Shares</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="bottom" style="padding:0in 0in 0in 0in;width:49.04%;">
<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;">New York Stock Exchange</font></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<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;">Class&nbsp;B Ordinary Shares,<br>   nominal value P$1.00 per share</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="bottom" style="padding:0in 0in 0in 0in;width:49.04%;">
<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;">New York Stock Exchange*</font></b></p>    </td>   </tr>  </table>
<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="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.</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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities registered or to be registered pursuant to Section&nbsp;12(g)&nbsp;of the Act: </font></p>
<p style="margin:0in 0in .0001pt;"><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;">None</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><a href="#TableOfContents" title="Click to go to Table of Contents"><font size="2" style="font-size:10.0pt;">Table of Contents</font></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d)&nbsp;of the Act: </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;">None</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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period covered by the annual report.</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A&nbsp;Ordinary&nbsp;Shares,&nbsp;nominal&nbsp;value&nbsp;P$1.00&nbsp;each</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">340,994,852</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;B Ordinary Shares, nominal value P$1.00 each</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">627,930,005</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;C Ordinary Shares, nominal value P$1.00 each</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,748</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;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> No</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934.</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;"> No</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;">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2)&nbsp;has been subject to such filing requirements for the past 90 days.</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> No</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> No</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; and &#147;emerging growth company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</font></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Large   accelerated filer </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</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;">Accelerated filer </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-accelerated   filer </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</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;">Emerging growth   company&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#134; provided pursuant to Section 13(a) of the Exchange Act. </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#134;The term &#147;new or revised financial accounting standard&#148; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</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;">US GAAP </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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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;">International Financial Reporting Standards as issued<br>   by the International Accounting Standards Board </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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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;">Other </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Item 17&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Item 18</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of the Exchange Act).</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;"> No</font></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;">&nbsp;</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;">&nbsp;</font></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: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;">Page</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PRESENTATIONOFFINANCIALINFORMATI_124535" title="Click to goto ">PRESENTATION OF FINANCIAL INFORMATION</a></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#FORWARDLOOKINGSTATEMENTS_124541" title="Click to goto ">FORWARD-LOOKING STATEMENTS</a></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#GLOSSARYOFTERMS_124546" title="Click to goto ">GLOSSARY OF TERMS</a></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>    </td>   </tr>
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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:1.0pt;">&nbsp;</font></p>    </td>
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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;"><a href="#PARTI_115647" title="Click to goto ">PART&nbsp;I</a></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;">&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 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>    </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;"><a href="#ITEM1_IDENTITYOFDIRECTORSSENIORM_115649">ITEM   1.</a></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;"><a href="#ITEM1_IDENTITYOFDIRECTORSSENIORM_115649">IDENTITY   OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</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;"><a href="#ITEM2_OFFERSTATISTICSANDEXPECTED_115653">ITEM   2.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM2_OFFERSTATISTICSANDEXPECTED_115653">OFFER   STATISTICS AND EXPECTED TIMETABLE</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM3_KEYINFORMATION_115655">ITEM   3.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM3_KEYINFORMATION_115655">KEY   INFORMATION</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM4_INFORMATIONONTHECOMPANY_011426">ITEM   4.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM4_INFORMATIONONTHECOMPANY_011426">INFORMATION   ON THE COMPANY</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM4A_UNRESOLVEDSTAFFCOMMENTS_022307">ITEM   4A.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM4A_UNRESOLVEDSTAFFCOMMENTS_022307">UNRESOLVED   STAFF COMMENTS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">93</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM5_OPERATINGANDFINANCIALREVIE_022332">ITEM   5.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM5_OPERATINGANDFINANCIALREVIE_022332">OPERATING   AND FINANCIAL REVIEW AND PROSPECTS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">94</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM6_DIRECTORSSENIORMANAGEMENTA_021421">ITEM   6.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM6_DIRECTORSSENIORMANAGEMENTA_021421">DIRECTORS,   SENIOR MANAGEMENT AND EMPLOYEES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">145</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM7_MAJORSHAREHOLDERSANDRELATE_010737">ITEM   7.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM7_MAJORSHAREHOLDERSANDRELATE_010737">MAJOR   SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">159</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM8_FINANCIALINFORMATION_011739">ITEM   8.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM8_FINANCIALINFORMATION_011739">FINANCIAL   INFORMATION</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">166</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM9_THEOFFERANDLISTING_014359">ITEM   9.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM9_THEOFFERANDLISTING_014359">THE   OFFER AND LISTING</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">177</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM10_ADDITIONALINFORMATION_014803">ITEM   10.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM10_ADDITIONALINFORMATION_014803">ADDITIONAL   INFORMATION</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">182</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM11_QUANTITATIVEANDQUALITATIV_044950">ITEM   11.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM11_QUANTITATIVEANDQUALITATIV_044950">QUANTITATIVE   AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">198</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM12_DESCRIPTIONOFSECURITIESOT_044955">ITEM   12.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM12_DESCRIPTIONOFSECURITIESOT_044955">DESCRIPTION   OF SECURITIES OTHER THAN EQUITY SECURITIES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<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>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PARTII_044959" title="Click to goto ">PART&nbsp;II</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<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>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<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>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM13_DEFAULTSDIVIDENDARREARAGE_045001">ITEM   13.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM13_DEFAULTSDIVIDENDARREARAGE_045001">DEFAULTS,   DIVIDEND ARREARAGES AND DELINQUENCIES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">201</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM14_MATERIALMODIFICATIONSTOTH_045002">ITEM   14.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM14_MATERIALMODIFICATIONSTOTH_045002">MATERIAL   MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">201</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM15_CONTROLSANDPROCEDURES_045004">ITEM   15.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM15_CONTROLSANDPROCEDURES_045004">CONTROLS   AND PROCEDURES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">201</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16A_AUDITCOMMITTEEFINANCIALE_045012">ITEM   16A.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16A_AUDITCOMMITTEEFINANCIALE_045012">AUDIT   COMMITTEE FINANCIAL EXPERT</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">202</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16B_CODEOFETHICS_045014">ITEM   16B.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16B_CODEOFETHICS_045014">CODE   OF ETHICS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">202</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16C_PRINCIPALACCOUNTANTFEESA_045017">ITEM   16C.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16C_PRINCIPALACCOUNTANTFEESA_045017">PRINCIPAL   ACCOUNTANT FEES AND SERVICES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">202</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16D_EXEMPTIONSFROMTHELISTING_045024">ITEM   16D.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16D_EXEMPTIONSFROMTHELISTING_045024">EXEMPTIONS   FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">204</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16E_PURCHASESOFEQUITYSECURIT_045026">ITEM   16E.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16E_PURCHASESOFEQUITYSECURIT_045026">PURCHASES   OF EQUITY SECURITIES BY THE COMPANY AND AFFILIATED PURCHASERS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">204</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16F_CHANGEINREGISTRANTSCERTI_045029">ITEM   16F.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16F_CHANGEINREGISTRANTSCERTI_045029">CHANGE   IN REGISTRANT&#146;S CERTIFYING ACCOUNTANT</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">204</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16G_CORPORATEGOVERNANCE_045306">ITEM   16G.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16G_CORPORATEGOVERNANCE_045306">CORPORATE   GOVERNANCE</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">205</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16H_MINESAFETYDISCLOSURE_045310">ITEM   16H.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16H_MINESAFETYDISCLOSURE_045310">MINE   SAFETY DISCLOSURE</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">205</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<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>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PARTIII_045311" title="Click to goto ">PART&nbsp;III</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<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>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<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>   </tr>
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<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM17_FINANCIALSTATEMENTS_045313">ITEM   17.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM17_FINANCIALSTATEMENTS_045313">FINANCIAL   STATEMENTS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206</font></p>    </td>   </tr>
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<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM18_FINANCIALSTATEMENTS_045314">ITEM   18.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM18_FINANCIALSTATEMENTS_045314">FINANCIAL   STATEMENTS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM19_EXHIBITS2_045316">ITEM   19.</a></font></p>    </td>
<td width="2%" valign="top" 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="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM19_EXHIBITS2_045316">EXHIBITS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206</font></p>    </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="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></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>
<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;">PRESENTATION OF FINANCIAL INFORMATION</font></b><a name="PRESENTATIONOFFINANCIALINFORMATI_124535"></a></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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina S.A. is a company incorporated under the laws of Argentina. As used in this Annual Report on Form&nbsp;20-F (the &#147;Form&nbsp;20-F&#148; or &#147;Annual Report&#148;), the terms &#147;the Company,&#148; &#147;Telecom,&#148; &#147;Telecom Group,&#148; &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to Telecom Argentina S.A. and its consolidated subsidiaries as of December&nbsp;31, 2017. Unless otherwise stated, references to the financial results of &#147;Telecom&#148; are to the consolidated financial results of Telecom Argentina and its consolidated subsidiaries. The Telecom Group is engaged in the provision of fixed and mobile telecommunications services.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;Telecom Argentina&#148; refers to Telecom Argentina S.A. excluding its subsidiaries, as of December&nbsp;31, 2017, N&#250;cleo S.A., Personal Env&#237;os S.A. (&#147;Env&#237;os&#148;), Tuves Paraguay S.A., Telecom Argentina USA Inc. (&#147;Telecom Argentina USA&#148;) and Micro Sistemas S.A. (&#147;Micro Sistemas&#148;). Telecom Argentina is engaged in the provision of fixed telecommunication services in Argentina. The terms &#147;Telecom Personal&#148; or &#147;Personal&#148; refer to Telecom Personal S.A., our subsidiary until November&nbsp;30, 2017 and then absorbed by Telecom Argentina (See &#147;Item 4&#151;Information on the Company&#151;Recent Developments&#151;The Reorganization&#148;), which was engaged in the provision of mobile telecommunication services in Argentina. The term &#147;N&#250;cleo&#148; refers to N&#250;cleo S.A., a subsidiary engaged in the provision of mobile telecommunication services in Paraguay. Env&#237;os is N&#250;cleo&#146;s subsidiary engaged in the provision of mobile financial services in Paraguay and Tuves Paraguay, is N&#250;cleo&#180;s subsidiary whose main purpose is the provision of telecommunications services and also the distribution of digital audio and television signals to homes in Paraguay, in accordance with the license granted by CONATEL. Telecom Argentina USA Inc. is our subsidiary engaged in the provision of telecommunication services in USA and Micro Sistemas is a Telecom Argentina&#146; subsidiary whose corporate purpose is the provision of electronic payment services in Argentina which had no activities since 2001.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements as of December&nbsp;31, 2017 and 2016 and for the years ended December&nbsp;31, 2017, 2016 and 2015, and the notes thereto (the &#147;Consolidated Financial Statements&#148;) are set forth on pages&nbsp;F-1 through F-115 of this Annual Report.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards Board (&#147;IASB&#148;) and have been approved by resolution of the Board of Directors&#146; meeting held on March&nbsp;7, 2018 and&#160; have been audited by an independent registered public accounting firm.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina and Micro Sistemas maintain their accounting records and prepare their financial statements in Argentine Pesos, which is their functional currency. Our subsidiaries N&#250;cleo, Env&#237;os, Tuves Paraguay and Telecom Argentina USA, however, maintain their accounting records and prepare their financial statements in Guaran&#237;es (N&#250;cleo, Env&#237;os and Tuves Paraguay) and in U.S. dollars (Telecom Argentina USA), respectively. Our Consolidated Financial Statements include the results of these subsidiaries translated into Argentine Pesos. Assets and liabilities are translated at year-end exchange rates and revenue and expense accounts at average exchange rates for each year presented.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain financial information contained in this Annual Report has been presented in U.S. dollars. This Annual Report contains translations of various Argentine Peso amounts into U.S. dollars at specified rates solely for convenience of the reader. You should not construe these translations as representations by us that the Argentine Peso amounts actually represent these U.S. dollar amounts or could be converted into U.S. dollars at the rates indicated. Except as otherwise specified, all references to &#147;US$,&#148; &#147;U.S. dollars&#148; or &#147;dollars&#148; are to United States dollars, references to &#147;</font>EUR,&#148; &#147;euro&#148; or &#147;&#128;&#148; are to the lawful currency of the member states of the European Union and references to &#147;P$,&#148; &#147;Argentine Pesos&#148; or &#147;pesos&#148; are to Argentine Pesos. Unless otherwise indicated, we have translated the Argentine Peso amounts using a rate of P$18.65 = US$1.00, the U.S. dollar ask rate published by the Banco de la Naci&#243;n Argentina (Argentine National Bank) on December&nbsp;31, 2017. On April&nbsp;17, 2018, the exchange rate was P$20.18 = US$1.00. As a result of fluctuations in the Argentine peso/U.S. dollar exchange rate, the exchange rate at such date may not be indicative of current or future exchange rates. Consequently, these translations should not be construed as a representation that the peso amounts represent, or have been or could be converted into, U.S. dollars at that or any other rate. See &#147;Item 3&#151;Key Information&#151;Exchange Rates&#148;, and &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Devaluation of the peso may adversely affect our results of operations, our capital expenditure program and the ability to service our liabilities and transfer funds abroad.&#148;</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of this Annual Report, &#147;billion&#148; means a thousand million.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain amounts and ratios contained in this Annual Report (including percentage amounts) have been rounded up or down to facilitate the summation of the tables in which they are presented. The effect of this rounding is not material. These rounded amounts are also included within the text of this Annual Report.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The contents of our website and other websites referred to herein are not part of this Annual Report.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Annual Report contains certain terms that may be unfamiliar to some readers. You can find a Glossary of these terms on page&nbsp;5 of this Annual Report.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Consolidated Financial Statements and the selected financial data incorporated in this Annual Report have been prepared on a consolidated basis using Telecom&#146;s historical accounting records and represent our historical operations prior to the Merger.&#160; As a result, Telecom&#146;s historical financial data incorporated in this Annual Report may not be indicative of the future operating results, cash flows or financial position of Telecom upon consummation of the Merger on January&nbsp;1, 2018. For more information, see note 32 to our Consolidated Financial Statements and &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Telecom and its Operations&#151;Telecom&#146;s Consolidated Financial Statements and the selected financial data included in this Annual Report may not be indicative of, and may differ materially from, our future results of operations after the Merger.&#148;</font></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;">FORWARD-LOOKING STATEMENTS</font></b><a name="FORWARDLOOKINGSTATEMENTS_124541"></a></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Private Securities Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; for forward-looking statements. Certain information included in this Annual Report contains information that is forward-looking, including, but not limited to:</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 .5in;text-align:justify;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>our expectations for our future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure;</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-align:justify;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 synergies expected from 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 .5in;text-align:justify;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 implementation of our business strategy;</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-align:justify;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 changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay and Uruguay;</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-align:justify;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>our outlook for new and enhanced technologies;</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-align:justify;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 effects of operating in a competitive environment;</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-align:justify;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>industry conditions;</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-align:justify;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 outcome of certain legal proceedings;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>regulatory and legal developments; 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 .5in;text-align:justify;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>other factors identified or discussed under &#147;Item 3&#151;Key Information&#151;Risk Factors.&#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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Annual Report contains certain forward-looking statements and information relating to the Telecom Group that are based on current expectations, estimates and projections of our Management and information currently available to the Telecom Group. These statements include, but are not limited to, statements made in &#147;Item 3&#151;Key Information&#151;Risk Factors,&#148; &#147;Item 5&#151;Operating and Financial Review and Prospects&#148; under the captions &#147;Critical Accounting Policies&#148; and &#147;Trend Information,&#148; &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#148; and other statements about the Telecom Group&#146;s strategies, plans, objectives, expectations, intentions, capital expenditures, and assumptions and other statements contained in this Annual Report that are not historical facts. When used in this document, the words &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;project,&#148; &#147;will,&#148; &#147;may&#148; and &#147;should&#148; and other similar expressions are generally intended to identify forward-looking statements.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These statements reflect the current views of the management of the Company with respect to future events. They are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Many factors could cause actual results, performance or achievements of the Telecom Group to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These factors include, among others:</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 .5in;text-align:justify;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>our ability to successfully implement the Merger and any conditions that may be imposed by the ENACOM and the Antitrust Authority (See &#147;Item 4&#151;Information on the Company&#151;The Merger&#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 .5in;text-align:justify;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>our ability to successfully implement our business strategy and to achieve synergies resulting from 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 .5in;text-align:justify;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>our ability to introduce new products and services that enable business growth;</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-align:justify;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>uncertainties relating to political and economic conditions in Argentina, Paraguay and Uruguay;</p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>inflation, the devaluation of the peso, the Guaran&#237; and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>restrictions on the ability to exchange pesos into foreign currencies and transfer funds abroad;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 manner in which the Argentine government regulates Law No.&nbsp;27,078, the Argentina Digital Law or &#147;LAD,&#148; as amended by Decree No.&nbsp;267/15, as well as the impact of the new Telecommunications Law, which has been announced, but has not yet been submitted to Congress;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 creditworthiness of our actual or potential customers;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>nationalization, expropriation and/or increased government intervention in companies;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>technological changes;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which we operate;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 effects of increased competition; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>challenges in integrating the business and operations of the Absorbed Companies, which integration may take longer and be more costly than anticipated and may have unanticipated adverse results relating to the business and operations as existing prior to the Reorganization.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company&#146;s management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this Annual Report.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company&#146;s filings made on Form&nbsp;6-K, which are periodically filed with or furnished to the United States Securities and Exchange 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;">FORWARD-LOOKING   STATEMENTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_114747_2897"></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;">GLOSSARY OF TERMS</font></b><a name="GLOSSARYOFTERMS_124546"></a></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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following explanations are not provided as or intended to be technical definitions, but only to assist the general reader to understand certain terms used in this Annual Report.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2G (second-generation mobile system)</font></i><i>:</i> Second-generation protocols using digital encoding and includes GSM, D-AMPS (TDMA) and CDMA. These protocols support high bit rate voice and limited data communications.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3G (third-generation mobile system)</font></i><i>:</i> Third-generation mobile service, designed to provide high speed data, always-on data access, and greater voice capacity. 3G networks allow the transfer of both voice data services (telephony, messaging) and non-voice data (such as downloading Internet information, exchanging email, and instant messaging). The high data speeds, measured in Mbps, are significantly higher than 2G, and 3G networks technology enable full motion video, high-speed Internet access and video-conferencing. 3G technology standards include UMTS, based on WCDMA technology (quite often the two terms are used interchangeably), and CDMA2000.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4G (fourth-generation mobile system):</font></i> Fourth-generation mobile service using the LTE technology (Long Term Evolution technology).</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Absorbed Companies:</font></i> Sofora, Nortel and Telecom Personal, companies absorbed by Telecom Argentina after the Reorganization.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Access</font></i> (or <i>Accesses</i>): Connection provided by Telecom Argentina to Internet services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ADS:</font></i> American Depositary Shares issued by JP Morgan, listed on the New York Stock Exchange, each representing rights to five (5)&nbsp;Class&nbsp;B Shares under a Deposit Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ADSL (Asymmetric Digital Subscriber Line):</font></i> A type of digital subscriber line technology (DSL); a data communications technology that enables faster data transmission over copper lines than a conventional voiceband modem can provide.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">AFIP (Administraci&#243;n Federal de Ingresos P&#250;blicos):</font></i> The Argentine federal tax authority.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">AFJP (Administradoras de Fondos de Jubilaciones y Pensiones):</font></i> Private entities that were in charge of managing the funds of the Private Pension and Retirement System established by Law No.&nbsp;24,241, until its nationalization in November&nbsp;2008 pursuant to Law No.&nbsp;26,425.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">AFTIC (Autoridad Federal de Tecnolog&#237;as de la Informaci&#243;n y de las Comunicaciones):</font></i> The decentralized and autonomous agency in the scope of the PEN appointed as the Regulatory Authority in the LAD. AFTIC was replaced by the ENACOM.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">AMBA (Area Metropolitana Buenos Aires):</font></i> An area comprising the Autonomous city of Buenos Aires and the greater Buenos Aires area. Telephone calls within the area are considered local.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Analog:</font></i> A mode of transmission or switching that is not digital, e.g., the representation of voice, video or other not in digital form.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ANSES:</font></i> The Argentine administrator of social security pension and retirement benefits.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ANSES &#151;FGS</font></i>: The Fondo de Garant&#237;a y Sustentabilidad <i>del Sistema Integrado Previsional Argentino</i> managed by ANSES.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Antitrust Authority</font></i>: The Argenting enforcing authority of the antitrust statutes comprising Argentine Law 25,156, as amended, modified or supplemented from time to time, and its related decrees, resolutions and statutes, which currently is the Argentine <i>Secretar&#237;a de Comercio Interior</i> with the technical assistance of the CNDC.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Argentina:</font></i> Republic of Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Argentine GAAP:</font></i> Generally Accepted Accounting Principles in Argentina, which we used before the adoption of IFRS.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARBU (Average Revenue Billed per User):</font></i> Calculated by dividing total monthly basic charges and traffic revenue excluding public telephony revenue by weighted-average number of fixed lines in service during the period.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY   OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="PB_5_115011_3020"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU (Average Revenue per User): </font></i>Calculated by dividing total revenue excluding mainly handset, out collect (wholesale) roaming, cell site rental and activation fee revenue by weighted-average number of subscribers during the period.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARSAT (</font></i><i>Empresa Argentina de Soluciones Satelitales Sociedad An&#243;nima)</i>: a state-owned company which offers satellite and wholesale services.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Auction Terms and Conditions:</font></i> Terms and Conditions approved by SC Resolution No.&nbsp;38/14 for the awarding of frequency bands.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Backbone:</font></i> Main connection network (mainly by fiber optics) that connect local areas.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">BADLAR</font></i><i>: </i>Buenos Aires Deposits of Large Amount Rate.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Basic Telephone Services: </font></i>The supply of fixed telecommunications links that form part of the public telephone network, or are connected to such network, and the provision of local and long-distance telephone service (domestic and international).</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-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">BCBA (Bolsa de Comercio de Buenos Aires): </font></i>The Buenos Aires Stock Exchange, currently known as the <i>BYMA (Bolsas y Mercados Argentinos).</i></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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">BCRA (Banco Central de la Rep&#250;blica Argentina): </font></i>The Central Bank of 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;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Broadband: </font></i>Services characterized by a transmission speed of 2 Mbps or more. These services include interactive services such as video telephone/video conferencing (both point-to-point and multipoint); video monitoring; interconnection of local networks; file transfer; high-speed fax; e-mail for moving images or mixed documents; Broadband videotext; video on demand and retrieval of sound programs or fixed and moving images.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Broadcasting:</font></i> Simultaneous transmission of information to all Nodes and terminal equipment of a network.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">BYMA (Bolsas y Mercados Argentinos S.A.): </font></i>The stock market formed by a spin-off of certain assets of the MERVAL relating to its stock market operations and capital contributions on the Buenos Aires Stock Exchange. Effective April&nbsp;17, 2017, the listing of all securities listed on MERVAL were automatically transferred to BYMA, as successor of MERVAL&#146;s activities.</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-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cablevisi&#243;n:</font></i> Cablevisi&#243;n S.A.</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-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Carrier: </font></i>Company that makes available the physical telecommunication network.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CDMA (Code Division Multiple Accesses):</font></i> A digital wireless technology used in radio communication for transmission between a mobile handset and a radio base station. It enables the simultaneous transmission and reception of several messages, each of which has a coded identity to distinguish it from the other messages.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cell:</font></i> Geographical portion of the territory covered by a base transceiver station.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cellular:</font></i> A technique used in mobile radio technology to use the same spectrum of frequencies in one network multiple times. Low power radio transmitters are used to cover a &#147;Cell&#148; (i.e., a limited area) so that the frequencies in use can be reused without interference for other parts of the network.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CEO: </font></i>Chief Executive Officer.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CFO: </font></i>Chief Financial Officer.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Channel:</font></i> The portion of a communications system that connects a source to one or more destinations. Also called circuit, line, link or path.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CNC (Comisi&#243;n Nacional de Comunicaciones): </font></i>The Argentine National Communications Commission, which was replaced by the AFTIC, which was replaced by the ENACOM (in December&nbsp;2015).</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CNDC (Comisi&#243;n Nacional de Defensa de la Competencia): </font></i>Argentine Antitrust Commission.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CNV (Comisi&#243;n Nacional de Valores):</font></i> The Argentine National Securities Commission.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CONATEL</font></i>: National Communications Commission of Paraguay.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Convergence Products:</font></i> The purpose of the Merger is to enable Telecom to efficiently offer, in line with the trend both at a national and international level, technological convergence products between media and telecommunications services, in a separate or independent basis, to provide voice, data, sound and image services, both fixed and wireless, in a single product or groups of products for the benefit of consumers of such multiple individual services.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY   OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="PB_6_115105_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">COO: </font></i>Chief Operating Officer.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">COSO: </font></i>Committee of Sponsoring Organizations of the Treadway Commission.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CPP (Calling Party Pays):</font></i> The system whereby the party placing a call to a mobile handset rather than the mobile subscriber pays for the air time charges for the call.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CVH:</font></i> Cablevisi&#243;n Holding S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">D-AMPS (Digital-Advanced Mobile Phone Service):</font></i> It is a digital version of AMPS (Advanced Mobile Phone Service), the original Analog standard for mobile telephone service in the United States.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Decree No.&nbsp;267/15:</font></i> Decree that modifies some aspects of the LAD and Audiovisual Communication Services Law published in the Official Gazette on January&nbsp;4, 2016. <font color="black" style="color:black;">This Decree was subsequently amended by Decree No.&nbsp;1,340/16 issued by PEN and published in the Official Gazette on January&nbsp;2, 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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Digital:</font></i> A mode of representing a physical variable such as speech using digits 0 and 1 only. The digits are transmitted in binary form as a series of pulses. Digital networks are rapidly replacing the older Analog ones. Digital networks allow for higher capacity and higher flexibility through the use of computer-related technology for the transmission and manipulation of telephone calls. Digital systems offer lower noise interference and can incorporate encryption as a protection from external interference.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">DWDM (Dense Wavelength Division Multiplexing):</font></i> Technology for multiplying and transmitting different wavelengths along a single optical fiber contemporaneously.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ENACOM (Ente Nacional de Comunicaciones):</font></i> Argentine Communications Body within the scope of the <i>Ministerio de Modernizaci&#243;n</i>, acting as Regulatory Authority as of the date of this Annual Report. ENACOM absorbed the functions of AFTIC.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ENTel (Empresa Nacional de Telecomunicaciones): </font></i>National Telecommunications Company which operated the telecommunications system in Argentina prior to the Transfer Date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Env&#237;os: </font></i>Personal Env&#237;os S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fiber Optic:</font></i> Thin glass, silica or plastic wires, building the infrastructure base for data transmission. A Fiber Optic cable contains several individual fibers, and each of them is capable of driving a signal (light impulse) at unlimited bandwidth. Fiber Optics are usually employed for long-distance communication: it can transfer &#147;heavy&#148; data loads, and the signal reaches the recipient, protected from possible disturbances along the way. The driving capacity of Fiber Optics is higher than the traditional copper cable ones.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fintech: </font></i>Fintech Telecom LLC.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">FTT&nbsp;(Fiber to the &#133;): </font></i>It is the term used to indicate any network architecture that uses fiber optic cables in partial or total substitution of traditional copper cables used in telecommunications access networks. The various technological solutions differ in the point of the distribution network where the fiber connection is made, with respect to the end-user&#146;s location.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FTTC (Fiber to the Curb or Fiber to the Cabinet): In the case of FTTC the fiber connection reaches the equipment (distribution cabinet) located on the pavement, from where copper connections are run to the customer.</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-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FTTH (Fiber to the Home): In the case of FTTH the fiber connection terminates inside the customer premises.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GCL: </font></i>General Corporations Law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GDP: </font></i>Gross Domestic Product.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GPON: </font></i>Gigabit-capable Passive Optical Network. A flexible optical fiber access network capable of supporting the bandwidth requirements of business and residential services. GPON systems are characterized, in general, by an optical line termination (&#147;OLT&#148;) system and an optical network unit (ONU) or optical network termination (&#147;ONT&#148;) with a passive optical distribution network interconnecting them. There is, in general, a one-to-many relationship between the OLT and the ONU/ONTs, respectively.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY   OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="PB_7_115218_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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GPRS (General Packet Radio Service): </font></i>An enhanced second-generation mobile technology used to transmit data over mobile networks. GPRS transmits and receives packets of data in bursts instead of using continuous open radio channels, and it is used to add faster data transmission speed to GSM networks. GPRS is packet-based rather than circuit-based technology.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GSM (Global System for Mobile Communications):</font></i> A standard for digital mobile technology used worldwide, which works on 900 MHz and 1,800 MHz band.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IASB: </font></i>International Accounting Standards Board.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ICT (Information and Communication Technology):</font></i>&nbsp;Broad area concerned with information technology, telecommunications networking and services and other aspects of managing and processing information, especially in large organizations.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ICT services (Information and Communication Technology services):</font></i>&nbsp;Services to transport and distribute signals or data, such as voice, text, video and images, provided or requested by third-party users, through telecommunications networks. Each service is subject to its specific regulatory framework.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IFC:</font></i> International Finance Corporation</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IFRS</font></i>: International Financial Reporting Standards as issued by the International Accounting Standards Board.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IGJ (Inspecci&#243;n General de Justicia): </font></i>General Board of Corporations<i>.</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">INDEC (Instituto Nacional de Estad&#237;sticas y Censos): </font></i>The Argentine National Statistics and Census Institute.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IP (Internet Protocol): </font></i>A set of communications protocols for exchanging data over the Internet.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ISP (Internet Service Provider):&nbsp;</font></i>A vendor who provides access to the Internet and World Wide Web.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IT: </font></i>Information Technology.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">LAD (Ley Argentina Digital): </font></i>Law No.&nbsp;27,078, Argentina&#146;s Digital Law.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Law No.&nbsp;25,561 (Ley de Emergencia Econ&#243;mica y Reforma del R&#233;gimen Cambiario): </font></i>See &#147;Public Emergency Law.&#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;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Law No.&nbsp;26,831 </font></i>(<i>Ley de Mercado de Capitales</i>): Argentine Capital Markets Law.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">List of Conditions:</font></i> The Privatization Regulations, including the <i>Pliego de Bases y Condiciones</i>, was approved by Decree No.&nbsp;62/90, as amended. Pursuant to the List of Conditions, Telecom Argentina was required to comply with rate regulations and meet certain minimum annual standards regarding the expansion of its telephone system and improvements in the quality of its service to maintain and extend the exclusivity of its non-expiring license to provide fixed-line public telecommunications services and Basic Telephone Services in the Northern Region of Argentina. After the market was opened to competition, the outstanding obligations that continue in force were the rate regulations and those related to the quality of service; the obligations related to the expansion of the network are no longer required.</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 3.3pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Merger:</font></i> Merger between Telecom Argentina and Cablevisi&#243;n, effective as of January&nbsp;1, 2018.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MERVAL (Mercado de Valores de Buenos Aires S.A</font></i>.)<i>: </i>Securities Market of Buenos Aires S.A. On April&nbsp;17, 2017, BYMA, a stock market authorized by CNV who succeeded to the MERVAL, started the automatic transfer of all the species listed in the MERVAL to BYMA. BYMA was created as a result of the spin-off (<i>escisi&#243;n</i>) of some of the assets of the MERVAL and the capital contribution by the BCBA of its participation in Caja de Valores S.A., the clearing house for securities traded in that market.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Micro Sistemas: </font></i>Micro Sistemas S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">M2M: </font></i>Machine to Machine, information exchange between two remote machines.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY   OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="PB_8_115241_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MMS (Mobile Multimedia Services):</font></i> Represent an evolution of the SMS and the Enhanced Messaging Service (&#147;EMS&#148;) using various mono-medial elements (text, design, photos, video-clips and audio), which are synchronized and combined allowing them to be packed together and sent to GSM-GPRS platforms.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mobile service:</font></i> A mobile telephone service provided by means of a network of interconnected low-powered base stations, each of which covers one small geographic cell within the total cellular system service area.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Modem: </font></i>Modulator/Demodulator. A device that modulates digital data to allow their transmission on Analog channels, generally consisting of telephone lines.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Multimedia: </font></i>A service involving two or more communications media (e.g., voice, video, text,&nbsp;etc.) and hybrid products created through their interaction.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">NDF (Non Deliverable Forward) Agreement</font></i><i>:</i> A generic term for a set of derivatives that covers national currency transactions including foreign exchange forward swaps, cross currency swaps and coupon swaps in nonconvertible or highly restricted currencies. The common characteristics of these contracts are that they involve no exchange of principal, are fixed at a predetermined price and are typically settled in U.S. dollars (or sometimes in Euros) at the prevailing spot exchange rate taken from an agreed source, time, and future date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Network:</font></i> An interconnected collection of elements. In a telephone network, these consist of switches connected to each other and to customer equipment. The transmission equipment may be based on fiber optic or metallic cable or point-to-point radio connectors.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Node:</font></i> Topological network junction, commonly a switching center or station.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nortel:</font></i> Nortel Inversora S.A., the direct parent company of Telecom Argentina S.A. until November&nbsp;30, 2017, when it was absorbed by Telecom Argentina pursuant to the Reorganization.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Northern Region</font></i>: the Argentine government&#146;s privatization program as set forth in the State Reform Law approved in August&nbsp;1989 and subsequent decrees, the &#147;Privatization Regulations&#148; provided for the division of the Argentine telecommunications network operated by ENTel into two regions, the northern region (the &#147;Northern Region&#148;) and the southern region (the &#147;Southern Region&#148;) of Argentina. Additionally, these two regions are set forth in Decree No.&nbsp;1,461/93, which ratified the Resolution No.&nbsp;575/93 which approved the list of conditions for the public offer for the provision of mobile telecommunication services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">OTT (Over the Top): </font></i>Over the Top applications or services are those services that bypass traditional network distribution approaches and run over, or on top of, internet networks. OTT refers, in general, to content from a third-party that is delivered to an end-user over the internet that is not provided directly by end-user Internet Service Provider.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Outsourcing:</font></i> Hiring outsiders to perform various telecommunications services, which may include planning, construction, or hosting of a network or specific equipment belonging to a company.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Packs: </font></i>Packages integrated by SMS and minutes that can be purchased or added to those plans that recharge credit.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Participating Companies:</font></i> Sofora, Nortel, Telecom Argentina and Telecom Personal.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">PCS (Personal Communications Service):</font></i> A mobile communications service with systems that operate in a manner similar to cellular systems.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">PEN (Poder Ejecutivo Nacional):</font></i> The executive branch of the Argentine government.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Penetration:</font></i> The measurement of the take-up of services. As of any date, the penetration is calculated by dividing the number of subscribers by the population to which the service is available and expressed as a percentage.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Personal: </font></i>Telecom Personal S.A. Until November&nbsp;30, 2017, Telecom Argentina owned 100% of Personal. Commencing December&nbsp;1, 2017, pursuant to the Reorganization, mobile services provided by Personal have been provided by 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;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pesification:</font></i> Modification of the exchange rate by the Argentine government pursuant to the Public Emergency Law.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY   OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="PB_9_115259_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Platform:&nbsp;</font></i>The total input, including hardware, software, operating equipment and procedures, for producing (production platform) or managing (Management platform) a particular service (service platform).</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">POPs of contents:</font></i> &#147;<i>Point Of Presence&#148;</i>, Netflix, Google or other Internet content providers traffic cache servers where Internet contents are stored locally.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Presubscription of Long-Distance Service:</font></i> The selection by the customer of international and domestic long-distance telecommunications services from a long-distance telephone service operator.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Price Cap:</font></i> Rate regulation mechanism applied to determine rate discounts based on a formula made up by the U.S. Consumer Price Index and an efficiency factor. The mentioned factor was established initially in the List of Conditions and afterwards in different regulations by the SC.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Privatization Regulations:</font></i> The Argentine government&#146;s privatization program as set forth in the State Reform Law approved in August&nbsp;1989 and subsequent decrees.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Public Emergency Law:</font></i> The Public Emergency and Foreign Exchange System Reform Law No.&nbsp;25,561 adopted by the Argentine government on January&nbsp;6, 2002, as amended by Law No.&nbsp;25,790, Law No.&nbsp;25,820, Law No.&nbsp;25,972, Law No.&nbsp;26,077, Law No.&nbsp;26,204, Law No.&nbsp;26,339, Law No.&nbsp;26,456, Law No.&nbsp;26,563, Law No.&nbsp;26,729, Law No.&nbsp;26,896 and Law No.&nbsp;27,200, which was in effect until December&nbsp;31, 2017. Among others, the Public Emergency Law granted the PEN the power to set the exchange rate between the peso and foreign currencies and to issue regulations related to the foreign exchange market and to renegotiate public service agreements. The Public Emergency Law ceased to be effective on December&nbsp;31, 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;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pulse:</font></i> Unit on which the rate structure of the regulated fixed line services is based.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Quadruple play:</font></i> Means the integration of fixed and mobile telecommunication services as well as pay television and Internet services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Regulatory Bodies:</font></i> Collectively or individually, the ENACOM, the AFTIC, the SC and the CNC.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reorganization:</font></i> Corporate reorganization pursuant to which Telecom Argentina absorbed Sofora, Nortel and Telecom Personal.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Roaming:</font></i> A function that enables mobile subscribers to use the service on networks of operators other than the one with which they signed their initial contract. The roaming service is active when a mobile device is used in a foreign country (included in the GSM network).</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Satellite:</font></i> Satellites are used, among other things, for links with countries that cannot be reached by cable to provide an alternative to cable and to form closed user networks.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SBT (Servicio B&#225;sico Telef&#243;nico):</font></i> Basic Telephone Service.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SC (Secretar&#237;a de Comunicaciones):</font></i> The Argentine Secretary of Communications, which was replaced by the AFTIC and subsequently by the ENACOM.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SCMA</font></i> (<i>Servicio de Comunicaciones M&#243;viles Avanzadas</i>): Mobile Advanced Communications Service.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SEC:</font></i> The Securities and Exchange Commission of the United States of America.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTIC (Secretariado de Tecnolog&#237;as de la Informaci&#243;n y la Comunicaci&#243;n): </font></i>Secretariat of Information and Communication Technologies.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Service Provider: </font></i>The party that provides end users and content providers with a range of services, including a proprietary, exclusive or third-party service center.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SMS (Short Message Service): </font></i>Short text messages that can be received and sent through GSM-network connected mobile phones. The maximum text length is 160 alpha-numerical characters.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sofora:</font></i> Sofora Telecomunicaciones S.A., the indirect parent company of Telecom Argentina S.A. through its participation in Nortel until November&nbsp;30, 2017, when it was absorbed by Telecom Argentina pursuant to the Reorganization.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Southern Region</font></i>: See &#147;<i>Northern Region</i>.&#148;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SRMC (Servicios de Radiocomunicaciones M&#243;viles Celular):</font></i> Cellular Mobile Radiocommunications Service.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY   OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">STM (Servicio Telef&#243;nico M&#243;vil):</font></i> Mobile Telephone Service.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SU Fund</font></i>: Universal Service Fiduciary Fund.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Switch:</font></i> These are used to set up and route telephone calls either to the number called or to the next switch along the path. They may also record information for billing and control 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;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">TDMA (Time Division Multiple Accesses): </font></i>A technology for digital transmission of radio signals between, for example, a mobile handset and a radio base station. TDMA breaks signals into sequential pieces of defined length, places each piece into an information conduit at specific intervals and then reconstructs the pieces at the end of the conduit.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Argentina USA:</font></i> Telecom Argentina USA,&nbsp;Inc.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Italia:</font></i> Telecom Italia S.p.A.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Italia Group:</font></i> Telecom Italia and its consolidated 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;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telef&#243;nica:</font></i> Telef&#243;nica de Argentina S.A.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telintar:</font></i> Telecomunicaciones Internacionales de Argentina Telintar S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Terms and Conditions: </font></i>See<i> &#147;Auction Terms and Conditions.</i>&#148;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">TLRD (Terminaci&#243;n Llamada Red Destino):</font></i> Termination charges from third parties&#146; mobile networks.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Transfer Date:</font></i> November&nbsp;8, 1990, the date on which Telecom Argentina commenced operations upon the transfer from the Argentine government of the telecommunications system in the Northern Region of Argentina that was previously owned and operated by ENTel.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tuves Paraguay</font></i>: Tuves Paraguay S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">UBB (Ultra Broad Band): </font></i>High speed Internet connection with download speed of 15MB or more.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">UMTS (Universal Mobile Telecommunications System): </font></i>Third-generation mobile communication standard.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">UNIREN (Unidad de Renegociaci&#243;n y An&#225;lisis de Contratos de Servicios P&#250;blicos):</font></i> Renegotiation and Analysis of Public Services Contracts Division.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Universal Service:</font></i> The availability of Basic Telephone Service, or access to the public telephone network via different alternatives, at an affordable price to all persons within a country or specified area.</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-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Value Added Services (VAS):</font></i> Services that provide a higher level of functionality than the basic transmission services offered by a telecommunications network such as video streaming, &#147;Personal Video&#148;, &#147;Nube Personal&#148; (Cloud services), M2M (Machine to Machine communication), social networks, &#147;Personal Messenger&#148;, content and entertainment (SMS subscriptions and content, games, music,&nbsp;etc.), MMS and voice mail.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">VDSL (Very High bit rate Digital Subscriber Line)</font></i>: A superior technology for Internet access connections. VDSL is superior to ADSL, offering connections speed of over 10Mb.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">W de Argentina Inversiones: </font></i>W de Argentina Inversiones S.A. and WAI</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">WAN (Wide Area Network</font></i>): A private network that covers a wide geographic area using public telecommunications services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Wi-Max (Worldwide Interoperability for Microwave Access): </font></i>A technology that allows mobile access to Broadband telecommunications networks. It is defined by the Wi-Max Forum, a global consortium formed by major companies in the field of fixed and mobile telecommunications, which has the purpose to develop, test and promote the interoperability of systems.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY   OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="PB_11_111030_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></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;">PART&nbsp;I</font></b><a name="PARTI_115647"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 1.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b><a name="ITEM1_IDENTITYOFDIRECTORSSENIORM_115649"></a></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>OFFER STATISTICS AND EXPECTED TIMETABLE</b><a name="ITEM2_OFFERSTATISTICSANDEXPECTED_115653"></a></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 3.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>KEY INFORMATION</b><a name="ITEM3_KEYINFORMATION_115655"></a></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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Selected Financial Data</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selected consolidated income statement data for the years ended December&nbsp;31, 2017, 2016 and 2015 and the selected consolidated financial position data as of December&nbsp;31, 2017 and 2016 have been prepared in accordance with IFRS as issued by the IASB and have been derived from our Consolidated Financial Statements included elsewhere in this Annual Report. The selected consolidated income statement data for the years ended December&nbsp;31, 2014 and 2013 and the selected consolidated financial position data as of December&nbsp;31, 2015 and 2014 have been prepared in accordance with IFRS as issued by the IASB and have been derived from our consolidated financial statements as of December&nbsp;31, 2015 and 2014 and for the years ended December&nbsp;31, 2015, 2014 and 2013 included in our Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2015, filed on April&nbsp;28, 2016. The selected consolidated financial position data as of December&nbsp;31, 2013 prepared in accordance with IFRS as issued by the IASB have been derived from our consolidated financial statements as of December&nbsp;31, 2014 and 2013 and for the years ended December&nbsp;31, 2014, 2013 and 2012 included in our Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2014, filed on April&nbsp;24, 2015.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements and the financial information included elsewhere in this Annual Report have been prepared on historical basis in accordance with IFRS. However, due to the high level of inflation prevailing in Argentina in the last few years, the Company&#146;s Management analyzed the conditions established by IAS 29 paragraph 3 to consider an economy as hyperinflationary. Based on the analysis made as of December&nbsp;31, 2017, the Company&#146;s Management considers that there was insufficient evidence to consider Argentina&#146;s economy as &#147;hyperinflationary&#148; under IAS 29. See &#147;&#151;Risk factors&#151;Risk Related to Argentina&#151;Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins&#148;, &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Economic and Political Developments in Argentina&#148; and Note 1.e) to the Consolidated Financial Statements.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Consolidated Financial Statements and the selected financial data incorporated in this Annual Report have been prepared on a consolidated basis using Telecom&#146;s historical accounting records and represent our historical operations prior to the Merger.&#160; As a result, Telecom&#146;s historical financial data incorporated in this Annual Report may not be indicative of the future operating results, cash flows or financial position of Telecom upon consummation of the Merger on January&nbsp;1, 2018. For more information, see note 32 to our Consolidated Financial Statements and &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Telecom and its Operations&#151;Telecom&#146;s Consolidated Financial Statements and the selected financial data included in this Annual Report may not be indicative of, and may differ materially from, our future results of operations after the Merger.&#148;</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should read the information below in conjunction with our Consolidated Financial Statements and the notes thereto, as well as &#147;Presentation of Financial Information&#148; and &#147;Item 5&#151;Operating and Financial Review and Prospects.&#148;</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table presents our summary financial data for each of the years in the five-year period ended December&nbsp;31, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION &#151; SELECTED FINANCIAL DATA</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="PB_12_111030_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONSOLIDATED SELECTED INCOME STATEMENT AND FINANCIAL POSITION DATA</font></b></p>
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<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>
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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;">2017</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;">2016</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;">2015</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;">2014</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;">2013</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>   </tr>
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<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>
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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;">(P$&nbsp;million,&nbsp;except&nbsp;per&nbsp;share&nbsp;and<br>   per&nbsp;ADS&nbsp;data&nbsp;in&nbsp;P$)</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>   </tr>
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<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;">INCOME   STATEMENT DATA</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>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total revenues   and other income </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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65,319</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,323</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40,540</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,388</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,350</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>
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<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating   expenses (without depreciation and amortization)</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>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(45,963</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(38,899</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(29,674</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(24,686</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19,786</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating   expenses - depreciation and amortization </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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,928</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;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,198</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;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,438</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;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,243</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;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,873</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and   impairment of PP&amp;E </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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(316</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(383</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(199</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(173</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="font-size:10.0pt;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;">Operating   income</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">12,112</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">7,843</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">6,229</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">5,443</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">4,518</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other, net (1) </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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(486</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,244</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,102</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;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">253</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">528</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax   expense </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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,902</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;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,594</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;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,692</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;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,967</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;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,792</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="font-size:10.0pt;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;">Net   income</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">7,724</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">4,005</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">3,435</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">3,729</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">3,254</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other   Comprehensive Income, net of tax </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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">403</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">263</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">257</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">243</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">133</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<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;">Total   Comprehensive Income </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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">8,127</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">4,268</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">3,692</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">3,972</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">3,387</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Total   Comprehensive Income attributable to Telecom Argentina </font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">7,904</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4,142</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3,580</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3,837</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3,285</font></i></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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Total   Comprehensive Income attributable to Non-controlling Interest</font></i>    </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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">223</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">126</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">112</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">135</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">102</font></i></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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of shares   outstanding at year-end (in millions of shares) (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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income per   share (basic and diluted) (3) </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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.87</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.10</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.51</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.79</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.27</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income per   ADS (4) </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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39.36</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.51</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.56</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.95</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.35</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends per   share (5) </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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.28</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.06</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.83</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.24</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.03</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends per   ADS (6) </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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.41</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.32</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.15</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.20</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.11</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<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;">FINANCIAL   POSITION DATA</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current assets </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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,238</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,562</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,492</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,393</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,751</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PP&amp;E and   intangible assets </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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35,636</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,757</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,622</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,140</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,745</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other   non-current assets </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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,714</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,595</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,351</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">784</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">634</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="font-size:10.0pt;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;">Total   assets</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">57,588</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">47,914</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">38,465</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">26,317</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">23,130</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current   liabilities </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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,987</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,511</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,914</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,097</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,050</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-current   liabilities </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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,722</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,525</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,941</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,451</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,029</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="font-size:10.0pt;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;">Total   liabilities</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">33,709</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">28,036</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">20,855</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">11,548</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">11,079</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="font-size:10.0pt;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;">Total   equity</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">23,879</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">19,878</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">17,610</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">14,769</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">12,051</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Equity   attributable to Telecom Argentina </font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">23,086</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">19,336</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">17,194</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">14,418</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">11,783</font></i></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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Equity   attributable to Non-controlling Interest </font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">793</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">542</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">416</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">351</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">268</font></i></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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Capital   Stock (7) </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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">984</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">984</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">984</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">984</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">984</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Other,   net includes Financial income and expenses.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font></p>    </td>
<td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number   of ordinary shares outstanding at year-end (excludes treasury shares).</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font></p>    </td>
<td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Calculated   based on the weighted average number of ordinary shares outstanding during   each period (969,159,605 ordinary shares for the years 2017, 2016, 2015 and   2014 and 978,939,079 ordinary shares for the year 2013).</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4)</font></p>    </td>
<td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Calculated   based on the equivalent in ADSs to the weighted average number of ordinary   shares outstanding during each period (193,831,921 ADSs for the years 2017,   2016, 2015 and 2014, and 195,787,816 ADSs for the year 2013).</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5)</font></p>    </td>
<td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dividends   per share translated into U.S. dollars amounts to US$0.23; US$0.14; US$0.09;   US$0.15 and US$0.16 as of December&nbsp;31, 2017, 2016, 2015, 2014 and 2013,   respectively. The translation into US Dollar was made using the ask rate   published by the Banco de la Naci&#243;n Argentina (National Bank of Argentina)   prevailing as of the date when dividends were available to Telecom Argentina&#146;   shareholders.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(6)</font></p>    </td>
<td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dividends   per ADS translated into U.S. dollars amounts to US$1.15; US$0.70; US$0.46;   US$0.75 and US$0.79 as of December&nbsp;31, 2017, 2016, 2015, 2014 and 2013,   respectively. The translation into US Dollar was made using the ask rate   published by the Banco de la Naci&#243;n Argentina (National Bank of Argentina)   prevailing as of the date when dividends were available to Telecom Argentina&#146;   shareholders.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(7)</font></p>    </td>
<td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Ordinary   shares of P$1 of nominal value each.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.82%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION &#151; SELECTED FINANCIAL DATA</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">13<a name="PB_13_111030_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OTHER&nbsp;SELECTED&nbsp;DATA</font></b></p>
<p style="margin:0in 0in .0001pt 289.45pt;text-align:justify;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.5%;">
<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:2.5%;">
<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="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2014</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2013</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<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 fixed   lines in service (thousands)(1)</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,795</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,920</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,043</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,093</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,124</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Lines   in service per employee (2)</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">355</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">360</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">371</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">370</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">375</font></i></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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARBU   (in P$/month) (national + international)</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">152.3</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">97.9</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">67.7</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">57.4</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">52.5</font></i></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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Internet   access lines (thousands)</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,744</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,738</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,814</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,771</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,707</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arnet   subscribers (thousands)</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,757</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,726</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,791</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,749</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,687</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU   ADSL (access + ISP) (in P$/month)</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">359.6</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">270.9</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">207.4</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">153.0</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">124.7</font></i></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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile   subscribers in Argentina (thousands)</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,980</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,514</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,656</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,585</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,088</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Subscribers   at year-end per employee </font></i>(2)</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4,418</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4,187</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4,005</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3,950</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3,897</font></i></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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU   (in P$/month)</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">142.3</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">112.3</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">91.5</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">74.2</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">66.8</font></i></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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MOU (in   minutes/month)</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">86.9</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">89.9</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">93.7</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">99.5</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">111.7</font></i></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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MBOU   (in Mb per user/month) (3)</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1,813</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1,038</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">658</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile   subscribers in Paraguay (thousands)(4)</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,450</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,538</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,546</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,481</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,420</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Subscribers   at year-end per employee </font></i>(2)&nbsp;(5)</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">6,238</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">6,317</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">6,225</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">6,159</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">5,696</font></i></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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU   (in P$/month)</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">77.9</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">71.7</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">46.5</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">47.9</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">34.6</font></i></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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MOU (in   minutes/month)</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">56.0</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">56.0</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">68.5</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">57.5</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">61.3</font></i></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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Group   Headcount(6)</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,396</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,970</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,224</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,416</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,581</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 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; Includes lines customers, own usage, public telephony and Integrated Services Digital Network (&#147;ISDN&#148;) channels.</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; Excluding temporary employees, if any.</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)&#160;&#160; Correspond to customers with consumption higher than 10Mb.</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4)&#160;&#160; Including Wi-Max Internet customers.</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5)&#160;&#160; Excluding Wi-Max Internet customers.</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(6)&#160;&#160; Including temporary employees, if any.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exchange Rates</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:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following tables show, for the periods indicated, certain information regarding the exchange rates for U.S. dollars, expressed in nominal pesos per dollar (ask price published by Banco de la Naci&#243;n Argentina). See &#147;Item 10&#151;Additional Information&#151;Foreign Investment and Exchange Controls in Argentina.&#148;</font></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="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<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:2.5%;">
<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:12.0%;">
<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;">High(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Low(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Average(2)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">End&nbsp;of&nbsp;Period</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<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="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="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="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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended   December&nbsp;31, 2013</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;">6.52</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;">4.98</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;">5.55</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;">6.52</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended   December&nbsp;31, 2014</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;">8.55</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;">7.87</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;">8.23</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;">8.55</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended   December&nbsp;31, 2015</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;">13.04</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;">8.64</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;">9.45</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;">13.04</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended   December&nbsp;31, 2016</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;">15.89</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;">13.96</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;">14.99</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;">15.89</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended   December&nbsp;31, 2017</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;">18.65</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;">15.39</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;">16.73</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;">18.65</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended   October&nbsp;31, 2017</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;">17.70</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;">17.34</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;">17.46</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;">17.66</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended   November&nbsp;30, 2017</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;">17.65</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;">17.31</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;">17.48</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;">17.31</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended   December&nbsp;31, 2017</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;">19.20</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;">17.23</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;">17.73</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;">18.65</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended   January&nbsp;31, 2018</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;">19.65</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;">18.41</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;">19.04</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;">19.65</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended February&nbsp;28,   2018</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;">20.20</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;">19.38</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;">19.83</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;">20.11</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended   March&nbsp;31, 2018</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;">20.41</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;">20.15</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;">20.24</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;">20.15</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;2018   (through April&nbsp;17, 2018)</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;">20.22</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;">20.16</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;">20.19</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;">20.18</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;text-align:justify;"><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 .25in;text-align:justify;text-indent:-.25in;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">(1)</font></i><font size="1" style="font-size:8.0pt;">&#160;&#160; <i>Yearly data is based on month-end rates.</i></font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">(2)</font></i><font size="1" style="font-size:8.0pt;">&#160;&#160; <i>Yearly data reflect average of month-end rates.</i></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 .25in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sources</font></i>: <i>Banco de la Naci&#243;n Argentina</i></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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;17, 2018, the exchange rate was P$20.18= US$1.00.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Capitalization and Indebtedness</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.82%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION &#151; SELECTED FINANCIAL DATA</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">14<a name="PB_14_111030_7748"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reasons for the Offer and Use of Proceeds</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risk Factors</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">This section is intended to be a summary of more detailed discussions contained elsewhere in this Annual Report. The risks described below are not the only ones that we face. Additional risks that we do not presently consider material, or of which we are not currently aware, may also affect us. Our business, results of operations, financial condition and cash flows could be materially and adversely affected if any of these risks materialize and, as a result, the market price of our shares and our ADSs could decline. </font></i><i>You should carefully consider these risks with respect to an investment in Telecom Argentina.</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risks Relating to Argentina</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Overview</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A substantial majority of our property, operations and customers are located in Argentina, and a portion of our assets and liabilities are denominated in foreign currencies. Accordingly, our financial condition, results of operations and cash flows depend to a significant extent on economic and political conditions prevailing in Argentina and on the exchange rates between the peso and foreign currencies. In the recent past, Argentina has experienced severe recessions, political crises, periods of high inflation and significant currency devaluation. Argentina experienced economic growth in the last decade, although according to INDEC&#146;s official figures, the Argentine economy contracted in 2016 and recovered in 2017. Uncertainty remains as to whether the growth is sustainable, as well as how several factors would impact the Argentine economy, including among others, inflation rates, exchange rates, commodity prices, level of BCRA reserves, public debt, tax pressures and healthy trade and fiscal balances.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Devaluation of the peso may adversely affect our results of operations, our capital expenditure program and the ability to service our liabilities and transfer funds abroad.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since we generate a substantial portion of our revenues in pesos (our functional currency), any devaluation may negatively affect the U.S. dollar value of our earnings while increasing, in peso terms, our expenses and capital expenditures denominated in foreign currency. A depreciation of the Argentine Peso against major foreign currencies may also have an adverse impact on our capital expenditure program and increase the peso amount of our trade liabilities and financial debt denominated in foreign currencies. Telecom seeks to manage the risk of devaluation of the peso by entering from time to time into certain NDF agreements to partially or completely hedge its exposure to foreign currency fluctuations caused by its liabilities denominated in foreign currencies (mainly U.S. dollars). The Company also has financial assets denominated in U.S. dollars that contribute to reduce the exposure to liabilities denominated in foreign currencies as well as international operations in the U.S.,&#160; Uruguay and Paraguay that generate profits in foreign currencies. See &#147;Item 11&#151;Quantitative and Qualitative Disclosures About Market Risk&#148; and &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Liquidity and Capital Resources&#151;Debt Obligations and Debt Service Requirements.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine Peso has been subject to significant devaluation against the U.S. dollar in the past and may be subject to fluctuations in the future. According to the exchange rate published by the Banco de la Naci&#243;n Argentina, in the year ended December&nbsp;31, 2017 the devaluation of the peso against the U.S. dollar was 17.4% (compared to 21.9% and 52.5% in the years ended December&nbsp;31, 2016 and 2015, respectively). The Argentine Peso lost 7.1% of its value against the U.S. dollar in the first two months of 2018.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beginning on December&nbsp;17, 2015, the current administration lifted most of the restrictions to access the foreign exchange markets (&#147;FX Markets&#148;) and the multiple exchange rate system was unified into a floating rate regime. As a result, the value of the peso depreciated significantly against the U.S. dollar. This measure allowed almost a total unification of the multiple exchange rate system applicable at that time over the commercial and financial transactions in Argentina. </font>See &#147;Item 10&#151;Additional Information&#151;Foreign Investment and Exchange Controls in Argentina&#148;.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Given the economic and political conditions in Argentina, we cannot predict whether, and to what extent, the value of the peso may depreciate or appreciate against the U.S. dollar, the euro or other foreign currencies. We cannot predict how these conditions will affect the consumption of services provided by Telecom Argentina or our ability to meet our liabilities denominated in currencies other than the peso. Moreover, we cannot predict whether the Argentine government will further modify its monetary, fiscal, and exchange rate policy. If any of these changes takes place we cannot anticipate the impact these could have on the value of the peso and, accordingly, on our financial condition, results of operations and cash flows, and on our ability to transfer funds abroad in order to comply with commercial or financial obligations or dividend payments to shareholders located abroad.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the past, Argentina has experienced periods of high inflation. Inflation has increased since 2005 and has remained relatively high since then. There can be no assurance that inflation rates will not be higher in the future.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;2014, a new consumer price index, the National Urban Consumer Price Index (<i>Indice de Precios al Consumidor Nacional Urbano</i>, or &#147;IPCNu&#148;) was published with the aim of improving the accuracy of measurements of the evolution of prices in the Argentine economy. The IPCNu integrates a set of price indexes which allows for the monitoring of the change in several prices in the economy (wholesale, commodities and construction costs, among others) by considering the price information from all the provinces in Argentina. The IPCNu increased by 11.9% over the period from January&nbsp;to October&nbsp;2015 (according to last available data); and by 23.9% in 2014. </font>In the past, there has been a substantial disparity between the inflation indexes published by the INDEC and the higher inflation indexes estimated by private consulting firms. The INDEC estimated that the Argentine wholesale price index increased by 13.1% in 2012, 14.8% in 2013, 28.3% in 2014 and 10.6% in the period of January&nbsp;to October&nbsp;2015 (according to the last available data because INDEC has not disclosed figures for November&nbsp;and December&nbsp;2015). The INDEC resumed publication of the wholesale price index for full year since 2016, the Argentine Wholesale Price Index increased by 34.6% in 2016 and 18.8% in 2017, on a year-over-year comparison.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;8, 2016, the current administration issued Decree No.&nbsp;55/2016 declaring a state of administrative emergency with respect to the national statistical system and the INDEC until December&nbsp;31, 2016 (which was not extended). During this state of emergency, the INDEC had suspended publication of certain statistical data (regarding prices, poverty, unemployment and GDP) until it completed a reorganization of its technical and administrative structure capable of producing sufficient and reliable statistical information. As of the date of this Annual Report,&nbsp;INDEC has resumed publication of mentioned statistical data, although for some indicators it has not disclosed or provided reestimated figures for certain time periods.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a consequence of the aforementioned events, the full year 2015 inflation measure for IPCNu index was not disclosed, and according to last available data (from October&nbsp;2015) the IPCNu registered an increase of 11.9% over the January&nbsp;to October&nbsp;2015 period. As alternative guidance to IPCNu, the authorities suggested that other measures should be observed, such as those published by the statistical entity of the Autonomous City of Buenos Aires (IPC CABA) and the San Luis Province that registered an annual increase of 26.9% and 31.6% in 2015, respectively. IPCNu publication was resumed in June&nbsp;2016 disclosing May&nbsp;2016 monthly inflation figures, while data for the months in the period January&nbsp;to April&nbsp;2016 remains unavailable. Taking this into account,&nbsp;IPCNu variation from May&nbsp;to December&nbsp;2016 was 16.9% and, as alternative guidance, the indexes published by the Province of San Luis and the Autonomous City of Buenos Aires from January&nbsp;to April&nbsp;2016 represented an increase of 13.9% and 19.2%, respectively. During 2017, the INDEC published monthly IPC index regularly, registering an increase of 24.8% on a year-over-year comparison. The respective IPC variation was of 1.8% and 2.4% for the months of January&nbsp;and February&nbsp;2018, in each case compared against the previous month.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine government continued implementing several actions to monitor and control prices for the most relevant goods and services. Despite such actions, the Argentine economy continues to experience high levels of inflation. If the value of the peso cannot be stabilized through fiscal and monetary policies, an increase in inflation rates could be expected.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the majority of our revenues are denominated in pesos, any further increase in the rate of inflation not accompanied by a parallel increase in our prices would decrease our revenues in real terms and adversely affect our results of operations.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, higher inflation leads to a reduction in the purchasing power, thus increasing the risk of a lower level of service consumption from our fixed and mobile customers in Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Future policies of the Argentine government may affect the economy as well as the operations of the telecommunications industry, including Telecom Argentina.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine government has historically exercised significant influence over the economy, and telecommunications companies in particular have operated in a highly regulated environment. In the past, the Argentine government promulgated numerous, far-reaching regulations affecting the economy and telecommunications companies in particular. Regulations such as SC Resolution No.&nbsp;5/13 regarding the quality of telecommunication services could further increase penalties imposed by the regulatory authorities. In addition, local municipalities in the regions where we operate have also introduced regulations and proposed various taxes and fees for the installation of infrastructure, equipment and expansion of fixed line and mobile networks. For example, municipalities usually restrict areas where antennas may be deployed; causing negative impact for the mobile service coverage, which in turn affects our quality of services. Provinces have increased their tax rates, particularly the turnover tax rates. Municipal and provincial tax authorities have also brought an increasing number of claims against us. We disagree with these proceedings and we are contesting them. See &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#151;Tax Matters&#148; for more information.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If claims against us are not resolved in our favor, and changes to the existing laws and regulations lead to adverse consequences for the Company, our business, financial condition, results of operations and cash flows may be adversely affected.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since assuming office on December&nbsp;10, 2015, President Macri has announced several economic and policy reforms. As of the date of this Annual Report, the impact that these measures and any future measures taken by the current administration will have on the Argentine economy as a whole and the telecommunication sector in particular cannot be predicted. We believe that the effect of the planned liberalization of the economy, the reduction of the poverty and the integration of Argentina to international markets, will be positive for our business by stimulating economic activity. However, it is not possible to predict such effect with certainty and such liberalization could also be disruptive to the economy and fail to benefit or harm the Argentine economy and our business in particular.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We cannot assure you that the Argentine government will not adopt other policies that could adversely affect the Argentine economy or our business, financial condition or results of operations.&#160; In addition, we cannot assure you that future economic, regulatory, social and political developments in Argentina will not impair our business, financial condition or results of operations, or cause the market value of our common shares to decline.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Argentine government may exercise greater intervention in private sector companies, including Telecom Argentina.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In November&nbsp;2008, through Law No.&nbsp;26,425, Argentina nationalized its private pension and retirement system, which had been previously administered by the AFJP, and appointed ANSES as its administrator. Argentina&#146;s nationalization of its pension and retirement system constituted a significant change in the Argentine government&#146;s approach towards Argentina&#146;s main publicly traded companies. A significant portion of the public float of these companies was owned by the AFJP and is currently held by ANSES-FGS, such as the case of Telecom. See &#147;Item 7&#151;Major Shareholders and Related Party Transactions.&#148; The Argentine government could exercise influence over corporate governance decisions of companies in which it owns shares by combining its ability to exercise its shareholder voting rights to designate board and supervisory committee members with its ability to dictate tax and regulatory matters. Additionally, since the AFJP were significant institutional investors and active market traders in Argentina, the nationalization of the private pension and retirement system affected the access to financing in capital markets for publicly traded companies as well as liquidity within the market.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since assuming office on December&nbsp;10, 2015, President Macri has implemented and announced several economic and policy reforms. As of the date of this Annual Report, the impact that these measures and any future measures taken by the current administration will have on the Argentine economy as a whole and the telecommunication sector in particular cannot be predicted.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, prior administrations took several steps to re-nationalize the concessions and utilities that were privatized during the 1990s. We cannot predict whether current or future administrations will take similar or further measures, including nationalization, expropriation and/or increased Argentine governmental intervention in companies.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The matters described above could create uncertainties for some investors in public companies in Argentina, including Telecom Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION - RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Argentina&#146;s economy may contract in the future due to international and domestic conditions which may adversely affect our operations.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The effects of the global economic and financial crisis in recent years and the general weakness in the global economy may negatively affect emerging economies like Argentina&#146;s. Global financial instability may impact the Argentine economy and cause a slowdown in Argentina&#146;s growth rate or could lead to a recession with consequences in the trade and fiscal balances and in the unemployment level.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, Argentine economic growth might be negatively affected by several domestic factors such as an appreciation of the real exchange rate which could affect its competitiveness,</font> reductions and even reversion of a positive trade balance, which, combined with capital outflows could reduce the levels of consumption and investment resulting in greater exchange rate pressure. Additionally, abrupt changes in monetary and fiscal policies or foreign exchange regime could rapidly affect local economic output, while lack of appropriate levels of investment in certain economy sectors could reduce long term growth. Access to the international financial markets could be limited. Consequently, an increase in public spending not correlated with an increase in public revenues could affect the Argentina&#146;s fiscal results and generate uncertainties that might affect the economy&#146;s level of growth.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, several trading partners of Argentina (such as Brazil, Europe and China) are experiencing significant slowdowns or recession periods in their economies. This may impact the demand for products coming from Argentina and hence affect its economy.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If international and domestic economic conditions for Argentina were to worsen, the Argentine economy could be negatively affected as a result of lower international demand and lower prices for its products and services, higher international interest rates, lower capital inflows and higher risk aversion, which may also adversely affect our business, results of operations, financial condition and cash flows.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Substantially all of our operations, properties and customers are located in Argentina, and, as a result, our business is, to a large extent, dependent upon economic and legal conditions prevailing in Argentina. If economic and legal conditions in Argentina were to deteriorate, they could have an adverse effect on our financial condition, results of operations and cash flows.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Economic and legal conditions in Argentina remain uncertain which may affect our financial condition, results of operations and cash flows.</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although general economic conditions have shown improvement in the last decade, and political protests and social disturbances have diminished considerably since the economic crisis of 2001 and 2002, the nature of the changes in the Argentine political, economic and legal environment over the past several years has given rise to uncertainties about the country&#146;s business environment.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of any economic, social or political crisis, companies operating in Argentina may face the risk of strikes, expropriation, nationalization, forced modification of existing contracts, and changes in taxation policies including tax increases and retroactive tax claims. In addition, Argentine courts have issued rulings changing the existing case law on labor matters and requiring companies to assume greater responsibility for, and assumption of costs and risks associated with, sub-contracted labor and the calculation of salaries, severance payments and social security contributions. Since we operate in a context in which the governing law and applicable regulations change frequently, it is difficult to predict if and how our activities will be affected by such changes.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Argentina&#146;s ability to obtain financing from international markets is limited, which could affect its capacity to implement reforms and sustain economic growth.</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After Argentina&#146;s default on certain debt payments in 2001, the government successfully restructured 92% of the debt through two debt exchange offers in 2005 and 2010. Commencing in 2002, holdout creditors filed numerous lawsuits against Argentina in several jurisdictions, including the United States,&nbsp;Italy, Germany and Japan. These lawsuits generally assert that Argentina failed to make timely payments of interest and/or principal on their bonds, and seek judgments for the face value of and/or accrued interest on those bonds. Judgments have been issued in numerous proceedings in the United States, Germany and Japan. As of the date of this Annual Report, creditors with favorable judgments have not succeeded, with a few minor exceptions, in executing on those judgments.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION - RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2014, the New York courts enjoined Argentina from making payments on its bonds issued in the 2005 and 2010 exchange offers unless it satisfied amounts due to the holders of defaulted bonds.&#160; The Argentine government took a number of steps intended to continue servicing the bonds issued in the 2005 and 2010 exchange offers, which had limited success. Holdout creditors continued to litigate expanding the scope of issues, aiming to include payment by the Argentine government on debt other than the 2005 and 2010 exchange bonds and disputed albeit and successfully the independence of the BCRA.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The current administration submitted a settlement proposal to holders of defaulted bonds in December&nbsp;2015 with a view to bringing closure to fifteen years of litigation. Between February&nbsp;and April&nbsp;2016, the Argentine government entered into agreements in principle with certain holders of defaulted debt and put forward a proposal to other holders of defaulted debt, including those with pending claims in U.S. courts, subject to two conditions: (i)&nbsp;obtaining approval by the Argentine National Congress and (ii)&nbsp;the lifting of the pari passu injunctions. On March&nbsp;31, 2016, the Argentine Congress eliminated the legislative obstacles to the settlement and approved the settlement proposal. On April&nbsp;22, 2016, Argentina performed an issuance of government bonds for US$16.5 billion, of which US$9.3 billion were applied to satisfy payments under the settlement agreements reached with holders of defaulted debt. Since then, substantially all of their remaining claims under defaulted bonds have been settled. Judge Thomas Griesa ordered the lifting of the precautionary measures that prevented payments to participants from the debt exchange offers of 2005 and 2010, subject to confirmation of the payments indicated above.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, litigations initiated by bondholders that have not accepted Argentina&#146;s settlement offer continues in several jurisdictions, although the size of the claims involved has decreased significantly.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, since 2001 foreign shareholders of some Argentine companies initiated claims for substantial amounts before the International Centre for Settlement of Investment Disputes (&#147;ICSID</font>&#148;) against Argentina, pursuant to the arbitration rules&nbsp;of the United Nations Commission on International Trade Law. Claimants allege that certain measures of the Argentine government issued during the economic crisis of 2001 and 2002 were inconsistent with the norms or standards set forth in several bilateral investment treaties by which Argentina was bound at the time. To date, several of these disputes have been settled, and a significant number of cases are in process or have been temporarily suspended due to the agreement of the parties.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding that the lifting in 2016 following the settlements with holdout bondholders of the injunction affecting payments to bondholders that participated in the debt exchange offers of 2005 and 2010 eliminates an important obstacle for the country&#146;s access to international capital markets, </font>there can be no assurance that litigation initiated by non-accepting bondholders as well as pending claims before the ICSID could result in legal procedures against the Argentine government and this could entail embargoes/seizures or precautionary measures in relation to Argentine assets that the Argentine government allocated to other uses. As a result, the Argentine government may not have the financial resources to implement reforms and boost growth, which could have a significant adverse effect on the country&#146;s economy and, consequently, on our activities. Likewise, Argentina&#146;s inability to obtain credit in international markets could have a direct impact on the Company&#146;s ability to access those markets to finance its operations and its growth, including the financing of capital investments, which would negatively affect our financial condition, results of operations and cash flows. In addition, we have investments in Argentine sovereign bonds amounting to P$3,041 million as of December&nbsp;31, 2017. Any new event of default by the Argentine government could negatively affect their valuation and repayment terms.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Argentine banking system may be subject to instability which </font></i></b><b><i style="font-weight:bold;">may</i></b><b><i style="font-weight:bold;"> affect our operations.</i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine banking system has experienced several crisis in the past. Among those, the Argentine banking system collapsed in 2001 and 2002, when the Argentine government restricted bank withdrawals and required mandatory conversion of dollar deposits to pesos. From 2005 to 2007, a period of economic growth coupled with relative stability of the country&#146;s exchange rate and inflation resulted in the restoration of public confidence, a gradual accumulation of deposits in Argentine financial institutions, and improved liquidity of the financial system. However, since 2008 certain events such as internal conflicts with certain sectors of the Argentine economy, the international financial crisis and the increased regulation on the FX Market, have decreased depositors&#146; confidence. </font>In recent years, the Argentine financial system grew significantly with a marked increase in loans and</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION - RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">private deposits, showing a recovery of credit activity. In spite of the fact that the financial system&#146;s deposits continue to grow, they are mostly short-term deposits and the sources of medium and long-term funding for financial institutions are currently limited. In 2017, private deposits in pesos rose by 26% year-over-year, fueled by the growth of saving accounts and current accounts with a 31% increase, and followed by time deposits with a 19% increase. Meanwhile, Peso-denominated loans continued expanding, where the mortgage loans experienced the highest increase, followed by personal loans and to a lower extent credit card financing. In addition, loans in foreign currency (composed mainly of corporate loans) showed great dynamism, increasing by 62% at the end of 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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial institutions are particularly subject to significant regulation from multiple Regulatory Authorities, all of whom may, among other things, establish limits on commissions and impose sanctions on the financial institutions. The lack of a stable regulatory framework could impose significant limitations on the activities of the financial institutions and could induce uncertainty with respect to the financial system stability.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Despite the strong liquidity currently prevailing in Argentina&#180;s financial system, a new crisis or the consequent instability of one or more of the larger banks, public or private, could have a material adverse effect on the prospects for economic growth and political stability in Argentina, resulting in a loss of consumer confidence, lower disposable income and fewer financing alternatives for consumers. These conditions would have a material adverse effect on us by resulting in lower usage of our services, lower sales of devices and the possibility of a higher level of uncollectible accounts or increase the credit risk of the counterparties regarding the Company investments in local financial institutions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange controls and restrictions on transfers abroad and capital inflows have limited, and could limit in the future, the availability of international credit.</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-align:justify;text-indent:.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our shareholders may be subject to liability under Argentine law for certain votes of their securities.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, a shareholder&#146;s liability for losses of a company is limited to the value of his or her shareholdings in the company. However, shareholders who have a conflict of interest with us and who do not abstain from voting at the respective shareholders&#146; meeting may be liable for damages to us, but only if the transaction would not have been approved without such shareholders&#146; votes. Furthermore, shareholders who willfully or negligently vote in favor of a resolution that is subsequently declared void by a court as contrary to the law or our bylaws may be held jointly and severally liable for damages to us or to other third parties, including other shareholders.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risks Relating to Telecom and its Operations</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Telecom&#146;s Consolidated Financial Statements and the selected financial data included in this Annual Report may not be indicative of, and may differ materially from, our future results of operations after the Merger.</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Consolidated Financial Statements and the selected financial data incorporated in this Annual Report have been prepared on a consolidated basis using Telecom&#146;s historical accounting records and represent our historical operations prior to the Merger. As a result, Telecom&#146;s historical financial data incorporated in this Annual Report is not indicative of the future operating results, cash flows or financial position of Telecom upon consummation of the Merger on January&nbsp;1, 2018.&#160; Telecom&#146;s Consolidated Financial Statements do not reflect future events that may occur, including the costs related to a potential integration and any future nonrecurring charges resulting from the Merger, and do not consider potential impacts of current market conditions on revenues or expense efficiencies nor the effects of the acquisition method accounting of the Merger under the requirements of IFRS 3.&#160; Further, the market price of the combined company&#146;s common shares may be affected by factors other than those that affected the independent results of operations of each of Telecom and Cablevision.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we are conducting a review of our fixed assets, especially of the networks and antenna infrastructures as a result of the Merger, with the assistance of specialized advisors, in order to plan the optimal use of our resources for the development of our activities. The above consideration, together with the accounting treatment of the Merger as provided under IFRS 3 (Business</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION - RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Combinations) in connection with the recognition and valuation of net identifiable assets (the allocation of the amount paid in excess by the acquirer to the net identifiable assets of the acquiree, among them, the fixed assets) and the unification of the accounting criteria for the valuation and disclosure of the merged companies, may generate significant changes in the valuation and composition of the consolidated fixed assets.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Current or future regulatory policies could affect the operations of the telecommunications industry, including the Company.</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In Argentina, telecommunications markets developed within a regulated framework in recent years.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Regulatory Authorities have imposed increasing burdens and new regulations on companies that could increase the penalties they can impose for breaches of the regulatory framework.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For example, SC Resolution No.&nbsp;5/13 regarding the quality of telecommunication services increased the penalties imposed by the Regulatory Bodies by setting higher compliance standards that exceeds the then prevailing international standards, especially, considering the difficulties in obtaining municipal authorization to install antennas in the mobile business. Telecom Argentina, Personal and other telecommunications operators have submitted technical comments for a review of the standards. On March&nbsp;3, 2017, SECTIC Resolution No.&nbsp;3-E/17 was issued declaring the opening of the consultation procedure regarding the quality of services of ICT networks, with the aim of ruling a new quality of service framework.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the technical comments are not taken into account or changes in the parameters of Resolution No.5/13 do not occur, compliance with the current standards could be difficult which may result in penalties for telecommunications operators, including Telecom Argentina, affecting our ability to execute our business plan since such penalties could impose increased operation costs, among other effects.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, according to the Auction Terms and Conditions for the awarding of frequency bands approved by SC Resolution No.&nbsp;38/14 for mobile operators, repeated or persistent breaches of obligations related to quality indicators of services provided under the terms of the Regulation for the Quality of Telecommunications Services approved by SC Resolution No.&nbsp;5/13, qualifies as one of the circumstances under which the authorization to use radio electric spectrum (as defined in the Auction) could be revoked.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Furthermore, the LAD, which became effective on December&nbsp;19, 2014 and regulates ICT services, incorporated numerous modifications to the regulatory framework applicable to telecommunications services in Argentina. Since the law requires the enactment of new regulations most of which have not been issued to date, there is uncertainty regarding how certain aspects, such as the sanctions regime, the provision of infrastructure to other providers and the asymmetries that may be imposed on the dominant operator, among others, will be regulated as well as uncertainty regarding the impact that any new regulations may have on Telecom Argentina. Recently, some public consultation documents procedures were opened with the aim to rule&nbsp;new standards, such as SECTIC Resolution No.&nbsp;2-E/17 which opened the consultation document related to the project for the interconnection and access regime, whose provisions could negatively affect the Company&#146;s operations. See &#147;Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Other Regulations.&#148;</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;28 of Decree No.&nbsp;267/15 created the Commission for the Development of the Draft Bill for the Reform, Update and Unification of Laws No.&nbsp;26,522 and No.&nbsp;27,078 within the Ministry of Communications. This commission could further modify the regulatory framework for ICT services in Argentina, causing uncertainty as to the impact any potential modifications might have on the development of Telecom Argentina&#146;s and Personal&#180;s (company absorbed by Telecom Argentina) business and operations, as well as that of its competitors, in the coming years.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, the LAD (as amended by Decree No.&nbsp;267/15), under Article&nbsp;48 of Title VI, established that licensees of ICT services may freely set their prices which shall be fair and reasonable, to offset the costs of exploitation and to tend to the efficient supply and reasonable margin of operation. However, the Regulatory Authority is entitled to monitor, and intervene with respect to, prices set by the Company if it understands that such prices do not comply with Article&nbsp;48 of the LAD. If prices are deemed unreasonable, and the Regulatory Authority consequently imposes restrictions on our prices,</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION - RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="PB_21_120817_7672"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">our operating margins may be adversely affected. Our ability to comply with the conditions in our license, as well as the relevant provisions in applicable regulations and laws, may be affected by events or circumstances outside of our control, and therefore we cannot predict whether such events or circumstances result in an adverse effect on our financial condition, our operations and cash flows.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We operate in a competitive environment that may result in a reduction in our market share in the future.</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We compete with licensed provider groups, composed of, among others, independent fixed line service providers, mobile and cable operators, as well as individual licensees, some of which are affiliated with major service providers outside 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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet and mobile services, which we expect will continue to account for an increasing percentage of our revenues in the future, are characterized by rapidly changing technology, evolving industry standards, changes in customer preferences and the frequent introduction of new services and products. To remain competitive in the fixed telecommunications market, we must invest in our fixed-line network and information technology. Specifically, in the Internet services market, we must constantly upgrade our access technology and software in order to increase the speed of our network and improve the commercial offers and the user experience. Also, to remain competitive in the mobile telecommunications market, we must continue to enhance our mobile networks by expanding our 3G network and deploying our 4G network. See &#147;Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Spectrum<i>.&#148;</i> Future technological developments may result in decreased customer demand for certain of our services or even render them obsolete. In addition, as new technologies develop, equipment may need to be replaced or upgraded or network facilities (in particular, mobile and Internet network facilities) may need to be rebuilt in whole or in part, at substantial cost, to remain competitive. These enhancements and the implementation of new technologies will continue requiring increased capital expenditures.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also anticipate that we will have to devote significant resources to the refurbishment and maintenance of our existing network infrastructure to comply with regulatory obligations and to remain competitive with respect to the quality of our services. In addition, we must comply with the obligations arising from </font>the acquisition of the 4G spectrum. We also expect to continue to devote resources to customer retention and loyalty in such segments.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The deployment of our wireless network requires authorizations from municipalities to enable the installation of new sites throughout the country, which if not obtained in a timely manner and form, limit the growth of our business and affect the quality of services provided under the brand Personal. If we are not successful in obtaining those permits and if our competitors do obtain them, this could result in a competitive disadvantage for us.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The macroeconomic situation in Argentina may adversely affect our ability to successfully invest in, and implement, new technologies, coverage and services in a timely fashion. Accordingly, we cannot assure you that we will have the ability to make needed capital expenditures and operating expenses. If we are unable to make these capital expenditures, or if our competitors are able to invest in their businesses to a greater degree and/or faster than we are, our competitive position will be adversely impacted.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, the products and services that we offer may fail to generate revenues or attract and retain customers. If our competitors present similar or better responsiveness, functionality, services, speed, plans or features, our customer base and our revenues may be materially affected.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Competitiveness is and will continue to be affected by our competitors&#146; business strategies and alliances. We may face additional pressure on the prices that we charge for our services or experience a loss of market share of fixed and mobile services. In addition, the general business and economic climate in Argentina may affect us and our competitors differently; thus our ability to compete in the market could be adversely affected.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, if modifications to the LAD occur through the issuance of a DNU or new legislation allows licensees of ICT services to register and provide subscription broadcasting service by satellite link is not permitted, although it would mean that we can provide the service under this modality and enter areas where we currently do not provide subscription broadcasting service, it will surely also ease the entry of new competitors into said market. As a result, we may have to face additional pressure with respect to the prices we charge for our services or experience a loss of participation in the subscription broadcasting market.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION - RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Even though the Company grew and developed in recent years in a highly competitive market, because of the range of regulatory, business and economic uncertainties we face, as discussed in &#147;Risk Factors&#148;, it is difficult for us to predict with precision and accuracy our future market share in relevant geographic areas and customer segments, the possible drop in our customer&#146;s consumption that could result in a reduction of our revenue market share, the speed with which such change in our market share or prevailing prices for services may occur or the effects of competition. Those effects could be material and adverse to our overall financial condition, results of operations and cash flows.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Item 4 &#151;Information on the Company&#151;The Business&#151;Competition.&#148;</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Auction Terms and Conditions approved by Resolution SC No.&nbsp;38/14 established strict coverage and network deployment commitments that will require significant capital expenditures on the part of Telecom in the near future.</font></i></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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Auction Terms and Conditions approved by Resolution SC No.&nbsp;38/14 established strict coverage and network deployment commitments that will require significant capital expenditures on the part of Telecom. Additionally, many municipal governments have issued regulations that exceed their authority, many of which limit, hinder or restrict the installation of the infrastructure required to comply with such commitments. Therefore, such legislation negatively impacts the obligations of our mobile telephone business and our competitors assumed pursuant to the requirements set out in Resolution SC No.&nbsp;5/13 and related regulations (Regulation for the Quality of Telecommunications Services).</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Similarly, Resolution SC No.&nbsp;25/15 passed on June&nbsp;11, 2015 awarded to Personal the SCMA 713-723 MHz and 768-778 MHz frequency bands that make up Lot 8 and that were previously pending assignment by the SC. These frequency bands were partially occupied by broadcasting licensees prior to the public auction. Pursuant to Decree No.&nbsp;1,340/16 the term of authorizations for the use of all the frequencies that make up Lot 8 for the provision of SCMA, as well as the corresponding deployment obligations, shall be computed since the effective migration of services currently operating in these bands in the scope of Area II, defined according to the provisions of Decree No 1,461/93 and its amendments.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Merger is subject to Argentine antitrust laws and regulations</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a consequence of the Merger, Telecom Argentina&#146;s radio spectrum currently exceeds the legal cap set forth by Section&nbsp;5 of Resolution No.&nbsp;171-E/17, issued by the Ministry of Communications. Therefore, pursuant to Decree No.&nbsp;764/2000 and the refarming agreement executed by Nextel and the ENACOM, Telecom Argentina must submit a proposal to conform to that legal cap, by no later than a year following approval of the Merger by the Antitrust Authority. ENACOM may accept or reject said proposal, and/or request further information, as necessary.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, a pronouncement by the Antitrust Authority regarding the Merger is still pending.</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-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cablevisi&#243;n Holding S.A. (&#147;CVH&#148;), and through CVH, GC Dominio S.A. (&#147;GC Dominio&#148;), have the ability to determine the outcome of any shareholder decision relating to significant matters affecting us.</font></i></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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Merger, CVH owns Class&nbsp;D Shares which represent 38.81% of Telecom Argentina&#146;s total capital stock (direct and indirect). GC Dominio owns 64.25% of the voting stock of CVH, which represents 26.44% of the total capital stock of CVH and 64.25% of the total votes as of the date of this Annual Report.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the Merger, Fintech Telecom LLC (Fintech) owns Class&nbsp;A Shares which represent 31.53% of the total capital stock of Telecom Argentina and additionally owns Class&nbsp;B Shares which represent 8.24% of total stock of Telecom Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through its ownership of Telecom Argentina Class&nbsp;D Shares and pursuant to the arrangements resulting from the Telecom Shareholders&#146; Agreement, CVH, as a general matter, has the ability to determine the outcome of any action requiring our shareholders&#146; approval.&#160; In addition, our bylaws provide Class&nbsp;A and Class&nbsp;D Shares, and the directors appointed by Class A and D Shares, with veto powers, with respect to certain matters relating to us. See &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#151;Major Shareholders&#151;Shareholders&#146; Agreement.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 3 KEY INFORMATION - RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the past, we conducted transactions with the shareholders of Nortel and/or Sofora, including Fintech and its affiliates and expect to engage in transactions with CVH and its affiliates as from January&nbsp;1, 2018. Certain decisions concerning our operations or financial structure may present conflicts of interest between the shareholders owners directly or indirectly, of our capital stock and as parties with interests in these related-party contracts.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nevertheless, all of our related-party transactions are made on an arm&#146;s-length basis. Related-party transactions involving Telecom Argentina that exceed 1% of its shareholders&#146; equity are subject to a prior approval process established by Law No.&nbsp;26,831 and require involvement of the Audit Committee and/or an opinion of two independent valuation firms as well as subsequent approval by the Board of Directors to verify that the agreement could reasonably be considered to be in accordance with normal and habitual market practice. See &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#151;Related Party Transactions.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Telecom may fail to integrate its business and the business of Personal with that of Cablevisi&#243;n as planned and, as a result, the combined company may not realize all of the anticipated benefits of the Merger.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom and Cablevisi&#243;n entered into the Merger with the expectation that the Merger will result in various benefits, including, among other things, the ability to become a successful quadruple-play services provider in Argentina.&#160; The success of the Merger will depend, in part, on the ability of the combined company to realize such anticipated benefits from combining the businesses of Telecom (including the business of Personal) and that of Cablevisi&#243;n and the implementation of certain regulatory changes in the telecommunications sector that began in January&nbsp;2018.&#160; The past financial performance of each of Telecom and Cablevisi&#243;n may not be indicative of their future financial performance as a combined company. The anticipated benefits and cost savings of the Merger may not be realized fully, or at all, or may take longer to realize than expected.&#160; Failure to achieve anticipated benefits could result in increased costs and decreases in the amounts of expected revenues or results of the combined company. Additionally, the accounting treatment of the Merger under IFRS 3 may have a significant impact on our financial positions and income statement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom and Cablevisi&#243;n have operated independently until the completion of the Merger.&#160; It is possible that the integration process could result in the loss of key employees, the disruption of each company&#146;s ongoing businesses or inconsistencies in standards, controls, procedures or policies that adversely affect the combined company&#146;s ability to maintain relationship with customers and employees or to achieve the anticipated benefits of the Merger.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The future results of the combined company will suffer if the combined company does not effectively manage its expanded operations following the Merger.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following the Merger, the size of the business of the combined company will increase significantly beyond the previous size of either Telecom&#146;s or Cablevisi&#243;n&#146;s business. The combined company&#146;s future success depends, in part, upon its ability to manage this expanded business, which could pose substantial challenges for management. There can be no assurances that the combined company will be successful or that it will realize the expected operating efficiencies, cost savings, revenue enhancements and other benefits currently anticipated from the Merger.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Merger could generate risks not evaluated at the time of analysis of the operations.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although both Telecom and Cablevisi&#243;n made detailed assessments of the potential impacts of the Merger in order to properly manage the process, obtain all the necessary regulatory authorizations, minimize impacts on the operation and ensure continuity and quality in the provision of services to its customers, we cannot ensure that unforeseen issues may arise and generate operational, compliance, technology and / or service provision risks, which in turn could affect our operation, our profitability and / or damage our image.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Telecom may fail to realize the synergies and benefits anticipated from the Reorganization.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Reorganization may not achieve the synergies and benefits that the Participating Companies anticipate. Telecom may face operational challenges as a result of the Reorganization, including difficulties integrating and developing Personal&#146;s technology platform. If Telecom experiences significant disruptions in its technology platform as a result of new technology acquired, Telecom&#146;s business, results of operations and financial condition could be adversely affected.&#160; In addition, higher than expected overhead, operating and administrative expenses or an inability to eliminate duplicative overhead and administrative functions could cause Telecom not to realize the expected cost savings and synergies and leave Telecom&#146;s business less profitable.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Restrictive covenants in Telecom&#180;s outstanding indebtedness may restrict its ability to pursue its business strategies.</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom has outstanding financial debt (including but not limited to Cablevisi&#243;n&#146;s existing notes to which Telecom became a successor by virtue of the Merger) that contains a number of restrictive covenants that impose significant operating and financial </font>restrictions on it and may limit Telecom&#146;s ability to engage in acts that may be in its long term best interests. These agreements governing its indebtedness include covenants restricting, among other things, Telecom&#180;s ability to:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.85pt;text-align:justify;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>incur or guarantee additional debt;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.85pt;text-align:justify;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>create liens on its assets to secure debt; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.85pt;text-align:justify;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>merge or consolidate with another person or sell or otherwise dispose of all or substantially all of its assets.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A breach of any covenant contained in the indentures governing Telecom&#146;s notes or the agreements governing any of its other indebtedness could result in a default under those agreements. If any such default occurs, the holders the relevant debt may elect (after the expiration of any applicable notice or grace periods) to declare all outstanding amounts, together with accrued and unpaid interest and other amounts </font>payable thereunder, to be immediately due and payable. If any of Telecom&#146;s debt, including its notes, were to be accelerated, its assets may not be sufficient to repay in full that debt or any other debt that may become due as a result of that acceleration.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Actual or perceived health risks or other problems relating to mobile handsets or transmission masts could lead to litigation or decreased mobile communications usage.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The effects of, and any damage caused by, exposure to an electromagnetic field were and are the subject of careful evaluations by the international scientific community, but until now there is no scientific evidence of harmful effects on health. We cannot rule&nbsp;out that exposure to electromagnetic fields or other emissions originating from wireless handsets will not be identified as a health risk in the future.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom complies with the international security standards established by the World Health Organization and Argentine regulations -which are similar- and mandatory for all Argentine mobile operators. Our mobile business may be harmed as a result of any future alleged health risk. For example, the perception of these health risks could result in a lower number of customers, reduced usage per customer or potential consumer liability.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our operations and financial condition could be affected by union negotiations.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In Argentina, labor organizations have substantial support and considerable political influence. In recent years, the demands of our labor organizations have increased mainly as a result of the increase in the cost of living, which was affected by increased inflation, higher tax pressure over salaries and the consequent decline in the population&#146;s purchasing power.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Labor costs are one of the largest cost items of the merged company.&#160; If labor organization claims continue or are sustained, this could result in increased costs, greater conflict in the negotiation process and strikes (including general strikes and strikes by the Company&#146;s employees and the contractors and subcontractors&#146; employees) that may adversely affect our operations. See &#147;Item 6&#151;Directors, Senior Management and Employees&#151;Employees and Labor Relations.&#148;</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, certain telecommunication unions have initiated claims against the Company alleging non- compliance of certain conditions provided for in the collective bargaining agreements that could allow them to negotiate the inclusion of some suppliers&#146; employees in their collective bargaining agreements. See &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#151;Labor Claims.&#148;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We are involved in various legal proceedings which could result in unfavorable decisions and financial penalties for us.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are party to a number of legal proceedings, some of which have been pending for several years. We cannot be certain that these claims will be resolved in our favor. Responding to the demands of litigation may divert Management&#146;s time attention and financial resources. As of December&nbsp;31, 2017, the Company recorded provisions that it estimates are sufficient to cover those contingencies considered probable. See Notes 2 and 17 to our Consolidated Financial Statements.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The treatment of employment matters under Argentine law incentivizes individuals to pursue employment-related litigation.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is also exposed to claims of employees of suppliers, contractors and commercial agents claiming direct or indirect responsibility of Telecom based on a broad interpretation of the rules&nbsp;of labor 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;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, the Company is subject to various lawsuits initiated by some employees and former employees who claim wage differences. Certain judicial rulings have created a negative precedent in these matters and could increase our labor costs.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal (</font>absorbed by Telecom Argentina) was and is subject to claims by former representatives (commercial agents) who end their business relationship by making claims for reasons that are not always justified by contractual terms.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Customers and consumers&#146; trade unions brought up different claims against Personal regarding improperly billed charges. See &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#151;Consumer Trade Union Proceedings.&#148; Although Personal has taken certain actions in order to reduce risks in connection with these claims, we cannot assure that new claims will not be filed in the future.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has sanctions imposed by the Regulatory Bodies for technical reasons, mainly related to the delay in repairing defective lines, installing new lines and/or service failures. The Company has recorded provisions for the amounts of sanctions that it estimates are probable. Although sanctions are appealed in the administrative stage, if the appeals are not resolved in our favor in administrative or judicial stage or if they are resolved for amounts larger than those recorded, it could have an adverse effect on our financial situation,&nbsp;results of our operations and cash flows. See Note 17 to the Consolidated Financial Statements.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report there are still pending administrative appeals filed by Telecom Argentina in 2012 against several resolutions that rendered deductions in the payments to the Universal Service (&#147;SU&#148;) ineffective with reference to several programs provided by Telecom Argentina in the &#147;play&#148; mode of the SU.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2016, the Company modified the criteria used for the statement of some of its commercial plans (&#147;<i>Abono fijo</i>&#148;) for purposes of paying the radioelectric spectrum fees (<i>derecho de uso de espectro radioel&#233;ctrico or &#147;DER&#148;</i>), taking into account certain changes in such plans&#146; composition. This meant a reduction in the amount of fees paid. In March&nbsp;2017, the ENACOM demanded Personal to rectify its statements, requiring that such plan&#180;s statements continue to be prepared based on previous criteria. Management believes that it has solid legal arguments to defend its position. However, it cannot be assured that such arguments will be accepted by the ENACOM.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain content providers filed administrative and judicial claims against Personal requesting that contracts be considered under the interconnection regulation. Notwithstanding the request made by the content providers, the ENACOM through Resolution No.&nbsp;2017-1122-APN-ENACOM # MCO, established specific rules&nbsp;stating that: (i)&nbsp;mobile operators may receive, for every service they provide, a percentage that should not exceed 40% of the services invoiced by the content providers, and (ii)&nbsp;the application of the same rules&nbsp;for providers of audiotext and mass calling value added services. On March&nbsp;22, 2017, Personal filed an appeal requiring that ENACOM revoke Resolution No.&nbsp;2017-1122-APN-ENACOM # MCO which is still pending of resolution. However, if the recourse is not successful Telecom&#146;s revenues could be negatively impacted. If this occurs, we cannot guarantee that it will not have an adverse effect on our results of operations, financial condition and cash flows.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2009, the Argentine national environmental agency (<i>Secretar&#237;a de Medioambiente y Desarrollo Sustentable</i>) required that Telecom Argentina register before the National Registry of Generators and Operators of Hazardous Waste as a result of alleged problems with our liquid drainage in an underground chamber. Such registration would require Telecom Argentina to pay an annual fee calculated in accordance with a formula that takes into consideration the hazard&#146;s extent effect and the quantity of the waste. Telecom Argentina filed a request for administrative review seeking the rejection of the environmental agency&#146;s order. We cannot guarantee that the order will be left without effect. In addition, changes in environmental legislation or the evolution of products and services we offer could require Telecom Argentina to be registered in the National Registry of Generators and Operators of Hazardous Waste. In that case or if the order of the environmental agency is not left without effect, Telecom Argentina would face increased costs which may include retroactive fees.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina may face increased risk of employment, commercial, regulatory, tax, consumer trade union and customers&#146; proceedings, among others. If this occurs, we cannot guarantee that those proceedings will not have an adverse effect on our results of operations, financial condition and cash flows, despite the provisions that the Company has recorded to cover these matters.</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-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#148; for a detail of the legal proceedings in which the Company is a party.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The enforcement of the Law for the Promotion of Registered Labor and Prevention of Labor Fraud may have a material adverse effect on us.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;2, 2014 Law No.&nbsp;26,940 for the Promotion of Registered Labor and Prevention of Labor Fraud (<i>Ley de Promoci&#243;n del Trabajo Registrado y Prevenci&#243;n del Fraude Laboral)</i> was published in the Official Gazette. This law, among other things, establishes a Public Record of Employers subject to Labor Sanctions (&#147;Repsal&#148;) and defines a series of labor and social security infringements as a result of which an employer shall be included in the Repsal.</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-align:justify;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The employers included in the Repsal are subject to sanctions, such as: the inability to access public programs, benefits, subsidies or credit from state-owned banks, the inability to enter into contracts and licenses of property owned by the Argentine government, or the inability to participate in the awarding of concessions of public services and licenses. Employers that commit the same infringement for which they were added to the Repsal within a 3-year period after the final first decision imposing sanctions, shall not be able to deduct from the Income Tax the expenses related to their employees while the employers are included in the Repsal. This new regulation applies both to Telecom and its contractors and subcontractors, whose employees could initiate claims to Telecom for direct or indirect responsibility.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, Telecom has no sanctions registered in the Repsal, however if sanctions are applied in the future it could have a significant impact on the Telecom Group&#146;s financial position, result of operations and cash flows.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The BCRA has imposed restrictions on the transfer of funds outside of Argentina in the past; some restrictions may be reimposed in the future, which could prevent us from making payments on dividends and liabilities.</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the past, the Argentine government has imposed a number of monetary and currency exchange control measures, including temporary restrictions on the free availability of funds deposited with banks and restrictions or limitations on the access to foreign exchange markets and transfers of funds abroad for purposes of paying principal and interest on debt, trade liabilities to foreign suppliers and dividend payments to foreign shareholders. Between the end of 2001 and 2002, the Argentine government implemented a unified exchange market (<i>Mercado &#218;nico y Libre de Cambios or &#147;MULC&#148;</i>) with significant regulations and restrictions for the purchase and transfer of foreign currency.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Between 2011 and 2015, the Argentine government implemented a series of measures aimed to increase procedures and controls on the foreign trade and capital flows. To that effect, certain measures were implemented to control and limit the purchase of foreign currency, such as the prior approval of the AFIP for any purchase of foreign currency made by private companies and individuals for saving purposes among others. In addition, the BCRA expanded the controls and measures to make payments abroad accessing the local foreign exchange market, regarding trade payables and</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">financial debt, and also established demanding procedures that must be met to pay certain trade payables with related parties. Although no regulations prohibited making dividend payments to foreign shareholders, in practice authorities substantially limited any purchase of foreign currency to pay dividends during the 2011 through 2015 period.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Macri administration has eliminated all substantial exchange restrictions implemented by the previous administration. Notwithstanding the measures adopted by the current government, there can be no assurance that the BCRA or other government agencies will not in the future increase controls and restrictions for making payments to foreign creditors or dividend payments to foreign shareholders, which would limit our ability to comply in a timely manner with payments related to our liabilities to foreign </font>creditors or non-resident shareholders. See &#147;Item 10&#151;Additional Information&#151;Foreign Investment and Exchange Controls in Argentina.&#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;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">A cyberattack, could adversely affect our &nbsp;business, balance sheet, results of operations and cash flow.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, information security risks have increased in recent years as a result of the proliferation of new and more sophisticated technologies and also due to cyberattack activities. As part of &nbsp;our&nbsp; development and initiatives, more equipment and systems have been connected to the Internet. We also rely on digital technology including information systems to process financial and operational information. Due to the nature of our&nbsp;business and the greater accessibility allowed through the Internet connection, we could face an increased risk of cyberattacks. In the event of a cyberattack, we could experience an interruption of our commercial operations, material damage and loss of customer information; a substantial loss of income, suffering response costs and other economic losses; and it could subject us to more regulation and litigation, affecting our reputation.&#160; As a result, a cyberattack could adversely affect our business, results of operations and financial condition.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Operational risks could adversely affect our reputation and our profitability.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom faces operational risks inherent in its business, including those resulting from inadequate internal processes; fraud; employee errors or misconduct; failure to comply with applicable laws and regulations; failure to document transactions properly; systems failures; errors or failures not foreseen in the foundational projects that the Company is carrying out for updating its core systems inadequate maintenance of posts or its electrification by proximity to the electric network; inadequate environmental management including reverse logistics of goods and materials in disuse that could become hazardous waste; incomplete or inappropriate municipal habilitations resulting of changes in operations or changes in regulations; failure to preserve the secrecy and content of telecommunications required by law; weaknesses in datacenters&#146; energy scheme; launching of IoT products and services without proper security measures; excessive dependence on certain providers with which a large number of operations are concentrated due to the exclusivity of the technology or service they provide, economic convenience or for strategic reasons; among others.&nbsp; In addition, cyber-attacks or unauthorized accesses to the Company&#146;s information systems or institutional sites could cause the loss or improper use of confidential information, unauthorized changes in the Company&#146;s information and network systems or alterations to the information that the Company publishes on these sites. Moreover, certain assets of the Company could be damaged by acts of vandalism or theft of components or by works of third parties on public thoroughfare that damage infrastructure that do not have a second safety path to provide the service. These events could result in direct or indirect losses, inaccurate information for decision making, adverse legal and regulatory proceedings, technical failures in the Company&#146;s ability to provide its services, damages to third parties, and harm our reputation and operational effectiveness, among others. As of the date of this Annual Report, we are not insured against damages caused by cyber-attacks and related events.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company maintains insurance policies to cover its main assets, particularly its properties. If economic and financial conditions in Argentina were to deteriorate (i.e. devaluation, inflation,&nbsp;etc.), the insurance coverage may not be representative of the market value of the properties which could result in losses for the Company.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s suppliers of goods and services are contractually obliged to comply with laws and regulations (including tax, labor, social security, anti-corruption, money laundering standards,&nbsp;etc.). Additionally, our suppliers shall comply with a set of conduct standards, such as the Code of Ethics, established by the Telecom Group and must require similar compliance by their employees and subcontractors. Despite these legal safeguards and monitoring efforts made in the Telecom Group in</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">relation to its suppliers, we cannot ensure that they will comply with all applicable standards. As a result, Telecom could be adversely affected in a monetary, criminal or reputational way, despite our contractual rights to claim for compensations for damages that they could cause to us.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom has Risk Management practices at the highest levels including a Risk Management Committee designed to detect, manage and monitor the evolution of operational risks.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, the Company can give no assurances that these measures will be successful in effectively mitigating the operational risks that Telecom faces and such failures could have a material adverse effect on its results of operations and could harm its reputation.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Company and/or its administrators are subject to environmental and safety regulations whose non-compliance could result in increased costs and/or penalties for the Company&#180;s administrators</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some of the goods and facilities used in our operation are subject to federal, state and municipal environmental and safety regulations. If such rules&nbsp;are not adequately complied they could result in fines, potential delays or inability to obtain authorization for the Company&#146;s facilities and operations which could have an adverse effect in our business, but also could result in penalties for the Company&#180;s administrators. In addition, according with global trends, new and stricter standards may be issued, or authorities may enforce or construe existing laws and regulations in a more restrictive manner, which may force us to make expenditures or to incur increased costs to comply with such new rules. Moreover, as a result of the Company&#146;s change of controlling shareholders, environmental regulations are being reviewed in order to implement the measures to remediate non&#151;compliances, if any.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risks Relating to the Cablevisi&#243;n Business Industry</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Following the Merger and the integration of Cablevisi&#243;n business and operations, we face substantial and increasing competition in the Argentine cable television and data cable transmission industry (the &#147;Cablevisi&#243;n Business&#148;).</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The cable television and data transmission business in Argentina is very competitive. Cable operators are not given exclusive territorial broadcasting licenses, and Argentina&#146;s regional telephone companies are allowed to provide data transmission services and pursue this market. To the extent telephone companies are given the right to provide cable television services, we may lose a portion of our market share within this industry due to increased competition. In order to confront competition, we may consider transactions that result in a further consolidation of the industry and convergence with the telecommunications industry, which may create additional risks and adversely impact our financial condition and results of operations. See &#147;&#151;The Cablevisi&#243;n Business may become subject to burdensome government regulations and legal uncertainties affecting its Internet/digital content services which could adversely affect its operations.&#148;</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We compete with other cable television operators that have built networks in the areas in which we operate, providers of other pay television services, including direct broadcasting, direct-to-home satellite and multi-channel multi-point distribution system services, licensed suppliers of basic telephone services and cooperative entities providing utility services and also with free broadcasting services which are currently available to the Argentine population in certain areas from four privately-owned television networks (including one owned by Grupo Clar&#237;n) and their local affiliates and one state-owned national public television network. We expect competition to increase in the future due to a number of factors, including the development of new technologies.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Technological innovation relating to cable transmission of cable television and data increases the level of competition that the Cablevisi&#243;n Business faces and requires us to make frequent investments to develop new and innovative programming services and products to attract and retain cable television subscribers. We cannot assure you that the Cablevisi&#243;n Business will be able to make investments necessary to remain competitive, or that the Cablevisi&#243;n Business will be able to attract new subscribers and retain its current subscribers. A substantial loss of the Cablevisi&#243;n Business&#146; subscribers to competitors would have a material adverse effect on Cablevisi&#243;n&#146;s business results of operations.</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;">PART&nbsp;I</font> - ITEM 3 KEY   INFORMATION - RISK FACTORS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">29<a name="PB_29_112805_7056"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Cablevisi&#243;n Business also faces competition from other broadband service providers, including large competitors associated with Argentine&#146;s regional telephone companies that provide fixed telephony services in the country. Certain competitors of the Cablevisi&#243;n Business have well-established name recognition, larger customer bases, and significant financial, technical and marketing resources. This may allow them to devote greater resources than the Cablevisi&#243;n Business to the development and promotion of their business. These competitors may also engage in more extensive research and development, adopt more aggressive pricing policies and make more attractive offers to advertisers. Competitors may develop products and services that are equal or superior to the Cablevisi&#243;n Business&#146; offers or that achieve greater market acceptance. As a result, competition may have a material adverse effect on the Cablevisi&#243;n Business&#146; operations.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We cannot assure you that Cablevisi&#243;n Business will expand broadband service to other areas or continue to provide it in the areas in which it is currently offered, or that Cablevisi&#243;n Business&#146; will be able to compete successfully with other broadband providers.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Cablevisi&#243;n Business&#146; revenues are cyclical and depend upon the condition of the Argentine economy.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues generated by the Cablevisi&#243;n Business&#146; cable television and internet access operations have proven cyclical and depend on general economic conditions. In the past, a general economic downturn in Argentina has had, and would be expected to have in the future, a negative effect on the Cablevisi&#243;n Business&#146; revenues and a material adverse effect on its results of operations. Historically, increases in losses of cable television subscribers have corresponded with general economic downturns and regional and local economic recessions. In particular, the 2001-2002 Argentine economic crisis had a material adverse effect on the Cablevisi&#243;n Business&#146; cable television revenues. Moreover, most of the Cablevisi&#243;n Business&#146; revenues are denominated in Pesos, exposing us to risks related with fluctuations in the value of the Peso. See &#147;Risk Factors&#151;Risks Relating to Argentina&#151;Devaluation of the peso may adversely affect our results of operations, our capital expenditure program and the ability to service our liabilities and transfer funds abroad.&#148;</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Cablevisi&#243;n Business may become subject to burdensome government regulations and legal uncertainties affecting its Internet/digital content services which could adversely affect its operations.</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Activities in the Cablevisi&#243;n Business are subject to risks associated with the adoption and implementation of governmental regulations that reflect changing governmental policies over time. After the deregulation of Argentina&#146;s telecommunications and media industries in 1995, the Broadcasting Law (as defined below), the Digital Argentina Law and their implementing regulations have been amended on a number of occasions, modifying requirements to hold or transfer broadcasting licenses. In addition, the Cablevisi&#243;n Business is subject to the regulations of certain other governmental entities, including the SCI, which has issued resolutions requiring Argentine cable television operators to apply a formula to calculate their customers&#146; monthly subscription prices. Although Cablevisi&#243;n contested such SCI regulations, we can offer no assurances that it will not be subject to similar regulations in the future, which could force us to modify the prices of subscription services and have a material adverse effect on the revenues generated by our activities relating to the Cablevision Business.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New regulations may be adopted to limit the Cablevisi&#243;n Business&#146; ability to operate or to permit new competitors to enter the cable television industry.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Cablevisi&#243;n Business may also be subject to additional and unanticipated governmental regulations in the future. For more information on the regulatory framework, see &#147;Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Technological advances and replacement of the Cablevisi&#243;n Business&#146;s equipment may require us to make significant expenditures to maintain and improve the competitiveness of the services we offer.</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The cable and broadband industries are subject to significant changes in technology and the introduction of new products and services.&#160; We cannot predict the effect of technological changes on the Cablevisi&#243;n Business. New services and technological advances related to the Cablevision Business are likely to offer additional opportunities to compete against us on the basis of cost, quality or functionality.&#160; It may not be practicable or cost-effective for the Cablevisi&#243;n Business to replace or upgrade its installed technologies in response to its competitors&#146; actions. Responding to such change may require the Cablevisi&#243;n Business to devote substantial capital to the development, procurement or implementation of new technologies, and may depend on the final cost in local currency of imported technology and our ability to obtain additional financing. No assurance can be given that we will have the funds to make the capital expenditures to improve&#160; our systems, compete with others in the market or replace equipment used in connection with the Cablevisi&#243;n Business.</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;">PART&nbsp;I</font> - ITEM 3 KEY   INFORMATION - RISK FACTORS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The media industry is a dynamic and evolving industry, and if it does not develop and expand as we currently expect, our results and operations relating to the Cablevisi&#243;n Business may suffer.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect to derive an increasing amount of revenues from our activities in the Cablevisi&#243;n Business, but we may not do so if these non-traditional media operations do not develop and expand as we currently expect.&#160; The role of cable television in Argentina became increasingly important in the past.&#160; More recently, non-traditional technologies, including &#147;Over-The-Top&#148; services (which are services provided by a telecommunications provider through IP networks not necessarily owned by the provider, including communications, content and cloud-based offerings), such as Netflix or HBO, have come to play a larger role in the Argentine telecommunications industry.&#160; These companies take advantage of the deregulation of the sector to bring their services through third-party networks without paying any fee or right to use it.&#160; These technology and new services areas are in the early stages of development, and growth may be inhibited for a number of reasons, including:</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 .75in;text-align:justify;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 cost of connectivity;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;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>concerns about security, reliability, and privacy;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;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>unexpected changes in the regulatory framework;</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 .75in;text-align:justify;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 appearance of technological innovations;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;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 ease of use; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;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 quality of service.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our business, financial condition and results of operations relating to the Cablevisi&#243;n Business will be materially and adversely affected if these markets do not continue to grow or grow more slowly than we anticipate.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, unlike the Argentine cable television industry, which has traditionally been dominated by companies located in Argentina, competitors in the Cablevision Business may be based outside of Argentina and enjoy certain competitive advantages such as scale and access to financial resources on terms that are better than those available to us.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We may not be able to renew programming contracts on favorable terms.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We purchase basic and premium programming from approximately 52 programming suppliers.&#160; Several programming suppliers agreed to offer it volume discount pricing structures because of its growth and market share.&#160; Following Argentina&#146;s economic crisis in 2002, participants in the Cablevisi&#243;n Business renegotiated the terms of a majority of the respective programming contracts that had originally been denominated in U.S. Dollars to provide for Peso-denominated pricing formulas that were generally linked to the number of subscribers and eliminated minimum purchase requirements.&#160; As a result of the renegotiation, contract terms were generally shortened and pricing provisions were adjusted in order to transfer the benefit of increases in the monthly fee for basic cable television services to the programming companies.&#160; The new contracts also provided for automatic termination upon the occurrence of major macroeconomic disruptions.&#160; We cannot assure you that our activities in the Cablevisi&#243;n Business will continue to be able to regularly negotiate renewals of its programming contracts at current cost levels, particularly since many of its suppliers have U.S. Dollar-based costs.&#160; Additionally, suppliers are expected to seek price increases as a reflection of improved economic conditions in Argentina.&#160; There can similarly be no assurances that we will be able to obtain volume discounts in the future.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We may not be able to renew some leases of the facilities for the installation of its cable system.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable programming is distributed through wire networks installed in facilities leased from third parties, either through the lease of space on roofs or on utility poles.&#160; We regularly renegotiate the renewal of its short-term lease contracts for the use of poles in different areas of the country in the ordinary course of its business.&#160; If we are not able to renew some of those lease contracts related to the Cablevisi&#243;n Business, its operations in such areas may be suspended if alternative third party facilities are not promptly obtained on a cost-efficient basis. Underground distribution of the Cablevisi&#243;n Business&#146;s wire network would require additional governmental authorizations and significant capital expenditures that it may not be able to afford or that it may be restricted from making pursuant to the terms and conditions of its indebtedness and its existing covenants.&#160; There can be no assurance that such renewals of lease contracts will be granted.</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;">PART&nbsp;I</font> - ITEM 3 KEY   INFORMATION - RISK FACTORS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our activities relating to the Cablevisi&#243;n Business may not be in compliance with local ordinances.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to the Merger, Cablevisi&#243;n was initially required to bring its cable systems fully into compliance with municipal regulations prohibiting above-ground cables in Mar del Plata by November&nbsp;2001, although pursuant to a modification in municipal regulations in February&nbsp;2005, the deadline was extended to December&nbsp;2007.&#160; We will seek to continue to upgrade our existing cable systems, including any network upgrades or modifications required by regulatory or local authorities if we have sufficient cash flow and financing is available at commercially attractive rates.&#160; The applicable ordinance provides that certain penalties may be imposed, including the suspension of the right to use the air space; however the city generally has not imposed penalties on non-compliant cable systems.&#160; As of the date of this Annual Report, no fines have been imposed in relation to this matter.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our revenues relating to the Cablevisi&#243;n Business may be adversely affected by an increase in churn rates.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our revenues relating to the Cablevisi&#243;n Business will depend partially on its ability to retain customers by limiting its churn rates.&#160; The churn rate is determined by calculating the total number of disconnected customers over a given period as a percentage of the initial number of customers for the same period.&#160; We seek to enforce a strict disconnection policy, which provides for the disconnection of cable television services after a three-month period of non-payment and delivery of a notice of disconnection.&#160; With respect to broadband, we disconnect services after a two-month period of non-payment and delivery of a corresponding notice of disconnection.&#160; &nbsp;For the year ended December&nbsp;31, 2017, Cablevisi&#243;n&#146;s cable customer churn rate was 14.6% and its broadband customer churn rate was 17.1%.&#160; Any substantial increase in churn rates may have a material adverse effect on our revenues and results of operations.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our revenues relating to the Cablevisi&#243;n Business are subject to uncertainty due to, and may be adversely affected by, the formula provided by Resolution No. 50/10 to estimate monthly fees paid by cable television subscribers. </font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2010, the Secretariat of Domestic Trade (&#147;SCI&#148;) issued Resolution No. 50/10 (&#147;Resolution 50&#148;), which sets forth certain rules for the sale of pay television service. These rules provide that cable television operators must apply a specific formula to estimate monthly fees to be paid by cable television subscribers and report these estimates to the Office of Business Loyalty (<i>Direcci&#243;n de Lealtad Comercial</i>). Given the broad variables provided by Resolution 50 to calculate such formula, as of the date of issuance of this Annual Report, the actual impact of these rules on the monthly fees we collect is uncertain and may have a material adverse effect on our revenues and results of operations relating to the Cablevisi&#243;n Business.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risks Relating to Telecom Argentina&#146;s Shares and ADSs</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fluctuations in Telecom Argentina&#146;s share price depend on various factors, some of which are outside of our control.</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The market price of our shares is subject to change due to various factors which are outside of our control such as: (i)&nbsp;changes in market expectations; (ii)&nbsp;changes in the economic, financial and political situation in Argentina; (iii)&nbsp;the way the ANSES will exercise its </font>corporate, political, and economic rights and will manage its share ownership in Telecom Argentina; and (iv)&nbsp;changes in measures used by investors or analysts to value our stock or market trends unrelated to our performance and operations. We cannot predict when such external factors will affect our stock price or whether their effects will be positive or negative.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, currency fluctuations could impact the value of an investment in Telecom Argentina. Although Telecom Argentina&#146;s ADSs listed on the New York Stock Exchange are U.S. dollar-denominated securities, they do not eliminate the currency risk associated with an investment in an Argentine company.</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;">PART&nbsp;I</font> - ITEM 3 KEY   INFORMATION - RISK FACTORS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, on March&nbsp;16, 2017, Telecom Argentina&#146;s Board of Directors approved the submission to the SEC of a &#147;Shelf Registration Statement&#148; with the aim, once the SEC declares it effective, of permitting&nbsp;the&nbsp;secondary sale of Class&nbsp;B Shares issued by Telecom Argentina and the underlying ADSs of such Class&nbsp;B Shares in the United States.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future sales of substantial amounts of Telecom Argentina Class&nbsp;B Shares and ADSs, or the perception that such future sales may occur, may depress the price of Telecom Argentina Class&nbsp;B Shares and ADSs. Additionally, future sales of treasury shares, may also depress the price of Telecom Argentina Shares and ADSs.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We cannot assure you that the price of our Class&nbsp;B Shares and ADSs would recover from any such decline in value.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Trading of Telecom Argentina&#146;s Class&nbsp;B Shares in the Argentine securities markets is limited and could experience further illiquidity and price volatility.</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine securities markets are substantially smaller, less liquid and more volatile than major securities markets in the U.S. In addition, Argentine securities markets may be materially affected by developments in other emerging markets, particularly other countries in Latin America. Our Class&nbsp;B Shares underlying ADSs are less actively traded than securities in more developed countries and, consequently, an ADS holder may have a limited ability to sell the Class&nbsp;B Shares underlying ADSs upon withdrawal from the ADSs facility in the amount and at the price and time that it may desire. This limited trading market may also increase the price volatility of Telecom Argentina Class&nbsp;B Shares underlying the ADSs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Holders of ADSs may be adversely affected by currency devaluations and foreign exchange fluctuations.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the peso exchange rate falls relative to the U.S. dollar, the value of the ADSs and any distributions made thereon from the depositary could be adversely affected. Cash distributions made in respect of the ADSs may be received by the depositary (represented by the custodian bank in Argentina) in pesos, which will be converted into U.S. dollars and distributed by the depositary to the holders of the American Depositary Receipts (&#147;ADRs&#148;) evidencing those ADSs if in the judgment of the depositary such amounts may be converted on a reasonable basis into U.S. dollars and transferred to the United States on a reasonable basis, subject to such distribution being impermissible or impracticable with respect to certain ADR holders. In addition, the depositary will incur foreign currency conversion costs (to be borne by the holders of the ADRs) in connection with the foreign currency conversion and subsequent distribution of dividends or other payments with respect to the ADSs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The relative volatility and illiquidity of the Argentine securities markets may substantially limit your ability to sell the Class&nbsp;B Shares underlying the ADSs on the BYMA at the price and time desired by the shareholder.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investing in securities that trade in emerging markets, such as Argentina, often involves greater risk than investing in securities of issuers in the United States, and such investments are generally considered to be more speculative in nature. The Argentine securities market is substantially smaller, less liquid, more concentrated and can be more volatile than major securities markets in the United States, and is not as highly regulated or supervised as some of these other markets. There is also significantly greater concentration in the Argentine securities market than in major securities markets in the United States. The ten largest companies in terms of market capitalization represented approximately 81% of the aggregate market capitalization of the BYMA as of December&nbsp;31, 2017. Accordingly, although shareholders are entitled to withdraw the Class&nbsp;B Shares underlying the ADSs from the depositary at any time, the ability to sell such shares on the BYMA at a price and time shareholders might want may be substantially limited.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We are traded on more than one market and this may result in price variations; in addition, investors may not be able to easily move shares for trading between such markets.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trading in the Class&nbsp;B Shares underlying ADSs or ADSs in the United States and Argentina, respectively, will use different currencies (U.S. dollars on the New York Stock Exchange (&#147;NYSE&#148;) and pesos on the BYMA), and take place at different times (resulting from different trading platforms, different time zones, different trading days and different public holidays in the United States and Argentina). The trading prices of the Class&nbsp;B Shares underlying ADSs on these two markets may differ</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">due to these and other factors. Any decrease in the price of the Class&nbsp;B Shares underlying ADSs on the BYMA could cause a decrease in the trading price of the ADSs on the NYSE. Investors could seek to sell or buy the Class&nbsp;B Shares underlying ADSs to take advantage of any price differences between the markets through a practice referred to as &#147;arbitrage.&#148; Any arbitrage activity could create unexpected volatility in both our share prices on one exchange, and the ADSs available for trading on the other exchange. In addition, holders of ADSs will not be immediately able to surrender their ADSs and withdraw the underlying Class&nbsp;B Shares for trading on the other market without effecting necessary procedures with the depositary. This could result in time delays and additional cost for holders of ADSs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:2.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">As a foreign private issuer, we will not be subject to U.S. proxy rules&nbsp;and will be exempt from filing certain reports under the Securities Exchange Act of 1934.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a foreign private issuer, we are exempt from the rules&nbsp;and regulations under the Exchange Act of 1934 (the &#147;Exchange Act&#148;) related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section&nbsp;16 of the Exchange Act. In addition, we are not be required under the Exchange Act to file annual and current reports and financial statements with the SEC as frequently or as promptly as domestic companies whose securities are registered under the Exchange Act, and we are generally exempt from filing quarterly reports with the SEC under the Exchange Act.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, if a majority of our directors or executive officers are U.S. citizens or residents, we</font> would lose our foreign private issuer status and we would fail to meet additional requirements necessary to avoid such loss. Although we have elected to comply with certain U.S. regulatory provisions, our loss of foreign private issuer status would make such provisions mandatory for us. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher for us. If we are not a foreign private issuer, we will be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer. We would have to present our financial statements under US GAAP and may also be required to modify certain of our policies to comply with corporate governance practices applicable to U.S. domestic issuers. Such conversion and modifications will involve additional costs. In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">If we do not file or maintain a registration statement and no exemption from the Securities Act of 1933 (&#147;Securities Act&#148;) registration is available, U.S. holders of ADSs may be unable to exercise preemptive rights granted to our holders of Class&nbsp;B Shares underlying ADSs.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the GCL, if we issue new shares as part of a capital increase, our shareholders may have the right to maintain their exisiting ownership percentage in the Company through the subscription of a proportional number of shares of the same class in case the capital increase is made in shares of all four of our classes of shares in their respective proportions, or through the subscription of a proportional number of the shares of the class being issued if the relative proportion among the four classes is not respected. Rights to subscribe for shares in these circumstances are known as preemptive rights. In addition, shareholders are entitled to the right to subscribe for the unsubscribed shares remaining at the end of a preemptive rights offering on a <i>pro rata</i> basis, known as accretion rights.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to our Bylaws, in the case of a capital increase through the issuance of all four of our classes of common stock (Class&nbsp;A ordinary shares, Class&nbsp;B Shares, Class&nbsp;C ordinary shares and Class&nbsp;D ordinary shares), accretion rights of the holders of each class shall be limited to the shares of the same class for which there has been no subscription.&nbsp;Also if, after accretion rights have been exercised within the Class&nbsp;B and Class&nbsp;C shares, there are any unsubscribed shares, such unsubscribed Class&nbsp;B or Class&nbsp;C shares, shares may be subscribed by the shareholders of the rest of our classes of common stock, with no distinction, in proportion to the shares of common stock for which such shareholder has subscribed on such occasion.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the occurrence of any future increase in our Class&nbsp;B Shares, U.S. persons (as defined in Regulation S under the Securities Act) holding our Class&nbsp;B Shares underlying ADSs or ADSs may be unable to exercise preemptive and accretion rights granted to our holders of Class&nbsp;B Shares underlying ADSs in connection with any future issuance of our Class&nbsp;B Shares underlying ADSs unless a registration statement under the Securities Act is effective with respect to both the preemptive rights and the new Class&nbsp;B Shares underlying ADSs, or an exemption from the registration requirements of the Securities Act is available.</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;">PART&nbsp;I</font> - ITEM 3 KEY   INFORMATION - RISK FACTORS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are not obligated to file or maintain a registration statement relating to any preemptive rights offerings with respect to Telecom Argentina&#146;s Class&nbsp;B Shares underlying ADSs, and we cannot assure that we will file or maintain any such registration statement or that an exemption from registration will be available. Unless those Class&nbsp;B Shares underlying ADSs or ADSs are registered or an exemption from registration applies, a U.S. holder of Telecom Argentina&#146;s Class&nbsp;B Shares underlying ADSs or ADSs may receive only the net proceeds from those preemptive rights and accretion rights if those rights can be assigned by the ADS depositary. If the rights cannot be sold, they will be allowed to lapse. Furthermore, the equity interest of holders of shares or ADSs located in the U.S. may be diluted proportionately upon future capital increases.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our status as a foreign private issuer allows us to follow alternate standards to the corporate governance standards of the NYSE, which may limit the protections afforded to investors.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are a &#147;foreign private issuer&#148; within the meaning of the New York Stock Exchange (&#147;NYSE&#148;) corporate governance standards. Under NYSE rules, a foreign private issuer may elect to comply with the practices of its home country and not comply with certain corporate governance requirements applicable to U.S. companies with securities listed on the exchange. We currently follow certain Argentine practices concerning corporate governance and intend to continue to do so. For example, according to Argentine securities law, our audit committee, unlike the audit committee of a U.S. issuer, will only have an &#147;advisory&#148; and/or &#147;supervisory&#148; role, such as assisting our board of directors with the evaluation the performance and independence of the external auditors and exercising the function of our internal control. Accordingly, holders of our ADSs will not have the same protections afforded to shareholders of U.S. companies that are subject to all of the NYSE corporate governance requirements.</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-align:justify;text-indent:3.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">If we were a passive foreign investment company for U.S. federal income tax purposes for any taxable year, U.S. holders of our ADSs could be subject to adverse U.S. federal income tax consequences.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we were a &#147;passive foreign investment company,&#148; (a &#147;PFIC&#148;) within the meaning of Section&nbsp;1297 of the Internal Revenue Code of 1986, as amended, for any taxable year during which a U.S. holder (as defined in &#147;Item 10&#151; Additional Information&#151;Taxation&#151;United States federal income taxes&#148;) holds our ADSs or Class&nbsp;B Shares underlying ADSs, certain adverse U.S. federal income tax consequences may apply to the U.S. holder. We do not expect to be a PFIC for U.S. federal income tax purposes for our current taxable year or the reasonably foreseeable future, although there can be no assurance in this regard. Our possible status as a PFIC must be determined annually and therefore may be subject to change. This determination will depend on the composition of our income and assets, the market valuation of our assets (including, among others, our goodwill) from time to time, and our spending schedule for cash balances and the proceeds of any offering, as well as on the application of complex statutory and regulatory rules&nbsp;that are subject to potentially varying or changing interpretations. Accordingly, there can be no assurance that we will not be considered a PFIC for any taxable year. If we were a PFIC, U.S. holders of our ADSs or Class&nbsp;B Shares underlying ADSs may be subject to adverse U.S. federal income tax consequences, such as taxation at the highest marginal ordinary income tax rates on gains recognized and on certain actual or deemed distributions, interest charges on certain taxes treated as deferred, and additional reporting requirements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Changes in Argentine tax laws may adversely affect the tax treatment of our Class&nbsp;B Shares underlying ADSs or ADSs for transactions made until December&nbsp;31, 2017.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;23, 2013, the Argentine income tax law was amended by the passage of Law No.&nbsp;26,893 (the &#147;Argentine Income Tax Law&#148;). The Argentine Income Tax Law establishes that the sale, exchange or other transfer of shares and other securities is subject to a capital gain tax at a rate of 15% for Argentine resident individuals and foreign beneficiaries. Until the enactment of Law No.&nbsp;27,430, in force since fiscal year 2018, there was an exemption for Argentine resident individuals if certain requirements were met. However, there was no such exemption for non-Argentine residents. For transactions made until December&nbsp;31, 2017, many aspects of the Argentine Income Tax Law still remain unclear and they are subject to further regulation and interpretation which may adversely affect the tax treatment of our Class&nbsp;B Shares underlying ADSs and/or ADSs. The income tax treatment of income derived from the sale of ADSs or exchanges of shares from the ADS facility may not be uniform under the revised Argentine Income Tax Law. The possibly varying treatment of source income could impact both Argentine resident holders as well as non-Argentine resident holders.</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;">PART&nbsp;I</font> - ITEM 3 KEY   INFORMATION - RISK FACTORS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">35<a name="PB_35_112805_141"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;27,430 requires the capital gains tax to be paid for transactions carried out between September&nbsp;2013 (when taxation on the sale of shares for nonresidents was introduced) and the effective date of the tax reform, providing that no tax, however, will be due for stock exchange transactions as long as the tax has not yet been paid due to the lack of regulations for the withholding or collection by the stock exchange agents or intermediaries. Further regulations are expected to be published. See &#147;Item 10&#151;Additional Information&#151;Taxation&#151;Argentine taxes&#148;.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consequently, holders of our Class&nbsp;B Shares, including in the form of ADSs, are encouraged to consult their tax advisors as to the particular Argentine income tax consequences under their specific facts.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We are organized under the laws of Argentina and holders of the ADSs may find it difficult to enforce civil liabilities against us, our directors, officers and certain experts.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are organized under the laws of Argentina. A significant portion of our and our subsidiaries&#146; assets are located outside the U.S. Furthermore, almost all of our directors and officers and some advisors named in this Annual Report reside in Argentina. Investors may not be able to effect service of process within the U.S. upon such persons or to enforce against them or us in U.S. courts judgments predicated upon the civil liability provisions of the federal securities laws of the U.S. Likewise, it may also be difficult for an investor to enforce in U.S. courts judgments obtained against us or these persons in courts located in jurisdictions outside the U.S., including judgments predicated upon the civil liability provisions of the U.S. federal securities laws. It may also be difficult for an investor to bring an original action in an Argentine court predicated upon the civil liability provisions of the U.S. federal securities laws against us or these persons.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, a portion of our assets is not subject to attachment or foreclosure, as they are used for the performance of the public service we provide. In accordance with Argentine law, as interpreted by the Argentine courts, assets which are necessary for the provision for an essential public service may not be attached, whether preliminarily or in aid of execution.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to any enforcement in Argentina, a judgment issued by a U.S. court will be subject to the requirements of 517 through 519 of the Argentine Federal Civil and Commercial Procedure Code if enforcement is sought before federal courts or courts with jurisdiction in commercial matters of the Autonomous City of Buenos Aires. Those requirements are: (1)&nbsp;the judgment, which must be valid and final in the jurisdiction where rendered, was issued by a competent court in accordance with the Argentine principles regarding international jurisdiction and resulted from a personal action, or an in rem action with respect to personal property which was transferred to Argentine territory during or after the prosecution of the foreign action; (2)&nbsp;the defendant against whom enforcement of the judgment is sought was personally served with the summons and, in accordance with due process of law, was given an opportunity to defend against foreign action; (3)&nbsp;the judgment must be valid in the jurisdiction where rendered, and its authenticity must be established in accordance with the requirements of Argentine law; (4)&nbsp;the judgment does not violate the principles of public policy of Argentine law; and (5)&nbsp;the judgment is not contrary to a prior or simultaneous judgment of an Argentine court. Any document in a language other than Spanish, including, without limitation, the foreign judgment and other documents related thereto, requires filing with the relevant court of a duly legalized translation by a sworn public translator into the Spanish language.</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;">PART&nbsp;I</font> - ITEM 3 KEY   INFORMATION - RISK FACTORS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 4.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>INFORMATION ON THE COMPANY</b><a name="ITEM4_INFORMATIONONTHECOMPANY_011426"></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;">INTRODUCTION</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Company</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are one of the largest private-sector companies in Argentina in terms of revenues, net income, capital expenditures and number of employees. We have a non-expiring license (the &#147;License&#148;) to provide fixed-line telecommunications services in Argentina, mobile telecommunications services, other telephone-related services such as international long-distance and wholesale services, data transmission,&nbsp;IT solutions outsourcing and Internet services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As from January&nbsp;1, 2018, after giving effect to the Merger, Telecom Argentina and Cablevisi&#243;n S.A. have started to operate as a telecommunications convergent provider. The Merger is part of a global process of convergence in the provision of fixed and mobile telecommunications services, video and internet distribution known as &#147;quadruple play&#148;.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Merger should allow the combined company to achieve synergies in the development of convergence products that will bring significant benefits for consumers, the sector and the economy in general. In addition, the combination of both companies should boost investment (estimated capital expenditures of approximately US$ 5,000 million for the next three years) in the most modern infrastructure of mobile technologies as well as the deployment of a high-speed fiber optic network.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we have amended our bylaws (<i>Estatutos Sociales</i>) to permit us to provide audiovisual communications services, and have obtained all required regulatory authorizations and approvals with respect to such amendment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, (i)&nbsp;Telecom&#180;s mobile business had approximately 19.0 million subscribers in Argentina and approximately 2.5 million subscribers in Paraguay, (ii)&nbsp;Telecom&#180;s internet business reached approximately 1.7 million accesses, and (iii)&nbsp;Telecom had approximately 3.8 million fixed lines in service, which are equivalent to 355 lines in service per employee.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, our revenues totaled P$65,186 million, our net income totaled P$7,724 million, our Adjusted EBITDA</font> (see the purpose of use of adjusted EBITDA and reconciliation of net income to Adjusted EBITDA in Item 5&#151;Operating and Financial Review and Prospects&#151;(A)&nbsp;Consolidated Results of Operations&#151;&#147;Adjusted EBITDA&#148;) amounted to P$19,356 million and our total assets were P$57,588 million.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Merger</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Overview</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;30, 2017, Telecom Argentina and Cablevisi&#243;n S.A. executed a preliminary merger agreement and on October&nbsp;31, 2017, Telecom Argentina and Cablevisi&#243;n executed the definitive merger agreement, by which they agreed on the terms on which Telecom Argentina would absorb Cablevisi&#243;n by merger, which was to be dissolved without liquidation as of the Merger Effective Date, in accordance with the provisions of Sections 82 and 83 of the LGS, and subject to the satisfaction of certain conditions, including regulatory approvals from the ENACOM (the &#147;Merger&#148;).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The conditions precedent to the consummation of the Merger were satisfied as of January&nbsp;1, 2018, and, consequently, the Merger and the Telecom Shareholders&#146; Agreement became effective. For more information, see &#147;</font>Item 7&#151;Major Shareholders and Related Party Transactions.&#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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with the merger agreement, as of January&nbsp;1, 2018, Cablevisi&#243;n merged into Telecom Argentina, with Telecom Argentina as the surviving entity. As a result of the Merger, all of Cablevisi&#243;n&#146;s assets and liabilities were transferred to Telecom Argentina as of January&nbsp;1, 2018, in accordance with the terms of the definitive merger agreement.&#160; Certain administrative procedures related to the Merger are still pending, including the administrative conformity by the CNV and the registration of ther Merger with the Argentine public registry of commerce carried out by the <i>Inspecci&#243;n General de Justicia</i> in the City of Buenos Aires. We expect that the Merger will allow us to provide</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;quadruple play&#148; services, combining the provision of fixed and mobile telecommunications services as well as pay television and Internet services, pursuant to the new regulatory framework in effect since January&nbsp;2018 (for more information about the Merger see &#147;Recent Developments&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cablevisi&#243;n</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n is the largest operator of cable television services and data cable transmission systems in Argentina and one of the largest providers of cable services in Latin America in terms of subscribers. Cablevisi&#243;n engages in the installation, operation and development of cable television and data cable transmission services. It is the largest Multiple System Operator (MSO) in Argentina and Latin America in terms of subscribers.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n operates in some of the most populated regions of Argentina and Uruguay, including the Autonomous City of Buenos Aires and the provinces of Buenos Aires, Santa Fe, Entre R&#237;os, C&#243;rdoba, Corrientes, Formosa, Misiones, Salta, Chaco, Neuqu&#233;n and R&#237;o Negro, among others.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, Cablevisi&#243;n had 3.92&nbsp;million <i>&#147;clientes &#250;nicos</i>&#148; or active customer relationships, of which 60% received broadband services, 89% received cable services and 49% received both services. As of December&nbsp;31 2017, Cablevisi&#243;n also had 498,000 mobile post-paid customers. Between 2013 and 2017 Cablevisi&#243;n&#146;s customer base grew by 4%, while ARPU (in Pesos) increased by 243% during the same period. Cablevisi&#243;n operates under the brands Cablevisi&#243;n, Fibertel, FiberCorp and Nextel (</font>Nextel Argentina provides trunking telephony and other telecommunications services in Buenos Aires and cities in the provinces of Argentina. Nextel Argentina&#146;s service currently focuses on business subscribers in the main cities of Argentina).</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that, as of the Merger Effective Date, Cablevisi&#243;n&#146;s cable networks are the most technologically advanced in Argentina and Uruguay. As of December&nbsp;31, 2017, its networks passed through approximately 7.9&nbsp;million homes in Argentina and Uruguay (homes are considered passed through if Cablevisi&#243;n can connect them to its distribution system without further extending the transmission lines). Cablevisi&#243;n can deliver a two-way bandwidth capacity of more than 750&nbsp;MHz to approximately 80% of the homes passed through by its networks, reaching approximately 6.3 million homes. Through these networks, Cablevisi&#243;n offers not only cable services and broadband services but also additional revenue-generating services and products, such as premium services and pay-per-view, as well as high-speed data transmission and Internet access using two-way high-speed cable modems. As of December&nbsp;31, 2017, Cablevisi&#243;n served more than 38% of the Argentine pay television market and more than 32% of the Argentine Internet broadband market, in each case in terms of the number of subscribers.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Merger Integration</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that the combination of the two companies will enhance our ability to better serve our customers as a result of gaining scale and access to innovations that are driving the telecommunication sector, through offering our customers a broad range of products. We expect that combining Cablevisi&#243;n and Telecom will strengthen our financial position, which should help us to perform the needed investments to continue developing our infrastructure and therefore strengthen our position in the market.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joining Telecom and Cablevisi&#243;n&#146;s operations will convert us in one of the largest companies in Argentina and we expect to continue to deploy state-of-the-art wireless and high speed fixed internet networks throughout our service areas.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also believe the combination of the businesses will allow us to reduce costs as we realize synergies. We expect savings in network rentals and connectivity as we can combine the two existing backbone networks, which have a low level of overlap and are highly complementary.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we expect to achieve savings in back office services such as billing, collection, and advertising through the implementation of convergent solutions. We will strive to achieve SG&amp;A (Selling, General and Administrative) optimization and reduction in network maintenance costs by combination of field services and network operations capabilities.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the capital expenditures side, adding the Nextel mobile phone network to Telecom&#180;s existing network represents an immediate increase of 20% in the number of available cell sites, which will result in savings in our previously planned investments in infrastructure and equipment installation costs. In addition, due to the overlap of fixed networks in the Northern Area, an optimization is expected in the investments and costs for the planned upgrade of access networks and fiber deployment and we expect to continue to deploy state-of-the-art wireless and high speed fixed internet networks throughout our services area.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect that the combination of product portfolio and commercial capabilities will drive cross selling to the combined customer base and growth in the unserved portion of the eventual quadruple play or fully convergent solution.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, Cablevisi&#243;n&#146;s fixed coverage in the southern region allows Telecom to increase its retail and corporate sales while it reduces network rental expenses paid to other operators.&#160; Finally, incremental revenues are expected by the extension of the duration of the customer or churn reduction, which we believe will occur as a result of a convergent solution.</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-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe these factors will help create a leading fully convergent South American independent telecommunications company that will be able to compete with the world-class operators present in the market, in line with global trends in the telecommunications market.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Telecom Argentina&#146;s Business Strategy</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our long-term business strategy focuses on the continued upgrading of our networks to improve the quality of our services and increase our mobile and broadband business penetration, permitted by Argentina&#146;s recently approved regulatory framework oriented towards convergence.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our priority is to generate value for our customers, investors, suppliers, employees and, from a broader perspective, for the communities in which we operate, by providing services and solutions that improve people&#146;s quality of life, education, grant them opportunities for personal development, and by improving the productivity of the economy as a whole.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To achieve these objectives, we prepare and execute business plans consistent with the microeconomic and macroeconomic environment of Argentina and the telecommunications and technology market, investing both in the development of innovative products and services, as well as in the professional development of our employees, with the aim of adding value to our customers experience with content, interactivity and convenience in communication.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our strategy prioritizes the digitalization of our operations, focusing on human capital development, organizational culture, general and transformational processes, technological tools and key factors for achieving competitiveness and ensuring the long-term sustainability of our business. Additionally, we strategically focus on being a facilitating tool for our customers, both in their corporate and business segments, as well as developing, providing and prioritizing solutions and digital services in our &#147;nube&#148; (cloud services), which is provided through our four state of the art data centers and serves, and is an essential node of our next-generation networks, fulfilling our customers&#146; demand for quality, safety and availability. Our portfolio of solutions will evolve with the incorporation of new services such as big data and IoT (Internet of things), focusing on industry pillars such as agroindustry, finance, manufacturing, health and government, among others.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As part of our commitment with local entrepreneurs, we also focus on incubating and accelerating new business developments, investing in projects led by Argentine entrepreneurs and materializing ideas into&#160; businesses by providing technological solutions to small &#151; and medium-sized Argentine companies which will enable these companies to grow and develop.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Residences have historically been the principal environment through which the services we offer are delivered to, and consumed by, our end-user customers.&#160; To this day, our strategy consists on focusing on our customers&#146; homes as the main channel to deliver the convergence of the solutions we offer, including equipment and sensors services, as well as other Value Added Services. In particular, we focus on delivering home services solutions that integrate access to video platforms, applications, social networks, digital content in various formats, e-commerce and entertainment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investing in technology is one of the milestones of our strategy, as we are focused on (i)&nbsp;the coverage and capacity of our infrastructure and (ii)&nbsp;new service platforms with better quality to meet the increasing needs and demands created by traffic and bandwidth due to new consumer habits and the expansion of our customer base. Investing in cutting-edge technologies ensure us that we will be able to provide products and services that are prepared for our customers future needs and demands.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our strategic priorities are customer centered, focused on innovation, and the pursuit of operational excellence. We plan to support our business growth with experienced and professional management, transforming processes by focusing on &#147;customer centered&#148; and innovation as the pillar of self improvement, and creativity to transform our traditional businesses, while at the same time capturing opportunities to offer new services to our individual and business customers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to implement the aforementioned strategy, the development of new forms of work, projects or initiatives is a priority, as creativity will serve our customers, and our multidisciplinary teams will enrich our value proposition. We will strive to turn this process into a competitive advantage sustainable over time. Strategic initiatives will be implemented through the following business initiatives.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following the consummation of the Merger and the integration of Cablevisi&#243;n into our operations, our long-term strategy also includes the following important elements:</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 .5in;text-align:justify;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><b><i style="font-weight:bold;">Pursue additional growth from our mobile services and by expanding our Wi-Fi network.</i></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 35.45pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We intend to continue to facilitate internet connectivity &#147;any time and anywhere&#148; for our&#160; customers. Since 2014, Telecom invested heavily to deploy the most modern and solid 4G network in Argentina, and following the Merger we will continue to invest in mobile infrastructure deployment with an aggressive capital expenditures plan in networks. In addition, in 2012, Cablevisi&#243;n launched &#147;Fibertel Zone,&#148; the first Wi-Fi circuit in Argentina, through its fixed fiber optic networks. Users can access a Wi-Fi network free of cost at the best speeds available in bars, restaurants, movie theaters, gyms and parks, among other public spaces. Cablevisi&#243;n&#180;s Wi-Fi network reached approximately 2,100 outside wireless access points in high-usage areas during 2017. We will continue to offer this service (which was offered by Cablevisi&#243;n before the Merger) to both Fibertel&#146;s customers and non-customers, granting our customers additional benefits, such as faster speeds, priority in surfing and connection without time limit.</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 .5in;text-align:justify;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><b><i style="font-weight:bold;">Increase our internet bandwidth penetration and expand our Internet bandwidth services.</i></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 35.45pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will seek to expand our broadband internet subscriber base by emphasizing our bandwidth capabilities and compelling value offer. We intend to continue to provide and offer bandwidth connectivity to our existing customers of cable television, mobile and fixed-line services, and to new customers, offering higher speeds and more value at competitive prices. We intend to increase our share of new broadband internet customers and add subscribers from our competitors by launching new products and services with faster speed options tailored to customers&#146; evolving needs, such as the increasing demand for higher speed bandwidth whether at customers&#146; homes or outside their homes.</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 35.45pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will seek to preserve and enhance customer loyalty of our subscriber base by continuing to offer a high-quality bandwidth service with the best selection of speeds in the market at competitive prices. We plan to continue upgrading our 4G (LTE) network coverage and capacity and intend to increase our two-way coverage in the fixed line, in addition, we have incorporated technology that allows for the addition of high-bandwidth data transfer to an existing cable television (CATV) system (known as Data Over Cable Service Interface Specification or Docsis 3.0). We are also currently in the process of upgrading our network to 1 Ghz with Docsis 3.1 technology.</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 .5in;text-align:justify;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><b><i style="font-weight:bold;">Increase our cable television penetration by offering digital TV and other premium digital cable services. </i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><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="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We seek to expand our cable television subscriber base by providing innovative premium digital services. We plan to continue up-selling premium digital cable services to our existing customer base and provide innovative multimedia and entertainment service packages to existing and new customers in new areas. We have enhanced our TV product by introducing additional HD channels and premium subscription channels that we offer in packages. We seek to make the greatest amount of content available to customers through the most diverse range of devices, enabling customers to access TV programming from any device at any time. By introducing an innovative OTT online platform, known as &#147;Cablevisi&#243;n Flow,&#148; we will seek to increase customer satisfaction and loyalty. This online platform service complements Cablevisi&#243;n&#146;s video-on-demand (VOD) legacy service through time shift TV services, integral searcher, personalized recommendation engine and cloud DVR, and provide our customers access to a broad library of content such as movies, shows and live sport events.</font></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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">40<a name="PB_40_115944_8627"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></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>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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><b><i style="font-weight:bold;">Continue to seek opportunities for growth</i></b>. </p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to organic growth, we have expanded our business through acquisitions. If, as a result of the change in the regulatory framework, opportunities for consolidation in the telecommunications industry arise, we may consider opportunities that we believe may add value to our shareholders and are compatible with our business strategy.</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 .5in;text-align:justify;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><b><i style="font-weight:bold;">Maintain focus on operational excellence and emphasize customer service</i></b>. </p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that customer satisfaction is key to the development and growth of our brand. We continuously monitor our customers&#146; perception of the quality of our services. We closely monitor key performance indicators to assess our operational processes, sales and marketing efficiency and the reliability of our infrastructure. To enhance customer loyalty, we maintain training and development programs for our sales force and call center agents.</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 .5in;text-align:justify;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><b><i style="font-weight:bold;">Targeted focus on individual customers and Home Convergence</i></b><i>. </i></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We recognize that the various individual members of any household have a unique set of needs and preferences. As a result we will continue to provide a tailored and targeted offering to our customers in order to satisfy our client&#146;s needs in every step of their lives, rather than focusing on household units in a generalized manner. Since single households may have multiple screens, we will seek to tailor our programming and services to meet the demands of each individual customer.</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 .5in;text-align:justify;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><b><i style="font-weight:bold;">Expand our corporate businesses and branding. </i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><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="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will seek to continue developing our corporate businesses through our brands &#147;<i>Telecom Empresas&#148;</i> and &#147;<i>FiberCorp&#148;,</i> seizing the operational advantages of economies of scale created by the capabilities of our fiber optic network, providing connectivity, cloud storage, virtualization sharing, housing and hosting to the corporate sector.</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 .5in;text-align:justify;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><b><i style="font-weight:bold;">Maintaining and increasing our focus on innovation</i></b><i>. </i></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our fiber optic systems and our 4G (LTE) network in Argentina have the advantage of greater capacity and reliability, resistance to electrical interference and cost reductions. These systems can be readily adjusted to accommodate technological developments. We will continue to make investments in our systems and infrastructure, and commit resources to maintain our business on the cutting edge of technological advances and innovation.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Organizational Structure</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The chart set forth below show our general consolidated corporate structure as of December&nbsp;31, 2017:</font></p>
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<p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;text-indent:-.25in;"><font size="2" face="Times New Roman"><img border="0" width="526" height="264" src="g51081bmi001.gif" alt="GRAPHIC"></font></p>
<p align="center" style="margin:0in 0in .0001pt .5in;text-align:center;text-indent:-.25in;"><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;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;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>Dormant entity as of and for the fiscal years ended December&nbsp;31, 2017 and 2016.</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-align:justify;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>Non-controlling interest of 32.50% is owned by the Paraguayan company ABC Telecomunicaciones S.A.</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-align:justify;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>Remaining 1% is owned by the Paraguayan company ABC Telecomunicaciones S.A.</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-align:justify;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>The Non-controlling interest of 22.75% is owned by the Paraguayan company ABC Telecomunicaciones S.A and 30% is&#160;&#160; owned by TU VES S.A. (Chile). On June&nbsp;30, 2017, the transaction by which N&#250;cleo acquired the 70% of shares and votes of Tuves Paraguay was performed.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">41<a name="PB_41_115944_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The chart set forth below show our general consolidated corporate structure as of January&nbsp;1, 2018, after giving effect to the Merger, showing the most significant companies and the companies controlled in countries other than Argentina:</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>
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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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Revenues generated by each company in the Telecom Group</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table presents information relating to the percentage of revenues and other income, net of intercompany transactions, generated by each operating segment in the Telecom Group during the year ended December&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>
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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;">Operating&nbsp;Segment&nbsp;(1)</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;">Activity</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;">Segment</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>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<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;">Percentage&nbsp;of<br>   Telecom&#146;s&nbsp;Total<br>   Revenues&nbsp;and<br>   other&nbsp;income&nbsp;(5)</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina S.A.</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Services</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed services</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30.93</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Personal S.A.</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile Services</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal Mobile Services</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63.99</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo S.A. (2)</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile Services</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo Mobile Services</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.32</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal Env&#237;os S.A. (2)</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Mobile Services</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo Mobile Services</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.06</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tuves Paraguay S.A. (3)</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Television signal distribution</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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo Mobile Services</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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.20</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina USA Inc.</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">International Wholesale Services</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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Services</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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.50</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Micro Sistemas S.A. (4)</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Services</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="20%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<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;">100.00</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Personal   and Micro Sistemas are incorporated in Argentina, N&#250;cleo, Env&#237;os and Tuves   Paraguay are incorporated in Paraguay and Telecom Argentina USA is   incorporated in the United States.</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Non-controlling   interest of 32.50% is owned by the Paraguayan company ABC Telecomunicaciones   S.A.</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On   June&nbsp;30, 2017, N&#250;cleo acquired the 70% of shares and votes of Tuves   Paraguay. Non-controlling interest of 22.75% is owned by the Paraguayan   company ABC Telecomunicaciones S.A and 30% is owned by TU VES S.A. (Chile).</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4)</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dormant   entity as of December&nbsp;31, 2017.</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5)</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Includes   service revenues, equipment sales and other income with third parties.</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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our principal executive offices are located at Alicia Moreau de Justo 50, C1107AAB, Buenos Aires, Argentina, telephone number: 54-11-4968-4000.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our authorized agent in the United States for SEC reporting purposes is Puglisi&nbsp;&amp; Associates, 850 Library Avenue, Suite&nbsp;204, P.O.&nbsp;Box 885, Newark, Delaware 19711.</font></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="64%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.54%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">42<a name="PB_42_115944_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Recent Developments</font></i></b></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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Telecom LLC, was the controlling company of Telecom Argentina until December&nbsp;31, 2017. As of the date of issuance of this Annual Report, CVH can be considered to have acquired control of Telecom Argentina following effectiveness of the Merger and of the Telecom Shareholders&#146; Agreement on January&nbsp;1, 2018 (See &#147;The Merger&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Argentina&#146;s Board of Directors called for the Annual Shareholders&#146; Meeting</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s Board of Directors, at its meeting held on March&nbsp;19, 2018, convened an Ordinary Shareholders&#146; meeting to be held on April&nbsp;25, 2018, to consider among other issues the allocation of Telecom Argentina&#146;s retained earnings as of December&nbsp;31, 2017, net of P$5,640,728,444 distributed in advance, that is to say P$1,989,254,041, and the allocation of Cablevisi&#243;n&#146;s retained earnings as of December&nbsp;31, 2017 net of P$4,502,777,155 distributed in advance, that is to say P$1,311,975,449.</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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proposal of the Board of Directors is to: (i)&nbsp;ratify the advance distribution of dividends of P$5,640,728,444 resolved by the Board at its meeting of January&nbsp;31, 2018, based on the Special-purpose Unconsolidated Financial Statements of Telecom Argentina as of September&nbsp;30, 2017; (ii)&nbsp;allocate P$1,989,254,041, to set up the &#147;Voluntary reserve for future dividends payments&#148;; and (iii)&nbsp;delegate power to Telecom Argentina&#146;s Board of Directors so that, based on the evolution of the business, it may determine the withdrawal, in one or more times, of an amount up to P$994,627,020 from the &#145;Voluntary reserve for future dividends payments&#146; for distribution to the shareholders as cash dividends, enabling such delegated powers to be exercised until December&nbsp;31, 2018. With respect to Cablevisi&#243;n&#146;s retained earnings, the proposal of the Board of Directors is to: (i)&nbsp;ratify the advance distribution of dividends of P$4,502,777,155 resolved by the Board at its meeting of January&nbsp;31, 2018, based on the Special-purpose Unconsolidated Financial Statements of Cablevisi&#243;n as of September&nbsp;30, 2017; (ii)&nbsp;allocate P$1,311,975,449, to set up a &#147;Facultative Reserve to Maintain the Level of Investments in Capital Goods and the Current Level of the Company&#146;s Solvency.&#148;</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-align:justify;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Amortization of Sofora Shares</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;2017, Sofora accepted WAI&#146;s offer to amortize in two tranches 140,704,640 shares of Sofora owned by WAI, in accordance with the provisions of Sections 223 and 228 of the GCL. As a result of the amortization, Sofora agreed to pay WAI an amount equal to the par value of WAI&#146;s shares of capital stock issued by Sofora ($140,704,640), and to issue to WAI one or more dividend certificates (&#147;Class&nbsp;&#147;A&#148; Bonos de Goce&#148;) evidencing WAI&#146;s right to receive US$461.3 million out of any dividends paid by Sofora going forward.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">On May&nbsp;23, 2017, Sofora amortized 74,749,340 of its shares owned by WAI, representing 17% of Sofora&#146;s capital stock. In connection with that first amortization, </font>Sofora paid WAI $74,749,340 and issued a Class&nbsp;&#147;A&#148; Bono de Goce to WAI which granted its holder the right to receive US$ 245.0 million out of any dividends paid by Sofora thereafter.&#160; In addition,</font> the members and alternate members of the Board of Directors and of the Supervisory Committee of Telecom Argentina, Personal, Nortel and Sofora appointed by WAI tendered their resignations. On June&nbsp;6, 2017, our shareholders appointed two directors, two alternate directors, one member of the Supervisory Committee and one alternate member of the Supervisory Committee to complete the term of duties of the resigning members and alternate members of our Board of Directors and our Supervisory Committee.</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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon obtaining ENACOM&#146;s approval of the Reorganization, on June&nbsp;22, 2017, Sofora amortized the remaining 65,955,300 shares owned by WAI, representing 15% of Sofora&#146;s capital stock prior to the amortization of common shares agreed with WAI. As a result of this amortization, Sofora paid WAI $65,955,300 and issued an additional Class&nbsp;&#147;A&#148; Bono de Goce which granted its holder the right to dividends in the amount of US$ 216.3 million out of any dividends paid by Sofora thereafter</font>.&#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;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the Class&nbsp;&#147;A&#148; Bonos de Goce have collected the full amount of dividends that they had the right to collect.</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-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Reorganization</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;31, 2017, Sofora, Personal and Nortel and Telecom Argentina entered into a preliminary reorganization agreement (the &#147;Preliminary Reorganization Agreement&#148;) and on November 13, 2017, executed the definitive reorganization agreement (the &#147;Definitive Reorganization Agreement&#148;). Under the terms of the Preliminary Reorganization Agreement and the Definitive Reorganization Agreement, Telecom Argentina agreed to absorb Nortel, Sofora and Personal which would be dissolved without liquidation pursuant to the provisions of sections 82 and 83 of the GCL.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T</font>he effectiveness of the Reorganization was subject to certain conditions which were complied with and the Reorganization became effective on December&nbsp;1, 2017 and on that date each of Sofora, Personal and Nortel effectively transferred their operations and activities and their assets and liabilities to Telecom Argentina in accordance with the terms of the Preliminary Reorganization Agreement and the Definitive Reorganization Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Reorganization, Telecom Argentina succeeded in all rights, obligations and responsibilities of any nature to Personal, Sofora and Nortel, which were dissolved without liquidation. Telecom Argentina assumed all of Sofora&#146;s obligations under the Class&nbsp;&#147;A&#148; Bonos de Goce and all of Personal&#146;s obligations under the notes issued under its Medium Term Notes Global Program. As of the date of this Annual Report, the Class&nbsp;&#147;A&#148; Bonos de Goce have collected the full amount of dividends to which they were entitled.</font> The balance of Personal&#146;s Series&nbsp;II,&nbsp;III and IV notes as of December&nbsp;31, 2017 amounted to approximately P$2,344 million (including accrued interests). The Series I notes were paid in full on their due date.</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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;21, 2018, the Reorganization and the dissolution without liquidation of each of the absorbed companies were registered with the IGJ.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to</font> the Reorganization:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 81.95pt;text-align:justify;text-indent:-46.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>340,994,852 Class&nbsp;&#147;A&#148; Common Shares of Telecom Argentina were distributed to Fintech as the only holder of Sofora Common 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 81.95pt;text-align:justify;text-indent:-46.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160;&#160;&#160; </font>161,039,447 Class&nbsp;&#147;A&#148; of Telecom Argentina were converted into Telecom Argentina Class&nbsp;&#147;B&#148; Common Shares,</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 81.95pt;text-align:justify;text-indent:-46.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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;&#160;&#160;&#160;&#160; </font>the Class&nbsp;&#147;B&#148; Common Shares of Telecom Argentina owned by Nortel (including any Class&nbsp;&#147;B&#148; Shares resulting from the conversion mentioned above) were distributed to the holders of Nortel Series&nbsp;B preferred 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;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina did not issue any new Class&nbsp;B Common Shares or Class&nbsp;A Common Shares in connection with the Reorganization.</font> For more information see &#147;Item 7&#151;Major Shareholders and Related Party Transactions.&#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;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Merger</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;30, 2017, Telecom Argentina and Cablevisi&#243;n S.A. executed a preliminary merger agreement providing that Telecom Argentina would absorb Cablevisi&#243;n, which was to be dissolved without liquidation as of January&nbsp;1, 2018 (the &#147;Merger Effective Date&#148;), in accordance with the provisions of Sections 82 and 83 of the GCL, subject to prior satisfaction or waiver of certain conditions stated in the Preliminary Merger Agreement, including certain regulatory approvals (the &#147;Merger&#148;).</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All the conditions to which the Merger was subject were satisfied and the Merger was consummated on January&nbsp;1, 2018.&#160; </font>As of the date of this Annual Report, the Merger is pending administrative conformity from the CNV and registration with the IGJ. For more information see &#147;Item 7&#151;Major Shareholders and Related Party Transactions.&#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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, pursuant to the Preliminary Merger Agreement, Telecom Argentina assumed all of Cablevisi&#243;n&#146;s obligations under its US$500,000,000 6.500% Senior Notes due 2021, issued under its Global Notes Program.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Preliminary Merger Agreement and the Final Merger Agreement and the notification received from Fintech Telecom and Fintech Media LLC (&#147;Fintech Media&#148;) on December&nbsp;29, 2017 informing of a corporate reorganization process by which Fintech Media and VLG Argentina Escindida LLC (a spin-off of VLG Argentina LLC) merged into Fintech Telecom with effect on the Merger Effectiveness Date, the new Class&nbsp;A and Class&nbsp;D shares to be issued by Telecom Argentina pursuant to the terms of the Merger were delivered as follows: (i)&nbsp;to Fintech Telecom LLC: 342,861,748 Class&nbsp;&#147;A&#148; shares; (ii)&nbsp;to Cablevisi&#243;n Holding S.A.: 406,757,183 Class&nbsp;&#147;D&#148; shares; and (iii)&nbsp;to VLG Argentina LLC: 434,909,475 Class&nbsp;&#147;D&#148; shares.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s capital stock as of January&nbsp;1, 2018 was comprised of the following:</font></p>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Shares</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;">Outstanding&nbsp;shares</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;">Treasury&nbsp;shares</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;">Total&nbsp;capital&nbsp;stock</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;A&#148;</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>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.46%;">
<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;">683,856,600</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.8%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;B&#148;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">627,930,005</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.46%;">
<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;">643,151,378</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<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="34%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.8%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.46%;">
<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;">234,748</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.8%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;D&#148;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.46%;">
<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;">841,666,658</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<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="34%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.8%;">
<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;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.46%;">
<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;">2,153,688,011</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.46%;">
<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;">15,221,373</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.46%;">
<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;">2,168,909,384</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<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;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For more information see &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#148;.</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-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Acquisition of Cubecorp Argentina S.A. (&#147;Cubecorp&#148;)</font></i></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-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In July&nbsp;2008, Telecom Argentina acquired 100% of the shares of Cubecorp. With this acquisition, Telecom Argentina strengthened its Data Center services, as the Data Center acquired is equipped with world class infrastructure, which permits to offer clients with high reliability, availability and scalability customized to their needs.</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-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;2009, the Board of Directors of Cubecorp and Telecom Argentina approved a preliminary merger agreement, by which Cubecorp would merge into Telecom Argentina and Cubecorp would be dissolved without liquidation.</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-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;12, 2017, the CNV granted its administrative conformity to such merger and on February&nbsp;27, 2018, the dissolution without liquidation of Cubecorp and the merger with Telecom Argentina were recorded with the Argentine Public Registry of Commerce carried by the <i>Inspecci&#243;n General de Justicia </i>in the City of Buenos Aires.</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 .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Withdrawal of the </font></i><i>Voluntary reserve for future dividends payments</i></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 .25in;text-align:justify;text-indent:19.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;31, 2018, the Board of Directors of Telecom Argentina approved:</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 .5in;text-align:justify;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>The reversal of P$9,729,418,019&#160; of the &#147;<i>Voluntary reserve for future dividends payments</i>&#148; of Telecom Argentina as of December&nbsp;31, 2017, and its distribution as cash dividends in two installments: (i)&nbsp;P$2,863,000,000 on February&nbsp;15, 2018 and (ii)&nbsp;P$6,866,418,019 on March&nbsp;21, 2018 (as subsequently decided at the Board of Directors Meeting held on March&nbsp;7, 2018).</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-align:justify;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>The distribution of P$5,640,728,444 as interim cash dividends under the provisions of section 224, 2nd paragraph of the GCL, corresponding to the net distributable profit of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the Special-Purpose Unconsolidated Financial Statements of Telecom Argentina as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018; 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 .5in;text-align:justify;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>The distribution of P$4,502,777,155 on account of interim cash dividends under the provisions of section 224, 2nd paragraph of the GCL, corresponding to the net profit (liquid and realized) of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the Special-Purpose Unconsolidated Financial Statements of Cablevisi&#243;n S.A.-absorbed by Telecom Argentina- as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018.</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 .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Payment by Telecom Argentina of dividends declared by Cablevisi&#243;n</font></i></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-align:justify;text-indent:30.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;8, 2018, Telecom Argentina, as successor to Cablevisi&#243;n prior to the Merger effective date, paid dividends declared by Cablevisi&#243;n on December&nbsp;18, 2017, in an amount of P$4,077,790,056.</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 .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Syndicated Term Loan</font></i></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-align:justify;text-indent:30.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;2, 2018, the Company entered into a term loan agreement (the &#147;Term Loan Agreement&#148;) with a consortium of international banks for an aggregate principal amount of $1,000 million. On </font>February&nbsp;9 and March&nbsp;9, 2018, the Company borrowed $650 million and $350 million (the &#147;Loans&#148;), respectively, under the Term Loan Agreement. The Loans mature in February&nbsp;2019. The</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="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">45<a name="PB_45_115944_563"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">proceeds of the Loans were used to finance capital expenditures, working capital and other general corporate purposes.The Loans bear interest at an annual rate equivalent to LIBOR plus the following margins: 1.25 percentage points during the first four months, 1.50 percentage points, during the following two months, 1.75 </font>percentage points during the following three months and 2.25 percentage points during the last three months prior to the maturity date. Interest is payable quarterly or semiannually, at the Company&#146;s option. The aggregate principal amount of the Loans is due at maturity. The Company is permitted to make voluntary prepayments at any time without premium or penalty. The Company is required to make prepayments under the Loans (without payment of a premium) with net cash proceeds from bilateral or syndicated bank financings in excess of $500 million, or underwritten offerings or private placements of any non-Peso denominated debt securities of the Company governed by a law other than the laws of Argentina with a tenor of at least three years. The Company is also required to prepay the Loans upon the occurrence of a change of control, at each lender&#146;s option.</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Term Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including covenants related to financial statements and other information, notices of material events, conduct of the business, payment of taxes, maintenance of properties and insurance, submission to certain inspections, compliance with laws&#160; and further assurances, as well as limitations on the ability to incur or suffer any security with respect to certain indebtedness and assets, to enter into transactions with affiliates to the extent they are not entered on an arms-length&#146;s basis, to make accounting changes or to make changes to the Company&#146;s line of business. Among others, an event of default is triggered if the Company breaches payment of any obligation equal or greater to $100 million. As of the date of this Annual Report, the aggregate principal amount of $1,000 million remains outstanding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Acquisition of CV Berazategui S.A. (&#147;CV Berazategui&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;4, 2018, the Company acquired shares representing 30% of the capital stock and votes of CV Berazategui constituted in Argentina, for a total amount of approximately US$ 9.0 million. The remaining 70% of the capital stock and votes of CV Berazategui are owned by PEM S.A., a company controlled by Telecom 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;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CV Berazategui is a licensee of Broadcasting Services provided by Subscription through Physical Link, license which was originally granted by Resolution N&#176;630/COMFER/91, and provides the service in the Berazategui Department, Province of Buenos Aires to 21,392 Cable TV (CATV) subscribers and 7,190 broadband subscribers.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">History</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina was created by Decree No.&nbsp;60/90 of the PEN dated January&nbsp;5, 1990, and incorporated as &#147;Sociedad Licenciataria Norte S.A.&#148; on April&nbsp;23, 1990. In November&nbsp;1990, its legal name was changed to &#147;Telecom Argentina STET-France Telecom S.A.&#148; and on February&nbsp;18, 2004, it was changed to &#147;Telecom Argentina S.A.&#148;</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is organized as a corporation (<i>sociedad an&#243;nima</i></font>) under Argentine law. The duration of Telecom Argentina is 99 years from the date of registration with the IGJ (July&nbsp;13, 1990). Telecom Argentina conducts business under the commercial name &#147;Telecom.&#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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina commenced operations on November&nbsp;8, 1990 (the &#147;Transfer Date&#148;), upon the transfer from the Argentine government of the telecommunications system in the Northern Region previously owned and operated by ENTel. This transfer was made pursuant to the Argentine government&#146;s privatization program as set forth in the State Reform Law approved in August&nbsp;1989 and subsequent decrees (the &#147;Privatization Regulations&#148;), which specified the privatization procedure for ENTel.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Privatization Regulations provided for:</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 .5in;text-align:justify;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 division of the Argentine telecommunications network operated by ENTel into two regions, the Northern Region and the Southern Region of 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 .5in;text-align:justify;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 granting to Telecom Argentina and Telef&#243;nica of non-expiring licenses to provide basic telecommunication services in the Northern Region and Southern Region, respectively;</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">46<a name="PB_46_115944_9497"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><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-align:justify;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 granting to Telintar and Startel, each joint subsidiaries of Telecom Argentina and Telef&#243;nica, of non-expiring licenses to provide international long-distance and data transmission, respectively; and</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 style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 transfer by ENTel of substantially all of its assets and certain contracts into Telecom Argentina, Telef&#243;nica, Telintar and Startel.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the Transfer Date, pursuant to the terms and conditions of a transfer contract (the &#147;Transfer Agreement&#148;), the Argentine government sold 60% of the common stock of Sociedad Licenciataria Norte S.A. to Nortel, a holding company formed by a consortium of investors including Telecom Italia, among others.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Privatization Regulations, 10% of Telecom Argentina&#146;s common stock was transferred as Class&nbsp;C Shares to a Share Ownership Plan for certain former employees of ENTel and Compa&#241;&#237;a Argentina de Tel&#233;fonos S.A. by the Argentine government, and the remaining 30% of Telecom Argentina&#146;s common stock was sold to investors, principally in Argentina, the United States and Europe, in an offering completed in March&nbsp;1992. A portion of the shares in the Share Ownership Plan has been sold in the public market, and the remaining shares resulting from the Share Ownership Plan are being gradually converted into Class&nbsp;B Shares. See &#147;Item 6&#151;Directors, Senior Management and Employees&#151;Share Ownership&#151;Share Ownership Plan.&#148;</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until November&nbsp;30, 2017, Nortel was our direct controlling shareholder with 54.74% of Telecom Argentina&#180;s total capital. 100% of Nortel&#146;s ordinary capital belonged to Sofora. Sofora&#146;s shares belonged to Fintech, our indirect controlling shareholder (68%) and to W de Argentina Inversiones (32%) before the Amortization of Sofora Shares, described above.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;1 2017, as a result of the Reorganization becoming effective, Fintech became Telecom Argentina&#146;s direct controlling shareholder.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech, a Delaware (United States) limited liability company, is a wholly-owned direct subsidiary of Fintech Advisory Inc. and its primary purpose is to hold, directly and indirectly, the securities of Telecom Argentina. Fintech Advisory Inc., a Delaware (United States) corporation, is directly controlled by Mr.&nbsp;David Mart&#237;nez. Fintech Advisory Inc. is an investor and investment manager in equity and debt securities of sovereign and private entities primarily in emerging markets.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A. is an Argentine corporation and its primary purpose is to hold capital stock in corporations whose object and purpose is to provide Information and Communication Technology Services (ICT Services) and to provide Audiovisual Communication Services (ICT Services). Its controlling shareholder, in turn, is GC Dominio S.A, another Argentine corporation</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><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE BUSINESS</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following description is current as of December&nbsp;31, 2017 and does not include a description of the business of Cablevisi&#243;n S.A., which merged with Telecom Argentina effective as of January&nbsp;1, 2018.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Liberalization of the Argentine Telecommunications Industry</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;1998, the Argentine government issued Decree No.&nbsp;264/98, introducing a plan for the liberalization of the Argentine telecommunications industry, (or the &#147;Plan&#148;). Decree No.&nbsp;264/98 provided for the extension of the period of exclusivity with respect to the provision of Basic Telephone Services until sometime between October&nbsp;8, 1999, and November&nbsp;8, 1999, depending on the particular region. The Plan also provided for: (i)&nbsp;the immediate liberalization of paid telephone services and (ii)&nbsp;during July&nbsp;1998, the liberalization of telephone service in rural areas. In addition, the Plan contemplated that in January&nbsp;1999, data transmission services within the countries included in Mercosur would be open to competition, subject to the following conditions: (i)&nbsp;each of the Mercosur countries enters into agreements providing for the liberalization of these services and establishing similar regulatory bodies and (ii)&nbsp;reciprocity exists between countries with respect to the granting of licenses. Beginning in late 1999, two new operators, formed by independent operators, mobile operators and cable television operators were permitted to offer services. These new operators, together with the existing licensees of Basic Telephone Services, allowed customers to choose from four operators until the full liberalization of services occurred. The Plan also granted data transmission operators existing before the privatization of ENTel the right to operate domestic and international long-distance services by the end of 2000. Finally, the full liberalization of local, domestic and international long-distance services took place in November&nbsp;2000.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the &#147;Transition Period&#148; (1998-1999), new regulatory obligations were also introduced with respect to quality and service targets applicable to both Telecom Argentina and Telef&#243;nica.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As long-distance services were liberalized, competition was introduced by pre-subscription of long-distance service for locations with more than 5,000 clients. Following the introduction of Presubscription of Long-Distance Service, a call-by-call selection service will be installed. These requirements obligated the telephone companies to make significant investments and modifications to their networks.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 1999, competition in local, national and international long-distance services was established among Telecom Argentina and Telef&#243;nica and Compa&#241;&#237;a Telef&#243;nica del Plata (CTP, Movicom Bell South) and Compa&#241;&#237;a de Telecomunicaciones Integrales S.A. (CTI, now Claro), the two new national operators permitted to offer services by Decree No.&nbsp;264/98. Some provisions of Decree No.&nbsp;264/98 and related resolutions were modified by Decree No.&nbsp;764/00, mainly provisions related to licensing conditions, interconnection and Universal Service. Decree No.&nbsp;764/00 established the general regulation of licenses and provided that each licensed company was allowed to launch its services in November&nbsp;2000 when the full liberalization of the telecommunications market began. As of the date of this Annual Report, the main licensees providing local and/or fixed long-distance telephone service are Telmex, Level 3 Communications (formerly Impsat),&nbsp;IPlan, Telecentro, CPS Comunicaciones (Metrotel), Telef&#243;nica, Telecom Argentina and many other small independent operators.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Plan, the liberalization of public telephone services began. On December&nbsp;9, 1998, Telecom Argentina was granted (upon the subsequent issuance of SC General Resolution No.&nbsp;2,627/98) a license to provide public telephone services in the Southern Region.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the year 2017, we conduct our business through seven legal entities, each representing a distinct operating segment. We aggregate these operating segments into three segments &#151; Fixed Telecommunications Services (&#147;Fixed Services&#148;), Personal Mobile Telecommunications Services (&#147;Personal Mobile Services&#148;) and N&#250;cleo Mobile Telecommunications Services (&#147;N&#250;cleo Mobile Services&#148;) &#151; according to the type of products and services provided and taking into account the regulatory and economic framework under which each entity operates.</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:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The companies we aggregated to create the segments are as follows:</font></p>
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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;">Consolidated&nbsp;Company/Operating&nbsp;Segment</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;">Fixed Services</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;">Telecom Argentina</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;">Telecom Argentina USA</font></p>    </td>   </tr>
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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>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<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;">Micro Sistemas (1)</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;">Personal Mobile Services</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.14%;">
<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;">Personal (2)</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;">N&#250;cleo Mobile Services</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;">N&#250;cleo (3)</font></p>    </td>   </tr>
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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>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<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;">Env&#237;os (3)<br>   Tuves Paraguay (4)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 .25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dormant   entity as of December&nbsp;31, 2017.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Until   November&nbsp;30, 2017, Telecom Argentina owned 100% of Personal. Since   December&nbsp;1, 2017 the Reorganization was effective and from that date,   mobile services provided by Personal are continued by Telecom.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Non-controlling   interest of 32.50% is owned by the Paraguayan company ABC Telecomunicaciones   S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Non-controlling   interest of 22.75% is owned by the Paraguayan company ABC Telecomunicaciones   S.A and 30% is owned by TU VES S.A. (Chile). On June&nbsp;30, 2017, the   transaction by which N&#250;cleo acquired the 70% of shares and votes of Tuves   Paraguay was performed.</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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fixed Services</font></i></b>. </p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina owns a local telephone line network, public long-distance telephone transmission facilities and a data transmission network in the Northern Region. Since the market was open to competition, Telecom Argentina expanded its network in the Southern Region of Argentina providing nationwide services. Fixed services are comprised of 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>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">48<a name="PB_48_113832_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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><i>Basic Telephone Services. </i>Telecom Argentina provides Basic Telephone Services, including local, domestic and international long-distance telephone services and public telephone services. As of December&nbsp;31, 2017, Telecom Argentina had approximately 3.8 million of lines in service;</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 style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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><i>Interconnection services. </i>Telecom Argentina provides interconnection services, which primarily include Access, termination and long-distance transport of calls;</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-align:justify;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><i>Data transmission and Internet services. </i>Telecom Argentina provides data transmission and Internet services, including traditional Broadband,&nbsp;Internet dedicated lines, private networks, national and international video streaming, transportation of radio and TV signals and videoconferencing services. As of December&nbsp;31, 2017, Telecom Argentina had approximately 1.7 million Internet subscribers;</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-align:justify;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><i>Information and Communication Technology Services. </i>Telecom Argentina provides ICT services, datacenter services, telecommunications consulting and value-added solutions;</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-align:justify;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><i>Other telephone services. </i>Other services provided by Telecom Argentina include supplementary services such as call waiting, call forwarding, conference calls, caller ID, voice mail, itemized billing and maintenance services; 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 .5in;text-align:justify;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><i>Sale of equipment.</i></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-align:justify;text-indent:.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Personal Mobile Services and N&#250;cleo Mobile Services</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We provide mobile services in Argentina and through our subsidiary in Paraguay.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our service offerings under the brand Personal include voice communications, high-speed mobile Internet content and applications download, MMS, SMS, online streaming, corporate e-mail and social network access, among others; and sale of mobile communication devices (handsets, Modems mifi and wingles, smart watches). The services are supported in the different technologies of the mobile network (2G/3G/4G).</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also provide mobile services in Paraguay through our subsidiary N&#250;cleo.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, we had approximately 19.0 million mobile subscribers in Argentina and N&#250;cleo had approximately 2.5 million subscribers in Paraguay.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Note 28 to our Consolidated Financial Statements and &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Years ended December&nbsp;31, 2017, 2016 and 2015&#151;(B)&nbsp;Results of Operations by Segment&#148; for additional information as to our results of operations by segment.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fixed 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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is the principal provider of Basic Telephone Services in the Northern Region, and since late 1999 has also provided Basic Telephone Services in the Southern Region.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since November&nbsp;2000, the telecommunications sector in Argentina is completely open to competition. Our operations are subject to a complex series of laws and regulations. In addition, we are subject to the supervision of the Regulatory Bodies. See &#147;&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#148; below.</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 .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Argentina&#146;s Telephone Network</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s fixed-line telephone network includes installed telephones and switchboards, a network of access lines connecting customers to exchanges and trunk lines connecting exchanges and long-distance transmission equipment.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table illustrates the deployment of Telecom Argentina&#146;s telephone network:</font></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;"><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:2.5%;">
<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;">December&nbsp;31,<br>   2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">December&nbsp;31,<br>   2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">December&nbsp;31,<br>   2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">December&nbsp;31,<br>   2014</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">December&nbsp;31,<br>   2013</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of lines   in service (1)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,795,327</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,919,577</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,042,624</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,093,038</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,123,795</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net   (Reductions)/Additions in lines in service for the year</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(124,250</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(123,047</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(50,414</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(30,757</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,063</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net   (Reductions)/Additions in lines in service cumulative</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,393,358</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,517,608</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,640,655</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,691,069</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,721,826</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pending   applications (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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">76,933</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,300</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64,093</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,213</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91,950</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 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="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; Includes lines customers, own usage, public telephony and ISDN channels.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; Corresponds to lines requested by clients, but not yet installed.</font></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="64%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.54%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">49<a name="PB_49_113832_5796"></a></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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table illustrates the evolution of Internet services:</font></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="93%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.96%;">
<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:2.68%;">
<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="64%" colspan="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.28%;">
<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;">December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<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="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.96%;">
<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:2.68%;">
<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:10.72%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<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;">2014</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<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;">2013</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<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="31%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Internet access   lines</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,744,169</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,737,534</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,813,590</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,771,050</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,706,787</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
<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="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arnet   subscribers</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,756,622</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,725,609</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,791,030</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,749,111</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<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:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,686,982</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arnet customer base increased by 2% in 2017, decreased by 4% in 2016 while it increased by 2% and 4% in 2015 and 2014, respectively.</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 9.35pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Revenues</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed services include, among other charges, monthly charges, measured service charges, installation charges, public telephone services and interconnection services related to &#147;essential facilities.&#148; The prices for these services were regulated by rules&nbsp;governing our license, which established &#147;maximum prices&#148; that could be charged to clients. Telecom Argentina was able to charge prices below the maximum regulated prices as long as the discount was applied equally to clients who share the same characteristics (under the so-called principle of &#147;non-discrimination&#148;). In accordance with this ability, Telecom Argentina charged lower prices than the maximum regulated prices for certain of the services offered. Since the enactment of the LAD it was established that licensees of ICT services may freely set their prices. See &#147;&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Law No.&nbsp;27,078 &#151; Argentine Digital Law.&#148;</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The remaining services included in the Fixed Services segment, such as data transmission services and Internet services, were not subject to regulation and, as a result, Telecom Argentina was able to freely set the corresponding prices. Market conditions could limit price increases.</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">a)</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Retail &#151; Residential and SME (Small and Medium Enterprises)</i></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-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Monthly Charges</font></i>. Telecom Argentina bills a monthly charge to its customers. As of December&nbsp;31, 2017 approximately 83% of lines in service were for residential customers and public telephony (82% in 2016) and approximately 17% were for corporate and government customers (18% in 2016). Additionally, due to the regulatory regime, Telecom Argentina is obligated to offer discounts to certain retired individuals and low-consumption residential customers.</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-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Measured Service Charges</font></i>. In addition to a monthly charge, Telecom Argentina bills to a portion of its customers for a monthly measured service charge, which is based on telephone usage. Measured service is billed at the price per unit of time. Charges for local and domestic long-distance measured service vary with the price per unit of usage. The number of units of usage depends on the time of day, the day of the week, the distance and the duration of calls. Additionally, due to competition, Telecom Argentina offers discounts to customers mainly for domestic long-distance service as semi-flat rate plans that include a set quantity of minutes for a fixed charge.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017 and 2016, the volume of local minutes decreased by approximately 19.3% and 13.9%, respectively, due to the strong growth in mobile telephony and the resulting migration of traffic to mobile service.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total volume of domestic long-distance minutes also decreased by approximately 16.9% and 13.2% in 2017 and 2016, respectively. Ever since the Northern Region was opened to competition in 1999, Telecom Argentina has maintained its position as the regional market leader for domestic long-distance traffic.</font></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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">50<a name="PB_50_113832_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from local and domestic long distance traffic also decreased during 2017, associated both to the lower traffic volume abovementioned and to the gradual migration of clients toward the new offer &#147;Arnet + Voz&#148;, which includes internet and unlimited local and national calls for a fixed monthly charge.</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-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">International</font></i><i> Long-Distance Service</i><i>.</i> International long-distance traffic minutes decreased approximately 43.8% in 2017 and 49.9% in 2016. Since 1992, international rates have been reduced annually as a consequence of the application of the Price Cap described in &#147;&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Renegotiation of the contract with the public administration&#148; Telecom Argentina also has reduced international long-distance prices in order to compete with the new providers of long-distance calling services.</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-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Installation Charges</font></i>. Revenues from installation charges consist primarily of fees levied for installation of new fixed lines. Telecom Argentina offers discounts in multiple localities to reduce the rates, with the aim of stimulating demand in those areas. The penetration of fixed-line telephony has been affected by the maturity of the Argentine market.</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-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Domestic Telephone Services. </font></i>Telecom Argentina provides other domestic telephone services including charges for supplementary services such as call waiting, call forwarding, conference calls, caller ID, voicemail and itemized billing.</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-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Internet</font></i>. Telecom Argentina has been providing residential Internet services under the brand name Arnet since 1998. Telecom Argentina mainly offers this service in the major cities of Argentina. In recent years, Telecom Argentina&#146;s Internet service has experienced higher demand and usage in less populated areas of the country. The Internet services include Access and Arnet service.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Broadband can be delivered through three technologies: cable Modem, ADSL and wireless; cable Modem and ADSL being the most widely used. Telecom Argentina markets its ADSL service through its Arnet brand and in partnership with other Internet services providers.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, we reached approximately 1.7 million accesses. During 2017, our efforts to communicate effectively with our customers and special offers with competitive prices according to segment helped us to maintain the leadership of our products under the brand Arnet. In November&nbsp;2016, Telecom launched the new offer &#147;Arnet + Voz&#148; providing Internet and unlimited local and national calls, as part of a bundled package. During 2017, we announced its first convergent offer of the market called &#147;Combo Unico&#148;, offering a bundle, including Internet services, fixed line telephony and mobile connectivity, with a differential and convenient price. This new offer was consolidated during 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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Continuing the evolution of Internet access services, during the year 2017 services focused on offering higher speed access to customers, with the deployment of UBB and technologies that replace copper with fiber optics in different points of the network (FTTC, FTTB and FTTH).The number of customers with UBB has grown 106% in 2017, increasing the average speed of the customer base.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet revenues include both Internet access services and the provision of Internet service.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A small portion of Internet access services is provided by Telecom Argentina&#146;s 0610, 0611 and 0612 services. Internet dial-up service represents a marginal percentage of Telecom Argentina&#146;s revenues. We continue to provide this service to a small market where Broadband service is not available.</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">b)</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Corporate Customers</i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The large customer segment includes leading companies in the Argentine market as well as the National government, provincial governments and municipalities. These customers demand cutting-edge technology and solutions tailored to their needs, including voice, data,&nbsp;Internet and Value Added Services.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In response to the constant changes demanded by the market, Telecom Argentina maintained its strategy to position itself as the integrated provider for large customers through the offer of convergence of ICT solutions, including fixed and mobile voice, data,&nbsp;Internet, Multimedia,&nbsp;ICT, datacenter and application services through sales, consulting, management and specialized and targeted post-sale customer services.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The data services business includes nationwide data transmission services, virtual private networks, symmetric Internet access, national and international signal transport and videoconferencing services. These services are provided mainly to corporations and governmental agencies. Telecom Argentina also provides certain Value Added Services, including electronic standard documents telecommunication software exchange and fax storage and delivery service. The data services business also includes the lease of networks to other providers, telecommunications consulting services, operation and maintenance of telecommunications systems, supply of telecommunications equipment and provision of related services. Corporate data transmission services are mainly Ethernet and IP services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, we maintained our efforts in ICT solutions and the sale of data services and dedicated Internet accesses. This strategy is supported by the world class multi-site network of datacenters focused on communications, with over 7,000 square meters used to keep computer technology services throughout Argentina. Through this infrastructure, we offer a broad services portfolio including dedicated hosting and housing, connectivity, cloud services which enable our customers to optimize their costs by increasing the security of their information and avoiding hardware and software obsolescence issues. All the services are provided with support, security, connectivity and the ability to engage further management, professional, monitoring, storage and backup services.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we continued making additional investments at the major datacenter in Pacheco, consolidating its position as leader in the market and enhancing the level of services supplied. Such investments will enable Telecom Argentina to support business growth in the next few years with the highest market standards.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main solutions and businesses developed in recent years and which continued during 2017 included:</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 42.55pt;text-align:justify;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>Expansion of the truncated digital communications system for the Autonomous City of Buenos Aires Police force, the Emergency Medical Care System, and the subways.</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 42.55pt;text-align:justify;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>Installation of a security service in the public transport (buses) of the Autonomous City of Buenos Aires.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 42.55pt;text-align:justify;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>IP connectivity services, installation of dark fiber for broadcast, Network Security Services and Datacenter for the 2019 Youth Olympic Games.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 42.55pt;text-align:justify;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>Extension and renegotiation of 911 systems for public safety management in a province of the Litoral region.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 42.55pt;text-align:justify;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>A datacenter solution in alliance with Oracle, to optimize operation in databases for a supply chain management company.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 42.55pt;text-align:justify;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>Launch of the solution &#147;connected-car&#148; in association with Chevrolet, integrating the Jasper service. Jasper is a platform for the administration of IoT services which allows both Telecom and the client to configure the accounts, to create automation rules, and to generate reports in order to measure traffic volume, among other variables.</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 42.55pt;text-align:justify;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>Datacenter services for a leading company in the food industry including connectivity, equipment and maintenance.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 42.55pt;text-align:justify;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>Implementation of a solution for unified communications, networking, collaboration and firewall, with CISCO technology and equipment, for an insurance company.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">c)</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Wholesale</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Interconnection Revenues:</font></i> Telecom Argentina collects fees from other operators for interconnection services. These fees primarily include local Access, termination and long-distance transport of calls, rentals of network capacity and commissions on calling party pays fees. These fees are payable by mobile operators as well as fixed-line operators. Additionally, Telecom Argentina remained one of the leading providers of wholesale telecommunications solutions for various fixed and mobile operators, independent operators, local operators, public telephony licensees, cable operators,&nbsp;ISP, TV and radio channels, production companies and other service providers. The services marketed by Telecom Argentina include, among others, traffic and interconnection resources, third-party billing, dedicated Internet access services, transport of video signals in standard definition and high definition, streaming audio and video, dedicated links, backhaul links for mobile operators,&nbsp;Internet Protocol Virtual Private Network and data center hosting services.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina continued to strengthen its position as a provider of solutions for the broadcasting segment by offering transportation solutions for audio and video signals both as dedicated private links and on the Internet. We provide solutions to cable operators and TV channels for the distribution of video signals.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">International Long-Distance Service: </font></i>Telecom Argentina holds a non-expiring license to provide international telecommunications services in Argentina, including voice and data services and international point-to-point leased circuits.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from wholesale international long-distance service reflect payments under bilateral agreements between Telecom Argentina and foreign telecommunications carriers, covering virtually all international long-distance calls into or out of Argentina using our network. Revenues from international long-distance service therefore consist mainly of:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.25pt;text-align:justify;text-indent:21.25pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>amounts earned from foreign telecommunications carriers for connection to the Argentine telephone network;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:21.3pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>bandwidth capacity under an Indefeasible Right of Use (&#147;IRU&#148;) basis;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:21.3pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>international point-to-point leased circuits; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:21.3pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>international data and IP transit services.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating revenues from international long-distance service depend on the volume of traffic and the prices charged by each party under agreements between the Argentine provider and foreign telecommunications carriers. Settlements among carriers are usually made on a net basis. Incoming traffic with carriers measured in minutes accounted for 265 million minutes in 2017 and 329 million minutes in 2016.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is connected to international telecommunications networks, mainly through the following submarine Fiber Optic cables: Columbus 3 (Europe), Atlantis 2 (Argentina - Brazil &#151; Europe), Sea-Me-We 3 (Europe &#151; Asia), Bicentenario (Argentina - Uruguay), Latin American Nautilus (LAN), PanAm (Argentina - Caribe)&#160; and other minor cables.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to meet the growth in our Internet access base, Telecom Argentina has acquired some IRUs on a submarine facility of Latin America Nautilus (LAN), which connects Argentina with the U.S. (Miami) in a submarine fiber optic ring. These rights, which last for 15 years, allow the interconnection of the IP backbone of Telecom Argentina with IP Transit providers in Miami. Telecom Argentina has also contracted international capacity under lease modality (IP Transit) in Buenos Aires to ensure better performance regarding regional traffic. In order to have a reliable service these IP Transit is provided by two capacity providers in a redundancy geographical path (Latin American Nautilus and Telxius Cable Argentina).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through our wholly owned subsidiary in the United States, Telecom Argentina USA, a corporation organized under the laws of the State of Delaware, we focus mainly on wholesale long-distance international traffic, video and data services.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina USA, routes the majority of its wholesale traffic through its own switching capabilities. In 2017, Telecom Argentina USA, continued operating a Node of high-definition video in Miami, thus extending the Telecom video matrix to the international market.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Network and Equipment</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our network strategy, for the medium- and long-range terms, focuses fulfilling services demands, improving our customers&#146; experience and promoting technology evolution.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to the &#147;core&#148; network, we seek for continuously increment capacities and availability of the services offered to our customers. In addition, we continued implementing protocols and network architectures standardization, which allow us a more efficient operation and maintenance, with costs reduction on those activities.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to the access networks, strategy aims to satisfy the increasing broadband demanded for the services, mainly for downloading video and multimedia content from Internet access. In that sense, we continue the extension of access fiber optics infrastructure, in different modalities and technologies, which have been optimized according services demands and geographic locations.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Personal Mobile Services and N&#250;cleo Mobile Services</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We provide mobile services in Argentina and through our subsidiary in Paraguay.</font></p>
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<p style="margin:0in 0in .0001pt 9.35pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Mobile Telecommunication Services in Argentina&#151;Personal Mobile Services</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The market for mobile telecommunications services in Argentina is characterized by intense competition. Operators are generally free from regulation to determine the pricing of services. There are currently three mobile operators offering nationwide service. According to the statistics published by the ENACOM, the penetration of mobile service in Argentina has reached approximately 141.9% of the population in 2015, 146.2% in 2016 and approximately 141.1% in the third quarter of 2017. This information regarding penetration of mobile service is an estimate, based on demographic data form 2010 national census as there are no official statistics published in Argentina, and only considers lines serviced by the three operators providing nationwide mobile telecommunications services (i.e., it does not include Nextel providing trunking telephony and other telecommunication services in Buenos Aires and cities in the interior).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, service providers in Argentina continued to make significant capital expenditures in new network infrastructure for the enhancement and deployment of 3G and 4G technology, which allows for the higher transmission speeds required for Value Added Services such as data transfer, video calling and Internet browsing.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our mobile telecommunications services in Argentina are provided under the brand, Personal. We provide mobile services on the 850 MHz and 1,900 MHz, through GSM and 3G technology (by STM/SRMC y PCS networks). In addition, since December&nbsp;2014, Personal has offered LTE technology service (by SCMA network) through the frequency bands awarded to Personal in 2014 and 2015 (1730-1745 MHz; 2130-2145; 713-723 MHz and 768-778 MHz). See &#147;&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Spectrum<i>.&#148;</i></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 .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">a)</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Residential and Business Customers</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We offer to Personal subscribers a variety of flexible pricing options for mobile services. These options include prepaid, post-paid and mixed (</font>&#147;<i>Abono Fijo</i>&#148;) plans.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Prepaid Plans</font></i>. Under prepaid plans, subscribers pay in advance for their services, using prepaid credit. Since there are no monthly bills, prepaid plans allow subscribers to communicate with maximum flexibility while maintaining control over their consumption. Prepaid credit can be purchased through prepaid cards or virtual credit on Telecom&#146;s website, by phone, at ATMs and drugstores, or through authorized agents. This credit allows subscribers to use data to browse on the Internet, make and receive local, national and international calls and buy multimedia content.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom offers a variety of &#147;packs&#148; which enable customers to use the abovementioned services at a lower price. These packs may include a fixed amount of minutes to make national or international calls, SMS, a daily quota of megabytes to access the Internet during 1, 7 or 30 days or different combinations of these services.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, customers can buy multimedia contents, or subscriptions to these contents, in order to receive them periodically.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prepaid customers can access different benefits according to their monthly credit charges, such as days of free Whatsapp access, unlimited Whatsapp access for 30 days (even without credit), credit gifts, and two telephone numbers to communicate for free, one for calls and the other for SMS.</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Post-Paid Plans</font></i>. Under post-paid plans, a subscriber pays a monthly fee, plus charges for additional services not included in its plan. According to Telecom&#146;s current offer, most of the plans include a quota of megabytes for browsing Internet, unbounded airtime for on-net calls and SMS. Depending on the price, some plans include an amount of free seconds or unbounded airtime for off net calls. Once the free seconds have been used, they can continue using the mobile service at a set price per second. They can also buy packs of additional megabytes to continue browsing Internet after they have consumed the megabytes included in the monthly fee. The charges for additional airtime, megabytes or multimedia contents, will be added to the next month&#146;s bill. The plans offer Personal digital invoicing, enabling subscribers to view, download and print their invoices from the web.</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="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">54<a name="PB_54_113833_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></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>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under post-paid plans, we also offer M2M plans, based on the &#147;<i>Internet of Things</i>&#148; (IoT) concept, which refers to the digital interconnection of everyday objects with the Internet, and are specially focused on customers of the business segment. These plans include solutions such as geolocation and fleet monitoring, refrigeration control, information security solutions, sales management solutions, and cloud solutions for information storage and protection, among others.</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Abono Fijo</font></i>. Under the &#147;Abono Fijo&#148; plans, a subscriber pays a set monthly bill. Like in post-paid plans, most of these plans include a quota of megabytes for browsing in the Internet, unbounded airtime for on-net and off-net calls, SMS and a fixed amount of credit that can be used to buy packs or multimedia contents. Once the free seconds have been used or Internet quota has been met, the subscriber can obtain additional credit by recharging its line through the prepaid system. With this new credit, customers can buy packs of 100 MB, 500 MB or 1 GB to continue browsing Internet or packs of seconds for off net calls. The plans offer Personal digital invoicing, enabling subscribers to view, download and print their invoices from the web.</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table presents information regarding Personal&#146;s post-paid, prepaid, &#147;<i>Abono Fijo</i>&#148; and Mobile Internet dongle subscribers bases for the periods indicated:</font></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="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
<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:2.0%;">
<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="70%" colspan="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
<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;">As&nbsp;of&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
<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:2.0%;">
<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:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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:10.0%;">
<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;Total</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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:10.0%;">
<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;Total</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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:10.0%;">
<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;Total</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="27%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:27.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mobile   subscribers</font></u></i>:</p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prepaid (1)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,377,246</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">65.2</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,007,221</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">66.7</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,187,958</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">67.1</font></i></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="27%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Post-paid (2)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,994,843</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">10.5</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,159,797</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">11.1</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,134,376</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">10.9</font></i></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="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Abono Fijo&#148; (2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,527,718</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">23.9</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,248,050</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">21.8</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,216,519</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">21.4</font></i></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="27%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile Internet   dongles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">79,923</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.4</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">98,906</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.4</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">117,802</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.6</font></i></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="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,979,730</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">100.0</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,513,974</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">100.0</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,656,655</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">100.0</font></i></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;text-align:justify;"><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 .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Lines with at least one recharge in the last thirteen months as of December&nbsp;31 of each year.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Lines with payment modality through the billing to the customer.</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-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">New products and services. </font></i>In 2017, we continued boosting our strategy with a customer-centric approach based on the concept &#147;Internet para que todo suceda&#148; (Internet to make it all happen). This concept is based not only in our integrated mobile and fixed internet service with Personal and Arnet, which is what differentiates us from the competition, but also in the idea of internet as the most important source of communications. Whether at home, on the street, at work, in the car or wherever they need, people are connected thanks to the Internet.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Club Personal loyalty program continued operating throughout 2017 providing customers with certain benefits, such as discounts on gastronomy, shows, shopping, leisure and tourism, and the possibility of exchanging accumulated points for consumption, to maintain the satisfaction of the members and incorporate new ones. However, during 2017, Club Personal eliminated the exchanging of accumulated points for third-party products. Club Personal is one of the largest benefit programs in the country with more than 4.3 million members.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, Telecom continued its strategy of repositioning its brand Personal by holding the 13th annual Personal Fest, one of the most important international music festival in Buenos Aires, and also its Summer edition in major cities 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;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal&#146;s ARPU was approximately P$142.3 per month for 2017 and P$112.3 per month for 2016.</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 .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">b)</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Wholesale</i></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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">International Business: During 2017, Telecom continued to strengthen its position in the international roaming services market, expanding 3G and 4G LTE agreements, in order to provide a better user&#146;s experience to its subscribers.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom entered into five (5)&nbsp;GPRS, 33 3G and 26 LTE agreements during 2017, reaching an overall total of 375 commercial agreements of international roaming, which provide service in more than 166 countries.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom has increased its voice and data roaming destinations, through the implementation of new agreements under &#147;CAMEL&#148; standard (&#147;<i>Customized Applications for Mobile networks Enhanced Logic&#148;), </i>which expand the roaming services for pre-paid subscribers of other carriers that use our network<b>.</b></font></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="64%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">55<a name="PB_55_113833_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></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>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, Telecom enhanced destination&#146;s coverage reached by the International SMS service adding a third SMS Hub, which will enable greater flexibility and reliability of the service.</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to improve the customer&#146;s roaming service experience, Telecom has launched eleven LTE agreements in the modality &#147;Outbound&#148; (4G services for our customers abroad). These agreements allowed customers to use a higher Internet navigation speed.</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-align:justify;text-indent:17.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Domestic Business:</font></i> The main national wholesale revenues are composed by TLRD, CPP, and to a lesser extent, national roaming sold to other operators in connection with the use of Telecom&#146;s network, as well as by leasing of infrastructure sites.</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, Telecom continued to strengthen its relationship with operators and telecommunication services providers, cooperative&#146;s federations, and clearing house services suppliers, renewing the existing contracts or entered into new ones.</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom also signed new agreements with cooperatives for installing new cell sites in their local area with the purpose of achieving or improving the mobile coverage in their influence areas and in accordance with the Company&#146;s deployment plan.</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom expanded agreements to contract resources and facilities of other operators (data links, interconnection resources, origination, termination, and transport minutes, conventional and non-conventional site leases and domestic roaming) that contributed to continue the mobile network development and its 4G evolution improving the offer to customers.</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-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Personal&#146;s Mobile Services Segment Network and Equipment</font></i></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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, Telecom continued improving the coverage and capacity of it mobile access network. To reach these goals, it implemented an important deployment plan of 4G technology (LTE), together with 2G/3G network modernization, using the new spectrum acquired in the public tender of year 2014.</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From the very beginning of this deployment, in the locations where 700 MHz Band is not interfered, Personal turned on simultaneously 700 MHz and 1,700/2,100 MHz Bands, which allows an optimal and efficient spectrum usage, through &#147;carrier aggregation&#148; functionality. Together with these actions, it continued increasing existent sites capacity, reassigning 2G spectrum and adding new spectrum obtained from the aforementioned public tender.</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, the Company continued to increase the number of radio base stations connected with optical fiber and full IP protocol, allowing for the availability of needed broadband, in the present and for future services.</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, we can mention the startup of the new core mobile, over a virtualized platform. This new platform includes all existents functionalities that were migrated, plus new IMS (IP Multimedia Subsystem) functionalities, oriented to the convergence and evolution of services such as VoLTE (Voice over LTE), VoWifi (Voice over Wifi), VoIP (Voice over IP),&nbsp;etc.</font></p>
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<p style="margin:0in 0in .0001pt 9.35pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Mobile Telecommunications Services in Paraguay&#151;N&#250;cleo</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We provide nationwide mobile telecommunication services in Paraguay through our subsidiary, N&#250;cleo, under the trade name &#147;Personal&#148;. Telecom Argentina holds 67.5% of the capital stock of N&#250;cleo and the remaining 32.5% is held by ABC Telecomunicaciones S.A., a Paraguayan corporation. N&#250;cleo was granted licenses to provide commercial mobile services,&nbsp;Internet access and videoconference and data transmission services in Paraguay.</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CLIENTE+ was launched in 2017 to provide our customers with an exclusive benefits platform that rewards customers who use all the products offered by Personal: Telephony, TV, Billetera Personal and Club Personal. The purpose is to engage more customers as users of all our products and services and provide benefits for choosing us, thus boosting the positioning of a multi-product company through which we can offer communication and connectivity integrated solutions to our customers. The last month of 2017 reflects the yield of all the actions taken over the last two years, achieving a record high in the Prepaid product, with over 940,000 prepaid customers in the 0-30 base, and beating the record of Gs. 45,000 million in recharging sales.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Mobile subscribers in the Mobile Telecommunication Services in Paraguay amounted to 2.5 million as of December&nbsp;31, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo implemented several customer management modules, among them, &#147;<i>Front de Informes</i>&#148;, &#147;<i>Condiciones Comerciales</i>&#148;, &#147;<i>Portabilidad Num&#233;rica&#148; </i>and<i> &#147;Promociones</i>.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, within the framework of technological upgrading, N&#250;cleo implemented the databases of the modules &#147;<i>Registradores de Tr&#225;fico</i>&#148;, &#147;<i>Roaming Inbound</i>&#148; and &#147;<i>Tasadores/Retasadores de Llamadas y SMS</i>&#148; in the new Production environments.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WebVAS (Web and Value-Added Services): N&#250;cleo achieved the development of interfaces that facilitate the operation of Points of Sale and Trigger Points, highlighting the improvement of several customer-focused services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Env&#237;os, a subsidiary of N&#250;cleo, is engaged in the provision of mobile financial services in Paraguay. This year, Env&#237;os recorded a 49% growth compared to 2016, closing the year with 839,725 billeteras (ewallets).</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2016, N&#250;cleo requested the National Communications Commission of Paraguay (&#147;CONATEL&#148;) its authorization for the transfer in favor of N&#250;cleo&#160; of 70% of the shares of Tuves Paraguay, which was granted in April&nbsp;2017. Upon obtaining the regulatory authorization, the transfer became effective on June&nbsp;30, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tuves Paraguay is a company engaged in the provision of direct-to-home subscription audio and television services. Tuves Paraguay&#146; customer base decreased by 4% compared to the previous year. As of December&nbsp;31, 2017, Tuves Paraguay recorded 1,750 prepaid customers and 69,297 postpaid customers.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">N&#250;cleo&#146;s Network and Equipment</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In September&nbsp;2017, CONATEL began the public consultation process for the auction of 700 MHz spectrum bands.&#160; The final bidding terms were launched on October&nbsp;30, 2017 and, in December&nbsp;2017, NUCLEO S.A. was selected as one of the prequalified bidders.&#160; The process ended on January&nbsp;4, 2018, with the simultaneous ascending price auction of 7 sub bands of 5 + 5 MHz each. N&#250;cleo was awarded two of them for US$ 12 million (equivalent to P$278&nbsp;million as of December&nbsp;31, 2017) per sub band subject to compliance with certain conditions provided by CONATEL&#146;s resolution. On March&nbsp;6, 2018, CONATEL notified N&#250;cleo Resolution No.&nbsp;375/2018 through which H-H&#146; and I-I&#180; sub bands included in 700 MHz spectrum bands were assigned to N&#250;cleo. The license is for five years that can be renewed with a payment of a 3% of the total investment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017 we completed the Project Dream 2 concerning the Modernization of our Network, as established under the initial schedule. We completed the last phase of the expansion and adjustment of the Cellular Network nodes.</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-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, N&#250;cleo expanded the capacity and coverage of its LTE 1900 MHz mobile network, installing, as of December&nbsp;31, 2017, 709 LTE nodes that provide coverage to 86 locations throughout Paraguay, reaffirming our nationwide leadership in 4G coverage.</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-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, N&#250;cleo successfully completed the expansion of the capacity of the Huawei DWDM Network to 100 Gbps. It also expanded the 3G coverage with the commissioning of 95 Nodes B in cellular sites, which already existed but until then they only operated on 2G. This has enabled N&#250;cleo to provide 3G coverage in 100% of the Network.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Program #Fan</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Towards the end of 2016, we began a path of Transformation towards a Digitalization and Omnichannel approach upgrading our management platforms. Our Program called #Fan comprises the comprehensive refurbishment of the platforms that manage the relationship, delivery, charging, billing and collections of our customers, integrating different Cloud and On premise architectures in line with the new business scenarios towards the convergence of products and services. It is one of the biggest challenges we faced because we are reaching the core architecture of our company, generating a strategic transformation in business management in order to fulfill the vision of putting the customer at the core.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main drivers of the Program #Fan are achieving a better Customer Experience, ensuring a single vision of the Customer, simplifying commercial processes and increasing operating efficiency. This will lead to:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>Improving customer care quality and ensuring the unified management of all of our contact points: in-person, telephone and Internet, in a coherent and coordinated manner.</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-align:justify;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>Increasing resolutions on the first contact and accelerating time-to-market.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>Ensuring efficiency in management times: faster assistance as a result of simpler operating systems.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>Ensuring Omnichannels, incorporating the digital world: Introducing more self-management options, as a result of simpler management platforms and more flexible services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>Providing greater accessibility and transparency in the information available through multi-device and multiplatform access.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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; </font>Ensuring alignment with Customer Profile, streamlining and reducing billing cycles, setting maturity dates, reducing collection periods.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>Generating unified clear and simple billing for all the products and services we offer and those managed by third parties.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Due to the Merger, we will work in a solution that also incorporates Cablevision&#146;s products.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, best practices suggest that companies shall ensure a sound Project Management for this type of challenges; therefore, Telecom chose IBM as Transformation Management Office (IBM TMO: #01 Salesforce Global Strategic Partner | Active member TM Forum&nbsp;&amp; Other Key Industry Boards).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017 the Discovery stage of each module (CRM / OM and CBS) was successfully completed and we started developing a mixed model (Agile and Waterfall). It is estimated that the first Go Live (Mobile), will take place during the first six months of 2018 and that the start of customer migration will be during the second half of 2018. At the end of the project it is expected that there will be more than 20 million customers reached by this project.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Competition</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fixed Services</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Basic Telephony and International Long-Distance Services</font></i>. Before November&nbsp;1999, Telecom Argentina held an exclusive license to provide Basic Telephone Services to the Northern Region. The Argentine telecommunications market has been open to full competition since November&nbsp;2000. As of the date of this Annual Report, the main licensees providing local and/or fixed long-distance telephone service are Telmex, AMX Argentina (commercially known as Claro), Level 3 Argentina (commercially known as &#147;Level 3 Communication&#148; formerly &#147;Global Crossing&#148;),&nbsp;IPlan, Telecentro, Telef&#243;nica (principally in the Southern Region) and Telecom Argentina (principally in the Northern Region). Telef&#243;nica has the dominant market share for provision of telecommunications service in the Southern Region. Accordingly, if economic conditions in Argentina improve and competitors increase their presence in the Northern Region, Telecom Argentina expects that it will face additional pressure on the prices it charges for its services and experience limited loss in market share in the Northern Region.</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Internet and Data Services</font></i>. We face nationwide competition in the Internet service market in Argentina from Telef&#243;nica, Gigared, and Telecentro (providing a triple-play offer), among others. Our data services business faces competition from Telef&#243;nica, AMX Argentina (commercially known as Claro), and from several providers of niche data services such as Level 3 Argentina,&nbsp;IPlan and others.</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 .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mobile Telecommunications Services</font></i></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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mobile Telecommunications Services in Argentina.</font></i> The mobile telecommunications market in Argentina has been open to competition since 1993 and was expanded to include PCS services in 1999. In addition, GSM technology has created intense competition for subscribers among the various service providers, including giving rise to severe pricing pressure, significant handset subsidies and increased sales incentives provided to dealers. The introduction of 3G technology since May&nbsp;2008 and of 4G technology since 2014 has allowed operators to focus competition on Value Added Services.</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;">PART&nbsp;I</font> - ITEM 4 INFORMATION   ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currently, there are three main operators providing nationwide mobile telecommunications services. These three operators are Telecom Argentina, Telef&#243;nica M&#243;viles Argentina and Am&#233;rica M&#243;vil.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;5, 2016, the Ministry of Communications issued Resolution No.&nbsp;38/16 approving the new Regulation of Virtual Mobile Operators (&#147;VMO&#148;), thus allowing the entrance of new competitors.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The acquisition and retention of high-value customers continues to be a key factor to our strategy, which is focused on maintaining customer&#146;s consumption through the launch of new products and services that enable retention of existing customers.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further, see &#147;&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Licenses granted as of December&nbsp;31, 2017&#148; below for details on Telecom Argentina&#146;s license.</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-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mobile Telecommunications Services in Paraguay</font></i>. Currently, there are four participants in the mobile telecommunications services market in Paraguay. As of December&nbsp;31, 2017, N&#250;cleo&#146;s main competitor was Tigo (a Millicom International Cellular subsidiary). The operators provide services using 2G, 3G and 4G technology. The Paraguayan market is highly competitive. Tigo holds a significant market share in terms of revenues.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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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;">REGULATORY AND LEGAL FRAMEWORK</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REGULATORY FRAMEWORK</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Regulatory Authority</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is regulated by a set of rules&nbsp;and regulations that comprise the regulatory framework of the telecommunication sector in Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until the issuance of Law No.&nbsp;27,078, the LAD, which was published in the Official Gazette on December&nbsp;19, 2014 and has been in force since its publication, the telecommunication services provided by Telecom Argentina and its domestic subsidiaries were regulated by the CNC, a decentralized agency within the scope of the SC, which was also under the scope of the Ministry of Federal Planning, Public Investment and Services. (See &#147;&#151;Law No.&nbsp;27,078 &#151; Argentine Digital Law&#148; below).</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD created the Federal Authority of Information and Communication Technologies (&#147;AFTIC&#148;), as a decentralized and autonomous agency within the scope of the PEN, which would act as the Regulatory Authority of the LAD and would replace, for all purposes, of the SC and the CNC.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD conferred the AFTIC the regulation, control, supervision and verification functions concerning Information and Communication Technologies (&#147;ICT&#148;) in general, and in particular of the telecommunications, postal service and all those matters integrated to its field in accordance with the provisions of the LAD.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By the end of December&nbsp;2015, the PEN issued the Decree of Need and Urgency (&#147;<i>Decreto de Necesidad y Urgencia&#148;</i> or hereinafter the &#147;DNU&#148;) No.&nbsp;267/15 published in the Official Gazette on January&nbsp;4, 2016. The DNU substantially amends Law No.&nbsp;26,522 (Audiovisual Communication Services &#151; &#147;SCA&#148;) and Law No.&nbsp;27,078 (LAD) and also creates the National Communications Agency (&#147;ENACOM&#148;) as a new Regulatory Authority of those laws. The ENACOM replaces the AFTIC and AFSCA (&#147;Federal Authority of Audiovisual Communication Services&#148;). This new Authority acted as an autonomous agency within the scope of the Ministry of Communications. See &#147;&#151;<i>Decree No.&nbsp;267/15 - Amendments to the &#145;LAD&#146;</i>&#148; below.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The ENACOM has started its operations on January&nbsp;5, 2016 with the four directors appointed by the PEN through Decree No.&nbsp;7/16, thus resulting in the constitution of the ENACOM as established by section 23 of Decree No.&nbsp;267/15.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of ENACOM is composed of a Chairman and three directors appointed by the PEN, as well as three directors appointed by the Bicameral Commission of Audiovisual Communication and ICT services. </font>The quorum is met with the attendance of four members. No special eligibility conditions are established to be a member of the Board; the only limitation is the non-existence of incompatibilities, under the terms of Law No.&nbsp;25,188 (&#147;Public Ethic&#148;). The ENACOM members can be removed directly and without cause by the PEN.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August&nbsp;11, 2017, the National Government issued Decree No.&nbsp;632, whereby it approved the organizational structure of the Ministry of Modernization, according to the organization chart established in said Decree. Pursuant to this Decree, the ENACOM is now placed within the sphere of the Ministry of Modernization.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Regulatory framework of the services provided by Telecom Argentina and its subsidiaries</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among the principal features of the regulatory framework governing the services provided by Telecom Argentina and its domestic subsidiaries is worth mentioning:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;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 LAD, as amended by Decree of Need and Urgency No.&nbsp;267/15 and Decree No.&nbsp;1,340/16;</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-align:justify;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>Law No.&nbsp;19,798 remains in force only to the extent that it does not conflict with the provisions set out under the LAD;</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-align:justify;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 Privatization Regulations;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;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 Transfer Agreement; 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-align:justify;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 Licenses for providing telecommunication services granted to Telecom Argentina and Telecom Personal through several regulations (transferred to Telecom Argentina after the Reorganization) and the List of Conditions and their respective regulations.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Law No.&nbsp;27,078 states that Decree No.&nbsp;764/00 and its amendments shall remain in force to the extent that it does not conflict with the provisions set out under the LAD, for the time required by the Regulatory Authority to draw up the regulations concerning the Licensing Framework for ICT Services, the Interconnection Regulation, the Universal Service Regulation and the Administration, Management and Control of the Spectrum Regulation. Also, the LAD states that Law No.&nbsp;19,798 (&#147;<i>Ley Nacional de Telecomunicaciones</i>&#148; passed in 1972) and its amendments shall remain in force in respect of those regulations not opposing its provisions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law 26,522, which is only applicable with regard to the registration of the TV Signal METRO and its activity as an Agency and Intermediary of Advertising and Direct Advertiser.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo and Tuves Paraguay, are supervised by the <i>Comisi&#243;n Nacional de Telecomunicaciones de Paraguay</i>, the National Communications Commission of Paraguay (&#147;CONATEL&#148;) and its subsidiary Personal Env&#237;os S.A. is supervised by the <i>Banco Central de la Rep&#250;blica del Paraguay</i>. Additionally, Telecom Argentina USA, Telecom Argentina&#146;s subsidiary in the United States, is supervised by the Federal Communications Commission (the &#147;FCC&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Licenses granted to Telecom Argentina</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina holds a non-expiring Unique Argentine Digital License (<i>Licencia &#218;nica Argentina Digital</i>) over which the following telecommunications services are registered:</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><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>Local fixed telephony;</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><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>Public telephony;</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><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>Domestic and international long-distance telephony;</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><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>Domestic and international point-to-point link services;</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><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>Domestic and international telex services;</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><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>VAS, data transmission, videoconferencing and transportation of audio and video signals;</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><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>Internet access;</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-align:justify;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>Mobile telecommunication services (STM);</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-align:justify;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>Data transmission and Value Added Services;</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-align:justify;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>Mobile radio communication services (SRMC)&nbsp;;</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-align:justify;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>PCS services;</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-align:justify;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>National and international long-distance telephone services;</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-align:justify;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>Mobile Advanced Communications Services (SCMA);</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-align:justify;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>Radio Electric Trunking Service (SRCE); 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 .5in;text-align:justify;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>Physical and radio electric link broadcasting services, including the permits/frequencies required to provide radio electric link broadcasting services.</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-align:justify;text-indent:.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">To Telecom Argentina&#146;s subsidiaries</font></i></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 .5in;text-align:justify;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>N&#250;cleo has been granted a license to provide mobile telecommunication services (STM and PCS) throughout Paraguay. In addition, N&#250;cleo has been granted a license for the installation and provision of Internet and Data throughout Paraguay. All these licenses have been granted for renewable five-year periods. See &#147;N&#250;cleo&#180;s Network and Equipment&#148;, regarding the auction process for 700 MHz band spectrum in Paraguay.</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-align:justify;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>Personal Env&#237;os, a company controlled by N&#250;cleo, was authorized by the Central Bank of Paraguay to operate as an Electronic Payment Company (EMPE) through Resolution No.&nbsp;6 issued on March&nbsp;30, 2015, and its corporate purpose is restricted to such service.</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-align:justify;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>Tuves Paraguay is a Paraguayan company controlled by N&#250;cleo has a license for the provision of telecommunications services and also the distribution of digital audio and television signals to homes, for the term of five years. The license was granted in March&nbsp;2010 and renewed in March&nbsp;2015 for a term of five years.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">61<a name="PB_61_104715_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Events of revocation of the Licenses</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the LAD TIC&#146;s licenses are revocable in the case of no compliance with certain obligations including but not limited to:</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br> a) The lack of provision of the registered services in accordance with the current regulations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) The failure to initiate the provision of the registered services within the period established by current regulations and in accordance with the regulations issued by the Authority.</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-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c) The repeated failure to pay fees, royalties and the contribution to the Universal Service, in accordance with the regulations issued by the Authority.</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-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d) The materialization of acts without the authorization of article 13 of the LAD.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e) The bankruptcy, dissolution or liquidation of the Licensee.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Events or revocation originally established in the Terms of Service (Pliegos) of Telecom and Personal:</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In relation to Telecom Argentina&#146;s license:</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 .5in;text-align:justify;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>repeated interruption of all or a substantial portion of service;</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-align:justify;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>a modification of corporate purpose without prior approval of the Regulatory Bodies or change of domicile to a jurisdiction outside 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 .5in;text-align:justify;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 transfer of the license to third parties without prior approval of the Regulatory Bodies;</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-align:justify;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 sale, encumbrance or transfer of assets which has the effect of reducing services supplied without the prior approval of the Regulatory Bodies;</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-align:justify;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 transfer of shares resulting in a direct or indirect loss of control in Telecom Argentina which has not been executed ad referendum of the approval of the ENACOM and informed within 30 days following its completion (according to the provisions of article 8 of Decree No.&nbsp;267/15); 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 .5in;text-align:justify;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 bankruptcy 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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal&#146;s licenses (STM / SRMC / PCS / SCMA transferred to Telecom Argentina), are revocable in case of non-compliance with certain obligations, including but not limited to:</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 .5in;text-align:justify;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>repeated interruptions of the services as set forth in each Mobile Licenses &#147;Pliegos&#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 .5in;text-align:justify;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 transfer of the license and/or the related rights and obligations, without the approval of the Regulatory Authority (according to the provision of article 8 of Decree No.&nbsp;267/15);</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-align:justify;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 encumbrance of the license;</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-align:justify;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 voluntary insolvency proceedings or bankruptcy of Telecom Argentina; 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 .5in;text-align:justify;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>a liquidation or dissolution of Telecom Argentina, without the prior approval of the Regulatory Authority.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the Auction Terms and Conditions for the awarding of frequency bands for SCMA (and some bands for SRMC and PCS), approved by SC Resolution No.&nbsp;38/14, the authorization to use radio electric spectrum (as defined in the Auction) will be revocable under the following circumstances:</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 .5in;text-align:justify;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>repeated or persistent breaches of obligations related to quality indicators of services provided under the terms of the Regulation for the Quality of Telecommunications Services approved by SC Resolution No.&nbsp;5/13 (See &#147;&#151;SC Resolution No.&nbsp;5/13 &#151; Telecommunication service quality regulation&#148; below);</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>repeated or persistent failure of infrastructure sharing obligations and the conditions set for automatic roaming agreements established in the Terms and Conditions;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>repeated or persistent failure of the coverage obligations set in Annex III of the Terms and Conditions;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>assignment, transfer, encumbrance, lease or sale to third parties of the authorization for the use of the awarded bands, without authorization of the Regulatory Authority (according to the provision of article 8 of Decree No.&nbsp;267/15).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>According to the Regulation for the Refarming of Frequency Bands with Economic Compensation, approved by Ministry&#146;s of Communications Resolution No.&nbsp;171 &#151; E/2017, and the Refarming Agreement, executed by Nextel and ENACOM on April&nbsp;12, 2017, the authorization to use the refarmed frequency bands will be revocable under the following circumstances:</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 67.5pt;text-align:justify;text-indent:-31.5pt;"><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; </font>Failure to pay the economic compensation, specified by the National Authority of Communications (ENACOM for its acronym in Spanish), within the term set in the Refarming 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 67.5pt;text-align:justify;text-indent:-31.5pt;"><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; </font>Lack of use of a portion of the refarmed frequency bands, limited to such unused portion and subject to a previous 90 days&#146; compliance notice.</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 67.5pt;text-align:justify;text-indent:-31.5pt;"><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; </font>Failure of assigning clients to the refarmed frequency bands or transferring them to other service providers, within the term set in Section&nbsp;5 of ENACOM&#146;s Resolution No.&nbsp;1299 &#151;E/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 67.5pt;text-align:justify;text-indent:-31.5pt;"><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; </font>Failure to return the frequency bands subject to the refarming process, subject to a previous 90 days&#146; compliance notice.</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 67.5pt;text-align:justify;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</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; </font>Failure to provide SCMA Service in the time set in Section&nbsp;10.1, subsection a), of Decree N&#176; 764/00).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 67.5pt;text-align:justify;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</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; </font>Breach of the coverage obligations set in the Refarming Project approved by ENACOM&#146;s Resolution No.&nbsp;1299 &#151;E/2017, subject to a previous 90 days&#146; compliance notice.</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 67.5pt;text-align:justify;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</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; </font>Failure to inform ENACOM the degree of progress of the Refarming Project approved by ENACOM&#146;s Resolution No.&nbsp;1299 &#151;E/2017, biannually, subject to a previous 90 days&#146; compliance notice.</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 67.5pt;text-align:justify;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</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; </font>Assignment, transfer, encumbrance, lease or sale to third parties of the authorization for the use of the refarmed frequency bands, without authorization of the Regulatory Authority (pursuant to Section&nbsp;8 of Decree No.&nbsp;267/15).</p>
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<p style="margin:0in 0in .0001pt 21.3pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo and Tuves Paraguay&#146;s licenses are revocable mainly in the case of:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>repeated interruptions of the services;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 voluntary insolvency proceedings or bankruptcy of N&#250;cleo and Tuves Paraguay; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>non-compliance with certain service obligations.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the Resolution No.&nbsp;6/14 of the Central Bank of Paraguay, Personal Env&#237;os&#146; license to provide Electronic Payment services may be revoked by:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>insolvency proceedings or bankruptcy,</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>sanctions imposed by the Central Bank of Paraguay, with prior administrative proceedings regarding the performance of operations that are forbidden by the legislation in force.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Law No.&nbsp;27,078 &#151; Argentine Digital Law</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among the most relevant contents in the LAD, which amended the regulatory framework in force as of December&nbsp;19, 2014, as regards telecommunications are:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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; </font>the rule&nbsp;on prices and rates establishing that the licensees of ICT services shall set their prices which shall have to be fair and reasonable, cover the exploitation costs and tend to the efficient supply and reasonable operation margin;</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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; </font>the exemptions of taxes, establishing that tax exemptions or reductions, prices and encumbrances of ICT in general and in telecommunications in particular may be set on a precarious basis when the nature of certain activities so warrant;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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; </font>the amendments as regards Universal Service (See &#147;&#151;Universal Service Regulation&#148; below);</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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; </font>the asymmetric regulation as universalization tools towards the development of an effective competition; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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; </font>a maximum period for granting each authorization or use of frequencies of the radioelectric spectrum must be established (section 28 <i>in fine</i>).</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD declared of public interest the development of ICT and its associated resources in order to establish and ensure complete neutrality of networks and to guarantee every user the right to access, use, send, receive or offer any content, application, service or protocol through Internet without any restrictions, discrimination, distinction, blocking, interference, obstruction or degradation.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD set forth that the licensees of the ICT services may supply audiovisual communication services with the exception of those provided through satellite link, in which case, the corresponding license must be requested from the proper authority. Also, the LAD allowed ICT service licensees included in the restrictions of the Audiovisual Services Communications Law (among them, Telecom Argentina) to provide audiovisual communications services. Nevertheless, that regulation was partially amended by Decree No.&nbsp;267/15 (see &#147;&#151;Decree No.&nbsp;267/15 &#151; Amendments to the &#145;LAD&#146; below).</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the LAD provisions, Telecom Argentina amended its corporate purpose during 2015, which was approved by AFTIC Resolution No.&nbsp;19/15. Further information is disclosed in Note 1.a) to the Consolidated Financial Statements.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, the LAD established the framework for suppliers and licensees entering the audiovisual communication services market (among them, Telecom Argentina and its Argentine subsidiaries) setting forth that the Federal Authority of Audiovisual Communication Services (replaced by the ENACOM since Decree No.&nbsp;267/15 enforcement) would determine the go-to-market conditions of audiovisual communication services for ICT suppliers and licensees. The LAD also stated a gradual implementation plan through the setting up of promotion areas for limited periods of time determined according to public interest, within which the ICT licensees with significant market power would not be able to provide audiovisual communication services (see ENACOM Resolution No.&nbsp;5641-E/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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It also set forth that the ICT service should be provided throughout the national territory, considered for that end as a unique area of exploitation and supply<b>, </b>and the modification of the interconnection schedule, imposing higher obligations to the operators and more rights to the Argentine government for the regulation in this sense of the wholesale market.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the LAD provisions, the SBT holds its status of public service (section 54), but with a different scope than the previous regulations provisions. It was defined as the national and international telephone voice service, through the local networks, notwithstanding the technology used for its transportation, provided that it complies with the objective of allowing its users to communicate with each other (section 6 paragraph c)). In addition, in section 90 of Title XI, it established that said definition, comprises the senses of the definition established in the Auction Terms and Conditions for the International Public Auction process for the Privatization of the Supply of the Telecommunications Service timely approved by Decree No.&nbsp;62/90.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD introduced substantial changes to the SU regulation established by Decree No.&nbsp;558/08. Among its provisions the LAD creates a new SU Fund and provides that the investment contributions for the SU programs shall be managed through this fund, which assets, belong to the Federal Government (See &#147;&#151;Universal Service Regulation&#148; below)<b>.</b></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;19,798 Telecommunications Act (passed in 1972), as amended, continues in effect only with respect to those provisions that do not contradict the provisions of the new LAD (including, for example, section 39 of Law No.&nbsp;19,798 referred to exemption from all taxes on the use of soil, subsoil and airspace for telecommunications services).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD also revoked Decree No.&nbsp;764/00, as amended, but provisions of the decree that do not contradict the LAD will remain in effect during the time it takes to the Regulatory Authority to issue new licensing, interconnection services, universal service and spectrum regulations.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Decree No.&nbsp;267/15 &#151; Amendments to the &#147;LAD&#148;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;4, 2016, Decree No.&nbsp;267/15 was issued, amending Law No.&nbsp;26,522 (Audiovisual Communication Services) and Law No.&nbsp;27,078 (LAD). As mentioned above, ENACOM was created as the Regulatory Authority applicable of these laws. However, some of its provisions were subsequently amended by Decree No.&nbsp;1,340/16.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main amendments to the LAD consist of:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><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;&#160; </font>The incorporation of Broadcasting Services provided by subscription (physical or radio electric link, such as Cable TV) as an ICT service within the scope of the LAD, and excluding it from Law No.&nbsp;26,522. Satellite Television Services will remain within the scope of Law No.&nbsp;26,522. Furthermore, Decree No.&nbsp;267/15 states that the ownership of a satellite television license provided by subscription is incompatible with having any other kind of ICT services license. Provision amended by Decree No.&nbsp;1,340/16.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Broadcasting supplied by subscription licenses (such as Cable TV) issued before the application of Decree No.&nbsp;267/15 will be considered for all purposes as in compliance with LAD upon the respective registration for such service provision. Furthermore, the Decree states a ten years extension from January&nbsp;1, 2016, for the use of frequency spectrum to radio electric link provided by subscription license holders.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among the amendments that replaces Section&nbsp;6 of the LAD is the incorporation of &#147;video on demand service,&#148; defined as a service offered by an ICT services supplier to provide access to software under demand on a catalogue basis.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;267/15 replaced the LAD&#146;s section 94, and states that SBT suppliers, fixed telephony license holders within the scope of Decree No.&nbsp;264/98, and mobile telecommunication license holders within the scope of Decree No.&nbsp;1,461/93 are prohibited from providing Broadcasting under subscription services </font>(defined as any form of communication, primarily one-way, for the transmission of signals to be received by a determinable public, either by physical or by radio connection, for example, video cable and IP TV services) until January&nbsp;1, 2018 (this term can be extended by 1 additional year). Also, the Decree replaces section 95 of the LAD and provides several obligations for fixed telephony licensees granted by Decree No.&nbsp;264/98 and mobile services providers with licenses granted by Decree No.&nbsp;1,461/93, which choose to provide broadcasting under subscription services. This provision was subsequently amended by Decree No.&nbsp;1,340/16.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, shareholders of a 10% or more interest in companies that provide public services may not be holders of a Subscription Radio Record. However, this will not apply in the following cases: (i)&nbsp;non-profit companies to whom the national, provincial or municipal State has granted the license, concession or permission to provide a public service (such as telecommunications cooperatives); (ii)&nbsp;those mentioned in section 94 including the Company who was only able to provide the service after the expiration of the period specified therein.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><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;&#160; </font>Section&nbsp;28 of Decree No.&nbsp;267/15 created, in the field of the Ministry of Communications, the &#147;Commission for the Elaboration of the Draft Law for the Reform, Updating and Unification of Laws No.&nbsp;26,522 and No.&nbsp;27,078&#148; (<i>Comisi&#243;n para la Elaboraci&#243;n del Proyecto de Ley de Reforma, Actualizaci&#243;n y Unificaci&#243;n de las Leyes N&#176; 26,522 y 27,078</i>). The Commission is responsible for the study of the reform of both laws under the principles set out herein.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;15, 2016, the Ministry of Communications through Resolution No.&nbsp;9/16 provided that the Commission shall be composed by six members and one Secretary, who will perform their duties &#147;ad honorem.&#148; The Resolution also appointed its members. The Commission should submit a draft Law for the reform, updating and adaptation of a unified system of the Regulatory Framework Law for the Telecommunications and Audiovisual Communication Services in Argentina, within the following 180 calendar days from the date of its constitution.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;1,098-E/16 published on October&nbsp;31, 2016, the Ministry of Communications extended for 180 days the deadline for the preparation of the draft reform of Laws No.&nbsp;26,522 and No.&nbsp;27,078. As of the date of this Annual Report, the elaboration of the draft reform of Laws No.&nbsp;26,522 and No.&nbsp;27,078 is still pending.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><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;&#160; </font>Furthermore, the Decree provides that licenses transfers and interest transfers involving the loss of company control must be approved by ENACOM, stating a new procedure provided in section 8 of Decree No.&nbsp;267/15. Licenses transfers and interest in licensees&#146; transfers will be considered ad referendum of ENACOM approval.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><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;&#160; </font>Decree No.&nbsp;267/15 repealed Section&nbsp;15 and Section&nbsp;48 (second paragraph) of the LAD. Therefore, the following provisions have no longer effect: (i)&nbsp;the condition of essential and strategic public services of ICT regarding the access to the telecommunications network for the &#147;ICT services&#148; license holders; and (ii)&nbsp;the Regulatory Authority power to regulate tariffs due to public interest reasons.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><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;&#160; </font>On April&nbsp;8, 2016, the Chamber of Representatives voted in favor of the validity of DNU No.&nbsp;267/15. According to this, such Decree acquired the status of Law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><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;&#160; </font>The Decree establishes several amendments to the Audiovisual Communications Services Law (SCA).</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among the main amendments established by this Emergency Decree to both laws, it should be noted that the licenses for the exploitation of physical link and radio-electric link subscription television services that had been granted under Laws No.&nbsp;22,285 and No.&nbsp;26,522 are now called &#147;Registrations&#148; for the exploitation of physical link and radio-electric link subscription television services of a <i>Licencia &#218;nica Argentina Digital</i>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, it should be noted that pursuant to Section&nbsp;21 of Decree No.&nbsp;267/15 and until the enactment of a law that will unify the fee regime provided under Laws No.&nbsp;26,522 and No.&nbsp;27,078, the physical link and radio-electric link subscription television services will continue to be subject only to the fee regime provided under Law No.&nbsp;26,522. Therefore, they shall not be subject to the investment contribution or the payment of the Control, Oversight and Verification Fee provided under Sections 22 and 49 of Law No.&nbsp;27,078.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Decree No.&nbsp;1,340/16 - Amendments to DNU No.&nbsp;267/15</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;1,340/16 issued by PEN and published in the Official Gazette on January&nbsp;2, 2017 provides the rules&nbsp;for achieving a greater convergence of networks and services under </font>competitive conditions, promoting the deployment of next generation networks and the penetration of Broadband Internet access throughout the national territory, in accordance with the provisions of Laws No.&nbsp;26,522 and No.&nbsp;27,078. This Decree introduces some amendments to DNU No.&nbsp;267/15, which has the status of Law.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among the most relevant provisions, it establishes:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Fix the 15-year-term, as from the publication of the Decree, as differential condition in the terms provided by section 45 of Law No.&nbsp;27,078, for the protection of last-mile fixed NGN networks for Broadband deployed by ICT licensees for Broadband regarding the regulations of open access to Broadband and infrastructure to be stated, notwithstanding the provisions of section 56 of said Law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> That the Ministry of Communications or ENACOM, as appropriate, shall establish the rules&nbsp;for the administration, management, and control of the radio spectrum, according to guidelines for the promotion of competition as follows:</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a) the ENACOM, in a period not exceeding six months since the publication of the Decree, shall call for National and International Public Auction Process for the allocation of new frequency bands for the provision of mobile communications services, according to the service attributions following the recommendations of the International Telecommunication Union (ITU), to maximize and increase the radio resources assigned thereto;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) for the purposes of the provisions of section 28 of Annex IV of Decree No.&nbsp;764/00 and section 29 of Law No.&nbsp;27,078, rules&nbsp;and procedures shall be adopted ensuring the reattribution of radio spectrum frequencies with economic compensation and shared use to frequencies previously allocated to other service and assigned to ICT or SCA providers who request to re-use them for the provision of mobile or fixed wireless services with LTE or higher technologies. To this effect, the Regulatory Authority shall impose coverage obligations and specific goals;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c) for the purposes of the provisions of sections 27 and 28 of Law No.&nbsp;27,078 and section 2 subparagraphs c) and d) of Decree No.&nbsp;798/16, the ENACOM shall have the power to assign radio spectrum frequencies on demand, establishing compensation, deployment and coverage obligations, within the corresponding deadlines, to: 1) current local or regional providers of ICT services in their service areas; and 2) current providers of MCS, on the terms provided in section 3 of Decree No.&nbsp;798/16;</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d) the term of authorizations for the use of frequencies of the SCMA, as well as the corresponding deployment obligations, shall be computed since the effective migration of services currently operating in these bands in the scope of Area II, defined according to the provisions of Decree No.&nbsp;1,461/93 and its amendments (additional information on the impact on Telecom Argentina is provided in Note 3.i) and Note 18.e) to the Consolidated Financial Statements as of December&nbsp;31, 2017).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> That Operators included in section 94 of the LAD (among them, Telecom Argentina), may register the Broadcasting Service by subscription, by physical or radio connection as of the enforcement of this Decree, setting January&nbsp;1, 2018 as initial date for the provision of such service in the AMBA (and extended AMBA), and in the cities of Rosario (Santa Fe Province) and C&#243;rdoba (C&#243;rdoba Province). The Decree also provides that, for the rest of the country, the initial date for the provision of the services of these operators shall be determined by the ENACOM (See Resolution No.E 5,641 E/ 2017).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> That ICT&#146;s licensees and Satellite Link Subscription Broadcasting licensees, who as of December&nbsp;29, 2016 simultaneously provided both services, may retain ownership of both types of licenses.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> That ICT&#146;s services providers carrying out joint service offerings, shall detail the price of each of them, including the breakdown of these values, and the discounts or benefits applied to each service or product of the aforementioned offer, not being able to subsume, under any condition, the hiring of any service to the hiring of another, so as to prevent the consumer from obtaining the service individually or separately.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> That within 180 days of the Decree enforcement, the Ministry of Communications will establish the necessary guidelines for the creation of the &#147;Public Protection, Defense and Security Operations Network&#148; (<i>Red de Protecci&#243;n P&#250;blica y Operaciones de Socorro, Defensa y Seguridad</i>) under the terms of section 12 of Law No.&nbsp;27,208 to secure suitable communications for public safety agencies.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> That for the purposes of the provisions of section 92 of Law No.&nbsp;27,078 and section 2, paragraph g) of Decree No.&nbsp;798 issued on June&nbsp;21, 2016, MINCOM shall ensure the following principles on interconnection matters:</p>
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<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a) &nbsp;Until the interconnection prices determination systems provided by the National Interconnection Regulation are implemented, averages of regional Latin America prices shall be considered for similar functions and facilities, corrected by parameters which comply with the conditions of the sector, as determined by the Authority of Application;</font></p>
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<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) In accordance with section 46 of Law No.&nbsp;27,078, the National Interconnection Regulation shall provide asymmetric interconnection rates for mobile services for a three years period from the effective service implementation, extendable for a maximum of 18 months.</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 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c) The National Interconnection Regulation shall provide rules&nbsp;</font>concerning the automatic national roaming service, forcing mobile services providers, for a maximum period of three years, to make such service available to other providers in areas where they do not have their own network coverage.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The temporary limitation provided in the previous paragraph </font>shall not be enforceable in those cases in which mobile services are provided by cooperatives and small and medium-sized companies with exclusively regional coverage.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile service providers shall</font> freely enter into agreements to secure, among other issues, technical, economic, operational and legal conditions. Such agreements may not be discriminatory or may not establish technical conditions that prevent, delay or obstruct interconnection services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The National Interconnection Regulation will enable ENACOM to define reference prices for a maximum period of three years, taking into </font>consideration the costs of the assets involved (subject to exploitation) and a reasonable return rate to ensure speed, neutrality, non-discrimination and competition between mobile service providers. Likewise, they shall not contain technical, interconnection, operational or other conditions that delay, obstruct or create barriers for the remaining mobile services providers to access the market.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART   I - ITEM 4 INFORMATION ON THE COMPANY</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Universal Service Regulation</font></b></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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Decree No.&nbsp;764/00</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;27,078 states that Decree No.&nbsp;764/00 and its amendments shall remain in full force to the extent that the provisions of such Decree do not conflict with the law until the Regulatory Bodies have drawn up the regulations concerning the Licensing Framework for ICT Services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to Universal Service Regulation, Annex III of Decree No.&nbsp;764/00 required entities that receive revenues from telecommunications services to contribute 1% of these revenues (net of taxes) to the Universal Service Fiduciary Fund (the &#147;SU Fund&#148;). The regulation adopted a &#147;pay or play&#148; mechanism for compliance with the mandatory contribution to the SU Fund. The regulation also established the exemption to contribute to the FSU in the following events: (i)&nbsp;for local services provided in areas with teledensity lower than 15%, and (ii)&nbsp;when certain conditions exists in connection with a formula which combines the foregone revenues and the market share of other operators than Telecom Argentina and Telef&#243;nica who provide local telephony. Additionally, the regulation created a committee responsible for the administration of the SU Fund and the development of specific SU programs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;8, 2007, the SC issued Resolution No.&nbsp;80/07 which stipulated that until the SU Fund was effectively implemented, telecommunication service providers, such as Telecom Argentina and Personal, were required to deposit any contributions accrued since the issuance of such Resolution into a special individual account held in their name at Banco de la Naci&#243;n Argentina. CNC Resolution No.&nbsp;2,713/07, issued in August&nbsp;2007, established how these contributions are to be calculated.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">SU Regulation established by Decree No.&nbsp;558/08</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;558/08, published on April&nbsp;4, 2008, introduced certain changes to the SU Fund regime, replacing the Annex III of the Decree No.&nbsp;764/00. Decree No.&nbsp;558/08 established that the SC would assess the value of service providers&#146; direct program contributions in compliance with obligations promulgated by Decree No.&nbsp;764/00. It would also determine the level of funding required in the SU Fund for programs pending implementation. In the same manner, in order to guarantee the continuity of certain projects, the SC was given the choice to consider as SU contributions certain other undertakings made by telecommunication services providers and compensate providers for these undertakings.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In defining &#147;Universal Service,&#148; the new regulation established two categories: (a)&nbsp;geographical areas with uncovered or unsatisfied needs and (b)&nbsp;customer groups with unsatisfied needs. It also determined that the SC would have exclusive responsibility for the issuance of general and specific resolutions regarding the new regulation, as well as for its interpretation and application.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It also established that the SC would review SU programs which were established under the previous</font> regulation, guaranteeing the continuity of those already being administered and implementing those that had been under review. The financing of SU ongoing programs which were recognized as such were determined by the SC, whereas telecommunications providers appointed to participate in future SU Programs were selected by competitive auction.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Decree required Telecom Argentina and Telef&#243;nica to extend the coverage of their fixed line networks, within their respective original region of activity, within 60 months from the effective date of publication of the Decree.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Decree required telecommunications service providers to contribute 1% of their revenues (from telecommunication services, net of taxes) to the SU Fund and kept the &#147;pay or play&#148; mechanism for compliance with the mandatory monthly contribution to the SU Fund or, to claim the corresponding receivable, as the case may be.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Providers of telecommunications services should rely on the advice of a Technical Committee made up of seven members (two members should be appointed by the SC, one member should be appointed by the CNC, three members should be appointed by the telecommunication services providers &#151; two of which should be appointed by Telecom Argentina and Telef&#243;nica and one by the rest of the providers &#151; and another member had to be appointed by independent local operators). This Technical Committee was informed by the SC of the programs to be financed and was responsible for managing and controlling the SU Fund, carrying out technical-economic evaluations of existing projects and supervising the process of competitive auction and adjudication of new SU programs, with the prior approval by the SC.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Technical Committee was created. Additionally, telecommunications service providers sent the proposed Fiduciary agreement to the SC. The SC approved it in January&nbsp;2009 through Resolution No.&nbsp;7/09.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;9, 2008, the SC issued Resolution No.&nbsp;405/08 which was objected by Telecom Argentina and Personal. These objections were resolved by the SC through its Resolution No.&nbsp;154/10.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;11, 2010, the SC issued Resolution No.&nbsp;154/10 adopted the methodology for the deposit of the SU contributions to the trustee&#146;s escrow account. The Resolution included several provisions related to the determination of the contributions that correspond to the periods before and after Decree No.&nbsp;558/08 was issued. It also provided that until the SC determined the existence of programs, the amounts that would correspond to their implementation would be discounted by the telecommunication providers when determining their contribution to the SU Fund. If completed the verification from the SC there were unrecognized amounts, they should be contributed into the SU Fund or for the development of new works of the SU, with the approval of the SC.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;30, 2010, the trustee notified Telecom Argentina and Personal the trustee&#146;s escrow account number in which they should deposit the SU contributions under the provisions of SC Resolution No.&nbsp;154/10.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Amendments of the LAD to the SU Regulation</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December&nbsp;2014, the LAD introduced substantial modifications to the SU regulations pursuant to Decree No.&nbsp;558/08. Among its provisions the LAD establishes the creation of a new SU Fund and the fact that the investment contributions corresponding to the SU programs be managed through said fund, whose assets shall belong to the National Government.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The licensees of ICT Services (among them, Telecom Argentina and Personal) are obliged to make investment contributions to the SU Fund equivalent to one per cent (1%) of the total accrued revenues for the provision of the ICT Services included in the scope of application of the law, net of imposed taxes and charges. The investment contribution shall not be transferred to the users whatsoever. In turn, the Regulatory Authority may dispose, once the SU objectives are reached, the total or partial, permanent or temporary exemption, of the obligation to perform said investment contributions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This law also establishes that by virtue of that set forth by Sections 11.1 and 11.2 of the Management Trust Agreement of the SU Fund of Decree No.&nbsp;558/08, the resources therein foreseen in section 8 of Annex III of Decree No.&nbsp;764/00 and its amendments shall be integrated to the SU Fund created by the LAD in the conditions determined by the Regulatory Authority.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The SU Funds shall be applied by means of specific programs. Its content and the corresponding awarding mechanisms shall be defined by the Regulatory Authority who may entrust the execution of these plans directly to the entities included in section 8, paragraph b), of Law No.&nbsp;24,156, or, complying with the selection mechanisms that may correspond, respecting publication and competition principles, to other entities.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;10, 2015 Telecom Argentina and Personal filed before the AFTIC their respective SU contribution affidavits corresponding to the revenues recorded in July&nbsp;2015, clarifying that these presentations were made with the understanding that the operational rules&nbsp;related to the SU Fund contribution, regulated by Decree No.&nbsp;558/08 and related provisions, are in force. Additionally, Personal proceeded to deposit the corresponding contribution in the new SU Fund account reported through the Official Notice published by the AFTIC.</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-align:justify;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In its filings, Telecom Argentina and Personal had stated that the filing of the affidavits and, in the case of Personal, the deposit did not imply explicit or implicit consent of the regulations issued by the LAD and expressly reserved their rights in relation to the unconstitutionality of the provisions set forth in sections 21, 22, 91 and related provisions of said law, as well as the claim of any rights arising from the acknowledgement of this argument.</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-align:justify;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, Telecom Argentina has not received any response to its filings.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;2,642/16 approved the new SU Regulation, which was published on May&nbsp;31, 2016, in the context of the new regulations established by the LAD.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The new regulation retains the obligation of contributing 1% of total income related to the provision of ICT services net of taxes and fees, anticipating the possibility of granting exemptions, in which case the subjects liable for payment, must comply with the obligations established by the Regulatory Authority.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with ENACOM Resolution No.&nbsp;6,981-E/16 issued on October&nbsp;19, 2016, the FFSU and the FFSU Investment Contribution Settlement and Interest Report forms were approved and are in force since January&nbsp;1, 2017, being operationally implemented since March&nbsp;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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taking into consideration the changes introduced in the Affidavits Form&nbsp;approved by the regulation, Telecom Argentina and Personal made a presentation to the Regulatory Authority exposing the need to introduce amendments to the forms in order to explain the deductions of the SU services that both companies are providing.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;4, 2017, ENACOM Resolution No.&nbsp;2,884/17 was published in the Official Gazette. This Resolution amends the Form&nbsp;of the FFSU contributions, adding, within the possible deductions, the &#147;Discount Annex. SC Resolution No.&nbsp;154/10 Section&nbsp;1, Sub-section B) i), second paragraph&#148;. Such Resolution allows deducting, until the Regulatory Authority expresses its opinion, any amounts that eventually may correspond to SU Initial Programs or other than those provided for in Annex III of Decree No.&nbsp;764/00, in accordance with the provisions of Section&nbsp;2 of Decree No.&nbsp;558/08 and Section&nbsp;6 of Annex III of Decree No.&nbsp;764/00, replaced by Decree No.&nbsp;558/08.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;8,770-E/16, issued on December&nbsp;19, 2016, amends section 21 of the RGSU (General Regulation of the Universal Service</font>), providing that programs developed in accordance with sections 19 and 20 of the Regulation will be awarded by Resolution of the ENACOM Board of Directors through any of the following mechanisms, as proposed by the Chairman of the ENACOM Board of Directors:</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a) Direct implementation of the programs to entities included in section 8 paragraphs b) of Law No.&nbsp;24,156, or</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) </font>Public or private, national or international, single or multiple-stage auction or offering.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Priority will be given to projects to be developed in those municipalities that have adopted the regulations proposed in the code of good practices for the deployment of mobile communications networks developed by </font>Argentine Federation of Municipalities and the Operators of Mobile Communications and supported by the former SC of the former Ministry of Federal Planning, Public Investment and Services on August&nbsp;20, 2009 or those contemplating regulations of similar characteristics.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, there are still pending administrative appeals filed by Telecom Argentina in 2012 against several resolutions that rendered ineffective deductions in the SU payments with reference to several programs provided by Telecom Argentina in the &#147;play&#148; mode&#160; of the SU. The magnitudes of the deductions challenged by the Regulatory Authority are disclosed below in <b>&#147;&#151;</b>SU Fund in Telecom Argentina&#148;, transforming the asset position of Telecom Argentina (P$2,925 million) into a potential liability position. As a reference Telecom Argentina potential obligation of the SU for the period July&nbsp;2007 to December&nbsp;2017 represents approximately P$799 million. However, the Company&#146;s Management, with the assistance of its legal advisors, considers that has solid fact and legal arguments to defend the criteria that Telecom Argentina has held and holds with regard to the SU scheme. Additional information is providedin &#147;&#151;Renegotiation of the contract with the public administration&#148; below.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">SU Fund in Telecom Argentina</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Several years after the market&#146;s liberalization and the effectiveness of the first SU regulations, incumbent operators have not received any set-offs for providing services as required by the SU regime and the LAD.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report and in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713 /07, Telecom Argentina has filed its monthly calculations since July&nbsp;2007 for the review of the Regulatory Authority and estimated a receivable of P$2,925 million. This receivable has not yet been recorded as of December&nbsp;31, 2017 since it is subject to the approval of the SU programs, the review of the Regulatory Authority and the availability of funds in the SU Trust.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;8, 2011, the SC issued Resolution No.&nbsp;43/11 notifying Telecom Argentina that investments associated with &#147;High-Cost Areas&#148; &#151; amounting to approximately P$2,691 million since July&nbsp;2007 to date and which are included in the abovementioned receivable - did not qualify as an Initial Indicative Program. Telecom Argentina filed a claim on this resolution.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina was notified of SC Resolutions No.&nbsp;53, 54, 59, 60, 61, 62, 69 and 70/12, pursuant to which the &#147;Special Service of Information 110&#148;, the &#147;Discounts for Retired People, Pensioners and Low Consumption Households&#148;, the services of &#147;Social Public Telephony and Loss-Making Public Telephony&#148;, the &#147;Services and Discounts relating to the Information Society Program argentin@internet.todos&#148;, the &#147;Services for Deaf-Mute People&#148;, the &#147;Free Access to Special Emergency Services and Special Community Services&#148;, the &#147;Value Added Service 0611 and 0612&#148; and the &#147;Long Distance Semipublic Service &#147;, respectively, did not qualify as an Initial Indicative Program, pursuant to the terms of section 26 of Annex III of Decree No.&nbsp;764/00, and that, they did not constitute different services involving a SU provision, and therefore they cannot be financed with SU Funds, pursuant to the terms of section 2 of Decree No.&nbsp;558/08.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s Management, with the advice of its legal counsel, has filed appeals against SC Resolutions Nos. 53, 54, 59, 60, 61, 62, 69 and 70 presenting the legal arguments based on which such resolutions should be revoked. The deductions that were objected by the SC Resolutions amount to approximately P$1,033 million and are included in the credit balance mentioned in the second paragraph. As of the date of this Annual Report the resolution of this appeal is still pending.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;13, 2012, the CNC required Telecom Argentina to deposit approximately P$208 million. Telecom Argentina has filed a recourse refusing the CNC&#146;s request on the grounds that appeals against the SC Resolutions are still pending of resolution. As of the date of this Annual Report, although it cannot be assured that these issues will be favorably resolved at the administrative stage, Telecom Argentina&#146;s Management, with the assistance of its legal advisors, considers that it has solid legal and de facto arguments to support the position of Telecom Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">SU Fund in Personal</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since January&nbsp;2001, Personal has recorded a liability related to its obligation to make contributions to the SU Fund. In addition, since July&nbsp;2007 and in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713/07, Personal deposited the correspondent contributions of approximately P$112 million into an account held under their name at the Banco de la Naci&#243;n Argentina in January&nbsp;2011.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the first quarter of 2011, the above -mentioned funds were transferred to the trustee&#146;s escrow account, in compliance with the provisions of SC Resolution No.&nbsp;154/10 previously described. Since January&nbsp;2011, the SU Fund monthly contributions were made into such escrow account.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;26, 2011, the SC issued Resolution No.&nbsp;9/11 establishing the &#147;Infrastructure and Facilities Program.&#148; The Resolution provided that telecommunication service providers could contribute to investment projects under this program, exclusively the amounts corresponding to their pending obligations of investment contributions born under Annex III of Decree No.&nbsp;764/00, before the effective date of Decree No.&nbsp;558/08.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;2011, Personal submitted to the SC a P$70 million investment project, pursuant to SC Resolution No.&nbsp;9/11, for the development of a network infrastructure in locations in the Northern Region of Argentina with no mobile coverage. Personal submitted its calculations from 2001/2007 related to the mentioned project to be financed through its own SU contribution of such periods as required by the SC.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;9, 2014 Personal filed an amended proposal for the project within the scope of resolution No.&nbsp;9/11, pursuant to the SC&#146;s request. This new filing consists only of additional detailed information about the project&#146;s scope. As of the date of this Annual Report the Project is pending of approval.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;5, 2012, the SC issued Resolution No.&nbsp;50/12 pursuant to which it notified that the services referred to by the Mobile Communications Services Providers, which were filed as High Cost Areas or services provided in non-profitable areas, services provided to clients with physical limitations (deaf-mute and blind people), rural schools, and the request relating to the installation of radio-bases and/or investment in the infrastructure development in various localities, did not constitute items that may be discounted from the amount of contributions to the SU pursuant to the last part of section 3, of Resolution No.&nbsp;80/07, or section 2 of Decree No.&nbsp;558/08. It also provided that certain amounts already deducted would be used for investment projects within the framework of the Program of SC Resolution No.&nbsp;9/11, or deposited in the SU Fund, as applicable.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal has filed an administrative action against SC Resolution No.&nbsp;50/12 requesting its nullity. As of the date of this Annual Report, this matter is still pending.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;1, 2012, responding to an SC&#146;s requirement, Personal deposited under protest approximately P$23 million in the SU Fund, corresponding to the assessment of the SU services provided by Personal since the issuance of Decree No.&nbsp;558/08, reserving its right to take all actions it may deem appropriate to claim its reimbursement, as informed to the SC and the CNC on October&nbsp;15, 2012. Since August&nbsp;2012, Personal is paying under protest of those concepts in their monthly affidavits.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It cannot be assured that this issue would be favorably resolved in the administrative stage, or, later at a judicial stage.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Spectrum</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-align:justify;text-indent:35.45pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SC Resolution No.&nbsp;38/14</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;7, 2014, SC Resolution No.&nbsp;38 was published in the Official Gazette which announced a Public Auction process (the &#147;Auction process&#148;) for the awarding of the remaining frequencies of the Personal Communication Services (PCS), of the Cellular Mobile Radiocommunication Services (SRMC), as well as those of the new spectrum for the Advanced Mobile Communications Service (SCMA) recently created.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Terms and Conditions organized the aggregate of the spectrum to be auctioned in 10 Lots, being the first one to be auctioned exclusively among entering operators. The Public Auction took place on October&nbsp;31, 2014. Personal presented its economic bids and was awarded Lots 2, 5, 6 and 8. Telef&#243;nica M&#243;viles Argentina S.A. (Movistar), Am&#233;rica M&#243;vil S.A. (Claro) and Arlink S.A also participated in the Auction.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through SC Resolution No.&nbsp;79/14 the SCMA service was awarded to Personal, while through SC Resolutions No.&nbsp;80/14, 81/14, 82/14 and 83/14 that were published in the Official Gazette on November&nbsp;27, 2014, the following frequency bands were awarded to Personal:</font></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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">SC<br>   Resolution</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.0%;">
<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;">Lot<br>   No.</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<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;">Frequency&nbsp;Band</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<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;">Exploitation<br>   area/&nbsp;(Service)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">Amount<br>   paid&nbsp;(in<br>   millions&nbsp;of<br>   US$)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<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;">Capitalized&nbsp;cost<br>   of&nbsp;acquisition&nbsp;(in<br>   millions&nbsp;of&nbsp;P$)</font></b></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80/14</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PCS</font></p>    </td>
<td width="2%" valign="top" 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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1890-1892.5 MHz and 1970-1972.5 MHz</font></p>    </td>
<td width="2%" valign="top" 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="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Northern (3G)</font></p>    </td>
<td width="2%" valign="top" 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="9%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.0</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81/14</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SRMC</font></p>    </td>
<td width="2%" valign="top" 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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">830.25-834 MHz and 875.25-879 MHz</font></p>    </td>
<td width="2%" valign="top" 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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMBA (3G)</font></p>    </td>
<td width="2%" valign="top" 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="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45.0</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">387</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82/14</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PCS</font></p>    </td>
<td width="2%" valign="top" 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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1862.5-1867.5 MHz and 1942.5-1947.5 MHz</font></p>    </td>
<td width="2%" valign="top" 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="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Southern (3G)</font></p>    </td>
<td width="2%" valign="top" 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="9%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.0</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83/14</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCMA</font></p>    </td>
<td width="2%" valign="top" 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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1730-1745 MHz and 2130-2145 MHz</font></p>    </td>
<td width="2%" valign="top" 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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Country (4G) partial awarding</font></p>    </td>
<td width="2%" valign="top" 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="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">354.7</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,049</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" 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="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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 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;">410.7</font></b></p>    </td>
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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;">(*) 3,530</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(*) Includes P$18 million corresponding to the tax on debits to bank accounts that were capitalized in the cost of the licenses.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal paid for the awarded frequency bands, and also constituted the corresponding performance guarantees. In the case of Lot No.&nbsp;8, the payment was made on account of the single and total price offered for this Lot.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal asked that the assignment of the Frequency Bands for the SCMA services in Lot No.&nbsp;8, which was partially awarded to Personal through SC Resolution No.&nbsp;83/14, be completed and reserved the applicable rights.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The full awarding of Lot No.&nbsp;8 became essential for compliance with the commitments foreseen in the Auction Terms and Conditions. Once the awarding process was completed, Personal had access to SCMA Frequency Bands 713-723 MHz/768-778 MHz, and had to pay the equivalent to US$ 247.3 million (pending balance of the auction&#146;s amount), and give a warrant of accomplishment of 15% of such amount.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Auction Terms and Conditions provided authorizations for the use of the auctioned frequency bands for a period of fifteen (15) years from the notification of the award. After this deadline the Regulatory Authority would extend the terms of use upon formal request of the awarded operator (which price and conditions would be set forth by the Regulatory Authority).</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">72<a name="PB_72_104840_7748"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Auction Terms and Conditions also established strict coverage and network deployment commitments which require significant investments to Personal. Additional information is provided in Note 18.e) to the Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through SC Resolution No.&nbsp;25/15, issued on June&nbsp;11, 2015, Personal was assigned the rest of Frequency Bands which composed Lot No.&nbsp;8 and that were pending of assignment by the SC.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;25, 2015 Personal paid the offered amounts corresponding to the awarded Frequency Bands (which were equivalent to US$247.3 million) pursuant to the provisions of the Auction Terms and Conditions and its complementary clarifying documents, as a result of which the whole amount of the sum offered for Lot No.&nbsp;8 was paid. In addition, in its bid documents, Personal stated that such Lot formed a unique and comprehensive block for purposes of complying with the obligations undertaken in connection with the deployment of the SCMA, also expressing that the Federal Government has the obligation to cause the awarded bands to be free from occupants and interferences.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SC Resolution No.&nbsp;18/14, provided that the 698 to 806 MHz frequency bands had to be disengaged before a two years deadline. Expired that period, the irradiating systems involved in the migration had to finish their emissions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual report, the deadline provided by SC Resolution No.&nbsp;18/14 for the disengagement of the 698 to 806 MHz frequency band expired on July&nbsp;18, 2016. However, such frequency band continues to be busy.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;6,396/16, published in the Official Gazette on July&nbsp;22, 2016, provided that the licensees </font>within the scope of the migration provided by SC Resolution No.&nbsp;18/14 that are currently providing services within the 698 to 806 MHz frequency band, may choose to: (i)&nbsp;temporarily continue providing their respective services in other frequencies corresponding to the bands allocated to the broadcasting service, particularly 512-698 MHz frequency band, subject to technical feasibility verified in each case, and for the term provided in section 2 of Resolution No.&nbsp;6,396/16; or (ii)&nbsp;request the assignment of a bandwidth equivalent to that currently authorized, in 12.2 to 12.7 GHz destination band.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, the &#147;</font>Authorization Agreement for the Use of Frequency Bands&#148;, related to the bands awarded to Personal as a result of the public auction called pursuant to the provisions of SC Resolution No.&nbsp;38/14 is still pending of execution by the Regulatory Authority.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the provisions of Decree No.&nbsp;1,340/16, the term of the authorizations for the use of frequencies of the Advanced Mobile Communications Service, as well as the corresponding deployment obligations, will be computed from the actual migration of the services currently operating in these bands in Area II (AMBA). Additional information on the impact on Telecom Argentina is disclosed in Note 3.j) and Note 18.e) to the Consolidated Financial Statements as of December&nbsp;31, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;18, 2017, Personal filed a letter to ENACOM expressing its interest in participating in the Auction, Offering or Reattribution procedure/s of frequency bands timely available within the scope provided by Law No.&nbsp;27,078 and consistent regulations, subject to the analysis of the conditions defined at that time. This includes the bands currently attributed to the Mobile Communications Service or Advanced Mobile Communications Service, as thus also any other band which, in the future, be attributed to the provision of such services among other frequencies in bands 2.5-2.6 Ghz, 3.4-3.7 GHz, 450 MHz, 600 MHz, 700 MHz, 800 MHz, 850 MHz, 900 MHz, 1900 MHz, AWS, and extended AWS.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Regulations of Refarming with Financial Compensation and Shared Use of Frequencies</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;31, 2017, Resolution of the Ministry of Communications No.&nbsp;171-E 2017 was issued, approving the &#147;</font>Regulations of Refarming with Financial Compensation and Shared Use of Frequencies&#148; (<i>Reglamento de Refarming con Compensaci&#243;n Econ&#243;mica y Uso Compartido de Frecuencias</i>). As a summary, the following provisions can be highlighted:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Instructs ENACOM to analyze the technical feasibility and implement the allocation to the mobile service, with primary status, of the 450-470 MHz, 698-960 MHz and 2,300-2,400 MHz frequency bands. All of the above is to be used in the provision of SCMA or any other arising from technological developments.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Provides the preventive suspension of the reception of awarding procedures in 1,427-1,518 MHz and 3,300-3,600 MHz frequency bands.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Modifies the spectrum cap, setting it in 140 MHz per provider for each area and/or operating location. For such purposes, the spectrum assigned to each company, its subsidiaries or controlling shareholders, directly or indirectly, or subject to common control or those holding more than 30% of the shares of another company, will be considered if, with such equity interest, holds a position of substantial influence in the decisions of such company. Any other subject or body may be included in the calculation of the spectrum awarded to any other subject or entity assigned to that spectrum when it is understood that any contractual linkage has been entered into to circumvent this limit.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Instructs ENACOM to modify the &#147;National Scheme of Attribution of Radio Spectrum Bands&#148; (<i>Cuadro Nacional de Atribuci&#243;n de Bandas del Espectro Radioel&#233;ctrico </i>&#151; &#147;ER&#148;) for the purpose of making available for MCS providers frequency bands suitable to that end.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> From the publication of the new bandwidth table and its respective channels, MCS providers will have a maximum of 15 working days to request their express assignment. Such allocations shall be made on equal terms and conditions as those required from other providers of similar service in the same band. This provision is complemented by section 9 of Resolution No.&nbsp;1,034-E/17.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> The regulatory authority is delegated to ENACOM, who will provide the necessary complementary or explanatory rules&nbsp;for a better application of these provisions.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, ENACOM Resolution No.&nbsp;1,033-E/17, issued on February&nbsp;20, 2017 provided to allocate the frequency bands between 905-915 MHz, and 950-960 MHz to the Mobile Service with primary status, for the provision of the Advanced Mobile Communications Service.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;1,034-E/17, also issued on February&nbsp;20, 2017, allocated the frequency band between 2,500-2,690 MHz to the Mobile Service with primary status, and the use of the frequency band between 2,500-2,690 MHz for the provision of SCMA, in addition to current services when their coexistence is possible.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;7, 2017 ENACOM Resolution No.&nbsp;1,299-E/17 was published in the Official Gazette. This Resolution approved the Refarming Project with Financial Compensation and Shared Use of Frequencies to Nextel Communications Argentina SRL (&#147;Nextel&#148;, currently Telecom Argentina since the merger with Cablevisi&#243;n, see Note 32 to the consolidated financial statements as of December&nbsp;31, 2017) to provide the Advanced Mobile Communications Service, granting this company the registration for the provision of such service, and authorizing it to:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><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; </font>use frequencies between 905-915 MHz and 950-960 MHz in accordance with the provisions of ENACOM Resolution No.&nbsp;1,033-E/17 and channels 7 to 10, and 7&#146; to 10&#146; in FDD mode, provided in the Annex of Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project approved by the Resolution.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><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; </font>use frequencies between 2,550-2,560 MHz, and between 2,670-2,680 MHz exclusively for migrating users from pre-existing services, for a 2-year period, term in which it should additionally resolve the final destination of those users. Once the migration is completed, or the 2-year term expires, whichever occurs last, Nextel may use channels 11 and 12, and the corresponding 11&#146; and 12&#146; in FDD mode, provided in the Annex to Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project hereby approved.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Resolution provides as URV for the radio spectrum the following bands involved in the project:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><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; </font>900 MHz Band = 0.1841 (US$/MHz/inhabitant)</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><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; </font>2,600 MHz Band = 0.0423 (US$/MHz/inhabitant)</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RV for frequencies involved in the Project in FDD mode is set in US$178,419,397 calculated pursuant to Section&nbsp;7 of MINCOM Resolution No.&nbsp;171-E/17, based on the URV provided in the foregoing section.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The rule&nbsp;establishes that the following discounts and weighting factors will be applied, which shall be calculated pursuant to section 7 of MINCOM Resolution No.&nbsp;171-E/17, and which in detail will be used in order to determine the amount of the Financial Compensation that will be part of the agreement to be settled.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><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; </font>Discounts:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> The amount equivalent to the frequencies of the spectrum whose return is provided in section 7 therein, and whose value will be calculated according to the URV provided in section 8 herein, as appropriate.</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-align:justify;text-indent:35.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> The amount corresponding to the valuation of the Coverage Obligations provided by section 10 of the regulation.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><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; </font>Weighting Factors:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> The speed of networks and service deployment calculated from the amount of investment for the first five years, with respect to the total Project hereby approved.</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-align:justify;text-indent:35.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> The speed of deployment of the Coverage Obligations provided in section 10 therein.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The implementation of the Project is subject to the issuance of the agreement specifying the terms, conditions, goals, obligations and other issues inherent to the provision of Advanced Mobile Communications Service.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the same resolution and as part of the authorization, that agency imposed additional Coverage Obligations on Nextel.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It also imposes two obligations that must be fulfilled prior to initiating the rendering of Advanced Mobile Communication Services: (i)&nbsp;the return of the proposed radio-electric spectrum; and (ii)&nbsp;the creation of a guaranty issued in favor of and satisfactory to ENACOM for an amount equal to the value of the radio-electric spectrum that is subject to return.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Resolution also orders that Nextel shall post a performance bond to guarantee the obligations and responsibilities undertaken by that company to be issued in favor and to the satisfaction of the ENACOM for the amount and under the terms that shall be set forth in the contract to be executed with the ENACOM. That contract shall establish, in addition to the economic compensation to be paid by Nextel, the terms, conditions, goals, obligations and other matters inherent to the rendering of the Advanced Mobile Communication Services authorized by that agency to which Nextel shall be bound.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;12, 2017, Nextel and the ENACOM executed the agreement referred to in the previous paragraph. On April&nbsp;28, 2017, pursuant the Agreement executed with the ENACOM, Nextel transferred to that agency the &#147;economic compensation&#148; of Ps. 478,240,214, established by the ENACOM on April&nbsp;26, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In another agreement also executed on April&nbsp;12, 2017, NEXTEL accepted and expressly consented to the authorization granted to the Chairman of the ENACOM to decide on, within a term of 2 years as from the date of the agreement, the replacement with economic compensation -to be paid by NEXTEL- of certain channels of the 2500-2690 MHz frequency bands for frequencies in other bands, as established under Article&nbsp;7 of ENACOM Resolution No.&nbsp;1,034/2017.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, on May&nbsp;5, 2017, Nextel posted the performance bond provided under the agreement in order to guarantee: (i)&nbsp;compliance with the coverage obligations in the localities ordered by ENACOM; and (ii)&nbsp;the return of compromised radio spectrum.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;3,909-E/2017 published on May&nbsp;24, 2017, the ENACOM decided to register the agreements described in the paragraph.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ENACOM Resolution No.&nbsp;3,687-E/17 call for the on-demand frequency allocation</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;3,687-E/17, published in the Official Gazette on May&nbsp;12, 2017, provided the call for the on-demand frequency allocation of the 2,500 to 2,690 MHz radio spectrum, stating the procedure, obligations and compensations to be fulfilled by the Mobile Communications Service providers who qualify to participate, in accordance with the provisions of Section&nbsp;4 of Decree No.&nbsp;1,340/17.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Resolution provided to group the frequency channels to be allocated in three (3)&nbsp;Lots: two (2)&nbsp;Lots of 30 MHz, containing three (3)&nbsp;frequency channels in the FDD mode each, and one (1)&nbsp;Lot of 40 MHz, containing two (2)&nbsp;frequency channels in FDD mode (20 MHz) and four (4)&nbsp;frequency</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">channels in TDD mode (40 MHz) with a TDD channels trade option for a Lot of 10 MHz in FDD for two years extent if certain conditions are met, according to the channeling provided in ENACOM Resolution No.&nbsp;1,034-E/17 and its amendment (ENACOM Resolution No.&nbsp;1,956-E/17). According to the characteristics of the 2,500 to 2,690 MHz band, the authorization of use of the frequency channels that compose each Lot must be issued by each locality.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;24, 2017, Personal filed to ENACOM the Envelope with its On-demand Allocation Request, according to the provisions of Resolution No.&nbsp;3,687-E/17.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;5, 2017, ENACOM notified Personal of its Resolution No.&nbsp;5,478-E/17 through which the frequencies included in Lot A were assigned to Telef&#243;nica M&#243;viles Argentina S.A., the frequencies included in Lot B were assigned to AMX Argentina S.A. and the frequencies included in Lot C were assigned to Personal (all of them stated in Annex I of ENACOM Resolution No.&nbsp;3,687 E/17), in the locations detailed in the respective Annexes (attached to Resolution No.&nbsp;5,478-E/17) as requested by each provider. The Resolution provides that the enforcement of its provisions will be operative, within the Departments of San Rafael, General Alvear and Malarg&#252;e, of the Province of Mendoza, once the judicial decision ordered by the Federal Court of San Rafael in the legal process entitled &#147;CABLE TELEVISORA COLOR S.A. c/ PEN AND OTHER S/ AMPARO Ley 19,986-File No.&nbsp;5,472/17&#148; had been revoked.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The spectrum allocation will last 15 years since CABA plus other thirteen areas are free of interference over a total of 18 provincial capitals plus Rosario, Mar del Plata and Bahia Blanca and will demand payment of up to approximately US$ 55.9 million (subject to certain compensation clauses for early or late releases) to be paid by localities released from interference on every January&nbsp;of the following year of the year of the effective release. The conditions for the spectrum allocation include certain obligations regarding the service launch by localities, penalty clauses for non-compliance with the deadlines established by localities (which would involve the frequency return plus a fine equivalent to 15% of the spectrum value of the locality involved) and certain guarantees required, among them, the deployment.</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 .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Spectrum in 700 MHz Band licenses (Paraguay)</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;2017 the public consultation process was started for the auction of 700 MHz band spectrum. The list of conditions was issued on October&nbsp;30, 2017 and in December&nbsp;of the same year the prequalification of offerors was done being N&#250;cleo one of the prequalified and having to pay a deposit of US$ 15 million in December&nbsp;2017. The process finished on January&nbsp;4, 2018 with the simultaneous auction of 7 sub-bands of 5 + 5 MHz each one, N&#250;cleo was awarded with two of them for an amount of US$ 12 million for each sub-band subject to the compliance with certain conditions provided by CONATEL&#146;s resolution.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;27, 2018 the auction&#146;s price was cancelled for US$ 9 million in compliance with CONATEL&#146;s resolution.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;6, 2018, CONATEL notified N&#250;cleo Resolution No.&nbsp;375/2018 through which H-H&#146; and I-I&#180; sub bands included in 700 MHz spectrum bands were assigned to N&#250;cleo.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SC Resolution No.&nbsp;5/13 &#151; Telecommunication service quality regulation</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;2, 2013, SC Resolution No.&nbsp;5/13 was published in the Official Gazette. This Resolution approved a &#147;telecommunication service quality regulation&#148;, establishing, among others, new quality parameters required for telecommunication services provided through mobile and fixed public networks, for all the operators in Argentina, as well as the obligation to provide periodic information to the CNC.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CNC Resolution No.&nbsp;3,797/13 was published in the Official Gazette on November&nbsp;13, 2013, supplementing SC Resolution No.&nbsp;5/13 and approving the Audit Procedures and Technical Verification of Service Quality Regulation of Telecommunications Services Manual.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the provisions of CNC Resolution No.&nbsp;3,797/13, Telecom Argentina and Personal have submitted their respective &#147;Technical Reports&#148; (detailed technical specifications of the measurement process) and have made their submissions providing the required information pursuant to the provisions of SC Resolution No.&nbsp;5/13.</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;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August&nbsp;14, 2014 the CNC notified Telecom Argentina and Personal that the audits and technical verifications that the Regulatory Authority shall perform on the supply of services regarding licenses of Telecom Argentina and Personal will be performed following the processes and methods of measurement exhibited in the respective presentations of the &#147;Technical Reports.&#148; The CNC also notified Telecom Argentina that these shall be carried out using the principles set forth in SC Resolutions No.&nbsp;5/13 and CNC No.&nbsp;3,797/13. Notwithstanding, the CNC developed verification tasks of the mobile services by means of tests of calls and data with measuring mobile devices in different locations of the country using procedures different from those defined in the Quality Regulation and published the results at &#147;quenosecorte.gob.ar.&#148;</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within the scope of said verifications, the CNC initiated penalty processes against Personal for alleged non-compliance with CNC Resolution No.&nbsp;3,797/13. The Management of the Company has in a timely basis submitted its solid legal defense against these claims.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the enforceability of this Resolution is subject to the compliance of certain steps for its implementation with the previous approval of the Regulatory Authority, Telecom Argentina and Personal have carried out the corresponding reservations of their rights in each of their submissions. In addition, Telecom Argentina has stated in its different submissions that, due to the special circumstances that affected its tariff structure, the compliance of the burdensome operative and customer service parameters set forth in SC Resolution No.&nbsp;5/13 should not apply.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Regulation of Virtual Mobile Operators</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SC Resolution No.&nbsp;68/14, published in the Official Gazette on October&nbsp;28, 2014, approved the Regulation of Virtual Mobile Operators (&#147;VMO&#148;) and the Basic Requirements for VMO Agreements. Among its provisions, the Resolution states that the Network Mobile Operators (&#147;NMO&#148;) that have spectrum and infrastructure, shall annually file a reference offer for those interested in providing services as VMO, in which they will set forth the technical and economic conditions, which shall be reasonable and non-discriminatory.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Resolution also provides the modalities and procedures for the provision of such services. According to section 2 of the Annex of the Resolution, the Regulation is applicable to SCMA.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ministry of Communications Resolution No.&nbsp;38/16, issued on May&nbsp;5, 2016, approved the new Regulation of Virtual Mobile Operators (&#147;VMO&#148;) and revoked SC Resolution No.&nbsp;68/14, which had approved the Regulation of Virtual Mobile Operators previously provided by </font>former SC.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The mentioned Resolution provides that Network Mobile Operators (&#147;NMO&#148;), which have spectrum and infrastructure (among them, Personal), </font>must submit, within 120 calendar days since the Resolution publication, a Reference Offer (&#147;the RO&#148;) for those interested in providing VMO services. The RO must be published annually in the NMO and on the Regulatory Authority official web site, and shall provide the economic and technical conditions (that will be freely established between the parties, reasonable, and non-discriminatory), clearly detailing the prices and conditions of each of the benefits and services to be provided.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This new Regulation </font>is applicable for Mobile Communications Service (SCM), which includes Mobile Telecommunication Services (STM), Cellular Mobile Radio-communications Services (SRMC), Personal Communications Services (PCS) and Mobile Advanced Communications Services (SCMA). The Resolution also provides the procedures for the Services Agreements subscription between the NMO and the VMO, which will determine the terms and conditions under which the NMO will provide telecommunications network access and, where appropriate, telecommunications network interconnection the VMO.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;1, 2016, Personal filed a presentation to the Ministry of Communications </font>through which it exposed substantial grounds for finding essential the suspension of the deadline for submission of the OR provided in Section&nbsp;2 of Ministry of Communications Resolution No.&nbsp;38/16, until the 700 MHz frequencies comprising Lot 8 (awarded and paid by Personal) were in full conditions of use and until the spectrum of Lot 1 of the Frequency Bands Public Auction developed by SC Resolution No.&nbsp;38/14 was allocated and &#147;on-air.&#148; Through the mentioned presentation it was also requested: a) the removal of Section&nbsp;10 of Annex I of the above-mentioned rule&nbsp;(which does not allow agreements with VMO on an exclusive basis); b) that ENACOM enclose interference measurements carried out in the 700 MHz Band awarded to Personal; and c) that ENACOM informs whether it has definitively resolved all the claims filed by the users of such band.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding its presentation, on January&nbsp;12, 2017, ENACOM charged Personal </font>for non- compliance with the RO presentation. Personal has submitted its discharge rejecting the accusation and has submitted its RO, which validity is subject to the resolution of the legal issues exposed in its submissions.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Decree No.&nbsp;798/16: National Plan for the Development of Competitiveness Conditions and Quality of Mobile Communications Services</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;798 published in the Official Gazette on June&nbsp;22, 2016 &#151; issued within the scope of the Ministry of Communications&#151; approved the National Plan for the Development of Competitiveness Conditions and Quality of the Mobile Communications Services, </font>which has its strategic focus on encouraging greater efficiency in the market, with quality services at fair and reasonable prices.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The above mentioned plan provides that within 90 days the Ministry of Communications shall, i) start the process of adaptation of the scheme approved by SC Resolution No.&nbsp;157/97 (CPP scheme) to the provisions of the LAD; ii) update the General Regulation of MCS customers along with the process initiated by the SC Resolution No.&nbsp;12/13, proving for the existence of mechanisms that would allow customers to access information about the quality of the service and to get benefits and/or compensation in their services in case of non-compliance with the established quality standards; (iii)&nbsp;start the process of adaptation of the &#147;Regulation on Administration, Management and Control of Frequency Bands&#148; (<i>Reglamento sobre Administraci&#243;n, Gesti&#243;n y Control del Espectro Radioel&#233;ctrico</i>), to the provisions of the LAD, in order to introduce greater competitiveness in all services; (iv)&nbsp;update the &#147;National Scheme for the Granting of Frequency Bands&#148; (<i>Cuadro Nacional de Atribuci&#243;n de Bandas del Espectro Radioel&#233;ctrico</i>) so as to increase the availability of frequencies for the provision of mobile communications services, for which purpose the procedures provided in section 30 of the LAD will be initiated; v) incorporate to the &#147;Universal Service General Regulation&#148; (<i>Reglamento General del Servicio Universal</i>) approved by ENACOM Resolution No.&nbsp;2,642/16, the granting of priority to consider -in programs with SU Funds- projects eligible to be developed in those Municipalities which have adopted the legislation proposed in the &#147;Code of Good Practices for the Deployment of Mobile Communication Networks&#148; (<i>C&#243;digo de Buenas Pr&#225;cticas para el Despliegue de Redes de Comunicaciones M&#243;viles</i>) provided by the &#147;Argentine Federation of Municipalities and the Operators of Mobile Communications&#148; (<i>Federaci&#243;n Argentina de Municipios y los Operadores de Comunicaciones M&#243;viles</i>) and supported by the former SC of the former Ministry of Federal Planning, Public Investment and Services on August&nbsp;20, 2009, or those contemplating rules&nbsp;of similar characteristics that would not prevent, in fact or Law, the deployment of such networks; (vi)&nbsp;develop a National Contingency Plan for disaster situations; and (vii)&nbsp;Update the National Interconnection Regulations and Licensing for Telecommunications Services and the Scheme of Portability Number approved by SC Resolution No.&nbsp;98/10.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Decree also provides that the Ministry of Communications, through the ENACOM, shall, </font>in a 60-calendar-day term, prepare measurement protocols that would enable to show the quality perception of MCS users, taking into account UIT parameters, and review and update quality standards for the ICT service networks through all the corresponding areas.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the ENACOM shall perform measurements of non-ionizing radiations in order to control that these remain within non-harmful levels to human health, and the &#147;Administration Agency for State Property&#148; (<i>Agencia de Administraci&#243;n de Bienes del Estado</i> - AABE) shall in its role as governing Body of the state property policy, perform procedures and administrative acts and relevant contracts to grant the use for valuable consideration of terraces, roofs, towers, solar and/or any installation, plant or property sector of the State that are suitable for the installation of supporting structures of antennas, equipment and installations associated with telecommunications, information technologies and communications and/or audiovisual communication services. The AABE will make available for the licensees of such services and for independent companies sharing passive infrastructure, the listing of state properties potentially suitable for such facilities.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among other aspects, the Decree provides that, as a way to encourage the rapid deployment of networks and the infrastructure sharing, rent fees will not be charged for a 1-year period for the use of state property in which base stations are installed within 3 months of publication of the rule&nbsp;in the Autonomous City of Buenos Aires, or within 6 months in the rest of the country. Under the same condition, this period will be extended to 3 years when the infrastructure is shared by two Mobile Services Licensees, and to 4 years when it is shared by more than two. Identical benefit will be granted if it is a sharing independent company of passive infrastructure, and the above conditions are met.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this regard, it is worth mentioning the agreement signed on April&nbsp;27, 2016 between Personal, AMX Argentina S.A., Telef&#243;nica M&#243;viles Argentina S.A., the Ministry of Communications and the Government of the Autonomous City of Buenos Aires, to facilitate the deployment of network infrastructure in the area of Comuna 1 of the Autonomous City of Buenos Aires, including the use of roofs and luminaries of the GCBA.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;5/2017 of the Ministry of the Interior, Public Works and Housing Court of Appraisals of the Nation (February&nbsp;1, 2017), initial monthly rent fees for the year 2017 were approved, for the use against payment of terraces, roofs, solar towers or any installation, plant or sector of state property that are suitable for the installation of supporting structures of antennas, equipment and installations associated with telecommunications, information technologies and communications and audiovisual communication services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Tax Stability&#148; principle: impact of variations in social security contributions</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;23, 2007, the SC issued Resolution No.&nbsp;41/07 relating to the impact of variations in social security contributions occurring after November&nbsp;8, 1990 and the proposed use for the resulting savings and increases in contribution rates that have occurred.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina had recorded a liability related to the savings caused by reductions in the levels of social security contributions initially earmarked for the Argentina@internet.todos Program. The mentioned savings were substantially generated during fiscal year 2000. Resolution No.&nbsp;41/07 allowed Telecom Argentina to recover the increases in social security contributions that it has to pay as a consequence of the increase in social contributions rates.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within this context and considering applicable the principle of tax stability provided by the Transfer Agreement approved by Decree No.&nbsp;2,332/90, the Resolution authorized the aforementioned savings being offset with the amounts arising from the application of the mentioned increases.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The offset of both concepts and the determination of a balance, were subject to the audit results performed by the Regulatory Authority according to the information provided by Telecom Argentina. The mentioned audit was performed during the third quarter of 2007. Telecom Argentina took knowledge of the proceedings, in which the CNC recognized a receivable arising from increases in social contributions within the scope of Resolution No.&nbsp;41/07, and cancelled payables arising from reduction in social contributions taxes with the Regulatory Authority and other sanctions imposed to Telecom Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, Telecom Argentina has a net receivable of P$33 million which, in addition to the receivable of P$23 million corresponding to the <i>Impuesto a los D&#233;bitos y Cr&#233;ditos bancarios</i> (&#147;IDC&#148;) as explained below, is included in under the item &#147;Other receivables&#148; in our Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since Resolution No.&nbsp;41/07 provides Telecom Argentina the right to offset receivables with existing and/or future regulatory liabilities and, given Telecom Argentina&#146;s intention to exercise this right, the receivable was recorded net of several provisions. As of December&nbsp;31, 2017, the provisions which can be offset with the receivables arising from Resolution No.&nbsp;41/07 and from IDC amounted to P$56 million.</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-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It should be noted that, as of December&nbsp;2008, Telecom Argentina began to transfer to its customers the highest social contributions accrued as of October&nbsp;2008 applying the same methodology used for the transfer of the IDC.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tax on deposits to and withdrawals from bank accounts charged to customers</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;6, 2003, the Ministry of Economy and Public Finance, through Resolution No.&nbsp;72/03, defined the method to allow, going forward, rate increases on Basic Telephone Services reflecting the impact of the IDC. The amount of tax charged must be shown separately in customers&#146; bills. Telecom Argentina has determined the existence of a remaining unrecovered amount of approximately P$23 million that arose before the issuance of Resolution No.&nbsp;72/03.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In April&nbsp;2007, Telecom Argentina provided the CNC with supporting documentation about this amount and in May&nbsp;2007 filed its preliminary economic evaluation to the Regulatory Authority. Telecom Argentina took knowledge of the Regulatory Authority&#146;s documentation which corroborates the amount claimed by it and provides a similar offsetting method pursuant to Resolution No.&nbsp;41/07 (as described in &#147;&#151;Tax Stability principle: impact of variations in social security contributions&#148; above). As a result, Telecom Argentina recorded as &#147;Non-current Other receivable&#148; a total of P$23 million. This receivable is also included in the provisions for regulatory matters described above.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Renegotiation of the contract with the public administration</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Convertibility period of the peso to the US dollar: dollarization of rates</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;28, 1991 Telecom Argentina and Telef&#243;nica signed an agreement with the Argentine government related to the rate regime, which was ratified by Decree No.&nbsp;2,585/91 and was effective from December&nbsp;18, 1991. The most relevant aspects included in this agreement that amended the rate regime provided by the Transfer Agreement were:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;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 rate, measured in basic telephone pulses, was set in US dollars, adjustable twice a year (April&nbsp;and October) based on the variation of the U.S. C.P.I. (all items). These rate adjustments did not require the prior approval of the Regulatory Authority. Since 2000 these rate adjustments were not applied according to agreements signed with the SC, which delayed its implementation. Subsequently, in October&nbsp;2001, an injunction prevented the continuity of application.</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-align:justify;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 customers billing continued performing in local currency.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Rates pesification: regulated public services rates freezing</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;6, 2002, the Argentine Government enacted Law No.&nbsp;25,561, &#147;<i>Ley de Emergencia P&#250;blica y Reforma del R&#233;gimen Cambiario&#148;</i> (the &#147;Public Emergency Law&#148;). This Law, by section 8, annulled adjustment clauses in dollars or other foreign currencies and indexation clauses based on price index and any other indexation method. As a consequence, from that date Telecom Argentina&#146;s rates were set in pesos at the exchange rate P$1 per US$ 1. As a consequence, regulated fixed service tariffs remained frozen until the end of the year 2015. Such freezing of tariffs violated the Transfer Contract and regulations that supplemented it.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer Agreement and the resolution of the regulatory issues that negatively affected the operations of Telecom Argentina since the enactment of the Public Emergency Law and the Exchange Regime System Reform in January&nbsp;2002 (pesification of rates, lack of compensation for SU features, increased penalties for delays in repairing and installation in fixed telephony,&nbsp;etc.), have not been fulfilled by the National Government making it responsible for the damages caused.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional information on Telecom Argentina&#146;s tariffs pesification, Letters of Understanding with the National Government/UNIREN and Price Cap are presented in consolidated financial statements of prior years.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ENACOM Resolution No.&nbsp;5,641-E/2017</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through this Resolution, published on December&nbsp;22, 2017, the ENACOM decided:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.- To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of Law No.&nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have less than 80,000 inhabitants.</font> To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of Law No.&nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have more than 80,000 inhabitants and where those services are rendered only by Cooperatives and Small-and-Medium Sized Companies.</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-align:justify;text-indent:14.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.- To provide that in all those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, whatever the size of their population, where the Subscription Broadcasting Service by means of physical or radio-electric link is rendered by, at least, a licensee that has more than 700,000 subscribers nationwide, the Licensees mentioned in Section&nbsp;94 of Law No.&nbsp;27,078 may start providing services as from January&nbsp;1, 2018.</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-align:justify;text-indent:14.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.- The Licensees mentioned in Section&nbsp;94 of Law No.&nbsp;27,078 (among them, Telecom Argentina) that are authorized to provide Subscription Broadcasting Service by means of physical or radio-electric link pursuant to Section&nbsp;2 of said law may not make an integrated offering to provide said service with the rest of the services that they are currently providing in those locations until January&nbsp;1, 2019.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.- To provide that in those locations in Argentina where subscription broadcasting services by means of physical or radio-electric link are not provided, the Licensees mentioned in Section&nbsp;94 of Law No.&nbsp;27,078 may, as from January&nbsp;1, 2018, request authorization to provide services in the respective coverage areas, subject to an evaluation by the ENACOM.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other Regulations</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-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Buy Argentine Act</font></i></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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the provisions of section 1 of Law No.&nbsp;25,551, which is regulated by Decree No.&nbsp;1,600/02, Telecom Argentina, as a public fixed telephone service licensee, and their respective direct subcontractors, shall give preference to the purchase or lease domestic goods and services.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2 of the mentioned law provides that a good or service is of domestic origin when it has been produced or extracted in Argentina, provided that the cost of raw materials, supplies or nationalized imported materials do not exceed 40% of the goods or services gross production value.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3 of the mentioned law provides that the preference established in section 1 to domestic goods or services will apply when, for identical or similar goods or services, under cash payment terms, the price is equal to or lower than the price of imported goods or services, increased by 7% when the offering of the good or services is carried out by companies qualified as SME, and 5% when the offering of the good or services is carried out by other companies. For comparison purposes, the price of imported goods shall include import duties and taxes and all expenses required for its nationalization.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The mentioned law provides that the hiring companies shall announce their tenders in the Official Gazette as required by the regulation involved, so as to provide all possible bidders timely access to information that enables them to participate in the mentioned tender. It is worth mentioning that the communication provided in the hiring processes law for purchases subject to the Buy Argentine Act, establishes a considerable period prior to the issuance of the purchase order. The mentioned Act also establishes criminal sanctions for non-compliance.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Relating to services acquisitions, Decree No.&nbsp;1,600/02 refers to Law No.&nbsp;18,875, which provides the obligation to hire only companies, consultants and domestic professionals, as defined in the mentioned Law. Any exceptions must be approved by the competent Ministry.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In August&nbsp;2004, the CNC Resolution No.&nbsp;2,350/04, approved the &#147;Procedure for the accomplishment of the Buy Argentine Act&#148;, which includes the obligation to submit semiannual affidavits related to the compliance with the Act. The Act provides an administrative sanctions procedure for non-compliance with this information procedure.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is worth mentioning that this Act provides to Telecom Argentina less operational flexibility related to, among other matters, the terms lengthening in tenders, authorizations management prior to acquisitions and higher administrative expenses for the required semiannual information submission.</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-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ENACOM Resolution No.&nbsp;4,656-E/2017 &#151; Model Agreement for the authorization for infrastructure sharing</font></i></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-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors of ENACOM issued Resolution No.&nbsp;4656-E/2017, published in the Official Gazette on June&nbsp;12, 2017, approving the model agreement for the &#147;Authorization for the Sharing of Active and / or Passive Infrastructure, Automatic Roaming and Goals of Service&#148; to be celebrated with each of the current providers of the SCMA who were awarded with the frequency bands for the provision of the Personal Communications service (&#147;PCS&#148;), the SRMC and the SCMA approved by SC Resolution No.&nbsp;38/2014, delegating to the President of ENACOM the powers to subscribe the agreement within 15 working days.</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-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August&nbsp;8, 2017, the ENACOM notified Personal through ENACOM Note No.&nbsp;206/2017, the concession of a 15-day period to coordinate the signing of the Authorization Agreement for the Sharing of Active and / or Passive Infrastructure, Automatic Roaming and Goals of Service. Personal presented the required documentation.</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-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;2, 2017, the ENACOM issued Resolution No.&nbsp;3420-E/2017, through which it was decided to extend the delegation made in Resolution No.&nbsp;4656-E/2017 for a 180 day-period.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the agreement is still pending of subscription.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Consultation documents under the &#147;General Regulation of Public Hearings and Consultation Documents for Communication Services&#148; provisions and &#147;General Regulation for the Participatory Elaboration of Standards&#148;</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina and Personal have timely filed through the ICT Secretary their opinions and proposals for the following consultations and documents issued during 2017:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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; </font><b>Document &#147;Consultation on ICT Network Service Quality&#148;, </b>issued through SECTIC Resolution No.&nbsp;3-E/17 issued on March&nbsp;13, 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 .5in;text-align:justify;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; </font><b>Document &#147;Interconnection and Access General Regulation Project&#148;,</b> issued through&#160; SECTIC Resolution No.&nbsp;2-E/17, issued on March&nbsp;13, 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 .5in;text-align:justify;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; </font><b>Document &#147;Public Hearing for Internet Matters&#148;,</b> issued through SECTIC Resolution No.&nbsp;7-E/17, issued on May&nbsp;12, 2017; 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 .5in;text-align:justify;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; </font><b>Project &#147;Regulation of the ICT Services&#146; quality&#148;</b>, issued through Resolution 2-E/2017, issued on December&nbsp;14, 2017.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">New General Rules&nbsp;Governing ICT Services Licenses</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;2, 2018, the Ministry of Modernization issued Resolution No.&nbsp;697/2017, whereby it approved the new General Rules&nbsp;Governing ICT Services Licenses. This Resolution repealed the General Rules&nbsp;approved through Annex I of Decree No.&nbsp;764/2000, as from the date it became effective (February&nbsp;1, 2018), and it also repealed ENACOM Resolutions No.&nbsp;2,483/2016 and No.&nbsp;1,394/2016 (except for Section&nbsp;12 of its Annex I, which will remain in effect).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">New General Rules&nbsp;Governing ICT Services Customers</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;4, 2018, the Ministry of Modernization issued Resolution No.&nbsp;733/2017, whereby it approved the new General Rules&nbsp;Governing ICT Services Customers. This Resolution will become effective on March&nbsp;5, 2018, repealing SC Resolutions No.&nbsp;490/1997, and Annexes I and III of SC Resolution No.&nbsp;10,059/1999 and its supplementing regulations. Annex II of SC Resolution No.&nbsp;10,059/1999 shall remain in effect, as applicable, until the enactment of the penalty regime provided under Section&nbsp;63 of Law No.&nbsp;27,078. Such New General Rules&nbsp;repeal the current general rules&nbsp;governing mobile and basic telephony services customers, thus becoming the only general rules&nbsp;that govern ITC services customers, including Internet access services and subscription broadcasting services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is evaluating the impact of certain regulations (such as the 180-day period during which prepaid credit can be used) and analyzing eventual actions against other regulations that would violate its rights (for example, Section&nbsp;56, which provides for compensation in favor of the customer, and Section&nbsp;79, which establishes the obligation to replace any channels eliminated from the programming grid with other channels of similar quality).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">New Number Portability Regulation</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;4, 2018, the Ministry of Modernization issued Resolution No.&nbsp;203/2018, whereby it approved the new General Rules&nbsp;Governing Number Portability, including fix telephony services, and approves the schedule of implementation of such services. This Resolution repeals </font>Resolutions N&#176; SC 98/2010, SC 67/2011 y SC 21/2013 and Resolution MINCOM E 170/2017, and its supplementing regulations. Telecom Argentina is evaluating the impact of this new regulation</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Decree No.&nbsp;1,060/2017</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Decree, published in the Official Gazette on December&nbsp;21, 2017, provides for the facilitation of the development of mobile communication services networks, establishing, among other provisions, that the jurisdictions and agencies comprised in subsections a) and b) of Section&nbsp;8 of Law No.&nbsp;24,156 shall ensure information technology and communication services licensees and independent operators of passive infrastructure multiple or shared access, for consideration, to passive infrastructures for the deployment of networks under neutral, unbiased, transparent, fair and non-discriminatory conditions, without the possibility of granting any exclusiveness or preference whatsoever, in fact or in law, provided that such access does not compromise the continuity and security of the services provided by its holder.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of this Decree, an Independent Operator of Passive Infrastructure is any individual or legal entity that, without being an information technology and communication services provider, has aerial, ground or underground infrastructure serving as support to networks to render those services, mainly comprised of towers, masts, posts, ducts, channels, conduits, cameras, cables, easement, right of way, optic fiber laying, antennae. Independent operators of passive infrastructure will not be required to have a license, authorization or permit to lease their infrastructure, notwithstanding the obligation to notify the ENACOM of the beginning of their activities to be entered in the registry that said agency will keep to that effect and to comply with the reporting obligations, as required. These operators may not have any legal title whatsoever granting them exclusiveness or preference for the deployment of infrastructure.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Decree also provides that:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1) the Ministry of Modernization:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.15pt;"><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>shall issue comprehensive general rules&nbsp;with supplementary regulations for infrastructure sharing;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.15pt;"><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>shall develop, within a term of 180 days, a multi-year spectrum plan in order to maximize and increase the radio electric resources for the deployment of next-generation mobile networks and mobile services and mobile communication services in order to support traffic growth and improve service quality;</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 35.45pt;text-align:justify;text-indent:-14.15pt;"><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>shall issue supplementary or clarifying regulations relating to Section&nbsp;29 of Law No.&nbsp;27,078, establishing efficient procedures and avoiding distortions in competition;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.15pt;"><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>shall identify radio electric spectrum frequency bands for the development of new services and wireless applications and issue regulations allowing for their shared and unauthorized use.</p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)&nbsp;&nbsp;It shall substitute Section&nbsp;3 of Decree No.&nbsp;798 dated June&nbsp;21, 2016 with the following:<br> &#147;SECTION&nbsp;3.- Mobile communications service (SCM) is defined as wireless telecommunications service with multiple capabilities which, irrespective of its operating frequency, through the use of mobile network architectures and the use of digital access technology, supports low and high user mobility, allows for the interoperability with other fixed and mobile networks for worldwide roaming.</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 .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It comprises Mobile Telephone Service (STM), Cellular Mobile Radiocommunications Service (SRMC), Personal Communication Service (PCS), Mobile Advanced Communications Service (SCMA) and their technological evolution.&#148;</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 .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br> 3)&nbsp;&nbsp;The frequencies that are allocated and authorized to render radio electric trunking services (SRCE) may only be used to provide those services. The ENACOM may allocate frequencies to provide SCM and demand the return of the frequencies and migration of services pursuant to Section&nbsp;28 and 30 of Law No.&nbsp;27,078, and its regulations, or, at the request of the interested party, apply Section&nbsp;4, subsection b) of Decree No.&nbsp;1,340 dated December&nbsp;30, 2016, and its regulations, establishing an economic compensation in favor of the National Government.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4)&nbsp;&nbsp;SBT licensees may provide this service through the use of radio electric spectrum frequencies using those allocated for the provision of 4G mobile services, notwithstanding the provision of fixed telephone service pursuant to Section&nbsp;2, subsection a) of the Personal Communications Service (PCS) General Rules&nbsp;approved as an annex to Section&nbsp;1 of Decree No.&nbsp;266 dated March&nbsp;10, 1998, through the execution of agreements with the licensees of those frequencies, which shall be reported to the ENACOM.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5)&nbsp;&nbsp;Delegate on the Ministry of Modernization the power to issue the penalty rules&nbsp;provided under Section&nbsp;63 of Law No.&nbsp;27,078, which shall repeal the current rules&nbsp;approved under Decree No.&nbsp;1,185 dated June&nbsp;22, 1990, as amended and supplemented.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Registrations and authorizations to use the spectrum that are now held by Telecom Argentina as a result of corporate reorganizations:</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>Telecom Personal S.A.:</p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;24, 2017, Telecom Argentina and Telecom Personal S.A. were served with ENACOM Resolution No.&nbsp;4,544-E/2017, whereby that agency decided:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;to authorize Telecom Personal to transfer in favor of Telecom Argentina the registrations of Mobile Telephone Services, Cellular Mobile Radiocommunications Services; Personal Communications Services Area I,&nbsp;II,&nbsp;III, and Mobile Advanced Communications Services, as well as the resources, permits and frequencies granted in its name;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;to revoke the licenses granted to Telecom Personal to render Data Transmission, Value Added and National and International Long-Distance Telephone Services;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;to authorize the transaction reported by TELECOM whereby the controlling companies SOFORA TELECOMUNICACIONES S.A. and NORTEL INVERSORA S.A. are dissolved without liquidation pursuant to the Bidding Terms and Conditions approved under Decree No.&nbsp;62/1990.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>Cablevisi&#243;n S.A.</p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;22, 2017, Telecom Argentina and Cablevisi&#243;n were served with ENACOM Resolution No.&nbsp;5,644-E/2017, whereby that agency decided, among other things, to authorize Cablevisi&#243;n to transfer in favor of Telecom Argentina:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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; </font>The Registration of physical and/or radio electric link broadcasting services, including the permits/frequencies required to provide radio electric link broadcasting services, as well as the area authorizations to provide those services (via physical and radio electric link), which may operate in Area II, defined as provided under Decree No.&nbsp;1,461/93, as amended, and the city of Rosario, Province of Santa Fe, and the city of C&#243;rdoba, Province of C&#243;rdoba, as from January&nbsp;1, 2018, as provided under Section&nbsp;5 of National Decree No.&nbsp;1,340/2016, and in the rest of the areas authorized on the dates and in the modalities provided under ENACOM Resolution No.&nbsp;5,641/2017 dated December&nbsp;20, 2017;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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; </font>The Registration of the Radio Electric Trunking Service (SRCE); and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-38.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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; </font>The authorizations and permits to use frequencies and allocations of numbering and sign-posting resources to provide the above-mentioned services held by Cablevisi&#243;n, pursuant to effective regulations, and the agreement executed by NEXTEL COMMUNICATIONS ARGENTINA S.R.L. on April&nbsp;12, 2017 (IF-2017-08818737-APN-ENACOM#MCO), whereby Telecom Argentina, in its capacity as absorbing company of Cablevisi&#243;n, shall, within a term of two years as from the date on which the Merger is approved by the National Antitrust Commission and the ENACOM or any agency that may substitute them in the future, return the radio electric spectrum that exceeds the limit set under Section&nbsp;5 of Resolution No.&nbsp;171-E/17 issued by the Ministry of Communications and/or any regulation that may repeal it in the future. To those effects, Telecom Argentina shall file with the ENACOM, no later than one year in advance upon the expiration of the two-year term, a proposal to conform to that limit. The ENACOM may accept the proposal, reject it and/or request a new filing with any changes it may deem appropriate.</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 .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, through that Resolution, the ENACOM authorized the change of corporate control, pursuant to Section&nbsp;33 of the GCL. For more information, see &#147;Item 7&#151;Major Shareholders and Related Party Transactions.&#148;</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 .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such Resolution also approved:</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 .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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; </font>The relinquishment of the services registrations that are currently non-operative that had been requested by Cablevisi&#243;n (SAP, SRC, STP, SLV and SAVR) and by Telecom Argentina (SRC); and</p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><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 .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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; </font>The revocation of the licenses and registrations granted to Cablevisi&#243;n, now held by 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="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Resolution provides that:</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 53.85pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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; </font>Telecom Argentina shall comply with Section&nbsp;95 of Law No.&nbsp;27,078, which provides for the conditions under which it may operate the physical and/or radio electric link subscription television service, transcribed below:</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 71.85pt;text-align:justify;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>Telecom Argentina shall create a business unit to provide the audiovisual communication service and manage it separately from the public utility business unit.</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 71.85pt;text-align:justify;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; </font>It shall keep separate accounting records and bill the licensed services separately.</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 71.85pt;text-align:justify;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>It shall not conduct anti-competitive practices such as tie-in practices and cross subsidies with funds from public utilities to licensed services.</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 71.85pt;text-align:justify;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; </font>It shall provide - when requested- to the competitors in licensed services access to its own support infrastructure, especially, posts, masts and ducts under market conditions. In the absence of agreement between the parties, the ENACOM shall intervene.</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 71.85pt;text-align:justify;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>It shall not conduct anti-competitive practices concerning the rights to broadcast contents over its networks and facilitate a growing percentage to be established by the ENACOM to the distribution of contents from independent third parties.</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 71.85pt;text-align:justify;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; </font>It shall respect the professional competences and job classifications of the workers in the different activities it is engaged in.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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; </font>Telecom Argentina is declared to be an operator with a significant position in the retail market of Fixed Internet Access market in the locations detailed in the Report prepared by the National Directorate for the Development of Competition in Networks and Services of the ENACOM. As a result, it decided that:</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 71.85pt;text-align:justify;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>Telecom Argentina shall, within 60 days as from the date the Resolution was issued, offer the Fixed Internet Access service in those locations at a price that may not be higher than the lowest price offered by the company in Area II for that service. If a similar service is not provided in that Area, it shall apply the lowest price offered at national level by the licensee for a similar service.</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 71.85pt;text-align:justify;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; </font>Telecom Argentina shall, within 60 days as from the date the Resolution was issued, report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service.</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 71.85pt;text-align:justify;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>Telecom Argentina shall ensure to other providers, under transparent, non-discriminatory and cost-oriented conditions, access to its own support infrastructure, especially, posts, masts and ducts.</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 .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All the provisions mentioned above shall be in effect for a term of 2 years as from the notice of the authorization granted by ENACOM, or until it has been verified that there is effective competition in all or in some of the locations involved. The ENACOM may extend or revoke that term.</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 .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With regard to the provision of Quadruple Play services, Section&nbsp;7 of Decree No.&nbsp;1,340 shall apply:</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 .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7 - The providers of Information Technology and Communications Services that make joint service offerings shall detail the price of each of those services, including the breakdown of those prices and discounts or benefits applied to each service or product for the above-mentioned offerings. Pursuant to Section&nbsp;2, subsection i) of Law No.&nbsp;25,156 and to Section&nbsp;1,099 of the Civil and Commercial Code of Argentina, those providers may not subject, in any way and under any condition, the purchase of any service to the purchase of another service, thus preventing the customer from purchasing any service separately or individually.</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 .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, Telecom Argentina shall file, within a term of 180 days, proof of the registration of the change of authorities in Cablevisi&#243;n Holding 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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ENACOM Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18 &#151; New regime for Radioelectric Spectrum Fees</font></i></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-align:justify;text-indent:16.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;27, 2018, Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard. Telecom Argentina is assessing the impacts and actions in this regard.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LEGAL FRAMEWORK</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 .5in;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Law No.&nbsp;27,260 of </font></i></b><b><i style="font-weight:bold;">Historical Reparation for Retirees and Pensioners &#147;Reparaci&#243;n Hist&#243;rica para Jubilados y Pensionados&#148;</i></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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;22, 2016, Law No.&nbsp;27,260 was published in the Official Gazette Historical Reparation for Retirees and Pensioners, where article 35 revokes Law No.&nbsp;27,181. Article&nbsp;30 of Law No.&nbsp;27,260 establishes the prohibition for the transfer of national corporations shares authorized by the CNV to public offer which integrate the FGS, if as a consequence of such a transfer, ownership of such securities by the FGS is less than 7% of the total assets of the FGS, without prior express authorization of the National Congress, setting the following exceptions to this provision: &#147;1. Public offers addressed to all holders of such assets and at an equitable price authorized by the CNV, in accordance with chapters II,&nbsp;III and IV of Title III of Law No.&nbsp;26,831. 2. Stock swap for other stock of the same or another company in the context of a merger, division or corporate reorganization processes.&#148;</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-align:justify;text-indent:35.45pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Decree No.&nbsp;894/16: corporate, political, and economic rights in charge of the ANSES</font></i></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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No 1,278/12 established that the Secretary of Economic Policy and Development Planning of the Ministry of Economy and Public Finances was in charge of the implementation of policies and actions related to the performance of the corporate rights on equity interest of companies where the State is a minority partner, and to this end, it approved a Regulation of representatives and directors appointed by the shares or equity interest of the National State.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In July&nbsp;2016 Decree No.&nbsp;894/16, established that in companies whose shares integrate the investment portfolio of the Sustainability Guarantee Fund of the Argentine Pension Integrated System (<i>Fondo de Garant&#237;a de Sustentabilidad del Sistema Integrado Previsional Argentino</i> or &#147;FGS&#148;), the corporate, political, and economic rights pertaining to such shares shall not be exercised by the Secretary of Economic Policy and Development Planning as previously stated by Decree No.&nbsp;1,278/12, but they are to be exercised by the ANSES.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Decree No.&nbsp;894/16 established that the directors appointed by the ANSES shall have the functions, duties and powers set out by: (i)&nbsp;the GCL, (ii)&nbsp;the Law of Capital Market No.&nbsp;26,831 and its complementary and regulatory provisions, (iii)&nbsp;all the regulations applicable to the company in which they perform their duties, and (iv)&nbsp;the company&#146;s bylaws and internal regulations, and shall have all the responsibilities they might be liable for under these regulations.</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-align:justify;text-indent:35.45pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Modification of Income Tax on dividend payment</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;27, 2017, the Argentine Congress approved a tax reform that came into force on December&nbsp;29, 2017 as Law No.&nbsp;27,430 (the &#147;Tax Reform&#148;), generally effective January&nbsp;1, 2018.</font> The reform is intended to eliminate certain inefficiencies in the Argentine tax regime, diminish tax evasion, broaden income taxes to cover more individuals and encourage investment, with the long-term goal of restoring fiscal balance. The reform is part of a larger program announced by President Macri, intended to increase employment, make the Argentine economy more competitive (by reducing the fiscal deficit, for example) and sustainably diminish poverty.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main aspects of the Tax Reform include: (i)&nbsp;capital gains realized by individuals that are Argentine tax residents on sales of real estate (subject to certain exceptions, including a primary residence exemption) acquired after the enactment of the bill will be subject to tax at the rate of 15%, calculated on the acquisition cost adjusted for inflation; (ii)&nbsp;income obtained from currently exempt bank deposits and sales of securities (including government securities) by individuals that are Argentine tax residents will be subject to tax at the rate of (a)&nbsp;5% in the case of those denominated in pesos, subject to fixed interest rate and not indexed, and (b)&nbsp;15% for those denominated in a foreign currency or indexed; income obtained from the sales of shares made on an Argentine stock exchange will remain exempt, subject to compliance with certain requirements; (iii)&nbsp;corporate income tax will initially decline to 30% in 2019 and 2020 and to 25% starting in 2021; (iv)&nbsp;social security contributions will be gradually increased to 19.5% starting in 2022, in lieu of the differential scales currently in effect; and (v)&nbsp;the percentage of tax debits and credits that can be credited towards income tax will be gradually increased over a five year period, from the current 17% for credits to 100% for credits and debits.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, the Law repeals the &#147;equalization tax&#148; (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) on income accrued from January&nbsp;1, 2018 and onwards.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Modification to Law No.&nbsp;24,240 Consumer Protection</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August&nbsp;17, 2016, Law No.&nbsp;27,265 was published in the Official Gazette (in force as from August&nbsp;29, 2016) that incorporates an amendment to Law No.&nbsp;24,240 of Consumer Protection. This addition (in section 10 quater) establishes the prohibition of &#147;collections of advance notice, advance month payment and/or any other concept on the part of the providers of services, including the public utilities, upon the consumer&#146;s request for cancellation of the service in any way, either in person, on the telephone, electronic or similar-shaped&#148;. In this sense, as from the last quarter of 2016, the Company abides by this regulation in cases where applicable.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate Criminal Liability for Corruption Crimes</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;1, 2017, the National Government published in the Official Gazette Law No.&nbsp;27,401, whereby it establishes the Corporate Criminal Liability Regime for Crimes against Public Administration and International Bribery. The Law came into force on March&nbsp;1, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The regime established under the Law applies to private legal entities, of national or foreign capital, with or without state participation, for the following crimes: (i)&nbsp;National and international bribery and influence peddling; (ii)&nbsp;Negotiations that are incompatible with public office; (iii)&nbsp;Illegal payments made to public officials under the guise of taxes or fees owed to the relevant government agency (&#147;concusi&#243;n&#148;); (iv)&nbsp;Illicit enrichment by public officials and employees; and (v)&nbsp;Aggravated falsification of balance sheets and reports to conceal national and international bribery and influence peddling.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal entities are liable when these crimes are committed, directly or indirectly, with their involvement or in their name, interest or benefit. They are also liable when the third party acting in the benefit or interest of the entity did not have any powers to act on their behalf, provided the legal entity subsequently ratifies those acts.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Law provides for successor liability, establishing that in those cases where a legal entity which is liable under this regime becomes involved in a transformation, merger, merger by acquisition, spin-off or any other corporate restructuring, said liability is transferred to the resulting or absorbing legal entity, therefore, the resulting or absorbing entity is criminally liable.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal entities are exempted from liability if the individual who committed the crime acted exclusively in his/her own benefit and without any benefit for the entity.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Law also sets out that legal entities may be convicted even if it is not possible to identify or prosecute the individual involved in the crime, provided that the circumstances of the case establish that the crime could not have been committed without acquiescence of the authorities of the legal entity.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The penalties applicable to legal entities are varied.&#160; Fines applicable to legal entities range from 2 to 5 times the undue benefit that was obtained or that could have been obtained through the actions carried out in violation of the Law. Other penalties may also be imposed on legal entities, namely: (i)&nbsp;full or partial suspension of activities for up to 10 years; (ii)&nbsp;debarment from participating in government bids and tenders for public works or services, or in any activity related to the Government, for up to 10 years; (iii)&nbsp;dissolution and liquidation of the legal entity -if it had been established for the sole purpose of committing crimes, or if those acts are the legal entity&#146;s core business-; (iv)&nbsp;loss or suspension of granted government benefits; (v)&nbsp;publication of an extract of the condemnatory sentence; (vi)&nbsp;forfeiture of goods or proceeds that are the result or profit of the crime.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION   ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are certain elements that the judges may take into account to adjust the penalties, namely: (i)&nbsp;failure to comply with internal rules&nbsp;and procedures; (ii)&nbsp;number and hierarchy of the officers, employees and associates involved; (iii)&nbsp;omission of vigilance on the actions of the perpetrators and accomplices in the crime; (iv)&nbsp;the extent of the damage caused; (v)&nbsp;amount of money involved in the commission of the crime; (vi)&nbsp;the legal entity&#146;s size, nature and economic capacity; (vii)&nbsp;the legal entity&#146;s spontaneous self-reporting to the authorities as a result of an internal investigation or detection; (viii)&nbsp;subsequent behavior; (ix)&nbsp;willingness to mitigate or repair the damage caused; and (x)&nbsp;recidivism (when the legal entity is sanctioned for an offense committed within three (3)&nbsp;years following the date on which a previous condemnatory sentence becomes final).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The legal entity is exempted from penalties and administrative liability when the following three circumstances take place simultaneously: (i)&nbsp;the legal entity spontaneously self-reports a crime set forth by this law as a consequence of internal detection and investigation; (ii)&nbsp;the legal entity established, before the facts under investigation occurred, a proper control and supervision system (&#147;Integrity Program&#148;) and the breach of such system required an effort by those involved in the crime; and (iii)&nbsp;the legal entity returned the undue benefit obtained through the crime.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Law stipulates the possibility of legal entities implementing Integrity Programs consisting of actions, mechanisms and internal procedures for the promotion of integrity, supervision and control, focused on the prevention, detection and correction of irregularities and unlawful acts provided under the 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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The implementation of an Integrity Program will be a required condition for legal entities to contract with the Argentine National Government when such contracts (i)&nbsp;must be approved by a public official ranked as minister or above; and (ii)&nbsp;fall under the National Government General Contracting Regime (Section&nbsp;4 of Decree No.&nbsp;1,023/01) and/or under the law of public works (Law No.&nbsp;13,064), award of public works (No.&nbsp;17,520), public-private partnerships (Law No.&nbsp;27,328) or concession or licensing contracts for public services. (The regulation of the Law will have to establish how this requirement will be demonstrated and considered fulfilled to enter into these contracts.)</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Integrity Program &#151;which will have to be appropriate to the specific risks of the activities performed by the legal entity, its size and its economic capacity and, eventually, with the provisions established in the regulation of the Law&#151; must contain the following minimum elements: (i)&nbsp;a code of ethics or conduct, or the existence of integrity policies and procedures applicable to every director, manager and employee to guide the planning and performance of their duties or tasks in a manner that prevents the commission of crimes under the Law; (ii)&nbsp;specific rules&nbsp;and procedures to prevent unlawful acts within the scope of public tenders and bids, in the execution of administrative contracts or in any other interaction with the public sector; and (iii)&nbsp;the performance of regular training for directors, managers and employees about the Integrity Program.&#160; Additionally, the Integrity Program may contain (i)&nbsp;periodical risk analysis and consequent adjustment of the program; (ii)&nbsp;evident support to the program by top management; (iii)&nbsp;internal reporting channels; (iv)&nbsp;a policy protecting whistleblowers from retaliation; (v)&nbsp;an internal investigation system that respects the rights of those under investigation and imposes sanctions on violations of the Code of Ethics; (vi)&nbsp;procedures to verify the integrity and background of relevant third parties; (vii)&nbsp;due diligence during corporate transformation and acquisitions processes to evaluate potential illegal actions or vulnerabilities in the legal entities involved; (viii)&nbsp;continuous monitoring and evaluation of the program effectiveness; (ix)&nbsp;an internal compliance officer in charge of developing, coordinating and supervising the Integrity Program.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Law provides that the legal entity may enter into &#147;Effective Collaboration Agreements&#148; (<i>Acuerdos de Colaboraci&#243;n Eficaz</i>) with the Public Prosecutor&#146;s Office (<i>Ministerio P&#250;blico Fiscal</i>). The agreements may be filed until the summons to trial. Through these agreements, the legal entity undertakes to cooperate to bring the facts of the case to light, to identify the perpetrators or accomplices, to recover the proceeds or profit from the crime, as well to fulfill the conditions set forth in the agreement.&#160; These agreements will be filled in exchange for a suspension of the prosecution and a reduction of the penalties that may be imposed.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DISCLOSURE PURSUANT TO SECTION&nbsp;219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT OF 2012 (ITRSHRA)</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 added Section&nbsp;13(r)&nbsp;to the Exchange Act. Section&nbsp;13(r)&nbsp;requires an issuer to disclose in its annual or quarterly reports filed with the SEC whether the issuer or any of its affiliates has knowingly engaged in certain activities, transactions or dealings with the government of Iran, relating to Iran or with designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the annual or quarterly report. Disclosure is required even when the activities were conducted outside the United States by non-U.S. entities and even when such activities were conducted in compliance with applicable law.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with our </font>Code of Ethics and Business Conduct, we seek to comply with all applicable laws.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Activities relating to Iran</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telecom Group</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have, to our knowledge, two activities relating to Iran: (i)&nbsp;our roaming agreement (mobile services) with Mobile Company of Iran (MCI) (formerly TCI), which allow our mobile customers to use their mobile device on a network outside their subscriber&#146;s home network (see &#147;Glossary of Terms</font>&#151;Roaming&#148;) and (ii)&nbsp;our international telecommunications services agreements with international carriers (fixed services), which cover delivery of traffic to Iran through non-Iranian carriers.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">i.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Roaming agreements (mobile services)</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Like all major mobile networks, in response to the competition and customers&#146; demands, Personal entered into roaming agreements with many foreign mobile networks, including MCI, to allow their customers to make and receive calls abroad.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roaming agreements are entered into using standard terms and conditions including the one relating to Iran. Entering into roaming agreements is an activity carried out in the ordinary course of business by a mobile network operator.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roaming agreements are generally reciprocal. Pursuant to a roaming agreement, when our mobile customers are in a foreign country covered by the network of an operator with which we have a roaming agreement (the &#147;Foreign Operator&#148;), our mobile customers may make and receive calls on their mobile phone using the Foreign Operator&#146;s network. Likewise, the Foreign Operator&#146;s customers may make and receive calls using our networks when these customers are in 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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Foreign Operator bills us for the calls made and received by our roaming customers at the rate agreed upon in the applicable roaming agreement. We then bill these customers according to the specific roaming fees in their subscription agreement. Likewise, we bill the Foreign Operator for the calls made and received by its clients using our networks for those calls, at the roaming rate agreed upon in the applicable roaming agreement, and then the Foreign Operator bills its clients according to their customer agreements. Roaming agreements do not, generally, contemplate other fees or disbursements.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, the consolidated impact on net profit (loss) arising from our roaming agreements with MCI was as follows:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>our total revenues under roaming agreements with MCI were approximately P$2.6 thousand.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>our total charges paid under roaming agreements with MCI were approximately P$3.9 thousand.</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">89<a name="PB_89_110524_9995"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These revenues and charges are immaterial to our consolidated revenues and operating expenses. Because we do not separately allocate costs directly attributable to the service provision or other overhead costs to these transactions, the amount of our consolidated net profits earned under these agreements is not determinable, but it does not exceed our gross revenues from the agreements.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, as of December&nbsp;31, 2017, the amount for receivables for these </font>concepts pending to collect were approximately P$4.6 thousand.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of our roaming agreements is to provide our customers with coverage in areas where we do not own networks. For that purpose, we intend to continue maintaining our roaming agreements.</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 .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ii.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Commercial Agreements with International Carriers (fixed services):</i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We maintain commercial agreements with international carriers from countries other than Iran, which permit those carriers to deliver traffic from Iran to our networks and from our networks to Iran. Telecom Argentina and Telecom Argentina USA&#146;s total charges paid under commercial agreements with international carriers regarding delivery of traffic to Iran were approximately P$13.7 million.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding incoming traffic, Telecom Argentina and Telecom Argentina USA charge the relevant international carrier for their traffic terminated in Telecom&#146;s network. Consequently, Telecom Argentina and Telecom Argentina USA do not know the country of origin of such traffic.</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-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Activities relating to Syria and Sudan</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the mandatory disclosure regarding the activities related to Iran described above, below we describe our activities that directly or indirectly relate to Syria and Sudan (designated by the U.S. Department of State as state sponsors of terrorism and are subject to U.S. economic sanctions and export controls) (&#147;Designated Countries&#148;):</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 .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">i.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Roaming agreements (mobile services)</i></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-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operators of mobile telecommunications networks, including Telecom Argentina (Telecom Personal until November&nbsp;30, 2017), enter into roaming agreements with other operators of mobile telecommunications networks in the ordinary course of business. </font>See &#147;&#151;Activities relating to Iran&#151;Telecom Group&#148; for a description of roaming agreements.</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-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We maintain roaming agreements with </font>MTN Sudan Co. Ltd, in Sudan and MTN Syria (formerly Spacetel) in Syria. The purpose of all of these roaming agreements is to provide our customers with coverage in areas where we do not own networks. In order to remain competitive and maintain such coverage, we intend to continue maintaining these agreements.</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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the approximate revenues, expenses, receivables and payables from roaming agreements with the Designated Countries were 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>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">90<a name="PB_90_110524_6763"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></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;"><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:2.5%;">
<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;">December&nbsp;31,&nbsp;2017</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>   </tr>
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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;">Roaming&nbsp;agreements&nbsp;(mobile&nbsp;services)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Revenues</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Expenses</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Receivables</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Payables</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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>
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<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.5%;">
<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:2.5%;">
<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="55%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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;">In&nbsp;thousands&nbsp;of&nbsp;P$</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="39%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:39.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Syria</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;">0.02</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;">1.89</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;">&#151;</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;">90.94</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>   </tr>
<tr>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sudan</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;">&#151;</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;">0.26</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;">&#151;</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;">4.40</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>   </tr>
<tr>
<td width="39%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:39.5%;">
<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;">Total</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0.02</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:1.0pt;">&nbsp;</font></p>    </td>
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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;">2.15</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>
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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;">&#151;</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>
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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;">95.34</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 style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">% of   respective consolidated total amounts</font></i></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(a)</font></i></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(a)</font></i></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#151;</font></i></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(a)</font></i></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>
<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 35.7pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(a)&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Less than 0.001%.</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 .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ii.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Commercial Agreements with International Carriers (fixed services):</i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also maintain commercial agreements with international carriers from countries other than the Designated Countries which permit those carriers to deliver traffic from the Designated Countries to our networks and from our networks to such countries.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding outgoing traffic, during 2017, Telecom has sent traffic to the Designated Countries mainly through</font> Verizon Communications Inc. (United States) and KPN (Holland).</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the total approximate expense for delivery of traffic terminated in the Designated Countries was:</font></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;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Commercial&nbsp;Agreements&nbsp;with<br>   International&nbsp;Carriers&nbsp;(fixed&nbsp;services)</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;">December&nbsp;31,&nbsp;2017</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>   </tr>
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<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>
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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;">In&nbsp;thousands&nbsp;of&nbsp;P$</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>   </tr>
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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;">Syria</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44.1</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>
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<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;">Total   outbound costs</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>
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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;">44.1</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 style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">% of consolidated   operating expenses</font></i></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.001</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding incoming traffic, Telecom Argentina and Telecom Argentina USA charge the relevant international carrier for their traffic terminated in Telecom&#146;s network. Consequently, Telecom Argentina and Telecom Argentina USA do not know the country of origin of such traffic.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, our total payables and receivables from international carriers include those balances arising from traffic related with the Designated Countries but it is not possible to segregate them.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The outbound costs described in the table above are wholly immaterial with respect to the Company&#146;s consolidated operating expenses for the period presented.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CAPITAL EXPENDITURES</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital expenditures (investment in Property, Plant and Equipment &#147;PP&amp;E&#148; and Intangible Assets) amounted to P$11,143 million in the year ended December&nbsp;31, 2017, P$11,386 million in the year ended December&nbsp;31, 2016, and P$10,100 million in the year ended December&nbsp;31, 2015.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets forth our Total Additions (Capital Expenditures plus Materials) for the years ended December&nbsp;31, 2017, 2016 and 2015, amounting to P$12,576 million, P$11,860 million and P$11,162 million, respectively.</font></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="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">91<a name="PB_91_110524_158"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<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:2.5%;">
<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;">Year&nbsp;ended&nbsp;December&nbsp;31,</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>   </tr>
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<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:2.5%;">
<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:12.0%;">
<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;">2017</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>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<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>
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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;">(P$&nbsp;million)(1)</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>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Land and   buildings</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;">439</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;">372</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;">238</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switching and   transmission equipment</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;">2,487</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;">2,134</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;">1,870</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment and   infrastructure for special projects</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;">41</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;">50</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;">11</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile network   access and external wiring</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;">4,258</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;">4,936</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;">2,475</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer   equipment and software</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;">1,676</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;">1,397</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;">1,251</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other</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="border:none;border-bottom:solid windowtext 1.0pt;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;">1,004</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="border:none;border-bottom:solid windowtext 1.0pt;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;">743</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="border:none;border-bottom:solid windowtext 1.0pt;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;">551</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<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;">Subtotal   tangible capital expenditures (2)</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9,905</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9,632</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6,396</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights of use,   exclusivity agreements and licenses</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;">20</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;">32</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;">2,304</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Service   connection or habilitation costs</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;">50</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;">41</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;">36</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subscribers   acquisition costs</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="border:none;border-bottom:solid windowtext 1.0pt;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;">1,168</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="border:none;border-bottom:solid windowtext 1.0pt;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;">1,681</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="border:none;border-bottom:solid windowtext 1.0pt;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;">1,364</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<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;">Subtotal   intangible capital expenditures</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">1,238</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">1,754</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">3,704</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<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;">Total   capital expenditures</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="border:none;border-bottom:solid windowtext 1.0pt;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;">11,143</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="border:none;border-bottom:solid windowtext 1.0pt;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;">11,386</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="border:none;border-bottom:solid windowtext 1.0pt;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;">10,100</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Materials (3)</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;border:none;border-bottom:solid windowtext 1.0pt;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;">1,433</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;border:none;border-bottom:solid windowtext 1.0pt;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;">474</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;border:none;border-bottom:solid windowtext 1.0pt;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;">1,062</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<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;">Total   additions in PP&amp;E and intangible assets</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="border:none;border-bottom:solid windowtext 1.0pt;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;">12,576</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="border:none;border-bottom:solid windowtext 1.0pt;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;">11,860</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="border:none;border-bottom:solid windowtext 1.0pt;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;">11,162</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>  </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 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; The allocation of work in progress among items is estimated.</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; Includes materials transferred amounting to P$3,700 million, P$3,173 million and P$1,888 million as of December&nbsp;31, 2017, 2016 and 2015, respectively.</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)&#160;&#160; Each year increase is calculated as the net amount between additions and transfers to work in progress during the year.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the following table shows capital expenditures for the years ended December&nbsp;31, 2017, 2016 and 2015 broken down by Fixed Services and Mobile Services:</font></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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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="41%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
<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;">Year&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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:12.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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="41%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<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;">(P$&nbsp;million)(1)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fixed&nbsp;Services</font></u></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<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="41%" colspan="5" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<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="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Land and   buildings </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;">284</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;">248</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;">177</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switching and   transmission equipment</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;">1,803</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;">1,013</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;">820</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment and   infrastructure for special projects </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;">41</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</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;">11</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">External wiring </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;">1,902</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;">1,722</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;">1,011</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer   equipment and software </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;">520</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;">397</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;">510</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other </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;border:none;border-bottom:solid windowtext 1.0pt;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;">704</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;border:none;border-bottom:solid windowtext 1.0pt;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;">390</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;border:none;border-bottom:solid windowtext 1.0pt;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;">317</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;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;">Subtotal   tangible capital expenditures</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;">5,254</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;">3,820</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;">2,846</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights of use,   exclusivity agreements and licenses </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;">16</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;">19</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;">39</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Service   connection or habilitation costs </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</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;">41</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;">36</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subscribers   acquisition costs </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;border:none;border-bottom:solid windowtext 1.0pt;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;">87</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;border:none;border-bottom:solid windowtext 1.0pt;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;">137</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;border:none;border-bottom:solid windowtext 1.0pt;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;">158</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;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;">Subtotal   intangible capital expenditures</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="border:none;border-bottom:solid windowtext 1.0pt;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;">153</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="border:none;border-bottom:solid windowtext 1.0pt;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;">197</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="border:none;border-bottom:solid windowtext 1.0pt;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;">233</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;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;">Total   Fixed Services capital expenditures</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;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;">5,407</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;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;">4,017</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;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;">3,079</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<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="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="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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Personal   Mobile Services and N&#250;cleo Mobile Services</font></u></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: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:1.0pt;">&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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Land and   buildings </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;">155</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;">124</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;">61</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switching and   transmission equipment </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;">684</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;">1,121</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;">1,050</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile network   access </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;">2,356</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;">3,214</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;">1,464</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer   equipment and software </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;">1,156</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;">1.000</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;">741</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other </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="border:none;border-bottom:solid windowtext 1.0pt;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;">300</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="border:none;border-bottom:solid windowtext 1.0pt;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;">353</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="border:none;border-bottom:solid windowtext 1.0pt;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;">234</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;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;">Subtotal   tangible capital expenditures</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4,651</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5,812</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3,550</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights of use,   exclusivity agreements and licenses </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;">4</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;">13</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;">2,265</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subscribers   acquisition costs </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;border:none;border-bottom:solid windowtext 1.0pt;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;">1,081</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;border:none;border-bottom:solid windowtext 1.0pt;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;">1,544</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;border:none;border-bottom:solid windowtext 1.0pt;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;">1,206</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;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;">Subtotal   intangible capital expenditures</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="border:none;border-bottom:solid windowtext 1.0pt;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;">1,085</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="border:none;border-bottom:solid windowtext 1.0pt;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;">1,557</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="border:none;border-bottom:solid windowtext 1.0pt;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;">3,471</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;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;">Total   Personal Mobile Services and N&#250;cleo Mobile Services capital expenditures (2)</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;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;">5,736</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;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;">7,369</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;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;">7,021</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;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;">Total   capital expenditures</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="border:none;border-bottom:double windowtext 2.25pt;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;">11,143</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="border:none;border-bottom:double windowtext 2.25pt;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;">11,386</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="border:none;border-bottom:double windowtext 2.25pt;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;">10,100</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>  </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 39.3pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The allocation of work in progress among items is estimated.</font></p>
<p style="margin:0in 0in .0001pt 39.3pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes P$543 million, P$639</font><font size="1" style="font-size:8.0pt;"> million and P$469 million of capital expenditures in Paraguay for the years 2017, 2016 and 2015, respectively</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We estimate that our capital expenditures for the following 5 years will be approximately US$5,000 million while for the year 2018 will be approximately US$1,554, 24% of consolidated revenues. See &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Liquidity and Capital Resources&#151;Capital Expenditures.&#148;</font></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="61%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.94%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">92<a name="PB_92_110524_5753"></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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect to finance these expenditures through cash flows generated by our operations and financing provided by third parties.</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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROPERTY, PLANT AND EQUIPMENT</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As detailed below, our principal physical properties consist of transmission equipment, access facilities, outside plant (external wiring) and switching equipment. These properties are, at present, mainly located throughout the AMBA and Northern Region. We believe that these assets are, and for the foreseeable future will be, adequate and suitable for their respective uses.</font></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="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
<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:2.5%;">
<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="43%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.0%;">
<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;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
<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:2.5%;">
<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:12.0%;">
<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;">Fixed&nbsp;Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<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;">Personal<br>   Mobile&nbsp;Services<br>   and&nbsp;N&#250;cleo<br>   Mobile&nbsp;Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
<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:2.5%;">
<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="43%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:43.0%;">
<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;">(P$&nbsp;million)(*)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Land and   buildings</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;">1,349</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="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">439</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;">1,788</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switching and   transmission equipment</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;">4,682</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="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,412</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;">8,094</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile network   access and external wiring</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;">6,347</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="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,020</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;">12,367</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment&nbsp;&amp;   infrastructure for special projects .</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;">242</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="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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;">242</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer   equipment and software</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;">980</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="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,329</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;">3,309</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Materials</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;">1,095</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="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">785</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;">1,880</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Others</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;border:none;border-bottom:solid windowtext 1.0pt;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;">344</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="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">514</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;border:none;border-bottom:solid windowtext 1.0pt;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;">858</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<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;">Total   PP&amp;E, net carrying value</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="border:none;border-bottom:solid windowtext 1.0pt;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;">15,039</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="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<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;">(**) 13,499</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="border:none;border-bottom:solid windowtext 1.0pt;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;">(***) 28, 538</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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 .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(*)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The allocation of work in progress among items is estimated.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(**)&#160;&#160;&#160;&#160;&#160; Includes P$2,598 million located in Paraguay.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(***)&#160;&#160;&#160; Net of valuation allowance for materials for P$144 million and impairment of PP&amp;E for P$305 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the above-mentioned assets were used to provide service to our customers as described below.</font></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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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:12.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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="41%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<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;">(thousands)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed lines in   service</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;">3,795</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;">3,920</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;">4,043</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Internet   access lines</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;">1,744</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;">1,738</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;">1,814</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile   subscribers(*)</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;">21,430</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;">22,052</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;">22,202</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>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(*)&#160;&#160; &nbsp;In 2017, 2016 and 2015, includes 2,450, 2,538 and 2,546 thousand N&#250;cleo customers, respectively, of which 5, 5 and 6 thousand were Internet (Wi-Max) customers, respectively.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, we have entered into purchase commitments relating to PP&amp;E totaling P$4,205 million primarily for switching equipment, external wiring and network infrastructure. In general, the contracts are financed, directly or indirectly, by domestic and foreign vendors.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our current major suppliers of PP&amp;E are Huawei Tech Investment Co. Ltd. Argentina, Huawei International PTE. LTD (Singapore),&nbsp;Italtel Argentina S.A. (Argentina), C&#237;a. Ericson S.A.C.I. (Argentina), Sofrecom Argentina S.A. (Argentina), Alcatel Lucent de Argentina S.A. (Argentina), Alcatel Lucent International (France), Nokia Solution and Networks (Argentina) and Vlocity UK Limited (United Kingdom).</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 4A.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>UNRESOLVED STAFF COMMENTS</b><a name="ITEM4A_UNRESOLVEDSTAFFCOMMENTS_022307"></a></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></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="61%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4   INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 5.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b><a name="ITEM5_OPERATINGANDFINANCIALREVIE_022332"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should read the following discussion in conjunction with our Consolidated Financial Statements, including the notes to those financial statements, which appear elsewhere in this Annual Report. Our Consolidated Financial Statements have been prepared in accordance with IFRS as issued by the IASB. See &#147;Item 3&#151;Key Information&#151;Selected Financial Data.&#148; The following discussion and analysis are presented by the Management of our company and provide a view of our financial condition, operating performance and prospects from Management&#146;s perspective. The strategies and expectations referred to in this discussion are considered forward-looking statements and may be strongly influenced or changed by shifts in market conditions, new initiatives that we implement and other factors. Since much of this discussion is forward-looking, you are urged to review carefully the factors referenced elsewhere in this Annual Report that may have a significant influence on the outcome of such forward-looking statements. We cannot provide assurance that the strategies and expectations referred to in this discussion will come to fruition. Forward-looking statements are based on current plans, estimates and projections, and therefore, you should not rely solely on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statements in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. We caution you that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. Please refer to &#147;Forward-Looking Statements&#148; and &#147;Item 3&#151;Key Information&#151;Risk Factors&#148; for descriptions of some of the factors relevant to this discussion and other forward-looking statements in this Annual Report.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management Overview</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom is considered one of the leading companies in the Argentine telecommunications sector. The Telecom Group continued focusing on business growth, especially through the deployment of 4G/LTE technology. This deployment allowed us to provide higher speeds of Internet access, improving the mobile customers&#146; experience, particularly access to Multimedia content. In the fixed services segment we continued to satisfy the demand of higher bandwidth through the deployment of new technologies in the access and transport network.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Telecom Group had 21.4 million mobile subscribers (of which 2.5 million came from our subsidiary N&#250;cleo), 3.8 million fixed lines in service and 1.7 million fixed Internet Accesses (equivalent to 45% of fixed lines in service).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To promote the expansion of business, our capital expenditures amounted to P$11,143 million in 2017, equivalent to 17% of consolidated revenues. Investments made by the Telecom Group and the estimated capital expenditures for 2018 (approximately 24% of consolidated revenues) are clear evidence of our commitment to our customers.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following discussion and analysis summarizes relevant measures of results of operations presenting items by nature. The Company believes that the presentation of the measure &#147;adjusted EBITDA&#148; provides investors and financial analysts with appropriate information that is relevant to understanding the Company&#146;s past and present performance as well as our projections of future performance (see the purpose of use of adjusted EBITDA and reconciliation of net income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;). Moreover, adjusted EBITDA is one of the key performance measures used by Management for monitoring the Company&#146;s profitability and financial position, at each of the segments and consolidated levels.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Continuing the trend of prior years, revenues in 2017 grew by 22% compared to 2016, reaching P$65,186 million, and grew by 31% in 2016 compared to 2015, reaching P$53,240 million. Adjusted EBITDA in 2017 increased by P$4,932 million as compared to 2016, reaching P$19,356 million (equivalent to 30% of total revenues), while in 2016 it increased by P$3,558 million as compared to 2015, reaching P$14,424 million (equivalent to 27% of total revenues). Operating income increased by P$4,269 million in 2017 as compared to 2016, reaching P$12,112 million (equivalent to 19% of total revenues) while in 2016 it increased by P$1,614 million as compared to 2015, reaching P$7,843 million (equivalent to 15% of total revenues). Net income increased by P$3,719 million in 2017 as compared to 2016 reaching P$7,724 million and it increased P$570 million in 2016 as compared to 2015, reaching P$4,005 million (equivalent to 8% of total revenues). Net income attributable to Telecom Argentina increased by P$3,655 million in 2017 as compared to 2016, reaching P$7,630 million, and it increased P$572 million in 2016 as compared to 2015, reaching P$3,975 million.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For a discussion of the factors that may affect our results of operations see &#147;Item 3&#151;Key Information&#151;Risk Factors&#148; and &#147;&#151;Years ended December&nbsp;31, 2017, 2016 and 2015&#151;Factors Affecting Results of Operations&#148; and &#147;&#151;Trend Information&#148; below.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For a detailed analysis of our results of operations for fiscal year 2017, see &#147;&#151;Years ended December&nbsp;31, 2017, 2016 and 2015&#148; below.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Economic and Political Developments in Argentina</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the second half of 2001 and through the first half of 2002, Argentina experienced a deep economic recession together with an overwhelming financial and political crisis. The rapid and radical nature of changes in the Argentine social, political, economic and legal environment created a very unstable macroeconomic environment. In January&nbsp;2002, the Argentine government abandoned the convertibility regime which had fixed the peso/U.S. dollar exchange rate at 1:1 and adopted emergency economic measures which converted and froze the rates for the voice-regulated services in the Fixed Services segment into pesos at a 1:1 peso/U.S. dollar ratio (referred to herein as &#147;Pesification&#148;), among other measures. Capital outflows increased sharply, leading to a massive devaluation of the peso and an upsurge in inflation. By the end of 2002, the peso had devalued by 237% (having devalued 280% as of June&nbsp;30, 2002) while the wholesale price index increased 118% and the consumer price index increased 41%.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the above mentioned crisis, the Argentine economy began a new period of rapid growth. Argentina&#146;s GDP increased for six consecutive years, from 2003 to 2008. However, the international financial crisis of 2008 affected the country, which recorded a significant fall in its economic activity of 5.9%, interrupting the growth period mentioned above. Throughout 2010 and 2011, the economy showed a rapid and strong recovery, growing at an annual rate of 10.1% and 6.0%, respectively, but in 2012 a slowdown affected the economy and growth was again affected, decreasing by 1.0%. In 2013, better economic conditions helped to increase by 2.4% the country&#146;s economic activity, but a new slowdown was recorded during 2014 as a new decrease of 2.5% in economic activity was recorded. In 2015, growth resumed at a moderate rate of 2.6%, but during 2016 Argentina recorded a fall in its GDP of 2.2%. However, according to figures published by INDEC, Argentina recorded an increase in its GDP of 2.9% in 2017.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inflation continued to be the main concern for the economy. According to official statistics reported by the INDEC, the consumer price index rose 9.5% in 2011, 10.8% in 2012 and 10.9% in 2013. Since January&nbsp;2014, a new consumer price index is being published aimed at improving the accuracy of the macroeconomic statistics. In 2014, the new consumer price index (&#147;IPCNu&#148;) showed an increase of 23.9%. In addition, the INDEC estimates that the Argentine wholesale price index increased by 12.7% in 2011, 13.1% in 2012, 14.8% in 2013 and 28.3% in 2014<b>.</b></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;8, 2016, the current administration issued Decree No.&nbsp;55/2016 declaring a state of administrative emergency with respect to the national statistical system and the INDEC until December&nbsp;31, 2016. During this state of emergency, the INDEC has suspended publication of certain statistical data (regarding prices, poverty, unemployment and GDP) until it completes a reorganization of its technical and administrative structure capable of producing sufficient and reliable statistical information. As of the date of this Annual Report,&nbsp;INDEC had resumed publication of the aforementioned statistical data, although for some indicators, it has not yet disclosed or provided reestimated figures for certain time periods. Under these circumstances the INDEC has recommended the use of alternative indexes published by San Luis Province and by the Autonomous City of Buenos Aires, which are an integral part of the National Statistic System, until a new index in compliance with international standards is produced. The national CPI and the national wholesale Price index published by the INDEC for the period January-October&nbsp;2015 was 11.9% and 10.6%, respectively. Additionally, CPI published by the San Luis Province and by the Autonomous City of Buenos Aires for the period November-December&nbsp;2015 were 9.5% and 6.0%, respectively.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEC resumed publication of the wholesale price index the entirety of 2016, which increased by 34.6% based on a year-to-year comparison. According to the latest available data, as INDEC has not disclosed figures for November&nbsp;and December&nbsp;2015. In turn, the publication of the IPCNu index was resumed in June&nbsp;2016 disclosing May&nbsp;2016 monthly inflation figures, while data for the months of January&nbsp;to April&nbsp;of 2016 remains unavailable. Taking this into account,&nbsp;IPCNu index variation from May&nbsp;to December&nbsp;2016 was 16.9%. Meanwhile, consumer price measures for Autonomous City of Buenos Aires and San Luis Province registered a 41.0% and 31.4% increase during 2016, respectively. During 2017, the INDEC published monthly IPC index regularly, registering an increase of 24.8% on a year-over-year comparison.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For further detail regarding Argentine economic conditions see &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, the economic activity entered into a clear path of growth towards the second quarter, and gained a greater pace of expansion during the last two quarters of the year. In general, the performance of most of the economic sectors was positive, recording advances of different intensity in the level of activity. Regarding the international context, global growth became more robust, especially in advanced economies, with accelerated growth in Europe, Japan and the United States. Specifically and considering our main trading partners, there has been a recovery in the level of activity in Brazil when compared to the previous year, although with a growth rate of low magnitude, while in China levels of growth were steady, with a sustained expansion rate over recent years.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the period between 2005 and 2007, the peso remained relatively stable against the U.S. dollar, with US$1.00 trading within a range of P$2.86 to P$3.16. However, the international financial crisis created uncertainty that affected the Argentine exchange rate, as reflected by a peso/dollar exchange rate increase of 9.5% and 10.1% per year in 2008 and 2009, respectively. The peso/dollar exchange rate was relatively stable in 2010 and 2011, ending 2010 at P$3.98 per US$1.00 and 2011 at P$4.30 per US$1.00, increasing 4.7% and 8.0%, respectively. In 2012, 2013 and 2014, the pace of peso devaluation accelerated to 14.4%, 32.5% and 31.1%, respectively; and the official exchange rate ended the year at a P$8.55 per US$1.00. In December&nbsp;2015, the current administration lifted many of the restrictions to access the FX Markets and the multiple exchange rate system was unified into a floating rate regime. As a consequence, a significant depreciation of the peso occurred, with the exchange rate at P$13.04 per US$ 1.00, an increase of 52.5% by the end of 2015. In addition, on April&nbsp;21, 2016 the BCRA published Communication &#147;A&#148; 5955, whereby the limits for access to the MULC for payments of foreign accounts payable related to goods and services were eliminated, establishing that starting on the following day access to the market for such payments is unlimited, subject to compliance with the foreign exchange norms in force. As of December&nbsp;31 2017, the exchange rate was P$18.65 = US$1.00, while on April&nbsp;</font>17, 2018, the exchange rate was P$20.18= US$1.00.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As the substantial majority of our property and operations are located in Argentina, macroeconomic and political conditions will continue to affect us. The Argentine government has exercised and continues to exercise significant influence over many aspects of the Argentine economy. Accordingly, Argentine governmental actions concerning the economy could significantly affect private sector entities in general and our operations in particular, as well as affect market conditions, prices and returns on Argentine securities, including ours. While our business continued growing in 2017, our operating results, financial condition and cash flows remain vulnerable to fluctuations in the Argentine economy. See &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Argentina.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Critical Accounting Policies</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements, prepared in accordance with IFRS, are dependent upon and sensitive to accounting methods, assumptions and estimates that we use as a basis for its preparation. We have identified critical accounting estimates and related assumptions and uncertainties inherent in our accounting policies (that are fully described in Note 3 to our Consolidated Financial Statements), which we believe are essential to an understanding of the underlying financial reporting risks. Additionally we have identified the effect that these accounting estimates, assumptions and uncertainties have on our Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Use of estimates</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IFRS involves the use of assumptions and estimates that may significantly affect the reported amounts of assets, liabilities and results of operations and any accompanying financial information.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management considers financial projections in the preparation of the financial statements as further described below. These financial projections anticipate scenarios deemed both likely and conservative based upon macroeconomic, financial and industry-specific assumptions. However, actual results may differ significantly from such estimates.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">96<a name="PB_96_111026_2846"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Variations in the assumptions regarding exchange rates, rates of inflation, level of economic activity and consumption, creditworthiness of our current and potential customers, aggressiveness of our current or potential competitors and technological, legal or regulatory changes could also result in significant differences from financial projections used by us for valuation and disclosure of items under IFRS.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The most important accounting estimates, those which require a high degree of subjective assumptions and judgments, are 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-align:justify;text-indent:14.2pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Revenue recognition</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues are recognized to the extent that it is probable that economic benefits will flow to the Telecom Group and their amount can be measured reliably. Revenues are stated net of estimated discounts and returns.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from upfront connection fees for fixed, data and Internet services that are non-separable from the service are accounted for as a single transaction and deferred over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship (approximately eight years for the fixed telephony customers). Therefore, these revenues are influenced by the estimated expected duration of customer relationships for indefinite period contracts.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues are also subject to estimations of the traffic measures. Unbilled revenues from the billing cycle dating to the end of each month are calculated based on the traffic and are accrued at the end of the month. In addition, revenues from unexpired prepaid recharges made by customers are recognized on the basis of the services used, at the contract price per service.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in these estimations, if any, may require adjustments to recorded revenues.</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-align:justify;text-indent:14.2pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">PP&amp;E and intangible assets</font></i></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 .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Useful lives and residual value</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We record PP&amp;E and intangible assets at acquisition or construction cost. PP&amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. We periodically review, at least at each financial year-end, the estimated useful lives of PP&amp;E and amortizable intangible assets.</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 .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Recoverability assessment of PP&amp;E and intangible assets with finite useful life</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At a minimum at every annual closing date, we assess whether events or changes in circumstances indicate that PP&amp;E and amortizable intangible assets may be impaired.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under IFRS, the carrying value of a long-lived asset is considered impaired by the Company when the recoverable amount of such asset is lower than its carrying value. In such event, a loss would be recognized based on the amount by which the carrying value exceeds the recoverable amount of the long-lived asset. The recoverable amount is the higher of the fair value less costs to sell and its value in use (present value of the future cash flows expected to be derived from the asset, group of assets or cash generating unit). Once an impairment loss is identified and recognized, future reversal of impairment loss is permitted only if the indicators of the impairment no longer exist or have decreased.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The identification of impairment indicators and the estimate of the value in use for assets (or groups of assets or cash generating units) require Management to make significant judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on significant assumptions by Management about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost,&nbsp;etc.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the years presented, we estimated that there are no indicators of impairment of assets that are subject to amortization, except for the net impairment loss of certain assets amounting to P$234 million, P$367 million and P$230 million in 2017, 2016 and 2015, respectively. See Note 22 to our Consolidated Financial Statements.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, changes in our current expectations and operating assumptions, including changes in our business strategy, technology, competition, changes in market conditions or regulations, could significantly impact these judgments and could require future adjustments to the carrying amount of recorded assets.</font></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;">PART&nbsp;I - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">97<a name="PB_97_111026_457"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Intangible assets with indefinite useful life&#151;PCS license / Goodwill</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We determined that the PCS license, originally granted to Personal met the definition of an indefinite-lived intangible asset for the years presented. Therefore, Personal does not amortize the cost of this license. However, the Company tests it annually </font>for impairment. An impairment loss is recognized when the carrying amount exceeds the recoverable amount. The recoverability assessment of an indefinite-lived intangible asset such as the PCS license and the Goodwill recognized in the acquisition of Tuves Paraguay requires our Management to make assumptions about the future cash flows expected to be derived from such asset.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such estimated cash flows are based on significant assumptions by Management about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate,&nbsp;etc.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In relation to PCS License, the Company&#146;s net cash flows projection is denominated in Argentine pesos, its functional currency. However, due to the fact that there is no prevailing long-term discount rate in pesos available in the market, we: (a)&nbsp;have converted such peso-denominated cash flows into U.S. dollars using future estimated exchange rates applicable to each period; and (b)&nbsp;have discounted these U.S. dollar-denominated cash flows at an annual U.S. dollar rate of approximately 10.5% in order to obtain the recoverable value of intangible assets with indefinite useful life.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through this evaluation, it was determined that the carrying amount of the PCS license did not exceed the respective recoverable amount of the assets. As a result, no impairment has been recognized. Additionally no impairment has been recognized in relation to the Goodwill.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our judgments regarding future cash flows may change due to future market conditions, competition, business strategy, the evolution of technology, changes in regulations and other factors. These changes, if any, may require material adjustments to the carrying amount of the PCS license and Goodwill.</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-align:justify;text-indent:21.3pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Income Taxes and Recoverability assessment of deferred income tax assets and other tax receivables / Deferred income tax measurement</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are required to estimate our income taxes (current and deferred) in each of the companies of the Telecom Group according to a reasonable interpretation of the tax law in effect in each jurisdiction where the companies operate. This process may involve complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized for all deductible temporary differences to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets requires estimating future taxable income based on the Company&#146;s projections and takes into account conservative tax planning.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The recoverability assessment of the income tax receivable related to Telecom Argentina&#146;s actions for recourse filed during 2015, 2016 and 2017 regarding the amounts determined in excess due to </font>lack of application of the income tax inflation adjustment, is based on the existing legal jurisprudence on this matter and the estimated future behavior of the National Tax Authority and of the National court in their review of the actions filed by Telecom Argentina (see Note 14 to our Consolidated Financial Statements).</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If actual results differ from these estimates due to changes in tax authority&#146;s interpretations and the new fiscal jurisprudence, or we adjust those estimates in future periods, our financial position, results of operation and cash flows may be materially affected.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the change in the rates provided by Law No.&nbsp;27,430, the corporate income tax rate decreases from 35% to 30% for fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years starting January&nbsp;1, 2020 and onwards. Therefore, for the measuring of deferred income tax assets/liabilities, the fiscal year in which temporary differences will reverse has been estimated, and the corresponding income tax rate of each reversal period has been applied. The actual moment of the future income and tax deductions may differ from the estimated, and may produce an impact in future income.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">98<a name="PB_98_111026_2959"></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law as of the end of the reporting period and the effects of future changes in tax laws or rates are not anticipated.</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-align:justify;text-indent:21.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Receivables and payables valued at amortized cost</font></i></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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long-term receivables and payables. The estimated discount rate used to determine the discounted cash flow of long-term receivables and payables was an annual rate in pesos of approximately 34% for 2017. The estimated discount rate used to determine the discounted cash flow of long-term receivables in U.S. dollars was an annual rate of 13% for years 2017 and 2016. The discount rate in Guaran&#237;es for loans was 8.83% and 9.42% in 2017 and 2016, respectively and for accounts receivable was 9.8% in 2017 and 2016. The difference between the initial fair value and the nominal amount of receivables and payables is recognized as finance income or expense using the effective interest method over the relevant period.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in these estimated discount rates could materially affect our financial position and results of operations.</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-align:justify;text-indent:21.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Provisions</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory, commercial and other matters. In order to determine the proper level of provisions relating to these contingencies, we assess the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. We consult with internal and external legal counsel on these matters. A determination of the amount of provisions required, if any, is made after careful analysis of each individual issue. Our determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in our method of resolving such matters, such as changes in settlement strategy, and, therefore, these changes may materially affect our financial </font>position, cash flows and results of operations.</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-align:justify;text-indent:21.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Allowance for Doubtful Accounts</font></i></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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make the required payments. We base our estimates on the aging of our accounts receivable balances, the requests by customers to unsubscribe, our historical write-offs, public sector and corporate customer creditworthiness and changes in our customer payment terms. If the financial condition of our customers were to deteriorate, the actual write-offs could be higher than expected.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Years ended December&nbsp;31, 2017, 2016 and 2015</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of these sections, the fiscal years ended December&nbsp;31, 2017, 2016 and 2015 are referred to as &#147;2017,&#148; &#147;2016&#148; and &#147;2015,&#148; respectively.</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our results of operations are determined in accordance with IFRS as issued by the IASB. The Telecom Group provides customers with a broad range of telecommunication services. To fulfill its purpose, the Telecom Group conducts different activities that are distributed among the companies in the Group aggregated into the following segments according to the nature of the products and services provided and economic characteristics:</font></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;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Segment</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">
<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;">Company&nbsp;of&nbsp;the&nbsp;Telecom&nbsp;Group/Operating&nbsp;Segment</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;">Fixed Services</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;">Telecom Argentina</font></p>    </td>   </tr>
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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: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;">Telecom Argentina USA</font></p>    </td>   </tr>
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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: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;">Micro Sistemas (i)</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;">Personal Mobile Services</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;">Personal (ii)</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;">N&#250;cleo Mobile Services</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;">N&#250;cleo (iii)&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: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: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;">Personal Env&#237;os (iii)<br>   Tuves Paraguay (iv)</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>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(i)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dormant entity during the years ended December&nbsp;31, 2017, 2016   and 2015.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(ii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Until November&nbsp;30, 2017, Telecom Argentina owned 100% of   Personal. Since December&nbsp;1, 2017 the Reorganization was effective and   from that date, mobile services provided by Personal are continued by Telecom   Argentina.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(iii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Non-controlling interest of 32.50% is owned by the Paraguayan   company ABC Telecomunicaciones S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(iv)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Non-controlling interest of 22.75% is owned by the Paraguayan   company ABC Telecomunicaciones S.A and 30% is owned by TU VES S.A. (Chile).   On June&nbsp;30, 2017, the transaction by which N&#250;cleo acquired the 70% of   shares and votes of Tuves Paraguay was performed.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.3in;"><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;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&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;">PART&nbsp;I - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</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;">99<a name="PB_99_111026_3821"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main products and services in each segment for the years presented are:</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 .5in;text-align:justify;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>Fixed Services: local area, national long-distance and international communications, supplementary services (including call waiting, itemized invoicing, voicemail,&nbsp;etc.), interconnection with other operators, data transmission (including private networks, point-to-point traffic, radio and TV signal transportation),&nbsp;Internet services,&nbsp;IT solution Outsourcing and sales of equipment.</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 35.45pt;text-align:justify;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>Personal Mobile Services and N&#250;cleo Mobile Services: service offerings include voice communications, high-speed mobile Internet content and applications download, MMS, SMS, among others; and sale of mobile communication devices (handsets, modems mifi and wingles). The services are supported in the different technologies of the mobile network (2G/3G/4G).</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table shows a breakdown of our revenues by business segment for the years ended December&nbsp;31, 2017, 2016 and 2015:</font></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;"><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:2.0%;">
<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;">2017</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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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;">2015</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>   </tr>
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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;">Segment</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>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">Revenues<br>   (1)<br>   (P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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;">%&nbsp;of<br>   Consolidated<br>   Revenues</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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:10.0%;">
<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;">Revenues<br>   (1)<br>   (P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of<br>   Consolidated<br>   Revenues</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Revenues<br>   (1)<br>   (P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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:10.0%;">
<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<br>   Consolidated<br>   Revenues</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<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:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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="27%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Services</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,460</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">31.4</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,014</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">28.2</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,736</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">26.5</font></i></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="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal Mobile   Services</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41,735</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">64.0</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35,584</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">66.8</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,054</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">69.3</font></i></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="27%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo Mobile   Services</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,991</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4.6</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,642</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">5.0</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,706</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4.2</font></i></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="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<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;">TOTAL</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">65,186</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">100.0</font></i></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">53,240</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">100.0</font></i></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">40,496</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">100.0</font></i></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>  </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 .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:8.0pt;">&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes service revenues and equipment sales and the effect of elimination of intersegment transactions.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management&#146;s explanations under &#147;&#151;(B)&nbsp;Results of Operations by Segment&#148; below regarding changes in financial condition and results of operations for years 2017, 2016 and 2015 related to segments of the Company have been provided based on financial information under IFRS as disclosed in Note 28 to our Consolidated Financial Statements.</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-align:justify;text-indent:21.3pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Factors Affecting Results of Operations</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Described below are certain factors that may be helpful in understanding our operating results. These factors are based on the information currently available to our Management and may not represent all of the factors that are relevant to an understanding of our current or future results of operations. See also &#147;Item 3&#151;Key Information&#151;Risk Factors&#148;. Additional information regarding trends expected to influence our results of operations is analyzed below under &#147;&#151;Trend Information.&#148;</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-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Impact of Political and Economic Environment in Argentina:</font></i> Levels of economic activity affect our customers&#146; consumption of our services, the demand for new mobile and fixed lines and Broadband accesses as well as the levels of uncollectible accounts and disconnections. Demand for our services and the amount of revenues we collect are also affected by inflation, the evolution of consumption in the economy, exchange rate variations and the rate of unemployment, among other factors.</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-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Price of services:</font></i> The LAD (as amended by Decree No.&nbsp;267/15), under Title VI - Article&nbsp;48, established that licensees of ICT services may freely set their prices which shall be fair and reasonable, to offset the costs of exploitation and to tend to the efficient supply and reasonable margin of operation. However, the Regulatory Authority is entitled to observe the prices set by the Company if it understands that they do not comply with the provisions of Article&nbsp;48 of the LAD. If prices are observed as imposing restrictions on our prices our operating margins may be negatively affected. Before the LAD came into force, the service prices that Telecom Argentina charged in its fixed telephony service (including both monthly charges and measured service charges), installation charges, public telephone charges and charges for Internet dial-up traffic (&#147;Regulated Services&#148;) were subject to regulation.</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;">PART&nbsp;I - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">100<a name="PB_100_111026_3011"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The impact of the service price adjustments on the Company&#146;s results of operations has been particularly relevant in recent years as a result of inflationary pressures on our costs structure.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Competition:</font></i> The Argentine telecommunications market has become increasingly competitive. Competition is mainly focused on Internet and mobile services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Technology Developments and Capital Expenditures:</font></i> Improvements in technology influence our customers&#146; demand for services and equipment. For example, demand for fixed-line telecommunications services has been affected by continued significant growth in mobile business. Growth in the fixed-services business at present is being driven by the expansion of Broadband for individuals and corporations and Telecom Argentina continuous updating of commercial and support systems. The increase in Broadband adoption has also proven to be a critical factor in facilitating the offering of Value Added Services to customers and the bundling of services.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the fixed-services business, we must invest in our fixed-line network and information technology. Specifically, in Internet services, we must constantly upgrade our Access technology and software, embrace emerging transmission technologies and improve the responsiveness, functionality, coverage and features of our services.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the mobile business, to provide its subscribers with new and better services, </font>Telecom Argentina (the surviving entity of Personal) has to enhance its mobile networks extending 3G and 4G technology and bandwidth for mobile data transmission. Moreover, Telecom Argentina is developing a LTE infrastructure expeditiously, according to regulatory requirements (we must comply with the obligations arising from the acquisition of the 4G spectrum) and the mobile market development.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, as new technologies develop, equipment may need to be replaced or upgraded, and network facilities (in particular, mobile and Internet network facilities) may need to be rebuilt in whole or in part, at substantial cost, to remain competitive. These enhancements and the implementation of new technologies will continue requiring increased capital expenditures. See &#147;Item 4&#151;Information on the Company&#151;Capital Expenditures.&#148;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Devaluation of the peso: </font></i>The peso has been subject to significant devaluations in the past and may be subject to fluctuation in the future. In recent years, there was a significant devaluation which amounted to approximately 17.4% in 2017, 21.9% in 2016 and 52.5% in 2015. The majority of our revenues are in pesos whereas a portion of the costs regarding materials and supplies related to the construction and maintenance of our networks and services are incurred in foreign currencies. Also, the high level of competition limited our ability to transfer to our customers the fluctuations in the exchange rates between the peso and the U.S. dollar and other currencies. In addition, any devaluation of the peso against foreign currencies may increase operating costs (partially offset by the increase of revenues in foreign currencies), capital expenditures and the cost of debt, which will adversely affect our results of operations, considering the net effect on revenues and costs.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Increase in inflation.</font></i> In the past, Argentina has experienced periods of high inflation. In recent years, inflation levels have been increasing and have remained relatively high. The economic recovery, a higher increase in public spending or a fast devaluation of the Argentine peso could lead to higher inflation. Any increase in inflation levels not accompanied by an increase in the rates we charge our customers could adversely affect our results of operations in nominal and real terms. See &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins.&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements and the financial information included elsewhere in this Annual Report have been prepared on a historical basis in accordance with IFRS. However, due to the high level of inflation prevailing in Argentina in the last few years, Management analyzed the conditions established by IAS 29 paragraph 3 to consider an economy as hyperinflationary. It should be mentioned that if the conditions established by IAS 29 to consider an economy as a hyperinflationary are met, the restatement of financial statements must be made retroactively from the date of the revaluation used as deemed cost (in the case of Group companies located in Argentina, since February&nbsp;2003) or from the acquisition date for assets acquired after that date.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on the analysis made as of December&nbsp;31, 2017, the Company&#180;s management considers that as of December&nbsp;31, 2017 there was insufficient evidence to consider the Argentina&#146;s economy as &#147;hyperinflationary&#148; under IAS 29. See &#147;Item 3&#151;Key Information&#151;Risk factors&#151;Risks Relating to Argentina&#151;Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins&#148;, &#147;Economic and Political Developments in Argentina&#148; and Note 1.e) to the Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although we believe that in 2018 inflation rates will reduce,&nbsp;IAS 29 and the IPTF recommended that Argentine issuers continue monitoring whether the Argentine economy qualifies as highly inflationary.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tax pressures and litigation</font></i>. Local municipalities in the regions where we operate have introduced regulations and proposed various taxes and fees for the installation of infrastructure, equipment and expansion of fixed-line and mobile networks. Local and federal tax authorities have brought an increasing number of claims against us. We disagree with these proceedings and we are contesting them. Also, jurisprudential changes in labor and pension matters have generated higher claims from employees and former employees and also increased claims from employees of a contractor or subcontractor alleging joint liability. We cannot assure you that the laws and regulations currently governing the economy or the telecommunications industry will not change, that the claims will be resolved in our favor, or that any changes to the existing laws and regulations will not adversely affect our business, financial condition, results of operations and cash flows as well.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A)&nbsp;Consolidated Results of Operations</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the year ended December&nbsp;31, </font>2017, we reported net income of P$7,724 million, compared to net income of P$4,005 million for the year ended December&nbsp;31, 2016, and net income of P$3,435 million for the year ended December&nbsp;31, 2015. Net income attributable to Telecom Argentina increased by P$3,655 million in 2017 as compared to 2016, reaching P$7,630 million and increased by P$572 million in 2016 as compared to 2015, reaching P$3,975 million, from P$3,403 million reported in 2015.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated revenues in 2017 were P$65,186 million compared to P$53,240 million in 2016 and P$40,496 million in 2015</font>. The increase of P$11,946 million in 2017 (a 22% increase) can be largely attributed to the growth in the Personal Mobile Services segment, mainly due to outbound mobile services revenues and in Voice and Internet services included in the Fixed Services segment.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, operating expenses (including depreciation and amortization and disposals and impairment of PP&amp;E) totaled P$53,207 million, representing an increase of P$7,727 million, or 17% as compared to 2016. In 2016, operating expenses (including depreciation and amortization and disposals and impairment of PP&amp;E) totaled P$45,480 million, representing an increase of P$11,169 million, or 33% as compared to 2015. </font>The increase in costs is mainly a consequence of higher revenues, higher expenses related to competition in mobile and Internet businesses, higher direct and indirect labor costs on the cost structure of the Telecom Group in Argentina, the increase in fees for services related to higher supplier prices, the increase in taxes, higher provisions costs and higher depreciation and amortization of PP&amp;E and intangible assets, partially offset by a decrease of VAS costs, commissions and bad debt expenses.</p>
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<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A.1) <u>2017 Compared to 2016</u></font></b></p>
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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;">Years&nbsp;Ended<br>   December&nbsp;31,</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;">Change&nbsp;by&nbsp;segment&nbsp;(1)</font></b></p>    </td>
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<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>
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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;">2017</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;">2016</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;">Total&nbsp;Change</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;">Fixed<br>   Services</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;">Personal<br>   Mobile<br>   Services</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;">N&#250;cleo<br>   Mobile<br>   Services</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>   </tr>
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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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="42%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:42.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65,186</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,240</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,946</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,446</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,151</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">349</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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Income</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">133</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1</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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating   expenses (without depreciation and amortization)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(45,963</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(38,899</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7,064</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,186</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,799</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(79</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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<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;">Adjusted   EBITDA(2)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">19,356</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">14,424</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">34</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">4,932</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">265</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">4,398</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">269</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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and   amortization</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,928</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,198</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(730</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(339</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(347</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(44</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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and   Impairment of PP&amp;E</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(316</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(383</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(22</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">89</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<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;">Operating   income</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">12,112</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">7,843</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">54</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">4,269</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">(96</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">4,140</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">225</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial   results, net</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(486</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,244</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(78</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,758</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax   expense</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,902</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,594</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">145</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,308</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<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;">Net   income</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">7,724</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">4,005</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">93</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">3,719</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<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:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<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;">Net   income attributable to:</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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: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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.0%;">
<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:2.0%;">
<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="20%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<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;">Years&nbsp;Ended<br>   December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="31%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
<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;">Change&nbsp;by&nbsp;segment&nbsp;(1)</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 height="28" style="height:20.7pt;">
<td width="22%" height="28" valign="bottom" style="height:20.7pt;padding:0in 0in 0in 0in;width:22.0%;">
<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%" height="28" valign="bottom" style="height:20.7pt;padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" height="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:20.7pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" height="28" valign="bottom" style="height:20.7pt;padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" height="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:20.7pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" height="28" valign="bottom" style="height:20.7pt;padding:0in 0in 0in 0in;width:2.0%;">
<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="20%" colspan="3" height="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:20.7pt;padding:0in 0in 0in 0in;width:20.0%;">
<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;">Total&nbsp;Change</font></b></p>    </td>
<td width="2%" height="28" valign="bottom" style="height:20.7pt;padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" height="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:20.7pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">Fixed<br>   Services</font></b></p>    </td>
<td width="2%" height="28" valign="bottom" style="height:20.7pt;padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" height="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:20.7pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">Personal<br>   Mobile<br>   Services</font></b></p>    </td>
<td width="2%" height="28" valign="bottom" style="height:20.7pt;padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" height="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:20.7pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">N&#250;cleo<br>   Mobile<br>   Services</font></b></p>    </td>
<td width="1%" height="28" valign="bottom" style="height:20.7pt;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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<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:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom   Argentina (Controlling Company)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,630</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,975</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,655</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Noncontrolling   interest</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">94</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">213</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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: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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="61%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</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;">102<a name="PB_102_111026_9799"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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>
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<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Includes the effect of eliminations   of Intersegment transactions.</font></p>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Adjusted EBITDA is a non-GAAP   measure. See the purpose of use of adjusted EBITDA and reconciliation of net   income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Revenues</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="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<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;">Years&nbsp;Ended<br>   December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="28%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
<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;">Change&nbsp;by&nbsp;segment&nbsp;(1)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<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;">Total&nbsp;Change</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Fixed<br>   Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Personal<br>   Mobile<br>   Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">N&#250;cleo<br>   Mobile<br>   Services</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="38%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:38.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<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;">Fixed   Services segment</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voice </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,505</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,010</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,495</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,495</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Data </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,577</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,919</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">658</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">658</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,715</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,994</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,721</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,721</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<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;">Mobile   Services segment</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outbound </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,505</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26,826</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,679</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,116</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">563</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inbound </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,851</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,838</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,013</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">999</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,818</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,767</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">125</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(74</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="font-size:10.0pt;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;">Service   Revenues</font></b>  </p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">56,971</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">45,354</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">26</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">11,617</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">4,874</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">6,240</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">503</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment (2) </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,215</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,886</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">329</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">572</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(89</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(154</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="font-size:10.0pt;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;">Revenues</font></b>    </p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">65,186</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">53,240</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">22</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">11,946</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">5,446</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">6,151</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">349</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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 19.5pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; Net of the Intersegment revenues effect.</font></p>
<p style="margin:0in 0in .0001pt 19.5pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; This item is composed of voice, data and Internet equipment in each year.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, total consolidated revenues increased by 22% to P$65,186 million from P$53,240 million in 2016, mainly driven by Personal Mobile Services segment and Voice and Internet services in the Fixed Services segment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated revenues for 2017 and 2016 are comprised as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fixed Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, services revenues generated by this segment amounted to P$19,797 million (+P$4,874 million or +33% vs. 2016), where Voice revenues have grown the most (+P$2,495 million or +42% vs. 2016), followed Internet services (+P$1,721 million or +29% vs. 2016).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voice revenues (including the net revenues generated by the subsidiary Telecom Argentina USA in the amount of P$300 million) reached P$8,505 million in 2017 (+42% vs. 2016). The increase was mainly due to the increase in plans prices.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet revenues amounted to P$7,715 million in 2017 (+29% vs. 2016) as a result of the increase in the average plans prices. As a consequence, ARPU reached P$359.6 per month in 2017 vs. P$270.9 per month in 2016. As of December&nbsp;31, 2017, the number of ADSL subscribers amounted to approximately 1,744,000. The churn rate per month amounted to 1.4% in 2017 (vs. 1.7% in 2016).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Data revenues (including the revenues generated by the subsidiary Telecom Argentina USA amounted to P$16 million) amounted to P$3,577 million in 2017 (+P$658 million or +23% vs. 2016). These revenues were generated focusing on Telecom Argentina&#146;s position as an integrated TICs provider (Datacenter, VPN, among others) for wholesale and government segments. The increase was primarily due to the variation of the P$/US$ exchange rate (+17.4% vs. 2016), related to agreements settled in such foreign currency and to the increase in the revenues related to Innovation services (+P$561 million or +27%).</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Personal Mobile Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, total services revenues amounted to P$34,289 million (+P$6,240 million or +22% vs. 2016), being the principal business segment in revenues terms (60% and 62% of consolidated services revenues in 2017 and 2016, respectively). As of December&nbsp;31, 2017, Personal Mobile Services Segment reached 19.0 million subscribers in Argentina (-2.7% vs. 2016). Approximately 65% of the subscriber base is prepaid subscribers and 35% is postpaid subscribers (including &#147;<i>Abono Fijo</i>&#148; and Mobile Internet subscribers&#146; dongles).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main ratios were:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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 42.55pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> The churn rate per month amounted to 2.8% in 2017 (vs. 2.9% in 2016);</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:39.65pt;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> ARPU amounted to P$142.3 per month in 2017 (vs. P$112.3 per month in 2016), representing a 27% increase (ARPU is a non-GAAP measure; see the purpose of use of ARPU and Reconciliation of Revenue for the calculation of ARPU in Section&nbsp;B.2 Personal Mobile Services Segment &#151; Revenue);</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:39.65pt;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Revenues generated by mobile Internet services amounted to P$17,048 million (+ P$6,216 million or +57% vs. 2016), fueled by the migration of subscribers to higher value service plans and the increase in subscribers holding 3G and 4G handsets, which enhance Internet usage.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outbound mobile services revenues amounted to P$29,980 million in 2017 (+ P$5,116 million or +21% vs. 2016). The increase was mainly due to the increase in monthly charges prices in the postpaid and &#147;<i>Abono fijo</i>&#148; subscriber base and to the increase of the online recharges in the prepaid subscriber base.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inbound mobile services revenues (including CPP and TLRD) amounted to P$2,710 million (+P$999 million or +58% vs. 2016). This increase is mainly related to the increase in CPP revenues, mainly due to the increase of the price per minute of CPP services, which were partially offset by a decrease in traffic volumes. Additionally TLRD revenues increased, mainly due to the increase in TLRD average price per minute, which were partially offset by a decrease in interconnection traffic volumes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other mobile services revenues amounted to P$1,599 million (+P$125 million or +8% vs. 2016) mainly due to the increase in reconnection charges, which were partially offset by a decrease in international roaming traffic.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">N&#250;cleo Mobile Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This segment generated services revenues equivalent to P$2,885 million during 2017 (+P$503 million or +21% vs. 2016) mainly due to the Internet revenues increase related to the increase of browsing generated by subscribers with mobile equipment prepared for that purpose. As of December&nbsp;31, 2017, N&#250;cleo&#146;s subscriber base reached 2.4 million customers. Prepaid and postpaid subscribers (including &#147;<i>Plan Control</i>&#148; subscribers and mobile Internet subscribers) represented 83% and 17% in 2017, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet revenues amounted to P$1,294 million (+32% vs. 2016) and represented 45% of N&#250;cleo Mobile Services segment services revenues (vs. 41% in 2016).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Equipment</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from equipment increased by 4% to P$8,215 million in 2017 from P$7,886 million in 2016.</font> The Fixed Services segment showed an increase of P$572 million as compared to 2016, mainly due to the implementation of Tetra and NoBu projects, partially offset by a decrease in revenues from the Personal Mobile Services segment of P$89 million as compared to 2016 and a decrease of P$154 million in the N&#250;cleo Mobile Services segment (a decrease of 59% as compared to 2016).</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other Income</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other income mainly includes penalties and indemnities collected from suppliers, as a result of delays in deliveries of goods or matters related to the quality of the services provided and gains on disposal of PP&amp;E since 2016. During 2017, other income increased by 60% to P$133 million from P$83 million in 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating expenses (without depreciation and amortization)</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total operating</font> expenses (without depreciation and amortization and disposals and impairment of PP&amp;E) increased by P$7,064 million totaling P$45,963 million in 2017, representing an 18% increase as compared to 2016.</p>
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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;">Change&nbsp;by&nbsp;segment&nbsp;(1)</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;">Years&nbsp;Ended<br>   December&nbsp;31,</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>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">Fixed</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">Personal<br>   Mobile</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">N&#250;cleo<br>   Mobile</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.5%;">
<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:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<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;">Total&nbsp;Change</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Services</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.5%;">
<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:2.0%;">
<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="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="38%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:38.5%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="28%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee benefit   expenses and severance payments </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,718</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,800</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,918</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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,405</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">495</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</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="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection   costs and other telecommunications charges .</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,148</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,553</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">595</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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">497</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</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="28%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for   services, maintenance, materials and supplies </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,600</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,006</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,594</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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,238</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">305</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</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="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees   with the Regulatory Authority </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,107</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,125</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">982</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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">463</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">488</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</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="28%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,631</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,849</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(218</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;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">90</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(357</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</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="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of   equipment and handsets </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,684</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,188</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">496</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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">388</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">286</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(178</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="28%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,218</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">874</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">344</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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">271</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</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="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">874</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,499</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(42</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(625</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;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(715</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">98</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="28%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provisions </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">590</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">187</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">216</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">403</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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">105</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">297</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</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="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt expense   </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,113</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,228</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(115</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;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(107</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(49</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="28%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating   expense </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,280</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,590</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">690</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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">319</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">339</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</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="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.5%;">
<p style="font-size:10.0pt;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;">Total   operating expenses (without depreciation and amortization)</font></b>  </p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">45,963</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">38,899</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">18</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">7,064</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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">5,186</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">1,799</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">79</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>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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 .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; Net of the Intersegment transactions effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee benefit expenses and severance payments</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, employee benefit expenses and severance payments were P$12,718 million, representing a 30% increase from 2016. This was primarily due to salary increases that Telecom implemented across all segments </font>with several trade unions with respect to the unionized employees (see &#147;Item 6&#151;Directors, Senior Management and Employees&#151;&#147;Employees and Labor Relations&#148;) and also to non-unionized employees, together with related social security charges.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a total headcount of 15,396 at the end of 2017 (a decrease of 4% as compared to 2016), lines in service per employee reached 355 in the Fixed Services segment (a decrease of 1% as compared to 2016), 4,418 customers by employee in the Personal Mobile Services segment (an increase of 6% as compared to 2016) and 6,238 customers by employee in the N&#250;cleo Mobile Services segment (a decrease of 1% as compared to 2016).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Interconnection costs and other telecommunications charges</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection costs and other telecommunication charges (including charges for TLRD, Roaming, interconnection costs, cost of international outbound calls and lease of circuits) amounted to P$3,148 million in 2017 as compared to P$2,553 million in 2016. The increase was mainly due to higher TLRD costs, partially offset by a decrease in roaming costs.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fees for services, maintenance, materials and supplies</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expenses related to fees for services, maintenance, materials and supplies increased by 32% to P$6,600 million in 2017 from P$5,006 million in 2016. Maintenance, material and supplies costs increased 25% as compared to 2016 (including obsolescence of inventories) and fees for services increased 39% as compared to 2016. </font>The increase was mainly due to higher connection costs and due to higher software maintenance costs in the Fixed Services segment and higher system licenses costs, in the Mobile Services segment. There were also increases in fees for services, mainly due to higher call centers costs and higher costs recognized by suppliers in all segments.</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="70%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.82%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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;">105<a name="PB_105_111851_1605"></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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxes and fees with the Regulatory Authority</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees with the Regulatory Authority (including turnover tax, fees with the Regulatory Authority, </font>tax on deposits and withdrawals from bank accounts, municipal and other taxes) increased by 19% to P$6,107 million in 2017 from P$5,125 million in 2016, mainly influenced by the increase in revenues of fixed and mobile services in Argentina and higher taxes on deposits and withdrawals from bank accounts related to higher collections and payments to suppliers, partially offset by a decrease in fees with the Regulatory Authority.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Commissions</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions </font>(including agent, distribution of prepaid cards and other commissions) decreased by 6% to P$3,631 million in 2017 from P$3,849 million in 2016. The decrease was mainly due to the decrease in agents&#146; commissions (-P$59 million vs. 2016) as well as a decrease in collection commissions (-P$148 million vs. 2016), and other commissions (-P$90 million vs. 2016), partially offset by an increase in distribution of prepaid cards commissions (+P$79 million vs. 2016).</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions are net of agents&#146; commissions capitalized as Subscriber acquisition cost (&#147;SAC&#148;), which totaled P$986 million in 2017 (a decrease of P$417 million or -30% as compared to 2016), </font>and it&#146;s directly related to the gross decrease of new customers in the &#147;<i>Abono Fijo</i>&#148; subscribers&#146; base, mainly in the Personal Mobile Services segment, and the decrease in the commissions prices.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of equipment and handsets</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, the cost of equipment and handsets increased by 8% to P$6,684 million from P$6,188 million in 2016, mainly due to the implementation of Tetra and NoBu projects (telecommunications services contracts that include the sale of equipment and service revenues) in the Fixed Services segment and due to an increase in the average unit cost of sales (an increase of 21% as compared to 2016) which was partially offset by a decrease in the units of handsets sold (a decrease of 13% as compared to 2016) in the Personal Mobile Services segment. Also, in the N&#250;cleo Mobile Services segment there was a decrease in the cost (-59% as compared to 2016) as a result of a decrease in the units of handsets sold.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of equipment and handsets are net of handset costs capitalized as subscriber acquisition cost, which amounts to P$80 million in 2017, -P$50 million, or 38% lower than in 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Advertising</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Costs related to advertising increased by P$344 million, or 39%, to P$1,218 million in 2017, </font>mainly due to an increase in media campaigns of the Telecom Group.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of VAS</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS amounted to P$874 million in 2017 (a decrease of P$625 million as compared to 2016), mainly due to the decrease of VAS sales in the Personal Mobile Services segment, </font>as a consequence of the content suppliers depuration carried out within the content business general reorganization realized by Personal in 2016.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Provisions</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, we recorded P$590 million in provisions compared to P$187 million recorded in 2016, representing a 216% increase. </font>The increase was mainly due to higher labor claims (an increase of P$185 million as compared to 2016) and higher civil and commercial claims (an increase of P$183 million as compared to 2016). See Note 17 to our Consolidated Financial Statements for more information.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bad debt expenses</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, bad debt expense amounted to P$1,113 million, a decrease of 9% as compared to </font>P$1,228 in 2016, representing 1.7% and 2.3% of consolidated revenues in 2017 and 2016, respectively. The major decrease is mainly observed in the Personal Mobile Services segment, as a consequence of greater efficiency in debt management.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">106<a name="PB_106_111851_1629"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Operating Expenses</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.25pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other operating expenses, which include transportation costs, energy and rentals, among others, increased by 27% to P$3,280 million in 2017 from P$2,590 million in 2016, primarily as a result of</font>  </font>higher prices on related services, in the operations in Argentina and the increase of rent prices (an increase of P$304 million or 40% as compared to 2016), as a result of new agreements and the renegotiation of some existing agreements.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For a further breakdown of our consolidated operating expenses, see &#147;&#151; (B)&nbsp;Results of Operations by Segment&#148; below.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted EBITDA</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An important operational performance measure used by the Company&#180;s Chief Operating Decision Maker (as this term is defined in IFRS 8) is Adjusted EBITDA. Adjusted EBITDA is defined as our net income less income taxes, financial results, depreciation and amortization and disposals and impairment of PP&amp;E. We believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation and the useful lives and book depreciation and amortization of PP&amp;E and intangible assets, which may vary for different companies for reasons unrelated to operating performance. Although Adjusted EBITDA is not a measure defined in accordance with IFRS (a non-GAAP measure), our Management believes that this measure facilitates operating performance comparisons from period to period and provides useful information to investors, financial analysts and the public in their evaluation of our operating performance. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table shows the reconciliation of Net income to Adjusted EBITDA:</font></p>
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<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>
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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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</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: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: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: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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<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>
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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;">2017</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;">2016</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;">Total&nbsp;Change</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>   </tr>
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<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<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:2.5%;">
<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;">(P$&nbsp;million)</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;">%</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>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<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="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<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;">Net   income</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>
<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;">7,724</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4,005</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">93</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3,719</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax   expense</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;">3,902</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;">1,594</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;">145</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;">2,308</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial   results, net</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;">486</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;">2,244</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;">(78</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;">)</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;">(1,758</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<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;">Operating   income</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;">12,112</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;">7,843</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;">54</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;">4,269</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and   Impairment of PP&amp;E</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;">316</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;">383</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;">(17</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;">)</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;">(67</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and   amortization</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;">6,928</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;">6,198</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;">12</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;">730</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<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;">Adjusted   EBITDA</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,356</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">14,424</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">34</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4,932</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our consolidated Adjusted EBITDA was P$19,356 million in 2017, (representing an increase of P$4,932 million or 34% from P$14,424 million in 2016). It represented 30% and 27% of total consolidated revenues in 2017 and 2016, respectively. </font>This growth was mainly fueled by the Fixed Services segment (an increase of P$581 million or 18% as compared to 2016) and Personal Mobile Services segment (an increase of P$4,081 million or 40% as compared to 2016).</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Depreciation and Amortization</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.25pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation of PP&amp;E and amortization of intangible assets increased by P$730 million, or 12% as compared to 2016, to P$6,928 million during 2017. The increase was mainly due to the increase in </font>PP&amp;E depreciation of P$681 million (+P$390 million in Mobile network access and External wiring, +P$157 million in Transmission equipment and +P$115 million in Computer equipments) and the increase in the amortization of SAC and Service connection costs of P$50 million.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Disposals and Impairment of PP&amp;E</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017 and in 2016, Disposals and impairment loss of PP&amp;E amounted to P$316 million and P$383 million, respectively, and was mainly related to the Mobile swap of Vendors, and the simultaneous modernization of 2G/3G technology.</font></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="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.82%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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;">107<a name="PB_107_111851_6467"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating income</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, consolidated operating income was P$12,112 million, representing an increase of P$4,269 million or 54% from 2016. Operating income represented 19% and 15% of consolidated revenues in 2017 and 2016, respectively.</font></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="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.5%;">
<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:2.88%;">
<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="30%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.56%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<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="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.5%;">
<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:2.88%;">
<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="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<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="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<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="47%" valign="bottom" style="padding:0in 0in 0in 0in;width:47.5%;">
<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:2.88%;">
<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="30%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:30.56%;">
<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;">(P$&nbsp;million&nbsp;/&nbsp;%)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<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="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<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="47%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:47.5%;">
<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;">Adjusted   EBITDA (1)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<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;">19,356</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<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;">14,424</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<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;">34</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<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="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues </font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">30</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">27</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<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="47%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and   amortization </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,928</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,198</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<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="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues </font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(11</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(12</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<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="47%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and   Impairment of PP&amp;E<i>  </i></font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(316</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(383</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<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="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="font-size:10.0pt;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;">Operating   income</font></b>  </p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<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;">12,112</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<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;">7,843</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<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;">54</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<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="47%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues </font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">19</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">15</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<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;text-align:justify;text-justify:inter-ideograph;"><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 .75in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; &nbsp;</font><font size="1" style="font-size:8.0pt;">Adjusted EBITDA is a non-GAAP measure. See the purpose of use of adjusted EBITDA and reconciliation of net income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Financial Results</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-align:justify;text-indent:21.25pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, the Company recorded a net financial loss of P$486 million compared to a net financial loss of P$2,244 million in 2016. The variation is mainly due to lower interest on loans of the Company of P$685 million, higher interest on receivables of P$390 million and higher interest on time deposits and other investments at a total cost of P$756 million.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Income tax expense</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax expense amounted to P$3,902 million and P$1,594 million in 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s income tax charge includes three effects: (i)&nbsp;the current tax payable for the year pursuant to tax legislation applicable to each company in the Telecom Group; (ii)&nbsp;the effect of applying the deferred tax method on temporary differences arising out of the asset and liability valuation according to tax versus financial accounting criteria; and (iii)&nbsp;tax receivable from the action for recourse filed by Telecom Argentina claiming income tax determined in excess.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp; Regarding current tax expenses, the Telecom Group&#180;s generated tax profit in fiscal year 2017, resulting in an income tax payable of P$4,438 million versus P$2,091 million in 2016. (ii)&nbsp; Regarding the deferred tax, in 2017 and 2016, the Telecom Group&#180;s recorded a deferred tax gain of P$228 million and P$129 million, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;Telecom Argentina filed actions for recourse with the AFIP in 2015, 2016 and 2017 to claim the full tax determined in excess. The income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and the Company recorded a gain of P$308 million and P$368 million in 2017 and 2016, respectively. For the determination of the tax credit valuation, the Company has estimated the amount of the tax -determined in excess for fiscal years 2009-2017 weighting the probability of certain variables according to the jurisprudential precedents known until such date. The Company&#146;s Management will assess Tax Authority&#146;s resolutions related to actions for recourse filed and the evolution of jurisprudence in order to annually measure the tax credit recorded. See Note 14 to our Consolidated Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net Income</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For 2017, we recorded net income of P$7,724 million (12% of total consolidated revenues), of which P$7,630 million is attributable to Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For 2016, we recorded net income of P$4,005 million (8% of total consolidated revenues), of which P$3,975 million is attributable to Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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;">108<a name="PB_108_111851_4102"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A.2) <u>2016 Compared to 2015</u></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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<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:2.0%;">
<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;">Years&nbsp;Ended<br>   December&nbsp;31,</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>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="28%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
<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;">Change&nbsp;by&nbsp;segment&nbsp;(1)</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>   </tr>
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<td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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;">Total&nbsp;Change</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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;">Fixed<br>   Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Personal<br>   Mobile<br>   Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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;">N&#250;cleo<br>   Mobile<br>   Services</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="38%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:38.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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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;">Revenues</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,240</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40,496</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,744</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,278</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,530</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">936</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Income</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">89</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating   expenses (without depreciation and amortization)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(38,899</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(29,674</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,225</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,637</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,933</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(655</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<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;">Adjusted   EBITDA (2)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">14,424</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">10,866</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">33</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">3,558</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">668</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">2,608</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">282</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and   amortization</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,198</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,438</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,760</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(371</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,094</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(295</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and   Impairment of PP&amp;E</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(383</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(199</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(184</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(275</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<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;">Operating   income</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">7,843</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">6,229</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">26</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">1,614</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">389</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">1,239</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">(14</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial   results, net</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,244</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,102</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">104</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,142</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax   expense</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,594</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,692</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">98</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<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;">Net   income</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">4,005</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">3,435</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">17</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">570</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<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;">Net   income attributable to:</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom   Argentina (Controlling Company)</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3,975</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3,403</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">17</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">572</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Noncontrolling   interest</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">30</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">32</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(6</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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 .5in;text-align:justify;text-indent:-.3in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160;&#160;&#160; &nbsp;</font><font size="1" style="font-size:8.0pt;">Includes the effect of eliminations of Intersegment transactions.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.3in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160;&#160;&#160; &nbsp;</font><font size="1" style="font-size:8.0pt;">Adjusted EBITDA is a non-GAAP measure. See the purpose of use of adjusted EBITDA and reconciliation of net income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Revenues</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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<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:2.0%;">
<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;">Years&nbsp;Ended<br>   December&nbsp;31,</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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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;">Change&nbsp;by&nbsp;segment&nbsp;(1)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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;">Total&nbsp;Change</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Fixed<br>   Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Personal<br>   Mobile<br>   Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">N&#250;cleo<br>   Mobile<br>   Services</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="38%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:38.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<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;">Fixed   Services segment</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voice </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,010</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,338</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,672</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,672</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Data </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,919</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,780</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,139</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,139</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,994</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,557</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,437</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,437</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<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;">Mobile   Services segment</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outbound </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26,826</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,901</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,925</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,199</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">726</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inbound </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,838</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,637</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">201</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">163</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,767</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,267</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">500</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">429</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="font-size:10.0pt;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;">Service   Revenues</font></b>  </p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">45,354</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">34,480</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">32</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">10,874</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">4,248</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">5,791</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">835</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment (2) </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,886</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,016</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,870</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,739</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="font-size:10.0pt;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;">Revenues</font></b>    </p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">53,240</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">40,496</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">31</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">12,744</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">4,278</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">7,530</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<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;">936</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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 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>
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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>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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 19.5pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; Net of the Intersegment revenues effect.</font></p>
<p style="margin:0in 0in .0001pt 19.5pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; This item is composed of voice, data and Internet equipment in each year.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, total consolidated revenues increased by 31% to P$53,240 million from P$40,496 million in 2015, mainly driven by the mobile services provided by Personal and our Broadband and data transmission businesses.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 19.5pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated revenues for 2016 and 2015 are comprised as follows:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fixed Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, services revenues generated by this segment amounted to P$14,923 million (+P$4,248 million or +40% vs. 2015), where Voice revenues have grown the most (+P$1,672 million or +39% vs. 2015), followed Internet services (+P$1,437 million or +32% vs. 2015).</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">109<a name="PB_109_111851_4129"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voice revenues (including the net revenues generated by the subsidiary Telecom Argentina USA in the amount of P$265 million) reached P$6,010 million in 2016. The increase was mainly due to the increase in monthly basic plans prices and the increase in the prices of supplementary services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet revenues amounted to P$5,994 million in 2016 as a result of the increase in the average plans prices. As a consequence, ARPU reached P$270.9 per month in 2016 vs. P$207.4 per month in 2015. As of December&nbsp;31, 2016, the number of ADSL subscribers amounted to approximately 1,738,000. The churn rate per month amounted to 1.7% in 2016 (vs. 1.4% in 2015).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Data revenues (including the revenues generated by the subsidiary Telecom Argentina USA amounted to P$9 million) amounted to P$2,919 million in 2016 (+P$1,139 million or +64% vs. 2015). These revenues were generated focusing on Telecom Argentina&#146;s position as an integrated TICs provider (Datacenter, VPN, among others) for wholesale and government segments. The increase was primarily due to the variation of the P$/US$ exchange rate related to agreements settled in such foreign currency and to the increase in the number of Innovation services&#146; customers (which generated an increase of P$812 million as compared to 2015).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Personal Mobile Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, total services revenues amounted to P$28,049 million (+P$5,791 million or +26% vs. 2015), being the principal business segment in revenues terms (62% and 65% of consolidated services revenues in 2016 and 2015, respectively). As of December&nbsp;31, 2016, Personal reached 19.5 million subscribers in Argentina (-0.7% vs. 2015). Approximately 67% of the subscriber base is prepaid subscribers and 33% is postpaid subscribers (including &#147;<i>Abono Fijo</i>&#148; and Mobile Internet subscribers&#146; dongles).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main ratios were:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> The churn rate per month amounted to 2.9% in 2016 (vs. 3.1% in 2015);</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> ARPU amounted to P$112.3 per month in 2016 (vs. P$91.5 per month in 2015), representing a 23% increase (ARPU is a non-GAAP measure; see the purpose of use of ARPU and Reconciliation of Revenue for the calculation of ARPU in Section&nbsp;B.2 Personal Mobile Services Segment &#151; Revenue);</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Revenues generated by mobile Internet services amounted to P$10,832 million (+ P$4,578 million or +73% vs. 2015), mainly explained by the increase in browsing services consumption of Personal&#180;s Service Segment subscribers; which was mainly fueled by the increase in the offer of services, plans and packs (including VAS) launched by the Company. This growth was fueled by new subscribers, the migration of subscribers to higher value service plans and the increase in subscribers that acquired 3G and 4G handsets, which facilitate Internet browsing.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outbound mobile services revenues amounted to P$24,864 million in 2016 (+P$5,199 million or +26% vs. 2015). The increase was mainly due to the increase in monthly charges prices in the postpaid and &#147;<i>Abono fijo</i>&#148; subscriber base and to the increase of the online recharges in the prepaid subscriber base partially offset by the net variation of the subscribers base.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inbound mobile services revenues (including CPP and TLRD) amounted to P$1,711 million (+P$163 million or +11% vs. 2015). The increase was mainly due to an increase in interconnection prices, partially offset by a decrease in interconnection traffic.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other mobile services revenues amounted to P$1,474 million (+P$429 million or +41% vs. 2015).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">N&#250;cleo Mobile Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This segment generated services revenues equivalent to P$2,382 million during 2016 (+P$835 million or +54% vs. 2015) mainly due to the appreciation of Guaran&#237; and due to the Internet revenues increase related to the increase of browsing generated by subscribers with mobile equipment prepared for that purpose. As of December&nbsp;31, 2016, N&#250;cleo&#146;s subscriber base reached 2.5 million customers. Prepaid and postpaid subscribers (including &#147;<i>Plan Control</i>&#148; subscribers and mobile Internet subscribers) represented 82% and 18% in 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet revenues amounted to P$978 million (+72% vs. 2016) and represented 41% of N&#250;cleo Mobile Services segment services revenues (vs. 37% in 2015).</font></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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">110<a name="PB_110_111851_7128"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Equipment</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from equipment increased by 31% to P$7,886 million in 2016 from P$6,016 million in 2015.</font> The Personal Mobile Services segment showed an increase of P$1,739 million as compared to 2015 due to an increase in handset&#146;s average sale price (an increase of 34% as compared to 2015), which was partially offset by a decrease in handset units sold (a decrease of 4% as compared to 2015), resulting in a higher operating margin. N&#250;cleo Mobile Services segment reached an increase of P$101 million (an increase of 64% as compared to 2015) due to an increase in handset&#146;s average sale prices including the effect of the devaluation of P$ against Guaran&#237;es (an increase of 78% as compared to 2015), partially offset by a decrease in handset units sold (a decrease of 8% as compared to 2015).</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other Income</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other income mainly includes penalties and indemnities collected from suppliers, as a result of delays in deliveries of goods or matters related to the quality of the services provided and gains on disposal of PP&amp;E since 2016. During 2016, other income increased by 89% to P$83 million from P$44 million in 2015, mainly due to an increase in penalties and indemnities collected from suppliers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating expenses (without depreciation and amortization)</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total operating</font> expenses (without depreciation and amortization and disposals and impairment of PP&amp;E) increased by P$9,225 million totaling P$38,899 million in 2016, representing a 31% increase as compared to 2015.</p>
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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>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="28%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
<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;">Change&nbsp;by&nbsp;segment&nbsp;(1)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<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;">Years&nbsp;Ended<br>   December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">Fixed</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">Personal<br>   Mobile</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">N&#250;cleo<br>   Mobile</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<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;">Total&nbsp;Change</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Services</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<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;">Services</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.0%;">
<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:2.0%;">
<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="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="38%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:38.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee benefit   expenses and severance payments </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,800</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,253</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,547</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,952</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">525</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection   costs and other telecommunications charges .</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,553</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,170</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">383</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">235</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">110</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for   services, maintenance, materials and supplies </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,006</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,919</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,087</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">532</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">478</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees   with the Regulatory Authority </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,125</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,943</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,182</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">300</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">854</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,849</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,193</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">656</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">501</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">96</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of   equipment and handsets </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,188</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,595</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,593</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,421</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">118</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">874</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">814</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,499</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,256</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">243</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">193</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provisions </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">187</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">113</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">74</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt expense   </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,228</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">564</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">118</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">664</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">489</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102</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="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating   expense </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,590</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,854</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">736</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">338</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</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="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<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;">Total operating expenses (without depreciation   and amortization)</font></b>  </p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">38,899</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">29,674</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">31</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">9,225</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">3,637</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">4,933</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<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;">655</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>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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 .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; Net of the Intersegment transactions effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee benefit expenses and severance payments</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, employee benefit expenses and severance payments were P$9,800 million, representing a 35% increase from 2015. This was primarily due to salary increases that Telecom implemented across all segments </font>with several trade unions with respect to the unionized employees and also to non-unionized employees, together with related social security charges.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a total headcount of 15,970 at the end of 2016 (a decrease of 2% as compared to 2015), lines in service per employee reached 360 in the Fixed Services segment (a decrease of 3% as compared to 2015), 4,187 customers by employee in the Personal mobile services segment ( an increase of 5% as compared to 2015) and 6,317 customers by employee in the N&#250;cleo mobile services segment (an increase of 1.5% as compared to 2015).</font></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="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.82%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">111<a name="PB_111_111851_3263"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Interconnection costs and other telecommunications charges</font></i></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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection costs and other telecommunication charges (including charges for TLRD, Roaming, cost of international outbound calls and lease of circuits) amounted to P$2,553 million in 2016 as compared to P$2,170 million in 2015. The increase was mainly due to an increase in international outbound calls and Roaming traffic, and higher TLRD costs.</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:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fees for services, maintenance, materials and supplies</font></i></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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expenses related to fees for services, maintenance, materials and supplies increased by 28% to P$5,006 million in 2016 from P$3,919 million in 2015. Maintenance, material and supplies costs increased 48% as compared to 2015 (including obsolescence of inventories) and fees for services increased 11% as compared to 2015. </font>The increase was mainly due to higher maintenance costs of radio bases in the mobile services segments, as a result of the variation in the P$/US$ exchange rate, an increase in corrective and preventive technical assistance cost of radio bases, higher system licenses costs, higher costs of sites location and higher storage costs. There were also increases in other maintenance costs and fees for services, mainly due to higher costs recognized by suppliers in all segments.</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxes and fees with the Regulatory Authority</font></i></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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees with the Regulatory Authority (including turnover tax, </font>tax on deposits and withdrawals from bank accounts, municipal and other taxes) increased by 30% to P$5,125 million in 2016 from P$3,943 million in 2015, mainly influenced by the increase in revenues of fixed and mobile services in Argentina and higher taxes on deposits and withdrawals from bank accounts related to higher collections and payments to suppliers.</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Commissions</font></i></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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions </font>(including agent, distribution of prepaid cards and other commissions) increased by 21% to P$3,849 million in 2016 from P$3,193 million in 2015. The increase was mainly due to the increase in agents&#146; commissions (associated with higher revenues) as a result of higher customer&#146;s acquisition and retention costs recognized and an increase in outsourced sales commissions and collection commissions.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions are net of agents&#146; commissions capitalized as Subscriber acquisition cost (&#147;SAC&#148;), which totaled P$1,403 million in 2016 (an increase of P$231 million or 20% as compared to 2015), </font>and it&#146;s directly related to the gross increase of new customers in the &#147;<i>Abono Fijo</i>&#148; subscribers&#146; base, mainly in the Personal Mobile Services segment, and the increase in the commissions prices.</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of equipment and handsets</font></i></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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, the cost of equipment and handsets increased to P$6,188 million from P$4,595 million in 2015, </font>mainly due to an increase in the average unit cost of sales (an increase of 39% as compared to 2015) which was partially offset by a decrease in the units of handsets sold (a decrease of 4% as compared to 2015) in the Personal Mobile Services segment.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of equipment and handsets are net of handset costs capitalized as SAC, which amounts to P$130 million in 2016, P$37 million, or 40% higher than in 2015.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Advertising</font></i></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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Costs related to advertising increased by P$60 million, or 7%, to P$874 million in 2016, </font>mainly due to an increase in media campaigns of Personal related to the launch of 4G services throughout the country.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of VAS</font></i></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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS amounted to P$1,499 million in 2016 (an increase of P$243 million as compared to 2015), mainly due to the increase of VAS sales in the Personal Mobile Services segment (mainly the Contents via SMS service) as a consequence of several campaigns launched by Personal.</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:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Provisions</font></i></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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, we recorded P$187 million in provisions compared to P$113 million recorded in 2015, representing a 65% increase. </font>The increase was mainly due to higher labor and regulatory claims, which were partially offset by lower civil and commercial claims. See Note 17 to our Consolidated Financial Statements for more information.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">112<a name="PB_112_112352_6333"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bad debt expenses</font></i></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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2016, bad debt expense amounted to P$1,228 million, an increase of 118% as compared to 2015, representing 2.3% and 1.4% of consolidated revenues in each of 2016 and 2015.</font> The major increase is observed in the Personal Mobile Services segment as a consequence of higher aging of the accounts receivables and higher incidence of handset sales directly financed by Personal and N&#250;cleo to its post-paid and &#147;<i>Abono Fijo</i>&#148; subscribers.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Operating Expenses</font></i></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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating expenses, which include transportation costs, energy and rentals, among others, increased by 40% to P$2,590 million in 2016 from P$1,854 million in 2015, primarily as a result of </font>higher prices on related services, especially in transportation, freight and travel expenses(an increase of P$193 million or 25% as compared to 2015), among others, in the operations in Argentina; the increase of rent prices (an increase of P$225 million or 42% as compared to 2015), as a result of new agreements and the renegotiation of some existing agreements and an increase in the energy cost (an increase of P$181 million or 53% as compared to 2015), mainly due to an increase in prices.</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:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For a further breakdown of our consolidated operating expenses, see &#147;&#151;Results of Operations by Segment&#148; below.</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;">Adjusted EBITDA</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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An important operational performance measure used by the Company&#180;s Chief Operating Decision Maker (as this term is defined in IFRS 8) is Adjusted EBITDA. Adjusted EBITDA is defined as our net income less income taxes, financial results, depreciation and amortization and disposals and impairment of PP&amp;E. We believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation and the age and book depreciation and amortization of PP&amp;E and intangible assets, which may vary for different companies for reasons unrelated to operating performance. Although Adjusted EBITDA is not a measure defined in accordance with IFRS (a non-GAAP measure), our Management believes that this measure facilitates operating performance comparisons from period to period and provides useful information to investors, financial analysts and the public in their evaluation of our operating performance. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies.</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 following table shows the reconciliation of Net income to Adjusted EBITDA:</font></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;"><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:2.5%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</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: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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<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>
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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;">2016</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;">2015</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;">Total&nbsp;Change</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>   </tr>
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<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<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:2.5%;">
<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;">(P$&nbsp;million)</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;">%</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>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<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="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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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;">Net income</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>
<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;">4,005</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3,435</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">17</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">570</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax expense</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;">1,594</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;">1,692</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</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;">)</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;">(98</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial results, net</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;">2,244</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;">1,102</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;">104</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1,142</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating income</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;">7,843</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;">6,229</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;">26</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;">1,614</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and Impairment of PP&amp;E</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;">383</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;">199</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;">92</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;">184</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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and amortization</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;">6,198</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;">4,438</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;">40</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;">1,760</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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<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;">Adjusted   EBITDA</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">14,424</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10,866</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">33</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3,558</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: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>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our consolidated </font>Adjusted EBITDA was P$14,424 million in 2016, (representing an increase of P$3,558 million or 33% from P$10,866 million in 2015). It represented 27% of total consolidated revenues, in each 2016 and 2015. This growth was mainly fueled by the Fixed Services segment (an increase of P$760 million or 30% as compared to 2015) and Personal Mobile Services segment (an increase of P$2,529 million or 32% as compared to 2015).</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;">Depreciation and Amortization</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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation of PP&amp;E and amortization of intangible assets increased by P$1,760 million, or 40% as compared to 2015, to P$6,198 million during 2016. The increase was mainly due to the increase in </font>PP&amp;E depreciation of P$1,312 million, the increase in the amortization of SAC and Service connection costs of P$429 million, and the increase in the amortization of other intangible assets of P$19 million.</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="70%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.82%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">113<a name="PB_113_112352_2077"></a></p>
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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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Disposals and Impairment of PP&amp;E</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2016, Disposal and impairment loss of PP&amp;E amounted to P$383 million, which was mainly related to the Mobile swap of Vendors in AMBA, and the simultaneous modernization of 2G/3G technology.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2015, the impairment is mainly related to projects of Telecom Argentina of P$116 million (P$107 million related to AFA Plus Project) and Telecom Personal of P$114 million (Telecom Personal has assessed the recoverability of a group of former work in progress, recording an impairment of P$44 million equivalent to its book value and an impairment of P$49 million related to the total amount of works related to the discontinuation of the Orga Gold IT project and recorded an impairment of P$21 million related to the Mobile swap of Vendors in AMBA, and the simultaneous modernization of 2G/3G technology).</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;">Operating income</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-align:justify;text-indent:21.25pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, consolidated operating income was P$7,843 million, representing an increase of P$1,614 million or 26% from 2015. Operating income represented 15% of consolidated revenues in each of 2016 and 2015.</font></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="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
<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:2.5%;">
<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="28%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.5%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
<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="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
<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:2.5%;">
<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="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
<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="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.5%;">
<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:2.5%;">
<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="28%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:28.5%;">
<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;">(P$&nbsp;million&nbsp;/&nbsp;%)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
<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="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<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;">Adjusted   EBITDA (1)</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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;">14,424</font></b></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.84%;">
<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;">10,866</font></b></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">
<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;">33</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">27</font></i></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">27</font></i></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and   amortization</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,198</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,438</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues</font></i></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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(12</font></i></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(11</font></i></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and   Impairment of PP&amp;E</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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(383</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(199</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<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;">Operating   income</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="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">7,843</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="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="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.84%;">
<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;">6,229</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">
<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;">26</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues</font></i></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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">15</font></i></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">15</font></i></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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: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>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:8.0pt;">&#160;&#160; &nbsp;</font><font size="1" style="font-size:8.0pt;">Adjusted EBITDA is a non-GAAP measure. See the purpose of use of adjusted EBITDA and reconciliation of net income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;.</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;">Financial results, net</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-align:justify;text-indent:21.25pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, the Company recorded a net financial loss of P$2,244 million compared to a net financial loss of P$1,102 million in 2015. The variation is mainly due to higher interest on loans as a result of higher indebtedness of the Company of P$1,047 million, lower interest on time deposits and other investments at a total cost of P$272 million, higher interest on provisions at a total cost of P$70 million, which were partially offset by lower foreign currency exchange losses net of NDF agreement of P$85 million and higher interest on receivables of P$190 million.</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;">Income tax expense</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:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax expense amounted to P$1,594 million and P$1,692 million in 2016 and 2015, respectively.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s income tax charge includes three effects: (i)&nbsp;the current tax payable for the year pursuant to tax legislation applicable to each company in the Telecom Group; (ii)&nbsp;the effect of applying the deferred tax method on temporary differences arising out of the asset and liability valuation according to tax versus financial accounting criteria; and (iii)&nbsp;tax receivable from the action for recourse filed by Telecom Argentina claiming income tax determined in excess.</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-align:justify;text-indent:20.75pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160; Regarding current tax expenses, the Telecom Group generated tax profit in fiscal year 2016, resulting in an income tax payable of P$2,091 million versus P$1,721 million in 2015.</font></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="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">114<a name="PB_114_112352_1861"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160; Regarding the deferred tax, in 2016 and 2015, the Telecom Group recorded a deferred tax gain of P$129 million and a deferred tax loss of P$69.</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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160; Telecom Argentina filed actions for recourse with the AFIP in 2015 and 2016 to claim the full tax determined in excess. The income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and the Company recorded a gain of P$368 million and P$98 million in 2016 and 2015, respectively. For the determination of the tax credit valuation, the Company has estimated the amount of the tax paid determined in excess for fiscal years 2009-2016 weighting the probability of certain variables according to the jurisprudential precedents known until such date. The Management will assess Tax Authority&#146;s resolutions related to actions for recourse filed and the evolution of jurisprudence in order to annually measure the tax credit recorded. See Note 14 to our Consolidated Financial Statements.</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;">Net Income</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For 2016, we recorded net income of P$4,005 million (8% of total consolidated revenues), of which P$3,975 million is attributable to Telecom 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;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For 2015, we recorded net income of P$3,435 million (8% of total consolidated revenues), of which P$3,403 million is attributable to Telecom 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;text-indent:21.3pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B)&nbsp;Results of Operations by Segment</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:21.3pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B.1) <u>Fixed Services Segment</u></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Results of operations for our Fixed Services segment for 2017, 2016 and 2015 are comprised 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>
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<td width="36%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;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="35%" colspan="5" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</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>
<td width="22%" colspan="3" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="black" style="background:white;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="36%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;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="10%" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
<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" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
<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" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
<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" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.5%;">
<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" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="black" style="background:white;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="36%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;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>
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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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;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="22%" colspan="3" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:22.5%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="black" style="background:white;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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues(1)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22,859</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,942</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,554</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Income(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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">93</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating   expenses (without depreciation and amortization)(3)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19,102</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13,758</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10,100</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and   amortization</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,236</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,897</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,526</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and   Impairment of PP&amp;E</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(21</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(91</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Operating   income</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">1,593</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">1,373</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">892</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">16</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">54</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>  </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 35.7pt;text-align:justify;text-indent:-17.85pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes intersegment revenues of P$2,399 million, P$1,928 million and P$1,818 million in 2017, 2016 and 2015, respectively.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes intersegment other income of P$22 million, P$19 million and P$16 million in 2017, 2016 and 2015, respectively.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes intersegment operating expenses of P$316 million, P$158 million and P$137 million in 2017, 2016 and 2015, respectively.</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;">Revenues</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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, revenues from our Fixed Services segment increased by 35% to P$22,859 million from P$16,942 million in 2016. During 2016, revenues from our Fixed Services segment increased by 35% to P$16,942 million from P$12,554 million in 2015. The increase in each year was mainly due to an increase in Voice and Internet services. In 2017 Voice services increased substantially, particularly, due to increases in tariffs charged to commercial customers and to residential customers.</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from our Fixed Services segment for 2017, 2016 and 2015 are comprised 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="padding:0in 0in 0in 0in;width:22.5%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voice</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,505</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,010</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,338</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Data</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,577</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,919</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,780</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,715</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,994</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,557</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Service   Revenues</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">19,797</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">14,923</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">10,675</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">33</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">40</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>  </table>
<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="70%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.82%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5 OPERATING   AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">115<a name="PB_115_112352_5835"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="padding:0in 0in 0in 0in;width:22.5%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment (1)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">663</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Subtotal   third-party revenues</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">20,460</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">15,014</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">10,736</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">36</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">40</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intersegment</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,399</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,928</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,818</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Total   Fixed Services revenues</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">22,859</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">16,942</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">12,554</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">35</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">35</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>  </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 19.5pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">This item is composed of voice, data and Internet equipment in each year.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, services revenues to third parties generated by this segment amounted to P$19,797 million (+P$4,874 million or +33% vs. 2016), where Voice revenues have grown the most (+P$2,495 million or +42% vs. 2016), followed Internet services (+P$1,721 million or +29% vs. 2016).</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voice revenues to third parties (including the net revenues generated by the subsidiary Telecom Argentina USA in the amount of P$300 million) reached P$8,505 million in 2017. The increase was mainly due to the increase in plans prices.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet revenues to third parties amounted to P$7,715 million in 2017 as a result of the increase in the average plans prices. As a consequence, ARPU reached P$359.6 per month in 2017 vs. P$270.9 per month in 2016. As of December&nbsp;31, 2017, the number of ADSL subscribers amounted to approximately 1,744,000. The churn rate per month amounted to 1.4% in 2017 (vs. 1.7% in 2016).</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Data revenues to third parties (including the revenues generated by the subsidiary Telecom Argentina USA amounted to P$16 million) amounted to P$3,577 million in 2017 (+P$658 million or +23% vs. 2016). These revenues were generated focusing on Telecom Argentina&#146;s position as an integrated TICs provider (Datacenter, VPN, among others) for wholesale and government segments. The increase was primarily due to the variation of the P$/US$ exchange rate (+17.4% vs. 2016) related to agreements settled in such foreign currency and to the increase in the revenues related to Innovation services&#146; customers (+P$561 million or +27% vs. 2016).</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, services revenues to third parties generated by this segment amounted to P$14,923 million (+P$4,248 million or +40% vs. 2015), where Voice revenues have grown the most (+P$1,672 million or +39% vs. 2015), followed Internet services (+P$1,437 million or +32% vs. 2015).</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voice revenues to third parties (including the net revenues generated by the subsidiary Telecom Argentina USA in the amount of P$265 million) reached P$6,010 million in 2016. The increase was mainly due to the increase in monthly basic plan prices and the increase in the prices of supplementary services.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet revenues to third parties amounted to P$5,994 million in 2016 as a result of the increase in the average plans prices. As a consequence, ARPU reached P$270.9 per month in 2016 vs. P$207.4 per month in 2015. As of December&nbsp;31, 2016, the number of ADSL subscribers amounted to approximately 1,738,000. The churn rate per month amounted to 1.7% in 2016 (vs. 1.4% in 2015).</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Data revenues to third parties (including the revenues generated by the subsidiary Telecom Argentina USA amounted to P$9 million) amounted to P$2,919 million in 2016 (+P$1,139 million or +64% vs. 2015). These revenues were generated focusing on Telecom Argentina&#146;s position as an integrated TICs provider (Datacenter, VPN, among others) for wholesale and government segments. The increase was primarily due to the variation of the P$/US$ exchange rate related to agreements settled in such foreign currency and to the increase in the number of Innovation services&#146; customers (which generated an increase of P$812 million as compared to 2015).</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Equipment</font></i></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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from equipment amounted to P$663 million in 2017 compared to P$91 million in 2016 and P$61 million in 2015.</font> The increase in 2017 as compared to 2016, is mainly due to the implementation of Tetra and NoBu projects.</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="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">116<a name="PB_116_112352_808"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Intersegment</font></i></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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intersegment revenues mainly include connectivity, corporate and operational service billed to Personal, interconnection services, which primarily include Access, termination and transportation of calls, leases of circuits, revenues related to billing and collection services charged.</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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, our intersegment revenues increased by 24% to P$2,399 million from P$1,928 million in 2016 which increased by 6% from P$1,818 million in 2015. The intersegment revenues are eliminated at the consolidated level.</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:17.85pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other Income</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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other income mainly includes penalties and indemnities collected from suppliers, as a result of delays in deliveries of goods or matters related to the quality of the services provided and gains on disposal of PP&amp;E since 2016. During 2017, other income increased by 9% to P$93 million from P$85 million in 2016</font>. During 2016, other income increased by 55% from P$55 million in 2015.</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:17.85pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating Expenses (without depreciation and amortization)</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-align:justify;text-indent:17.85pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, total operating expenses (without depreciation and amortization) for the Fixed Services segment increased by 39% to P$19,102 million from P$13,758 million in 2016 and increased by 36% from P$10,100 million in 2015. The increases were mainly due to increases in employee benefit expenses and severance payments, fees for services, maintenance, materials and supplies and taxes and fees with the Regulatory Authority, Cost of Equipment and Provisions.</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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Detailed below are the major components of our operating expenses for the years ended December&nbsp;31, 2017, 2016 and 2015 related to our Fixed Services segment:</font></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;"><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:2.5%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="padding:0in 0in 0in 0in;width:22.5%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee benefit   expenses and severance payments</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,625</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,220</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,268</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection   costs and other telecommunications charges</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,200</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">961</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">719</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for   services, maintenance, materials and supplies</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,546</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,311</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,769</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees   with the Regulatory Authority</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,581</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,118</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">818</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">417</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">327</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">268</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of   equipment</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">524</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">136</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">285</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">194</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">126</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">108</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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="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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provisions</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">183</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">78</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">135</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">359</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt   expenses</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">193</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">152</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">79</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating   expenses</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,594</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,276</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">934</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Total   Fixed Services (1)</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">19,102</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">13,758</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">10,100</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">39</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">36</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>  </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 .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; &nbsp;</font><font size="1" style="font-size:8.0pt;">Includes intersegment operating expenses of P$316 million, P$158 million and P$137 million in 2017, 2016 and 2015, respectively. These costs are eliminated at the consolidated level.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee benefit expenses and severance payments</font></i></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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, employee benefit expenses and charges for severance payments were approximately P$9,625 million, representing a 33% increase from P$7,220 million in 2016. In 2016, employee benefit expenses and charges for severance payments increased by 37% from P$5,268 million in 2015. The increases were mainly due to salary increases that Telecom implemented </font>with several trade unions with respect to the unionized employees and also to non-unionized employees, together with related social security charges.</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fixed Services segment had 10,702, 10,901 and 10,903 employees as of December&nbsp;31, 2017, 2016 and 2015, respectively.</font></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="70%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">117<a name="PB_117_112352_4581"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Interconnection costs and other telecommunications charges</font></i></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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection costs and other telecommunications charges includes interconnection costs, lease of circuits and costs of international outbound calls, which reflect payments made under bilateral agreements between Telecom Argentina and international carriers in connection with outgoing calls made by our customers. </font>Interconnection costs and other telecommunications charges included intersegment costs of P$265 million, P$103 million and P$96 million in 2017, 2016 and 2015, respectively, that are eliminated at the consolidated level.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017 interconnection costs and other telecommunications charges amounted to P$1,200 million, representing an increase of 25% from P$961 million in 2016. In 2016 such costs increased by 34% from P$719 million in 2015.</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fees for services, maintenance, materials and supplies</font></i></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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, fees for services, maintenance, materials and supplies increased by 53% to P$3,546 million from P$2,311 million in 2016 and increased by 31% from P$1,769 million in 2015.</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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The increase was mainly due to higher service connection costs and due to higher software maintenance costs. There was also an increase in fees for services mainly due to higher call centers costs and higher costs recognized to suppliers.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for services, maintenance, materials and supplies</font> are net of service connection fees capitalized (P$73 million, P$55 million and P$50 million in 2017, 2016 and 2015, respectively).</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for services, maintenance, materials and supplies expenses included intersegment costs of P$32 million, P$35 million and P$25 million in 2017, 2016 and 2015, respectively that are eliminated at the consolidated level.</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxes and fees with the Regulatory Authority</font></i></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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expenses related to </font>taxes and fees with the Regulatory Authority increased by 41% to P$1,581 million in 2017 from P$1,118 million in 2016 and increased by 37% in 2016 from P$818 million in 2015. The increase in 2017 and 2016 was mainly due to an increase in revenues. Also, in 2017 and 2016, the increase in taxes is due to higher taxes on deposits and withdrawals from bank accounts related to higher collections and payments to suppliers.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Commissions</font></i></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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, costs related to commissions amounted to approximately P$417 million, representing an increase of 28% as compared to P$327 million in 2016. In 2016, these charges increased by 22% from P$268 million in 2015. </font>The increase during both years was mainly due to the increase of collection commissions and the increase in agents&#146; commissions (associated with higher revenues).</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of equipment</font></i></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-align:justify;text-indent:.3in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, 2016 and 2015 we recorded P$524 million, P$136 million and P$82 million in cost of equipment, respectively.</font> The increase in 2017 as compared to 2016, is mainly due to the implementation of Tetra and NoBu projects.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Advertising</font></i></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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, we recorded P$194 million in costs of advertising representing an increase of 54% as compared to P$126 million recorded in 2016</font>. In 2016, these charges increased by 17% from P$108 million in 2015.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of VAS</font></i></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:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS</font> decreased to P$45 million in 2017 from P$53 million in 2016 and amounted to P$38 million in 2015.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Provisions</font></i></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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, we recorded P$183 million in provisions compared to P$78 million recorded in 2016 and P$17 million recorded in 2015. The increase in 2017 was mainly due to higher labor claims. The increase in 2016 was mainly due to higher labor claims amounting to approximately P$53 million.</font></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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">118<a name="PB_118_112352_9058"></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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bad debt expenses</font></i></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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt expenses amounted to P$193 million in 2017, P$152 million in 2016 and P$79 million in 2015. In 2017 these charges increased by 27%. In 2016, these charges increased by 92%. The increase was mainly due to higher aging of accounts receivable.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Operating Expenses</font></i></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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating expenses include accrued expenses, such as transportation cost<b>s</b>, insurance, international and satellite connectivity, energy and rentals.</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-align:justify;text-indent:21.25pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, our other operating expenses amounted to P$1,594 million compared to P$</font>1,276 million in 2016 and P$934 million in 2015. The increase in 2017 was mainly due to higher prices for related services and the increase of rent prices, as a result of new agreements and the renegotiation of some existing agreements. The increase in 2016 was mainly due to higher prices for related services, especially in transportation, freight and travel expenses; the increase of rent prices, as a result of new agreements and the renegotiation of some existing agreements and an increase in the energy consumption.</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;">Depreciation and amortization</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-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and amortization expenses were P$2,236 million in 2017, P$1,897 million in 2016 and P$1,526 million in 2015.</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;">Disposals and Impairment of PP&amp;E</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and Impairment of PP&amp;E amounted to a P$21 million loss in 2017 and a P$1 million gain in 2016. The gain of P$1 million was due to an impairment recovery of P$4 million of former work in progress and others, partially offset by an impairment of P$3 million related to the AFA Plus project.</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;">Operating Income</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating income represented 7%, 8% and 7% of total segment revenues in 2017, 2016 and 2015, respectively. In 2017, the operating income from our Fixed Services segment increased by 16% to P$1,593 million from P$1,373 million in 2016. In 2016, the operating income from our Fixed Services segment increased by 54% from P$892 million in 2015.</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:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B.2) <u>Personal Mobile Services Segment</u></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Results of operations from our Personal Mobile Services segment for 2017, 2016 and 2015 are comprised 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="padding:0in 0in 0in 0in;width:22.5%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues (1)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,066</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35,750</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,198</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Income</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">288</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">220</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating   expenses (without depreciation and amortization) (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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(27,729</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25,448</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20,414</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and   amortization</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,961</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,614</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,520</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and   Impairment of PP&amp;E</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(295</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(384</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(109</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(23</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">252</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Operating   income</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">10,143</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">6,320</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">5,160</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">60</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">22</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>  </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 .5in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:8.0pt;">&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes intersegment revenues of P$331 million, P$166 million and P$144 million in 2017, 2016 and 2015, respectively.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:8.0pt;">&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes intersegment operating expenses of P$2,402 million, P$1,930 million and P$1,829 million in 2017, 2016 and 2015, respectively.</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;">Revenues</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, revenues from our Personal Mobile Services segment increased by 18% to P$42,066 million from P$35,750 million in 2016 and increased by 27% from P$28,198 million in 2015. The increase in each year was mainly due to the increase in prices of our services and the increase in the monthly consumption of the offered services, primarily Internet services.</font></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="70%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.82%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">119<a name="PB_119_112352_2615"></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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An important monthly operational measure used in the Personal Mobile Services segment is ARPU, which we calculate by dividing adjusted total service revenues&#151;excluding outcollect wholesale roaming, cell site rental and reconnection fee revenues and others&#151;(divided by 12 months) by the average number of subscribers during the period. ARPU is not a measure calculated in accordance with IFRS and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. In particular, certain components of service revenues are excluded from Personal&#146;s ARPU calculations presented in this Annual Report. Management believes that this measure is helpful in assessing the development of the subscriber base in the Personal Mobile Services segment. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations:</font></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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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="41%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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:12.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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="41%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<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;">Total   service revenues</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">34,620</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">28,215</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">22,402</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Components of   service revenues not included in the ARPU calculation:</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:1.0pt;">&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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outcollect   wholesale roaming</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;">(266</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;">)</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;">(287</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;">)</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;">(288</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cell sites   rental</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;">(108</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;">)</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;">(88</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;">)</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;">(54</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reconnection   fees and others</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;border:none;border-bottom:solid windowtext 1.0pt;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;">(1,296</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<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;border:none;border-bottom:solid windowtext 1.0pt;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;">(1,171</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<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;border:none;border-bottom:solid windowtext 1.0pt;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;">(730</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<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;">Adjusted   total service revenues included in the ARPU calculation (1)</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="border:none;border-bottom:double windowtext 2.25pt;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;">32,950</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="border:none;border-bottom:double windowtext 2.25pt;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;">26,669</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="border:none;border-bottom:double windowtext 2.25pt;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;">21,330</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average number   of subscribers during the year (thousands)</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;">19,297</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;">19,798</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;">19,436</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>  </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 39.3pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:8.0pt;">&#160;&#160; &nbsp;</font><font size="1" style="font-size:8.0pt;">Certain components of service revenues are not included in the ARPU calculation. Includes Intersegment revenues for P$331 million in 2017, P$166 million in 2016 and P$144 million in 2015.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During </font>2017, ARPU increased by 27% to approximately P$142.3 per customer per month compared to approximately P$112.3 per customer per month in 2016. ARPU reached P$91.5 per customer per month in 2015.</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-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The total number </font>of Personal&#146;s subscribers decreased by approximately 2.7% to 19.0 million as of December&nbsp;31, 2017 from 19.5 million as of December&nbsp;31, 2016 and decreased 0.7% from 19.7 million as of December&nbsp;31, 2015. As of December&nbsp;31, 2017, our subscriber base amounted to approximately 12.4 million prepaid subscribers (customers that made at least one recharge in the previous thirteen months as of December&nbsp;31, 2017), or 65% of the total subscriber base, approximately 2.1 million post-paid subscribers, or 11% of the total subscriber base and approximately 4.5 million &#147;<i>Abono Fijo</i>&#148; plan subscribers, or 24% of the total subscriber base.</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:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At least a 65% of prepaid customers made a recharge in the 180 days prior to the date of the year end of this Annual Report.</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:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from our Personal Mobile Services segment for 2017, 2016 and 2015 are comprised 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="padding:0in 0in 0in 0in;width:22.5%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outbound</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,980</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,864</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,665</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inbound</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,710</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,711</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,548</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,599</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,474</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,045</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Services   Revenues</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">34,289</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">28,049</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">22,258</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">22</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">26</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,446</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,535</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,796</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Subtotal   third-party revenues</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">41,735</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">35,584</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">28,054</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">17</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">27</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intersegment</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">331</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">166</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">144</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Total   Personal Mobile Services Revenues</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">42,066</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">35,750</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">28,198</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">18</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">27</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>  </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;text-align:justify;text-indent:21.3pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, total services revenues amounted to P$34,289 million (+P$6,240 million or +22% vs. 2016), being the principal business segment in revenues terms (60% and 62% of consolidated services revenues in 2017 and 2016, respectively).</font></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">120<a name="PB_120_112352_7853"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main ratios were:</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 .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; </font>The churn rate per month amounted to 2.8% in 2017 (vs. 2.9% in 2016);</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="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; </font>ARPU amounted to P$142.3 per month in 2017 (vs. P$112.3 per month in 2016), representing a 27% increase;</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-align:justify;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; </font>Revenue generated by mobile Internet services amounted to P$17,048 million (+ P$6,216 million or +57% vs. 2016), fueled by the migration of subscribers to higher value service plans and the increase in subscribers holding 3G and 4G handsets, which enhance Internet usage.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outbound mobile services revenues amounted to P$29,980 million in 2017 (+P$5,116 million or +21% vs. 2016). The increase was mainly due to the increase in monthly charges prices in the postpaid and &#147;<i>Abono fijo</i>&#148; subscriber base and to the increase of the online recharges in the prepaid subscriber base.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inbound mobile services revenues (including CPP and TLRD) amounted to P$2,710 million (+P$999 million or +58% vs. 2016). This increase is mainly related to the increase in CPP revenues, mainly due to the increase of the price per minute of CPP services, which were partially offset by a decrease in traffic volumes. Additionally TLRD revenues increased, mainly due to the increase in TLRD average price per minute, which were partially offset by a decrease in interconnection traffic volumes.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other mobile services revenues amounted to P$1,599 million (+P$125 million or +8% vs. 2016) mainly due to the increase in reconnection charges, which were partially offset by a decrease in international roaming traffic.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, total services revenues amounted to P$28,049 million (+P$5,791 million or +26% vs. 2015), being the principal business segment in revenues terms (62% and 65% of consolidated services revenues in 2016 and 2015, respectively). As of December&nbsp;31, 2016, Personal reached 19.5 million subscribers in Argentina (-0.7% vs. 2015). Approximately 67% of the subscriber base is prepaid subscribers and 33% is postpaid subscribers (including &#147;<i>Abono Fijo</i>&#148; and Mobile Internet subscribers&#146; dongles).</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:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main ratios were:</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 .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; </font>The churn rate per month amounted to 2.9% in 2016 (vs. 3.1% in 2015);</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="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; </font>ARPU amounted to P$112.3 per month in 2016 (vs. P$91.5 per month in 2015), representing a 23% increase;</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-align:justify;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; </font>Revenue generated by mobile Internet services amounted to P$10,832 million (+ P$4,578 million or +73% vs. 2015), mainly explained by the increase in browsing services consumption of Personal&#180;s Service Segment subscribers; which was mainly fueled by the increase in the offer of services, plans and packs (including VAS) launched by the Company. This growth was fueled by new subscribers, the migration of subscribers to higher value service plans and the increase in subscribers that acquired 3G and 4G handsets, which facilitate Internet browsing.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outbound mobile services revenues amounted to P$24,864 million in 2016 (+P$5,199 million or +26% vs. 2015). The increase was mainly due to the increase in monthly charges prices in the postpaid and &#147;<i>Abono fijo</i>&#148; subscriber base and to the increase of the online recharges in the prepaid subscriber base, partially offset by the net variation of the subscribers&#146; base.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inbound mobile services revenues (including CPP and TLRD) amounted to P$1,711 million (+P$163 million or +11% vs. 2015). The increase was mainly due to an increase in interconnection prices, partially offset by a decrease in interconnection traffic.</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:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other mobile services revenues amounted to P$1,474 million (+P$429 million or +41% vs. 2015).</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Equipment</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment revenues consist primarily of revenues from the mobile handsets sold to new and existing subscribers and to agents and other third-party distributors. The revenues associated with the sale of mobile handsets and related expenses are recognized when the products are delivered and accepted by the subscribers, agents and other third-party distributors.</font></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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">121<a name="PB_121_113259_3790"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, handset revenues decreased by 1% to P$7,446 million from P$7,535 million in 2016 and increased by 30% in 2016 from P$5,796 million in 2015. The decrease in 2017 was due to a mix between the increase in the average price of handsets of 7% and the decrease of 7% in the handset units sold.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Intersegment</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intersegment revenues mainly include services rendered to Telecom Argentina and primarily consist of GSM fixed services, Mobile Internet and monthly charges, airtime usage charges and Value Added Services. During 2017, our intersegment revenues increased by 99% to P$331 million from P$166 million in 2016 and increased by 15% in 2016 from P$144 million in 2015. The intersegment revenues are eliminated at the consolidated level.</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;">Other Income</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other income mainly includes penalties collected from suppliers, as a result of delays in deliveries of goods or matters related to the quality of the services provided and gains on disposal of PP&amp;E since 2016. During 2017, other income was P$62 million, compared to P$16 million in 2016 and P$5 million in 2015.</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;">Operating Expenses (without depreciation and amortization)</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total operating expenses (without depreciation and amortization) in our Personal Mobile Services segment increased by 9% to P$27,729 million in 2017 from P$25,448 million in 2016 and increased by 25% in 2016 from P$20,414 million in 2015. In 2017, except for commissions, costs of VAS and bad debt expenses, all items in the cost structure of the Personal Mobile Services segment experienced increases. In line with our increases in revenues, during 2016, all items in the cost structure of the Personal Mobile Services segment experienced increases</font>. This trend reflects increases in certain costs related to acquiring and retaining customers, taxes, commissions.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">122<a name="PB_122_113259_2898"></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Detailed below are the major components of the operating expenses for the years ended December&nbsp;31, 2017, 2016 and 2015 in the Personal Mobile Services segment:</font></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 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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</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>
<td width="22%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="padding:0in 0in 0in 0in;width:22.5%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee benefit   expenses and severance payments</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,876</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,381</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,856</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection   costs and other telecommunications charges</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,537</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,721</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,686</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for   services, maintenance, materials and supplies</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,384</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,975</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,417</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees   with the Regulatory Authority</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,413</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,925</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,071</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,965</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,286</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,774</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of   equipment and handsets</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,035</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,749</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,328</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">915</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">644</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">628</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">614</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,329</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,136</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(54</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provisions</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">406</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">109</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">96</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">272</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt   expenses</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">844</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">951</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">462</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">106</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating   expenses</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,740</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,378</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">960</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<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;">Total   Personal Mobile Services(1)</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">27,729</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">25,448</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">20,414</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">25</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>  </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 .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; &nbsp;</font><font size="1" style="font-size:8.0pt;">Includes intersegment costs of P$2,402 million, P$1,930 million and P$1,829 million in 2017, 2016 and 2015, respectively. These costs are eliminated at the consolidated level.</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee benefit expenses and severance payments</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, employee benefit expenses and severance payments charges increased by 21% to P$2,876 million from P$2,381 million in 2016 and also increased by 28% in 2016 from P$1,856 million in 2015. </font>The increases were mainly due to increases in salaries agreed by Telecom Personal with several trade unions for the unionized employees and also non-unionized employees, together with related social security charges.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Personal Mobile Services segment had 4,296, 4,661 and 4,908 employees as of December&nbsp;31, 2017, 2016 and 2015, respectively.</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Interconnection costs and other telecommunications charges</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, interconnection costs and other telecommunications charges increased by 30% to P$3,537 million from P$2,721 million in 2016 and increased by 1% in 2016 from P$2,686 million in 2015. The increase in 2017 was mainly due to an increase in lease of circuits and use of public network and higher TLRD costs. The increase in 2016 was mainly due to an increase in Roaming traffic and higher TLRD costs</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection costs and other telecommunications charges include intersegment costs of P$1,521 million, P$1,200 million and P$1,275 million in 2017, 2016 and 2015, respectively, that are eliminated at the consolidated level.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fees for services, maintenance, materials and supplies</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, fees for services, maintenance, materials and supplies expenses increased by 14% to P$3,384 million from P$2,975 million in 2016 and increased by 23% from P$2,417 million in 2015.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The increase in 2017 was mainly due to higher call center fees and fees for services, mainly due to higher costs recognized to suppliers, partially offset by a decrease in technical maintenance.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The increase in 2016 was mainly due to higher maintenance costs of radiobases, network, identification sites costs and storage costs. There was an increase of maintenance and fees for services mainly due to higher costs recognized to suppliers.</font></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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for services, maintenance, materials and supplies expenses includes intersegment costs of P$561 million, P$468 million and P$389 million in 2017, 2016 and 2015, respectively, that are eliminated at the consolidated level.</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxes and fees with the Regulatory Authority</font></i></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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, taxes and fees with the Regulatory Authority increased by 12% to P$4,413 million from P$3,925 million in 2016 and increased by 28% in 2016 from P$3,071 million in 2015. The increase in 2017 and 2016 </font>was influenced mainly by the increase in revenues and higher taxes on deposits and withdrawals from bank accounts related to higher collections and payments to suppliers, partially offset by a decrease in fees with the Regulatory Authority.</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 .25in;text-indent:3.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Commissions</font></i></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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, commissions decreased by 10% to P$2,965 million from P$3,286 million in 2016 and increased by 18% in 2016 from P$2,774 million in 2015. The decrease was mainly due to the decrease in agents&#146; commissions of P$113 million and the decrease of collection commissions of P$164 million.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions include intersegment costs of P$95 million, P$59 million and P$48 million in 2017, 2016, and 2015, respectively, that are eliminated at the consolidated level.</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:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of equipment and handsets</font></i></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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, the cost of equipment and handsets sold increased by 5% to P$6,035 million from P$5,749 million in 2016 and increased by 33% from P$4,328 million in 2015. The increase in cost of mobile handsets in 2017 </font>is related to the increase in the average unit cost of sales (an increase of 21% as compared to 2016), which was partially offset by a decrease in units of handsets sold (a decrease of 13% as compared to 2016). The increase in cost of mobile handsets in 2016 is related to the increase in the average unit cost of sales (an increase of 39% as compared to 2015), which was partially offset by a decrease in units of handsets sold (a decrease of 4% as compared to 2015). Cost of equipment and handsets are net of costs capitalized as SAC (P$60 million in 2017, which is -P$23 million, or 28%, lower than in 2016).</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Advertising</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, advertising expenses including media, promotional and institutional campaigns, amounted to P$915 million, representing an increase of 42% from P$644 million in 2016, </font>mainly due to an increase in media campaigns. During 2016, advertising expenses increased by 3% from P$628 million in 2015, mainly due to an increase in media campaigns of Personal related to the launch of 4G services throughout the country.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of VAS</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS amounted to P$614 million in 2017 (a decrease of 54% </font>as compared to 2016). This decrease was mainly due to the lower revenues from VAS in the Personal Mobile Services Segment as a result of the reduction in the number of content providers carried out within the framework of reorganization of this business performed by Personal in 2016. Such costs were P$1,329 million and P$1,136 million in 2016 and 2015, respectively.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Provisions</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, we recorded a loss of P$406 million in provisions compared with a loss of P$109 million and a loss of P$96 million recorded in 2016 and 2015, respectively. </font>The increase in 2017 was mainly due to higher regulatory and labor claims. The increase in 2016 was mainly due to higher regulatory, tax and municipal claims (an increase of P$40 million as compared to 2015).</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:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bad debt expenses</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017 bad debt expenses amounted to P$844 million (a decrease of 11% </font>as compared to 2016). In 2016, bad debt expenses amounted to P$951 million representing an increase of 106% from P$462 million in 2015. The total decrease in 2017 is mainly due to a greater efficiency in debt management. The major increase in 2016 is a consequence of higher aging of the accounts receivables and higher incidence of handset sales directly financed by Personal to its post-paid and &#147;<i>Abono Fijo</i>&#148; subscribers.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other operating expenses</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating expenses include accrued expenses such as </font>costs associated with the provision of transportation costs, insurance, energy and costs of site leases.</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating expenses increased by 26% to P$1,740 million in 2017 from P$1,378 million in 2016 and increased by 44% from P$960 million in 2015. </font>The increase in 2017 was primarily a result of higher prices of related services, especially transportation, freight and travel expenses; and the increase in rent prices, as a result of new agreements and the renegotiation of some existing ones. Other operating expenses included intersegment costs of P$225 million, P$202 million and P$117 million in 2017, 2016, and 2015, respectively, that are eliminated at the consolidated level.</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;">Depreciation and Amortization</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017 depreciation of PP&amp;E and amortization of intangible assets increased by 10% to P$3,961 million from P$3,614 million in 2016 and increased by 43% from P$2,520 million in 2015. During 2017, th</font>e increase in PP&amp;E depreciation amounted to P$237 million and the increase in amortization of SAC amounted to P$121 million. The mentioned increases were partially offset by a decrease in amortization of other intangible assets which amounted to P$11 million.</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;">Disposals and Impairment of PP&amp;E</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and Impairment loss of PP&amp;E amounted to P$295 million in 2017, </font>mainly due to the mobile access modernization for the introduction of 4G technology. Impairment of PP&amp;E amounted to P$384 million in 2016 related mainly due to the mobile access modernization for the introduction of 4G technology.</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;">Operating Income</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, our operating income from the Personal Mobile Services segment was P$10,143 million, representing an increase of 60% from P$6,320 million in 2016, and increased of 22% from P$5,160 million in 2015. Operating income represented 24% of revenues in 2017 for this segment and 18% of revenues in 2016 and in 2015. The increase in operating income was mainly due to the growth in outbound services revenues, partially offset by increases in operating expenses and depreciation and amortization costs as explained above.</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:17.85pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B.3) <u>N&#250;cleo Mobile Services Segment</u></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The N&#250;cleo Mobile Services Segment includes N&#250;cleo, Personal Env&#237;os, which is </font>a company controlled by N&#250;cleo that was authorized by the Central Bank of Paraguay to operate as an Electronic Payment Company (EMPE) through Resolution No.6 issued on March&nbsp;30, 2015 and Tuves Paraguay since July&nbsp;1, 2017 (see Item 4 &#151; Information on the Company &#151; Mobile Telecommunications Services in Paraguay &#151; N&#250;cleo).</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Results of operations from our N&#250;cleo Mobile Services segment for 2017, 2016 and 2015 are comprised 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>
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<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:2.5%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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:10.0%;">
<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;">2017&nbsp;(2)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016&nbsp;(3)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015&nbsp;(3)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<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:2.5%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;">Increase&nbsp;/&nbsp;(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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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;">Revenues (1)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,997</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,648</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,717</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</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>
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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;">Other Income</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating   expenses (without depreciation and amortization) (4)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,890</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,812</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,149</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and   amortization</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(731</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(687</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(392</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposals and   Impairment of PP&amp;E</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</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>
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<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;">Operating   income</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">376</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">150</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">177</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">151</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>
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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;">(15</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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;text-indent:.25in;"><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 32.2pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes intersegment revenues of P$6 million, P$6 million and P$11 million in 2017, 2016 and 2015, respectively.</font></p>
<p style="margin:0in 0in .0001pt 32.2pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes operations of Personal Env&#237;os. Its operations are not material. Additionally includes operations of Tuves Paraguay. Its operations are not material.</font></p>
<p style="margin:0in 0in .0001pt 32.2pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes operations of Personal Env&#237;os. Its operations are not material.</font></p>
<p style="margin:0in 0in .0001pt 32.2pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes intersegment costs of P$41million, P$32 million and P$23 million in 2017, 2016 and 2015, respectively.</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;">Revenues and Other Income</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, total revenues from N&#250;cleo increased by 13% to P$2,997 million from P$2,648 million in 2016.</font> The increase was mainly due to the appreciation of the Guaran&#237; as compared to P$ of 17% in 2017 and to the Internet revenues related to the increase of browsing generated by subscribers with mobile equipment prepared for that purpose. As of December&nbsp;31, 2017, N&#250;cleo&#146;s subscriber base reached 2.4 million customers. Prepaid and postpaid subscribers (including &#147;<i>Plan Control</i>&#148; subscribers and mobile Internet subscribers) represented 83% and 17% in 2017, respectively.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet revenues to third parties amounted to P$1,294 million (+32% vs. 2016) and represented 45% of N&#250;cleo Mobile Services segment services revenues (vs. 41% in 2016).</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016, total revenues from N&#250;cleo increased by 54% to P$2,648 million from P$1,717 million in 2015. This increase was </font>mainly due to the 46% appreciation of Guaran&#237; and due to the Internet revenues increase related to the increase of browsing generated by subscribers with mobile equipment prepared for that purpose. As of December&nbsp;31, 2016, N&#250;cleo&#146;s subscriber base reached 2.5 million customers. Prepaid and postpaid subscribers (including &#147;<i>Plan Control</i>&#148; subscribers and mobile Internet subscribers) represented 82% and 18% in 2016, respectively.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet revenues to third parties amounted to P$978 million (+72% vs. 2016) and represented 41% of N&#250;cleo Mobile Services segment services revenues (vs. 37% in 2015).</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, handset revenues decreased by 59% to P$106 million from P$260 million in 2016 and increased by 64% from P$159 million in 2015.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from our N&#250;cleo Mobile Services segment for 2017, 2016 and 2015 are comprised 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<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:2.5%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</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>
<td width="22%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outbound</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,525</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,962</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,236</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inbound</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">141</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">127</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">89</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">219</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">293</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">222</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Service revenues</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">2,885</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">2,382</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">1,547</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">21</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">54</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">106</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">260</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">159</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(59</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;">)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subtotal third-party revenues</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">2,991</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">2,642</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">1,706</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">13</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">55</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intersegment</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total revenues</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">2,997</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">2,648</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">1,717</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">13</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">54</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>  </table>
<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="70%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.82%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">126<a name="PB_126_113259_4286"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating expenses (without depreciation and amortization)</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total operating expenses in our N&#250;cleo Mobile Services segment increased by 4% to P$1,890 million in 2017 from P$1,812 million in 2016 (mainly due to the appreciation of the Guaran&#237; as</font>  </font>compared to P$ of 17% in 2017) and increased 58% in 2016 from P$1,149 million in 2015. In line with our increases in revenues, during 2017 and 2016, all items in the cost structure of the N&#250;cleo Mobile Services segment experienced increases, except for costs of equipments and handsets and bad debt expenses in 2017. This trend reflected increases in certain costs of acquiring and retaining subscribers, and commissions directly associated with sales and expansions of the customer service staff. Detailed below are the major components of the operating expenses for the years ended December&nbsp;31, 2017, 2016 and 2015 related to N&#250;cleo Mobile Services segment:</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;">
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<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:2.5%;">
<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;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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:10.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2017-2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2016-2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:22.5%;">
<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;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee benefit   expenses and severance payments </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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">217</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">199</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">129</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection   costs and other telecommunications charges </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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">220</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">154</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for   services, maintenance, materials and supplies </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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">280</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">229</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">152</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees   with the Regulatory Authority </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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">113</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions </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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">344</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">295</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">199</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of   equipment and handsets </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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">125</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">303</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">185</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(59</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising </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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">109</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">104</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">78</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS </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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">215</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">117</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">84</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provisions</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt expense   </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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">76</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">125</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(39</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;">)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">443</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating   expenses </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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">190</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">158</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">93</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="font-size:10.0pt;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;">Total   N&#250;cleo Mobile Services(1)</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">1,890</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">1,812</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">1,149</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">4</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
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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>
<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 .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; &nbsp;</font><font size="1" style="font-size:8.0pt;">Includes intersegment cost of P$41 million, P$32 million and P$23 million in 2017, 2016 and 2015, respectively. These costs are eliminated at the consolidated level.</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 21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee benefit expenses and severance payments</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, employee benefit expenses and severance payments increased 9% to P$217 million from P$199 million in 2016. During 2016, these costs increased 54% from P$129 million in 2015. N&#250;cleo Mobile Services segment had 398, 408 and 413 employees as of December&nbsp;31, 2017, 2016 and 2015, respectively.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Interconnection costs and other telecommunication charges</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, interconnection costs and other telecommunication charges increased 10% to P$220 million from P$200 million in 2016 and increased 30% in 2016 from P$154 million in 2015. The increase in 2017 was mainly due to an increase in lease of circuits and in TLRD costs. The increase in 2016 was mainly due to an increase in TLRD costs.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fees for services, maintenance, materials and supplies</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, fees for services and maintenance, materials and supplies totaled P$280 million, representing an increase of 22% from P$229 million in 2016. During 2016, they increased 51% from P$152 million in 2015.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxes and fees with the Regulatory Authority</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, taxes and fees with the Regulatory Authority increased 38% to P$113 million from P$82 million in 2016 and increased 52% from P$54 million in 2015. </font>The increase in each year was mainly attributable to the increase in total segment revenues.</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Commissions</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">During 2017, commissions increased 17% to P$344 million from P$295 million in 2016. During 2016, commissions increased 48% from P$199 million in 2015. The increase in 2017 was mainly due to an increase in commissions for distribution of prepaid cards, agent commissions, and other</font>  </font>commissions. The increase in 2016 was mainly due to an increase in agent commissions and commissions for distribution of prepaid cards.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of equipment and handsets</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, the cost of equipment and handsets decreased to P$125 million from P$303 million in 2016, representing a decrease of 59%. During 2015, the cost of equipment and handsets was P$185 million. The decrease in 2017 was mainly due to a decrease in handsets sold. The increase in 2016 was mainly due to the increase of the customer upgrade of mobile handsets as a result of technological advances and new service offerings.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Advertising</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, advertising expenses including media, promotional and institutional campaigns, increased 5% as compared to 2016 and amounted to P$109 million.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2016 and 2015, advertising expenses including media, promotional and institutional campaigns, amounted to P$104 million and P$78, respectively.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of VAS</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of VAS </font>increased 84% million to P$215 million in 2017 from P$117 million in 2016. Such costs were P$82 million in 2015.</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bad debt expenses</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017 bad debt expenses amounted to P$76 million (a decrease of 39% </font>as compared to 2016). In 2016, bad debt expenses amounted to P$125 million representing an increase of 443% from P$23 million in 2015. The total decrease in 2017 is mainly due to a greater efficiency in debt management. The major increase in 2016 is a consequence of higher aging of the accounts receivables and higher incidence of handset sales directly financed by N&#250;cleo to its post-paid and &#147;<i>Plan Control</i>&#148; subscribers.</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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other operating expenses</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating expenses include accrued expenses such as </font>costs associated with the provision of transportation costs, insurance, energy and costs of site leases.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating expenses increased 20% to P$190 million in 2017 and increased 70% in 2016 to P$158 million from P$93 million in 2015.</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;">Depreciation and Amortization</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, depreciation of PP&amp;E and amortization of intangible assets increased 6% to P$731 million from P$687 million in 2016. During 2016, depreciation of PP&amp;E and amortization of intangible assets increased 75% from P$392 million in 2015. </font>The increase was mainly due to the appreciation of the Guaran&#237; of 17% in 2017, and the result of higher investment in PP&amp;E and intangible assets, partially offset by a reduction in the level of depreciation due to the end of the amortization period for certain assets.</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;">Operating Income</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, our operating income from the N&#250;cleo Mobile Services segment was P$376 million, representing an increase of 151% from P$150 million in 2016, which represent 13% and 6% of total revenues for this segment in 2017 and 2016, respectively. In 2015, our operating income was P$177 million, representing 10% of total revenues for this segment.</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:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Liquidity and Capital Resources</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:42.55pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Sources and Uses of Funds</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect that the main source of Telecom Argentina&#146;s liquidity in the near term will be cash flows from Telecom Argentina&#146;s operations and cash flows from financing from third parties, which may include accessing to domestic and international capital markets and obtaining financing from first class financial institutions. Telecom Argentina&#146;s principal uses of cash flows are expected to be for capital expenditures, operating expenses, dividend payments to its shareholders, payments of financial debt and for general corporate purposes. Telecom Argentina expects working capital, funds generated from operations, dividend payments from its subsidiaries and financing from third parties to be sufficient for its present requirements.</font></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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders&#146; Meeting of Telecom Argentina held on December&nbsp;15, 2011, approved the creation of a Medium-Term Notes Global Program for a maximum outstanding amount of US$500 million or its equivalent in other currencies for a term of five years.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The General Ordinary Shareholders&#146; Meeting of Telecom Argentina held on December&nbsp;28, 2017 approved the Global Notes Program, up to a maximum outstanding amount as of the date of issuance of each class or series of US$3,000 million or its equivalent in other currencies for a maximum term of five years.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, the Ordinary and Extraordinary Shareholders&#146; Meeting of Personal held on December&nbsp;2, 2010, approved the creation of a Medium-Term Notes Global Program for a maximum outstanding amount of US$500 million or its equivalent in other currencies for a term of five years. On October&nbsp;13, 2011, the CNV approved this program. Personal&#146;s Ordinary Shareholders&#146; Meeting held on May&nbsp;26, 2016 authorized to extend the due date of the Program until October&nbsp;31, 2021, and to expand the Program&#146;s maximum circulation amount to </font>US$1,000 million or its equivalent in other currencies. On October&nbsp;20, 2016, the CNV authorized the extension and expansion of the aforementioned Program through Resolution No.&nbsp;18,277.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under this program, on December&nbsp;10, 2015, </font>Telecom Personal has successfully completed the issuance of Series&nbsp;I and Series&nbsp;II notes for a total nominal value of P$720.5 million. Additionally, on November&nbsp;16, 2016 Telecom Personal also completed the issuance of Series&nbsp;III and Series&nbsp;IV notes for a total nominal value of almost P$722.0 million and US$77.9 million, respectively. See &#147;&#151;Debt Obligations and Debt Service Requirements&#148; below.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, during </font>October&nbsp;2016 Personal and the IFC signed a loan agreement for an amount of US$ 400 million. Also, on April&nbsp;7, 2017 Personal and the IIC subscribed a loan agreement for an amount of US$ 100 million maturing in September&nbsp;2022.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, on February&nbsp;2, 2018, we acknowledged the acceptance of our loan request for an amount up to US$ 1,000 million to be made available to us in one or more disbursements, and with a 12-month tenor. The proceeds from the loan will be used by us for the integration of working capital, investments in physical assets or other general corporate purposes. On February&nbsp;9, 2018, US$ 650 million were received, while US$ 350 million were received on March&nbsp;9, 2018.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not expect any implications on the sources of liquidity and the sources of funds as a result of the Reorganization. See &#147;Item 4&#151;Information on the Company&#151;Introduction&#151;Recent Developments&#151;The Reorganization.&#148;</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The table below summarizes, for the years ended December&nbsp;31, 2017, 2016 and 2015, Telecom&#146;s consolidated cash flows:</font></p>
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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>
<td width="41%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
<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;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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:12.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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="41%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<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="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="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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows   provided by operating activities</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;">19,332</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;">11,365</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;">6,812</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows used   in investing activities</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;">(14,294</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;">)</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;">(11,340</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;">)</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;">(9,651</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows (used   in) provided by financing activities</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;">(6,296</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;">)</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;">2,828</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;">2,950</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net foreign   exchange differences on cash and cash equivalents</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="border:none;border-bottom:solid windowtext 1.0pt;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;">144</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="border:none;border-bottom:solid windowtext 1.0pt;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;">222</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="border:none;border-bottom:solid windowtext 1.0pt;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;">75</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<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="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="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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;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;">(Decrease)/Increase   in cash and cash equivalents</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;">(1,114</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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>
<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;">3,075</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;">186</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<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;">Cash and   cash equivalents at the beginning of the year</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">3,945</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">870</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">684</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<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="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="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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<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;">Cash   and cash equivalents at the end of the year</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;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;">2,831</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;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;">3,945</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;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;">870</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:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, 2016 and 2015, we had P$2,831 million, P$3,945 million and P$870 million in cash and cash equivalents, respectively.</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:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cash flows from operating activities</font></i>: The breakdown of the net cash flow provided by operating activities is as follows:</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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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="41%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
<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;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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:12.0%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<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:2.5%;">
<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="41%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Collections</font></u></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: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:1.0pt;">&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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Collections from   customers</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;">71,113</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;">55,928</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;">41,930</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interests from   customers</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;">762</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;">366</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;">182</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interests from   investments</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;">670</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;">59</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;">190</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile operators   collections</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;border:none;border-bottom:solid windowtext 1.0pt;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;">1,282</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;border:none;border-bottom:solid windowtext 1.0pt;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;">885</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;border:none;border-bottom:solid windowtext 1.0pt;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;">843</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subtotal</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="border:none;border-bottom:solid windowtext 1.0pt;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;">73,827</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="border:none;border-bottom:solid windowtext 1.0pt;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;">57,238</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="border:none;border-bottom:solid windowtext 1.0pt;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;">43,145</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>  </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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">129<a name="PB_129_113259_6946"></a></p>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Payments</font></u></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: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:1.0pt;">&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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the acquisition   of goods and services and others</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;">(19,557</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;">)</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;">(17,120</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;">)</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;">(12,784</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the   acquisition of inventories</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;">(5,520</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;">)</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;">(5,383</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;">)</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;">(6,343</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Salaries and   social security payables and severance payments</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;">(11,669</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;">)</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;">(9,113</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;">)</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;">(6,885</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CPP payments</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;">(1,132</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;">)</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;">(393</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;">)</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;">(413</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income taxes   (includes tax returns and payments in advance)</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;">(2,400</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;">)</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;">(1,700</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;">)</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;">(1,631</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other taxes and   taxes and fees with the Regulatory Authority</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;">(13,399</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;">)</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;">(10,731</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;">)</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;">(7,775</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign currency   exchange differences related to the payments to suppliers</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;">(818</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;">)</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;">(1,433</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;">)</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;">(502</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">of   which: Inventory suppliers</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(269</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(295</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(182</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">PP&amp;E   suppliers</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(425</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(1,467</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(188</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other   suppliers</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(119</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(144</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(31</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">NDF</font></i></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="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(5</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">473</font></i></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="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(101</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)</font></i></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subtotal</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">(54,495</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<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>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">(45,873</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<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>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">(36,333</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:1.0%;">
<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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net cash flow provided by operating activities</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="border:none;border-bottom:double windowtext 2.25pt;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;">19,332</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="border:none;border-bottom:double windowtext 2.25pt;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;">11,365</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="border:none;border-bottom:double windowtext 2.25pt;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;">6,812</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>  </table>
<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-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cash flows used in investing activities</font></i> were P$14,294 million, P$11,340 million and P$9,651 million in 2017, 2016 and 2015, respectively, and includes the payment for the acquisition of 4G licenses P$2,256 million in 2015. The increase of P$2,954 million in 2017 was mainly due to an increase in PP&amp;E capital expenditures (mainly due to the modernization of the Mobile technology) and higher acquisitions of Government Bonds and investment not considered as cash and cash equivalents. The increase in 2016 was mainly due to an increase in PP&amp;E capital expenditures (mainly due to the modernization of the mobile technology).</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-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cash flows used in financing activities</font></i> were P$6,296 million in 2017, while cash flows provided by financing activities were P$2,828 million 2016 and P$2,950 million in 2015. The increase in 2017 was mainly due to higher dividend payments and lower proceeds from financial debt. The decrease in 2016 as compared to 2015 was mainly due to higher payments of loans and dividends, partially offset by higher proceeds of financial debts.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">NDF and US Dollar bonds</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 1Q 2017, the Telecom Group entered into several NDF agreements to hedge the fluctuation of LIBO rate from the &#147;IFC&#148; loan amounting to US$ 400 million. The agreements effective from March&nbsp;15, 2017 hedge an amount of US$ 300 million, while those effective from September&nbsp;15, 2017 hedge the outstanding US$ 100 million. Such NDF allow fixing the variable rate all along the loan term in a range between 2.087% and 2.4525% nominal annual rate (resulting in a weight average of 2.2258%).</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Group recognized a liability of P$17 million which is included in loans (P$8 million current and P$9 million non-current). Likewise during year 2017 the Group recognized losses amounting to P$36 million related with this contracts which are included in interest on loans in financial results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2Q 2017, the Group entered into several NDF agreements to hedge the fluctuation of the exchange rate from the &#147;IFC&#148; loan amounting to US$ 53.5 million fixing the average exchange rate in P$18.30, expiring between February&nbsp;and April&nbsp;2018.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Group recognized a receivable of P$59 million which is included in other current receivables and holds a reserve of P$6 million in other comprehensive income in the equity. Consequently, during year 2017 the Group recognized gains amounting to P$53 million related with this contract which is included in financial results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 3Q 2017, the Group entered into several NDF agreements to hedge the fluctuation of LIBO rate from the &#147;IFC&#148; loan amounting to US$ 40 million. Such NDF were agreed in two tranches of US$ 20 each one, both of them starting on March&nbsp;15, 2018 and fixing the variable rate all along the term of the loan to 2.1325% and 2.085% nominal annual rate, respectively.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Group recognized a receivable of P$4 million which is included in other receivables (P$2 million current and P$2 million non-current) with counterpart in other comprehensive income in the equity.</font></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="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">130<a name="PB_130_113259_9138"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, during year 2017, the Group entered into several NDF agreements to hedge the fluctuation of the exchange rate from certain commercial obligations for an amount of US$6.3 million fixing the average exchange rate in P$18.94 expiring between March&nbsp;and August&nbsp;2018.</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>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Group recognized a receivable of P$6 million which is included in other current receivables. Likewise during year 2017 the Group recognized gains amounting to P$6 million related with this contracts which are included in foreign currency exchange rate gains in financial results.</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:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional information regarding Financial Instruments is set forth in Note&nbsp;20 to our Consolidated Financial Statements.</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:42.55pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Debt Obligations and Debt Service Requirements</font></i></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:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has bank overdrafts amounting to P$139 million (including accrued interest) as of December&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 style="margin:0in 0in .0001pt;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indebtedness of Telecom Argentina as of December&nbsp;31, 2017 was 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="margin:0in 0in .0001pt;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bank and other financial entity loans</font></i></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 .75in;text-align:justify;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>On July&nbsp;5, 2016, Personal (entity absorbed by Telecom Argentina) accepted an offer from the IFC for the assessment and transfer of funds for purposes of financing investment needs, working capital and debt refinancing for an amount of up to US$400 million.</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 .75in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2016, Personal</font> (entity absorbed by Telecom Argentina) and the IFC signed the loan agreement (&#147;IFC Loan&#148;) for an amount of US$400 million and for a six-year period, payable in eight equal half-yearly installments since the 30th month, with a 6-month LIBO rate + 400bp. This loan was used to deploy the 4G network and refinance short-term financial liabilities. The loan terms include standard commitments for this type of financial transaction (on October&nbsp;26, 2016, Personal received US$ 392.5 million, equivalent to P$5,961&nbsp;million as of the date of the disbursement).</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 .75in;text-align:justify;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>Additionally, in April&nbsp;2017, Personal (entity absorbed by Telecom Argentina) and the Inter-American Investment Corporation (&#147;IIC&#148;), a member of the Inter-American Development Bank (&#147;IDB&#148;) Group, signed a loan agreement (&#147;IIC Loan&#148;) for an amount of US$100 million and with maturity date on September&nbsp;2022, payable in 8 equal half-yearly installments since the 24th month, with a 6 month LIBO rate + 400bp. The funds of this loan will be allocated to deploy the 4G network and for financing working capital and other financial needs. The loan terms include standard commitments and covenants for this type of financial transactions (on September&nbsp;18, 2017 Personal received US$ 100 million, equivalent to P$1,749 million as of the date of the disbursement, that net of expenses amounted to P$1,723 million).</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:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">N&#250;cleo:</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31,&nbsp;2017, N&#250;cleo&#146;s outstanding debt (bank loans and bank overdrafts) is denominated in Guaran&#237;es and amounted to approximately P$402 million (including accrued interest).</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional information regarding terms and conditions of the Telecom Group&#146;s loans as of December&nbsp;31, 2017 is set forth in Note&nbsp;12 to our Consolidated Financial Statements.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The balance of the loans of the Telecom Group amounts to P$9,735 million as of December&nbsp;31, 2017 (including accrued interest).</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Global Programs for issuance of Notes</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal</font> (entity absorbed by Telecom Argentina) issued the following notes under the Medium Term Notes Global Program mentioned in &#147;Sources and Uses of Funds&#148; above, with the following terms and conditions:</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 .75in;text-align:justify;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>Series&nbsp;I: with a maturity of 18 months from the date of issuance and settlement for a nominal value of P$571.5 million, at a combined rate (fixed rate of 28.5% up to the 6th month and variable rate from the 7th month, BADLAR rate + 375bps). Series&nbsp;I have been fully amortized in June&nbsp;2017.</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">131<a name="PB_131_110401_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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;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>Series&nbsp;II: with a maturity of 36 months from the date of issuance and settlement, with a nominal value of P$149 million, at a combined rate (fixed rate of 28.75% up to the 9th month and variable rate from the 10th month, BADLAR rate + 400bps).</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 .75in;text-align:justify;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>Series&nbsp;III, denominated in pesos at a floating rate and with a maturity of 18 months from the date of issuance and settlement, and for a nominal value of approximately P$722 million, at a variable rate (BADLAR Privada rate + 290bps).</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 .75in;text-align:justify;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>Series&nbsp;IV, denominated in U.S. dollars, at a fixed rate and with a maturity of 24 months from the same date of issuance and settlement as Series&nbsp;III, for a nominal value of US$77.9 million, at a nominal fixed annual rate equivalent to 4.85%.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aforementioned notes have a local risk rating issued by FIX SCR S.A. (Fitch Ratings) of &#147;AA+ (arg)&#148;, due to the credit quality and financial strength of Personal.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The funds arising from the Series&nbsp;I and II notes were used to refinance short-term liabilities through the partial settlement of bank overdrafts that Personal had taken to finance the acquisition of 3G and 4G frequencies bands, and the Series&nbsp;III notes and Series&nbsp;IV notes funds were applied to the refinancing of short-term liabilities.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The balance of Series&nbsp;II,&nbsp;III and IV notes of Personal as of December&nbsp;31, 2017 amounted to approximately P$2,344 million</font> (including accrued interests). The Series I notes were paid in full on their due date. </p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;28, 2017, Telecom Argentina held an a General Ordinary Shareholders&#146; Meeting that approved a Notes Global Program for a maximum outstanding amount of US$ 3,000 million or its equivalent in other currencies. The delegation of powers in the Board of Directors was also approved to determine and modify the terms and conditions of the Program as well as to establish the issuance opportunities.</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 9.35pt;text-indent:42.55pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Liquidity</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The liquidity position of Telecom Argentina is and will be significantly dependent on each individual company&#146;s operating performance, its indebtedness, capital expenditure programs and receipt of dividends, from its subsidiaries, if any.</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:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Group&#146;s working capital breakdown and its main variations are disclosed below:</font></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;"><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:2.5%;">
<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;">2017</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>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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;">Variation</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<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:2.5%;">
<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;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trade   receivables</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;">8,636</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;">7,577</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;">1,059</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other   receivables (not considering financial NDF)</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;">1,431</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;">1,011</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;">420</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories</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;">1,854</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;">1,278</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;">576</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>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current   liabilities (not considering financial debt)</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="border:none;border-bottom:solid windowtext 1.0pt;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;">(18,793</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:2.5%;">
<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="border:none;border-bottom:solid windowtext 1.0pt;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;">(13,245</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:2.5%;">
<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="border:none;border-bottom:solid windowtext 1.0pt;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;">(5,548</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0.375pt 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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<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;">Operative   working capital - negative</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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">(6,872</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<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>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">(3,379</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<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>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">(3,493</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:1.0%;">
<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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   Revenues</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(10.5</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)%</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(6.4</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">)%</font></i></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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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="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="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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and cash   equivalents</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;">2,831</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;">3,945</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;">(1,114</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial NDF</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;">60</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;">&#151;</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;">60</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investments</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;">3,426</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;">1,751</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;">1,675</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current   financial debt</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;border:none;border-bottom:solid windowtext 1.0pt;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;">(3,194</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<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;border:none;border-bottom:solid windowtext 1.0pt;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;">(3,266</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<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;border:none;border-bottom:solid windowtext 1.0pt;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;">72</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<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;">Net   Current financial asset</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="border:none;border-bottom:solid windowtext 1.0pt;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;">3,123</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="border:none;border-bottom:solid windowtext 1.0pt;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;">2,430</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="border:none;border-bottom:solid windowtext 1.0pt;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;">693</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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="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="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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<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;">Negative   working capital (current assets &#151; current liabilities)</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;">(3,749</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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>
<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;">(949</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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>
<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;">(2,800</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<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;">Liquidity   rate</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>
<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;">0.83</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0.94</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: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(0.11</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;"><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;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Telecom Group has an intensive working capital structure that obtains financing from its suppliers (especially PP&amp;E suppliers) for longer terms than those provided to its customers and from financial entities. According to this, the negative operating working capital amounted to P$6,872 million as of December&nbsp;31, 2017 (increasing P$3,493 million vs. December&nbsp;31, 2016) showing higher levels of suppliers financing (10.5% of consolidated revenues as of December&nbsp;31, 2017 vs. 6.4% of consolidated revenues as of December&nbsp;31, 2016).</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017 the Telecom Group continued demanding funds to the financial market in Argentina, what has allowed financing the Group&#146;s growth in PP&amp;E and intangible assets at very reasonable rates. The Group was rated &#147;AA + (arg)&#148; by FIX SCR S.A (the notes issued by Telecom Personal, entity absorbed by Telecom Argentina) related to the Group&#146;s operating cash flow record</font></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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">132<a name="PB_132_110401_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and low leverage (net debt over EBITDA amounts to 0,2x). All the above mentioned generates that the total working capital (current assets - current liabilities) amounted to a net debt of P$3,749 million as of December&nbsp;31, 2017, resulting from an increase in negative operating working capital amounting to P$3,493 million partially offsetted by an increase in net current financial asset of P$693 million.</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>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These increases in absolute terms have modified our consolidated liquidity ratio (current assets/current liabilities), which amounted to 0.83.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Group has several financing sources and several offers from first-class international institutions to diversify its current short-term funding structure, which includes accessing to domestic and international capital market and obtaining competitive bank loans in what relates to terms and financial costs.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The low financial debt of the Group and the merger by absorption with Cablevisi&#243;n since January&nbsp;1, 2018 makes it possible to obtain financial resources for longer terms at a reasonable cost. The Group&#146;s management evaluates the national and international macroeconomic context to take advantage of market opportunities that allows it to preserve its financial health for the benefit of its investors.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom manages its cash and cash equivalents and its financial assets, matching the term of investments with those of its obligations. The average term of its investments should not exceed the average term of its obligations. Cash and cash equivalents position is invested in highly-liquid short-term instruments through first-class financial entities.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Telecom Group maintains a liquidity policy that results into a significant volume of available cash through its normal course of business as it is shown in the consolidated statement of cash flows. The Telecom Group has consolidated cash and cash equivalents amounting to P$2,831 million (equivalent to US$ 153 million) as of December&nbsp;31, 2017 (in 2016, P$3,945 million, equivalent to US$ 250 million). The Telecom Group has bank credits and a program of Notes that allow financing its short-term obligations and an investment plan in addition to the operative cash flow for the next years.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, on November&nbsp;30, 2017, the General Ordinary Shareholders&#146; Meeting approved the delegation of powers into the Board of Directors of the Company to withdraw up to the amount of P$6,940.5 million from the &#147;Voluntary reserve for future dividends payments&#148; and to arrange the distribution of the withdrawn funds in concept of cash dividends, in one or more installments and in the amounts and dates determined by the Board of Directors. In accordance to these delegated powers, the Company&#146;s Board of Directors on its meeting on December&nbsp;18, 2017, resolved to withdraw the amount of P$4,150,312,272 of the aforementioned Reserve and to distribute that amount as cash dividends, which were made available to Shareholders as from December&nbsp;29, 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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;18, 2017, Cablevisi&#243;n S.A. informed the declaration of dividends of P$4,077,790,056 to be paid to its shareholders, Cablevisi&#243;n Holding S.A., Fintech Media LLC and VLG Argentina LLC a pro rata of its share holdings whose payment was pending as of the Merger Effective Date. On January&nbsp;8, 2018, Telecom Argentina S.A., the surviving company of Cablevisi&#243;n S.A., proceeded to cancel the aforementioned obligation.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In addition, the Ordinary General Shareholders&#146; Meeting celebrated on January&nbsp;31, 2018, approved the delegation of powers into the Board of Directors to order the total or partial withdrawal of the &#147;Voluntary reserve for future dividends payments&#148; and the distribution of the withdrawn funds as cash dividends, in the amounts and dates determined by the Board of Directors, being these delegated powers able to be exercised until before the celebration of the next Ordinary Annual Shareholders&#146; Meeting. In accordance to these delegated powers, the Company&#146;s Board of Directors on its meeting held on January&nbsp;31, 2018, resolved to withdraw the amount of $9,729,418,019 from the &#147;Voluntary reserve for future dividends payments&#148; of Telecom Argentina as of December&nbsp;31, 2017 and to distribute that amount as cash dividends in two installments according to the following: a) the amount of $2,863,000,000, which was made available on February&nbsp;15, 2018 b) the remaining difference, that is the amount of $6,866,418,019, was to be made available on April&nbsp;30, 2018, being the Board of Directors able to anticipate such payment if it deems appropriate in the future. Later, the Board of Directors of Telecom Argentina on its meeting dated March&nbsp;7, 2018 decided to anticipate the date when the second dividend installment will be made available to March&nbsp;27, 2018 or in the prior date</font>  </font>that the Chairman of the Company determines. Finally, the aforementioned second dividend installment was made available on March&nbsp;21, 2018. as resolved by the Chairman of the Company in use of the faculties delegated by the Board of Directors.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, the Board of Directors of Telecom Argentina approved on January&nbsp;31, 2018 the distribution of interim cash dividends, for the amount of P$10,143,505,599, in accordance with what it is foreseen in section 224, 2&#176; paragraph of the GCL, being these subject to ratification from the Ordinary Shareholders&#146; Meeting that considers the documentation for the fiscal year ended December&nbsp;31, 2017. The aforementioned amount corresponds to the sum of the net income (liquid and realized) for the period between January&nbsp;1, 2017 and September&nbsp;30, 2017, that arises from the Special Purpose Unconsolidated Financial Statements of Telecom Argentina as of this last date ($5,640,728,444) and from the Special Purpose Unconsolidated Financial Statements of Cablevisi&#243;n S.A. (company absorbed by merger by Telecom Argentina) to this same date ($4,502,777,155). The mentioned dividends were made available to shareholders on February&nbsp;15, 2018.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s Board of Directors, at its meeting held on March&nbsp;19, 2018, convened an Ordinary Shareholders&#146; meeting to be held on April&nbsp;25, 2018, to consider among other issues the allocation of Telecom Argentina&#146;s retained earnings as of December&nbsp;31, 2017, net of P$5,640,728,444 distributed in advance, that is to say P$1,989,254,041, and the allocation of Cablevisi&#243;n&#146;s retained earnings as of December&nbsp;31, 2017 net of P$4,502,777,155 distributed in advance, that is to say P$1,311,975,449.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proposal of the Board of Directors is to: (i)&nbsp;ratify the advance distribution of dividends of P$5,640,728,444 resolved by the Board at its meeting of January&nbsp;31, 2018, based on the Special-purpose Unconsolidated Financial Statements of Telecom Argentina as of September&nbsp;30, 2017; (ii)&nbsp;allocate P$1,989,254,041, to set up the &#147;Voluntary reserve for future dividends payments&#148;; and (iii)&nbsp;delegate power to Telecom Argentina&#146;s Board of Directors so that, based on the evolution of the business, it may determine the withdrawal, in one or more times, of an amount up to P$994,627,020 from the &#145;Voluntary reserve for future dividends payments&#146; for distribution to the shareholders as cash dividends, enabling such delegated powers to be exercised until December&nbsp;31, 2018.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to Cablevisi&#243;n&#146;s retained earnings, the proposal of the Board of Directors is to: (i)&nbsp;ratify the advance distribution of dividends of P$4,502,777,155 resolved by the Board at its meeting of January&nbsp;31, 2018, based on the Special-purpose Unconsolidated Financial Statements of Cablevisi&#243;n as of September&nbsp;30, 2017; (ii)&nbsp;allocate P$1,311,975,449, to set up a &#147;Facultative Reserve to Maintain the Level of Investments in Capital Goods and the Current Level of the Company&#146;s Solvency.&#148;</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends paid by Telecom from the year 2017 to the date of issuance of this Annual Report are disclosed in the table below:</font></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;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Distribution&nbsp;date</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;">Amount&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: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;">Approved&nbsp;by</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;">Results&nbsp;/Reserve&nbsp;from</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>   </tr>
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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;">December&nbsp;29,   2017</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>
<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;">4,150</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom</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>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom</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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;29,   2017 (***)</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;">3</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sofora</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="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sofora</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="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;8,   2018 (***)</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;">4,078</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n</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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;15,   2018 (**)</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;">5,641</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom</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="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom</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="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;15,   2018 (**)</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;">4,503</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom</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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n</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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;15,   2018</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;">2,863</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom</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="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom</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="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;21,   2018</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;border:none;border-bottom:solid windowtext 1.0pt;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;">6,866</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom</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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom</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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<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;">Total</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;">28,104</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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: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="1" face="Times New Roman" style="font-size:8.0pt;">(*) Approximate amount in millions of P$.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(**)&#160; Dividends distributed in advance, to be ratified in the Ordinary Shareholders&#146; meeting to be held on April&nbsp;25, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(***) Dividends approved by companies absorbed by Telecom before the Reorganization and Merger effective dates.</font></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;width:100.0%;">
<tr>
<td width="70%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.82%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">134<a name="PB_134_110401_2897"></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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></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>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our ability to generate sufficient cash from our operations in order to satisfy our indebtedness and capital expenditure needs may be affected by macroeconomic factors influencing our business, including, without limitation, the exchange rate of Argentine Pesos to U.S. dollars and rates of inflation; among others. These factors are not within our control. Certain statements expressed in this section constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties, including those described in this Annual Report in &#147;Item 3&#151;Key Information&#151;Risk Factors.&#148; Actual results may differ materially from our expectations described above as a result of various factors.</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:42.55pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Capital Expenditures</font></i></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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the Mobile Services segment, investments were oriented mainly to the deployment of 4G technology, to achieve increasing coverage and capacity in various cities of Argentina. This objective was reached through the startup of new sites, together with replacement and modernization of existent sites.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In respect of fixed access network, 2017 reaffirms our decision to focus investments in technologies and solutions to increase substantially broadband offered to users, mainly with GPON (FTTH) technology, which continued been deployed in different regions of the country. Our work plans allow satisfying the various services requirements for business, large buildings, and urban developments.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In respect of transport network, continuing with precedent year plans, investments were done to deploy new interurban paths of optical fiber, increase Backbone IP capacity, setting-up of new contents POPs, and increment of capacity and availability of DWDM network.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also new equipment was installed for the Metro Ethernet network and for the evolution and extension of the regional transport networks, mainly in PTN (Packet Transport Network).</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks relating to Telecom and its Operations&#151;We operate in a competitive environment that may result in a reduction in our market share in the future.&#148; We expect to finance our capital expenditures through cash generated from our operations, cash on hand and financing from third parties; therefore, our ability to fund these expenditures is dependent on, among other factors, our ability to generate sufficient funds internally. Telecom&#146;s ability to generate sufficient funds for capital expenditures is also dependent on its ability to increase its service prices, the increase of its operating costs due to inflation and the increase of the cost of imported materials as they may increase in peso terms (as a result of the decline in the peso/U.S. dollar exchange rate and higher inflation).</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We estimate that our capital expenditures for the year 2018 will be approximately 24% of consolidated revenues.</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:28.35pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Taxes</font></i></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Turnover Tax</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine tax law, Telecom Argentina is subject to a tax levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Rates in effect ranged from 2.5% to 8.0% for the years ended December&nbsp;31, 2017, 2016 and 2015, depending on the jurisdiction or goods and services subject to the tax.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;2, 2018, Law No.&nbsp;27,429 enforced a &#147;Fiscal Consensus&#148; signed between the PEN and representatives of the Provinces and the Autonomous City of Buenos Aires. Among other issues, the provinces assumed the commitment to apply tax rates not higher than those for each activity and period that are set in the Annex to the Consensus (in the case of communications services 5% in 2018 reducing to 3% in 2022 and in the case of mobile service 7% in 2018 reducing to reach 5% in 2022).</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Income Tax</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our income tax rate is, up to fiscal year 2017, 35% of net taxable income for the companies located in Argentina, 10% for N&#250;cleo, Env&#237;os and Tuves Paraguay in Paraguay and 39.5% (34% Federal Tax and 5.5% State Florida Tax) for Telecom Argentina USA in the United States. The amount of income subject to tax is calculated according to tax regulations which contain a different methodology for calculating net taxable income than the methodology used for the preparation of our</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated Financial Statements under IFRS. The differences between the methodology of computing income under the tax regulations and under IFRS make it difficult to determine the taxable net income from our income statements. For instance, some deductions from income normally accepted for accounting purposes are not&nbsp;deductible for tax purposes and, accordingly, must be added back to the income tax base when assessing this liability. Law No 27,430 decreases the corporate income tax rate from 35% to 30% for fiscal years starting&#160; January&nbsp;1, 2018 to&#160; December&nbsp;31, 2019, and to 25% for fiscal years starting&#160; January&nbsp;1, 2020 and onwards.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to U.S. Federal tax reform, the new U.S. corporate federal tax rate is 21% from 2018 onwards.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax on cash dividends received from a foreign subsidiary is calculated according to the statutory income tax rate. As per Paraguayan tax law, an additional income tax rate of 5% is imposed on dividends that are paid by a Paraguayan company. Additionally, under such law, when dividends are being paid to foreign shareholders, there is a withholding tax of 15%, which is deducted from the amounts which are paid to such shareholders.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As per Argentine tax law, income tax paid abroad and withholding tax are recognized as tax credits with certain quantitative limits.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net losses in Argentina can generally be carried forward and applied against future taxable income for five years. However, Paraguayan law does not permit the carry-forward of such losses.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxation on Dividends</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,893, </font>dividends and other profits paid in cash or in kind &#151;except for stock dividends or quota dividends&#151;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law (the &#147;Income Tax Law&#148;), Sections 69 (a)(1), (2), (3), (6)&nbsp;and (7), and Section&nbsp;69(b), to Argentine resident individuals and foreign beneficiaries were subject to income tax at a 10% rate. Law No.&nbsp;27,260 repealed this withholding tax as of July&nbsp;23, 2016. Consequently, no withholding tax is to be levied on dividends distributed to either Argentine or non-Argentine resident shareholders since then. This treatment applies only to dividends to be distributed at any time out of retained earnings accumulated until the end of the last fiscal year starting before January&nbsp;1, 2018.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Likewise, the portion of those dividends exceeding the company&#146;s accumulated net taxable income (as determined by application of the Argentine Income Tax Law), if any, is subject to a 35% withholding tax on such excess (the &#147;Equalization Tax&#148;). For purpose of the Equalization Tax, the amount of accumulated net taxable income to be considered shall be determined by (1)&nbsp;deducting the income tax paid by the company, and (2)&nbsp;adding the dividends and profits not subject to tax received as distributions from other corporations. If the distribution is in-kind, then the corporation must pay the tax to the Argentine tax authorities and will be entitled to seek reimbursement from the shareholders.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends to be distributed out of earnings accrued in fiscal years starting on or after January&nbsp;1, 2018, are to be subject to a tax&nbsp;treatment different from the one previously described, based on the recent enactment of a comprehensive tax reform -Law No.&nbsp;27,430-, published in the Official Gazette on December&nbsp;29, 2017, and generally effective since January&nbsp;1, 2018.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,430 dividends and other profits paid in cash or in kind &#151;except for stock dividends or quota dividends&#151;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law (the &#147;Income Tax Law&#148;), Sections 69 (a)(1), (2), (3), (6), (7)&nbsp;and (8), and Section&nbsp;69(b)&nbsp;to Argentine resident individuals and foreign beneficiaries will be subject to income tax at a 7% rate on profits accrued during fiscal years starting January&nbsp;1, 2018 to December&nbsp;31 2019, and at a 13% rate on profits accrued in fiscal years starting 1 January&nbsp;2020 and onwards. If dividends are distributed to Argentine corporate taxpayers (in general, entities organized or incorporated under Argentine law, certain traders and intermediaries, local branches of foreign entities, sole proprietorships and individuals carrying on certain commercial activities in Argentina), no dividend tax should apply</font>.</p>
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<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Capital gains</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The results derived from the transfer of shares and other equity interests, bonds and other securities of Argentine companies are subject to Argentine capital gains tax, regardless of the type of beneficiary who realizes the gains.</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;">PART&nbsp;I</font> - ITEM 5 OPERATING   AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital gains obtained by Argentine corporate taxpayers (in general, entities organized or incorporated under Argentine law and local branches of non-Argentine entities) derived from the sale, exchange or other disposition of shares are subject to income tax at the corporate rate on net income. Recently, Law No.&nbsp;27,430 decreased the corporate income tax rate from 35% to 30% for fiscal years beginning on January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years beginning on January&nbsp;1, 2020 and onwards.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Individual resident&#146;s capital gains tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 established that as from January&nbsp;1, 2018, gains realized by Argentine resident individuals&#160; from the sale, transfer or disposition of shares, securities representing shares and certificates of deposit of shares are exempt from capital gains tax in the following cases: (i)&nbsp;when the shares are placed through a public offering authorized by the CNV, (ii)&nbsp;when the shares are traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, or (iii)&nbsp;when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV.&#160; For periods prior to 2018, it is currently under discussion the extent of the exemption (established by Law 26,893 and its implementing decree 2334/2013) applicable to the sale of shares and other securities through a stock exchange market, so as to determine whether it applies only sales of securities made in stock exchanges duly authorized by the CNV or in any stock exchanges.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nonresident&#146;s capital gains tax</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,893, capital gains obtained by non-Argentine residents from the sale, exchange or other disposition of shares and other equity interests, bonds and other securities of Argentine companies were subject to capital gains tax until December&nbsp;30, 2017, even if those transactions were entered into between nonresidents.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 provides that the capital gains tax applicable to nonresidents for transactions entered into between September&nbsp;23, 2013 (when Law No.&nbsp;26893 became effective) and December&nbsp;30, 2017, is still due and regulations will state the mechanism to have it paid.&#160; However, no taxes will be claimed to nonresidents with respect to past sales of Argentine shares or other securities traded in CNV&#146;s authorized markets (such as ADSs) as long as the cause of the non-payment was the absence of regulations stating the mechanism of tax collection at the time the transaction was closed. </font>General Resolution (AFIP) 4.227, which will come into effect on April&nbsp;26, 2018, stipulates that the income tax should be paid to the AFIP under the following procedures: (i)&nbsp;in case the securities were sold through an Argentine stock exchange market, and the withholding has been made, then the withholder must pay the tax, (ii)&nbsp;in case the securities were sold but not through an Argentine stock exchange market and there is an Argentine buyer involved, then the Argentine buyer should pay the income tax; and (iii)&nbsp;when both the seller and the buyer were foreign beneficiaries and the sale was not performed through an Argentine stock exchange market, the person liable for the tax is the buyer and the payment shall be made through an international bank wire transfer to the AFIP. The payment of capital gains tax applicable for transactions entered into before December&nbsp;30, 2017 is due on June&nbsp;11, 2018.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In turn, Law 27,430 and Decree 279/2018, maintain the 15% capital gains tax (calculated on the actual net gain or a presumed net gain equal to 90% of the sale price) on the disposal of shares or securities by nonresidents. However, nonresidents are exempt from the capital gains tax on gains realized from the sale of (a)&nbsp;Argentine shares in the following cases: (i)&nbsp;when the shares are placed through a public offering authorized by the CNV, (ii)&nbsp;when the shares were traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, or (iii)&nbsp;when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV; and (b)&nbsp;depositary shares or depositary receipts issued abroad, when the underlying securities are shares (i)&nbsp;issued by Argentine companies, and (ii)&nbsp;with authorization of public offering. The exemptions will only apply to the extent the foreign beneficiaries reside in, or the funds used for the investment proceed from, jurisdictions considered as cooperating for purposes of the exchange of tax information.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, it is clarified that, from 2018 onward, gains from the sale of ADSs will be treated from Argentine sources.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case the exemption is not applicable and, to the extent foreign beneficiaries do not reside in, or the funds do not arise from, jurisdictions not considered as cooperative for purposes of fiscal transparency, the gain realized from the disposition of shares would be subject to Argentine income tax at a 15% rate on the net capital gain or at a 13.5% effective rate on the gross price. In case such</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">foreign beneficiaries reside in, or the funds arise from, jurisdictions not considerd as cooperative for purposes of fiscal transparency, a 35% tax rate on the the net capital cagin or at a 31.5% effective rate on the gross price should apply. As per the law, the Executive Power will be required to publish a list of &#147;non-cooperating&#148; jurisdictions. Meanwhile, to determine if a jurisdiction is &#147;cooperating or not,&#148; the list published by AFIP according to Decree 589/2013 should be consulted.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In such scenarios, according to General Resolution (AFIP) 4227, the income tax should be withheld and paid to the AFIP under the following procedures: (i)&nbsp;in case the securities were sold by a foreign beneficiary, through an Argentine stock exchange market, the custodian entity should withhold and pay the tax if it is involved in the payment process; if it is not involved in the payment process but there is an Argentine buyer involved, the Argentine buyer should withhold the income tax (ii)&nbsp;in case the securities were sold by a foreign beneficiary, but not&#160; through an Argentine stock exchange market and there is an Argentine buyer involved, the Argentine buyer should withhold the income tax; and (iii)&nbsp;when both the seller and the buyer are foreign beneficiaries and the sale is not performed through an Argentine stock exchange market, the person liable for the tax shall be the legal representative of the seller of the shares or securities being transferred or directly by the seller, in the event that there is no local legal representative. In this case, the payment shall be made through an international bank via wire transfer to the AFIP.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders are encouraged to consult a tax advisor as to the particular Argentine income tax consequences derived from the holding and disposing of ADSs or Class&nbsp;B Shares.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Assets - Tax revaluation option</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 establishes an option for Argentine-resident individuals and companies to step their Argentine-based, income producing assets&#146; tax basis up. The step-up option can be exercised based on the assets&#146; tax basis values for the first fiscal period ending after the Law&#146;s entry into force.&#160; Under the law, the new tax basis in the assets will be determined by applying a &#147;revaluation factor,&#148; as established in the law, to the tax basis originally determined in each year or period of the asset&#146;s acquisition or construction. In the case of immovable or movable property qualifying as fixed assets, the value may be determined by an independent appraiser under certain conditions. In addition, the law imposes a one-time special tax on the amount of the revaluation. The applicable rate will vary depending on the assets revaluated:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Real estate (regarded as capital assets): 8%</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Real estate (regarded as inventories): 15%</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Shares, quotas and other participations in Argentine companies owned by resident individuals: 5%</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:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> All other assets (except inventories and cars, which may not be revaluated): 10%.</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-align:justify;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The law requires taxpayers that opt for the special revaluation regime to withdraw from any judicial or administrative process in which they are claiming, for tax purposes, an adjustment for inflation and to desist from making a new claim. (See &#147;Item 8&#151;Financial Information&#151;Tax Matters&#151;Income tax - Action for recourse filed with the AFIP&#148;).</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, Telecom Argentina is evaluating the convenience of exercising this option.</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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Inflation adjustment for income tax purpose</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 establishes the adjustment for inflation procedures in the Income Tax Law allowing the inflation adjustment for new acquisitions and investments carried out from January&nbsp;1, 2018 and onwards; the law also allows the application of an integral inflation adjustment mechanism but only when the variation of the Internal Wholesale Price Index (in Spanish,&nbsp;Indice de Precios Internos al por Mayor or IPIM) supplied by the National Institute of Statistics and Censuses (in Spanish,&nbsp;Instituto Nacional de Estad&#237;stica y Censos or INDEC), is higher than 100% for the 36-month period before the end of the fiscal period.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Thin Capitalization Rules</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Argentine Law No.&nbsp;25,784, modified the limitation on the deduction of interest expense by stating that the limit will only be applied to interest expense on debt owed to non-resident entities that control the borrowing entity (except for interest expense subject to the 35% withholding tax) in proportion to the amount of debt that exceeds by two times the company&#146;s equity, and the excess of interest over</font>  </font>this ratio will be treated as dividend payments. During fiscal years 2017, 2016 and 2015, Telecom&#146;s deduction of interest expenses was not limited because Telecom was able to meet the conditions required for such deduction.</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430, in force for fiscal years beginning after January&nbsp;1, 2018, eliminates the 2:1 debt-to-equity ratio and establishes a new set of thin capitalization rules.&#160; Pursuant to this amendment, thin capitalization rules&nbsp;apply to interest on financial debt (i.e., interest not accruing on payables for the purchase of goods or services) entered into with related parties (whether local or foreign).&#160; Such interest expense can be deducted up to the higher amount of (i)&nbsp;an amount to be set by Regulations, or (ii)&nbsp;30% of EBITDA.&#160; This limit can be increased by the excess of such higher amount over the amount of interest actually deducted in the last 3 taxable years, if any.&#160; If thin capitalization rules&nbsp;apply, the nondeductible portion of the interest expense will be carried forward for 5 taxable years, in which it will be added to the interest expense subject to thin capitalization rules&nbsp;to determine whether the limit is reached or not.</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thin capitalization rules&nbsp;do not apply to the following cases, among others:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;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>Interest expense lower to interest income (it is unclear whether such income should be from loans to related parties or from any sources; this topic may be covered by future Regulations).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;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>When the borrower&#146;s interest-to-EBITDA ratio is lower than or equal to the ratio of its economic group&#146;s interest expense on loans from unrelated parties and EBITDA (it is unclear whether the economic group must be Argentine or not; this issue should be covered by future Regulations).</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:.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>When the lender is subject to tax on such interest, as to be determined by Regulations.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The concept of interest subject to thin capitalization rules&nbsp;include foreign exchange losses and inflation or other index adjustments.</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tax on Minimum Presumed Income</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our companies located in Argentina are required to pay an amount equal to the greater of the income tax or the tax on minimum presumed income. The tax on minimum presumed income is computed based on 1% of the value of our assets. The value of our assets is determined in accordance with the criteria established under the tax laws. The amount of any income tax paid during the year may be applied against the tax on minimum presumed income that would be payable in such year. The amount of any tax on minimum presumed income paid in excess of the income tax for such year may be carried forward for a period of up to ten years. This excess may be treated as a credit to be applied against the income tax payable in a future year to the extent the tax on minimum presumed income for the year does not exceed income tax payable for such future year. During fiscal years 2017, 2016 and 2015, income tax was higher than tax on minimum presumed income. Shares and other equity participations in companies subject to the tax on minimum presumed income are exempt from the tax on minimum presumed income.</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to Law No.&nbsp;27,260, Tax on Minimum Presumed Income is repealed for fiscal years beginning from January&nbsp;1, 2019.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Value Added Tax (VAT)</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VAT does not have a direct impact on our results of operations. VAT paid by us to our suppliers is applied as a credit toward the amount of VAT charged by Telecom to its customers and the net amount is passed through to the Argentine government. VAT rates are 21%, 27% and 10.5%, depending on the type of the transaction and tax status of the customer.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The import of services (including financial services) by Argentine VAT taxpayers registered for VAT purposes, or responsables inscriptos, such as Telecom Argentina and Personal, is subject to VAT. In the case of loans, if the lender is a bank or a financial entity located in a country whose central bank has adopted the Banking Supervision Standards of the Basel Committee, the rate is 10.5%. If the foreign lender is one other than those mentioned above, the rate is 21%.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No 27,430 (effective for taxable events occurring as from February&nbsp;1, 2018) digital services rendered from outside Argentina are subject to value added tax when the services are rendered to VAT taxpayers or consumers by a resident or a foreign party and the effective use of the services is conducted in Argentina. The purchaser of the digital services is liable to assess and remit the VAT to the Argentine tax authorities.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;27,346 states that since January&nbsp;1, 2017, VAT for Argentinean residents, such as Telecom Argentina and Telecom Personal will be considered &#147;responsables sustitutos&#148; (substitutes) of the VAT tax that levies services rendered in Argentina by non-residents.</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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Financial Transactions Tax</font></i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The financial transactions tax in levied on certain deposits to and withdrawals from bank accounts with Argentine financial institutions and to other transactions that, due to their special nature and characteristics, are similar or could be used in lieu of a deposit to or withdrawal from a bank account. Therefore, any deposit to or withdrawal from a bank account opened in an institution regulated by Law No.&nbsp;21,526, or any transaction deemed to be used in lieu of a deposit to or withdrawal from a bank account, is subject to the tax on deposits and withdrawals unless a particular exemption is applicable. The tax rate in effect since August&nbsp;1, 2001 has been 0.6% of the transaction volume.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, 2016 and 2015, we charged to our income statement P$626 million, P$539 million and P$403 million, respectively, of this tax<i>.</i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;6, 2003, the Ministry of Economy and Public Finance, through General Resolution No.&nbsp;72/03, authorized us to increase the Basic Telephone Services reflecting the impact of the financial transactions tax. Telecom Argentina determined an amount of approximately P$23 million had not yet been recovered that arose prior to the issuance of Resolution No.72/03 and that was not used to offset payment of other taxes. Such amount was recorded under &#147;Other receivables&#148; during 2007 and can be offset with existing and/or future regulatory duties. See &#147;Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Tax on deposits to and withdrawals from bank accounts charged to customers.&#148;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Decree No.&nbsp;534/2004 provides that owners of bank accounts subject to the general tax rate of 0.6% may take into account as a tax credit 34% of the tax originated in credits on such bank accounts.</font>  </font>This amount may be computed as a credit for the Income Tax and Tax on Minimum Presumed Income. The amount computed as a credit is not deductible for income tax purposes.</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No 27,432 the PEN may decide that the percentage of the tax that on the date of entry into force of this law is not computable as payment on account of income tax, will be progressively reduced by up to twenty percent (20%) per year as of January&nbsp;1, 2018, and also may decide that, in 2022, the tax provided for in Law No.&nbsp;25,413 and its amendments as a payment on account of income tax will be computed in full.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Personal Assets Tax</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine companies, such as us, have to assess and pay the personal assets tax corresponding to their shareholders that are Argentine individuals and non-Argentine resident persons (natural and legal persons). The tax rate in effect through December&nbsp;31, 2015 was 0.50%. As of December&nbsp;31, 2016, Law No.&nbsp;27,260 lowered the rate to 0.25%, which is to be assessed on the proportional net worth value (<i>valor patrimonial proporcional</i>), of the shares as per the Argentine entity&#146;s last financial statements prepared under Argentine GAAP. Pursuant to the Personal Assets Tax Law, an Argentine company is entitled to seek reimbursement for such paid tax from </font>the applicable Argentine domiciled individuals and/or foreign domiciled shareholders. As a result, until shareholders reimburse Telecom Argentina for the amounts paid on their behalf, the payment of this tax constitutes a receivable for Telecom Argentina.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has, from time to time, requested that its shareholders reimburse the amounts of personal assets tax paid on their behalf and has received partial reimbursement of such taxes. The amount paid by Telecom Argentina and pending collection from its shareholders as of December&nbsp;31, 2017, was approximately P$18 million, which were included in the allowance for doubtful accounts, based on the recoverability assessment made by Telecom Argentina. Whenever applicable, personal assets tax paid on behalf of Telecom Argentina&#146;s shareholders is deducted from the cash dividend payment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and complied with certain other requirements may qualify for an exemption from the personal asset tax paid on behalf of the Shareholders for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should have been filed before March&nbsp;31, 2017. Telecom Argentina has filed the request. Notwithstanding, we cannot assure that in the future, Telecom Argentina can fulfill those requirements and maintain the referred exemption.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Taxes and Levies</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are subject to a levy of 0.5% of our monthly revenues from telecommunications services. The proceeds of this levy are used to finance the activities of the Regulatory Bodies. The amount of this levy is included in our consolidated income statement within &#147;Taxes and fees with the Regulatory Authority.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;25,239 imposes a tax on Personal (entity absorbed by Telecom Argentina) of 4% (tax on mobile and satellite services) of amounts invoiced excluding VAT but including the excise tax, which results in an effective tax rate of up to 4.167%. Since March&nbsp;1, 2018, pursuant to Law No 27,430, the rate increases to 5% (5.26% effective tax rate).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;26,539 amends the excise tax and establishes that the importation and sale of technological and computer goods, including mobile phones, is subject to the excise tax at a rate of 17%, resulting in an effective tax rate of up to 20.48%, effective from December&nbsp;1, 2009. Pursuant to Decree No.&nbsp;979/2017 since November&nbsp;15, 2017mobile phones are levied at a rate of 10.50%&#160; resulting in an effective tax rate of 11.73%, this rate will decrease until January&nbsp;2024 when no excise tax will be levied on this transactions. In the case of goods manufactured in Tierra del Fuego, no tax will apply since November&nbsp;15, 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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the beginning of 2001, telecommunication services companies have been required to pay a Universal Service tax to fund Universal Service requirements. See &#147;Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Universal Service Regulation.&#148;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Law No.&nbsp;26,573, which was regulated in 2010, imposes a levy of 1% of the monthly revenues from telecommunication services, excluding prepaid services, which must be collected from the customers.</font>  </font>The proceeds of this levy are used to finance the activities of the National Board of High Performance Sport (<i>Ente Nacional de Alto Rendimiento Deportivo</i> &#151; ENARD). Law No.&nbsp;27,430 repeals this levy since March&nbsp;1, 2018.</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stamp tax is a provincial tax that is levied based on the formal execution of public or private instruments. Documents subject to stamp tax include, among others, various types of contracts, notarial deeds and promissory notes. Each province and the Autonomous City of Buenos Aires has its own stamp tax legislation. Stamp tax rates vary according to the jurisdiction and type of agreement involved. </font>On January&nbsp;2, 2018, Law No.&nbsp;27,429 enforced a &#147;Fiscal Consensus&#148; signed between the PEN and representatives of the Provinces and the Autonomous City of Buenos Aires. Among other issues, the provinces assumed the commitment to apply tax rates not higher than those for each activity and period In the stamp tax, for certain acts and contracts, not higher than 0.75% as of January&nbsp;1, 2019 with a gradual reduction until its complete elimination as of January&nbsp;1, 2022.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Local municipalities establish various taxes and fees such as &#147;Safety and hygiene&#148;, &#147;Habilitation and inspection of structures&#148; and &#147;Advertising&#148;, among others.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is subject to a radioelectric spectrum fees that are paid to the Regulatory Authority for the use of the radio spectrum.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law 27,430 gradually reduces the percentage of employers&#146; contributions to be paid by large companies from 21% to 19.5% in 2022. It establishes a non-taxable base for calculating employers&#146; contributions of $ 2,400 Argentine pesos for 2018, which will increase until reaching $12,000 Argentine pesos in 2022. The Law gradually phases out employers&#146; contributions creditable against VAT.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Research and Development, Patents and Licenses,&nbsp;etc.</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</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 .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Trend Information</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, the economic activity grew compared to the previous year with a better expansion rate in the second half of the year and we expect that during next year the macroeconomic context will remain favorable in terms of activity level, recovery of the real wage, consumption and reduction of the inflation rate.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In terms of the regulatory framework, we expect that adjustments to the regulations that govern this sector will be made, favoring the convergence of TIC services and the competition in the industry. We are optimistic about the Government&#146;s intent to renew the regulatory framework and discuss the fundamentals of a convergence law, which will represent a major step forward for the country. With a focus on the convergence of services and in line with the global trend in the sector, we understand that the new regulatory framework should propose a comprehensive approach to communications, contemplating all the players capable of investing in modern and powerful networks to provide high level products and services in 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;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is essential for Argentina to have an adequate connectivity and convergent communication services (fixed and mobile Internet, video and voice) nationwide, to let meet those needs and be in line with the latest global communications technology.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reaching that goal requires intensive investments, within the framework of the Merger, sustained over time, taking into consideration the exponential and steep growth of the demand for fixed and mobile broadband. That is why Telecom will invest approximately US$ 5,000 million in the 2018-2020 three-year term to boost our infrastructure, integrating a single fixed-mobile network that will provide our customers with unlimited connection possibilities. In that light, we will unify the different networks of Telecom and Cablevisi&#243;n to boost their strengths and create the network with the highest extension, capacity and coverage of Argentina. A network that will offer the highest connection speed and will adapt to strengthen all the fixed and mobile services for individuals, companies and governments.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our goal is to develop the best offerings in terms of speed, quality, innovation, value proposition and technological reliability for all the services. We will seek to increase the demand for the products and services of our trademarks and even add new customers developing combined offerings focused on providing connection at all times and from any device.</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In terms of fixed broadband, Telecom will maintain the plans for fiber optic cable laying increasingly closer to households, unifying different access technologies to improve browsing speeds and reconverting copper fixed networks into fiber networks or hybrid fiber-coaxial networks to offer customers higher connection speed and allow them to enjoy audiovisual contents that demand high network capacity.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As to the mobile network, we will continue with our strategy to expand network coverage, availability and capacity with the technological reconversion plans, the expansion of the 4G network to more locations and the extension of the 4.5G network, already available in 90% of the coverage area of Personal&#146;s 4G network. We are preparing for the development of 5G technology which supports ultra broadband connection, essential for the most innovative mobile applications and the growth of the connection between devices known as IoT (Internet of Things).</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are favoring the integration and synergy between Personal&#146;s network, Nextel&#146;s network resources and Fibertel&#146;s and Arnet&#146;s fiber optic, in addition to the high capacity and capillarity of the IP transport interurban network, with a new architecture that will allow the company to transport not only own digital contents but also those of third parties.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This single network, Argentina&#146;s most powerful and sustainable one, will allow us to expand the plan for the transformation of contents and IP video services, among which Flow is the most remarkable.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the corporate world, Telecom will continue to expand its corporate services portfolio to companies that seek to intensify cloud-based solutions, using the infrastructure of our data centers distributed throughout the country.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will continue to work on our goal of boosting operating excellence to make a better use of the Company&#146;s physical, human and technological resources in order to continue meeting the profitability expectations of our investors.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Customer service is another key pillar of Telecom Argentina. We focus on placing customers at the core of our operations and that is why we are integrally refurbishing our communication platforms, which have an impact on management, charging and billing, with a view to the convergence of processes, commercial offerings and dynamic and omnichannel customer service, mainly geared towards the digital world.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Connectivity is no longer fixed or mobile, it is present in every aspect of everyday life, breaking down the barriers with which services were conceived more than two decades ago. The purpose of Telecom in this new and auspicious stage is to make high speed fixed and mobile connectivity flow a reality, irrespective of the device and location of each customer.</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 .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Contractual Obligations</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our consolidated contractual obligations and purchase commitments as of December&nbsp;31, 2017 were as follows:</font></p>
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<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">Less&nbsp;than<br>   1&nbsp;year</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">1-3&nbsp;years</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">3-5&nbsp;years</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">More&nbsp;than<br>   5&nbsp;years</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">Total</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<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:2.5%;">
<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="60%" colspan="9" valign="bottom" style="padding:0in 0in 0in 0in;width:60.0%;">
<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;">(in&nbsp;millions&nbsp;of&nbsp;Argentine&nbsp;Pesos)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt obligations   (1) </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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,389</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,730</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,984</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,103</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finance Lease   Obligations </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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating lease   obligations </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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">681</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">957</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">228</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">143</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,009</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase   obligations (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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,429</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">699</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">171</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">282</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,581</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other long-term   liabilities (3) </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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">190</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">220</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">160</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">618</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="font-size:10.0pt;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;">Total</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="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">11,702</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="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">7,605</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="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">5,431</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="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">586</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="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<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;">25,324</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>  </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 28.9pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes P$1,868 million of future interest.</font></p>
<p style="margin:0in 0in .0001pt 28.9pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Other than operating lease obligations. It includes PP&amp;E purchase obligations, inventories purchase obligations, and other services purchase obligations, among others.</font></p>
<p style="margin:0in 0in .0001pt 28.9pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes voluntary retirement program, pension benefits and other long-term payables.</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">143<a name="PB_143_111522_8627"></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 .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Off-Balance Sheet Arrangements</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</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 .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Safe Harbor</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See the discussion at the beginning of this Item 5 and &#147;Forward-Looking Statements&#148; in the introduction of this Annual Report, for forward-looking statement safe harbor provisions.</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;">PART&nbsp;I</font> - ITEM 5   OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">144<a name="PB_144_111522_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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;">ITEM 6.</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;&#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></b><b>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b><a name="ITEM6_DIRECTORSSENIORMANAGEMENTA_021421"></a></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 Board of Directors</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The direction and management of Telecom Argentina is vested in the Board of Directors and its executive officers. Telecom Argentina&#146;s bylaws were amended at the Ordinary and Extraordinary Shareholders&#146; Meeting held on August&nbsp;31, 2017 providing for a Board of Directors consisting of (i)&nbsp;no fewer than eleven and no more than seventeen directors and (ii)&nbsp;the same or a lesser number of alternate members. This amendment has not been recorded yet with the IGJ.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, Telecom Argentina has eleven directors and eleven alternate directors. Three of the directors and two of the alternate directors qualify as independent directors under SEC regulations. Three of the directors and three of the alternate directors also qualify as independent directors under CNV rules. According to Telecom Argentina&#146;s bylaws, the Board of Directors has all of the required authority to manage the corporation, including those for which the law requires special powers. The Board of Directors operates where there is a quorum of the absolute majority of its members and resolves issues by simple majority of votes present, provided that in respect of certain matters (the &#147;Supermajority Matters&#148;) the favorable vote of at least one Director proposed for designation by the Class&nbsp;A and one Director proposed for designation by the Class&nbsp;D is required to pass a resolution. According to Telecom Argentina&#146;s bylaws, the chairman of the Board of Directors (the &#147;Chairman&#148;) has a double vote in the case of a tie, except in respect of Supermajority Matters. Under CNV regulation, in order to be independent, a director must neither be employed by, nor affiliated with, Telecom Argentina, CVH or Fintech. Directors and alternate directors are normally elected at annual ordinary general meetings of shareholders (&#147;Annual Ordinary Shareholders&#146; Meetings&#148;) and serve a renewable three-year term. None of Telecom Argentina&#146;s directors have services contracts with Telecom Argentina (or any subsidiary) providing for benefits upon termination of employment as a director.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;31, 2018 the Board of Directors organized and approved the internal rules&nbsp;of the Executive Committee, (the </font>Rules&nbsp;of the Executive Committee (&#147;Reglamento de Facultades y Funcionamiento&#148;)) provided for in Article&nbsp;thirteen of our Bylays which shall be in charge of the approval, <i>inter alia, </i>of matters in the ordinary course of business, but without executive responsibilities which shall be in charge of the managers of the Company, the preliminary approval of plans of important significance including the Business Plan and Annual Budget of the Company, prior to its approval by the Board and also certain other duties that were priorly performed by the <i>Comit&#233; de Operaciones </i>and the <i>Consejo de Administraci&#243;n</i> which have been eliminated.&#160; The Executive Committee is comprised of 5 members, all of them are required to be Directors of the Company, takes all of its resolution by the unanimous vote of all its members and in case such consent is not obtained in respect of any matter the matter is posted for approval of the Board of Directors.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As established in the Telecom Shareholders&#146; Agreement between CVH and Fintech, provided that CVH holds a certain percentage of Telecom Argentina Shares, CVH shall be entitled to designate the majority of the directors, alternate directors, members of the Supervisory Committee, Executive Committee members, Audit Committee members, the CEO and any other Key Employee (other than the CFO and the Internal Auditor, who shall be designated by Fintech).</font> CVH shall also be entitled to nominate the Chairman of the Board and Fintech to nominate de Vicechairman of the Board. In the absence of a director, the corresponding alternate director may attend and vote at meetings of the Board of Directors.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#151;Major Shareholders&#151;Telecom Shareholders&#146; Agreement&#148; for a description of certain agreements relating to the appointment of members of the Board of Directors.</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:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table lists our directors and alternate directors as of December&nbsp;31, 2017:</font></p>
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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;">Position&nbsp;on&nbsp;the&nbsp;Board&nbsp;of&nbsp;Directors</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;">Date&nbsp;Director&nbsp;joined<br>   the&nbsp;Board&nbsp;of&nbsp;Directors</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;">Mariano Marcelo Ib&#225;&#241;ez</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;">Chairman of the Board of Directors</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</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;">Carlos Alejandro Harrison</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;">ViceChairman of the Board of Directors</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</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;">Baruki Luis Alberto Gonz&#225;lez</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;">Director</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;8, 2016</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;">Saturnino Jorge Funes</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;">Director</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</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;">Mart&#237;n H&#233;ctor D&#146;Ambrosio</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;">Director</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</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;">Pedro Chomnalez (*)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Macfarlane (*)</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="70%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">145<a name="PB_145_111522_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eduardo Javier Villegas Contte (*)</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;6, 2017</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejo Maxit</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pedro Costoya</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dar&#237;o Leandro Genua</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Javier Errecondo (*)</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;6, 2017</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delfina Aira (*)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;6, 2017</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jos&#233; Carlos Cura</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel Hugo Fissore (*)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;3, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jos&#233; Luis Galimberti (*)</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ignacio Villarroel (*)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ignacio Gustavo Alvarez Pizzo</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pablo Jorge Pereyra Iraola</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Santiago Luis Ibarz&#225;bal Murphy</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </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:8.0pt;">(*) Directors no longer holding office effective as January&nbsp;1, 2018.</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 following table lists our directors and alternate directors as of the date of this Annual Report:</font></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;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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;">Position&nbsp;on&nbsp;the&nbsp;Board&nbsp;of&nbsp;Directors</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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;">Date&nbsp;Director&nbsp;joined<br>   the&nbsp;Board&nbsp;of&nbsp;Directors</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;">Alejandro Alberto Urricelqui</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board of Directors</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>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mariano Marcelo Ib&#225;&#241;ez</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;">ViceChairman of the Board of Directors</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>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sebasti&#225;n Bardengo</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ignacio Jos&#233; Mar&#237;a S&#225;enz Valiente</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>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dami&#225;n Fabio Cassino</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos Alejandro Harrison</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mart&#237;n H&#233;ctor D&#180;Ambrosio</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Germ&#225;n Horacio Vidal</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luca Luciani</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Baruki Luis Alberto Gonz&#225;lez</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;8, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejo Maxit</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mar&#237;a Lucila Romero</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sebasti&#225;n Ricardo Frabosqui Diaz</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Claudia Irene Ostergaard</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nicol&#225;s Sergio Novoa</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jos&#233; Carlos Cura</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</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;">Miguel Angel Gra&#241;a</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;">Alternate Director</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>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</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;">Facundo Mart&#237;n Goslino</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>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</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;">Lucrecia Mar&#237;a Delfina Moreira Savino</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>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</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;">Saturnino Jorge Funes</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>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</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;">Carolina Susana Curzi</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>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</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;">Santiago Luis Ibarz&#225;bal Murphy</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>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</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>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Committee.</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 following table lists the members of our Executive Committee as of the date of this Annual Report:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Alberto Urricelqui</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;">Mariano Marcelo Ib&#225;&#241;ez</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;">Sebasti&#225;n Bardengo</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>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dami&#225;n Fabio Cassino</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;">Germ&#225;n Horacio Vidal</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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alejandro Alberto Urricelqui</font></i> is an Accountant with a degree from the Universidad de Buenos Aires, and has a Master&#146;s Degree in Finance. He has been the Chairman of the Board of Directors of the Company since January&nbsp;2018 and a member of the Executive Committee. In addition, he is the Chairman of Cablevisi&#243;n Holding S.A., and he also was the Chairman of Cablevisi&#243;n S.A. until it was merged into the Company. During 2017, he participated in the merger process of Cablevisi&#243;n S.A. and Telecom Argentina S.A. In addition, during 2006, he led the acquisition and subsequent merger of Cablevisi&#243;n S.A. and Multicanal S.A. Mr.&nbsp;Urricelqui joined Grupo Clar&#237;n in 1990. As Chief Financial Officer, he participated in the business expansion and integration of Grupo Clar&#237;n&#146;s media and telecommunications and in its Initial Public Offering, which took place in 2007. He was born on October&nbsp;16, 1959.</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-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mariano Marcelo Ib&#225;&#241;ez</font></i> is a lawyer with a degree from the Universidad de Buenos Aires. He was the Chairman of the Board of Directors of the Company from March&nbsp;2016 until January&nbsp;1, 2018. He is currently the Vice Chairman and member of the Executive Committee. Previously, he was also Director of Cablecom and as Chairman and CEO of Cablevisi&#243;n S.A. He was a Director of Multimedios Am&#233;rica (Cablevisi&#243;n, Radio Am&#233;rica, Radio del Plata, El Cronista and Am&#233;rica TV). He was born on August&nbsp;25, 1959.</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">146<a name="PB_146_111522_9621"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sebastian Bardengo</font></i> is graduated from the Universidad de Buenos Aires with a degree in Business Administration and has a specialization in Administration and Management from Harvard University. He has been member of the Board of Directors of the Company since January&nbsp;2018 and as director of Cablevision Holding S.A. from 2008 to 2017, he has been the Manager of Corporate Business at Grupo Clar&#237;n and member of the Board of Directors of Grupo Clar&#237;n and several of its subsidiaries. Previously, he worked for more than 20 years in investment and commercial banking, including the following positions: (i)&nbsp;Director at Bank Boston Capital, a private equity fund with investments in Argentina, Uruguay and Chile; (b)&nbsp;Executive Director at Bozano Simonsen Latinamerica S.A., a leading Brazilian investment bank; (c)&nbsp;Founding Partner at Buenos Aires Advisors, a financial advisory and Mergers and Acquisitions firm. In addition, Mr.&nbsp;Bardengo was appointed as financial expert in international arbitration courts such as CIADI (Centro Internacional de Arreglo de Diferencias relativas a Inversiones) and CNUDMI (Comisi&#243;n de las Naciones Unidas para el Derecho Mercantil Internacional). He was born on May&nbsp;15, 1966.</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-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ignacio Jos&#233; Mar&#237;a S&#225;enz Valiente</font></i> is a lawyer from the Pontificia Universidad Cat&#243;lica Argentina and partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados. He has 16 years of professional experience. Mr.&nbsp;S&#225;enz Valiente specialises in corporate law, particularly local and international acquisitions and wealth management. He currently is a member of the board of directors of various companies, including GC Dominio S.A., Grupo Benicio S.A., Geisha Bienes Ra&#237;ces S.A., Purity Polo S.A., Grupo A1 SRL, Green Armor S.A., ENVO Biogas Tonder As/p, Envo Biogas AAbenraa As/p and Telecom. He was born on December&nbsp;21, 1975.</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Dami&#225;n F. Cassino</font></i> is a lawyer from the Universidad de Buenos Aires. He is a partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados. He has 24 years of professional experience. Mr.&nbsp;Cassino specialises in complex litigation and antitrust law. He currently is a member of the board of directors of various companies, including GC Dominio S.A. and Telecom. He was born on January&nbsp;16, 1969.</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-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Carlos Alejandro Harrison</font></i> is a Business Administrator from the Universidad de Buenos Aires and completed postgraduate studies at IAE Business School. He has been a member of the Board of Directors since March&nbsp;2016 and is a member of the Company&#146;s Audit Committee. Previously, he was President of Producciones YAQ S.A. and President of Business Development for AMC Networks International. Before that, he was the General Manager of Chello Latin America and Pramer SCA (both controlled by Liberty Global plc). Mr.&nbsp;Harrison also worked for Grupo Clar&#237;n S.A. as a Business Development Manager and was the Director of for International Operations at Multicanal S.A. He was born on January&nbsp;19, 1963.</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mart&#237;n H&#233;ctor D&#146;Ambrosio</font></i> is a lawyer with a degree from the Universidad de Buenos Aires. He has been a member of the Board of Directors since March&nbsp;2016 and he is also a member of the Company&#146;s Audit Committee. He currently is Managing Partner at GS1 S.R.L. and legal advisor for several companies at his own legal firm. Previously, he worked with the legal firm Dellepiane&nbsp;&amp; Asociados, and for many years, he was in charge of the legal area of US Equities Realty.&#160; He was born on March&nbsp;9, 1974.</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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Germ&#225;n Horacio Vidal</font></i> is an industrial engineer graduated from the Universidad Cat&#243;lica Argentina. He has been a member of the Board of Directors since January&nbsp;2018 and is a member of the Company&#146;s Audit Committee and Executive Committee.&nbsp;He was the CEO of Grupo Telecom Argentina from May&nbsp;2016 until November&nbsp;2017. Between 1987 and 1997, he worked in different management positions at IBM in Argentina and Europe. From 1997 to 2004, he worked at MetroRED first as Marketing and Sales Director and then as General Manager of the Argentine branch, and Vice Chairman and General Manager of the operations in Argentina, Brazil, and Mexico. In 2003, with CoInvest as the main shareholder, he was appointed CEO of said company and participated on the Board of Directors of CTI. Afterwards, upon the sale of MetroRED, he was appointed Director of Marketing, Products, Customer Care and Data Center in Telmex Argentina. From 2005 to 2016, he worked at Korn Ferry consultants as a Senior Client Partner, General Director and Chairman. Germ&#225;n Horacio Vidal is an industrial engineer graduated from <i>Universidad Cat&#243;lica Argentina</i>. He was born on December&nbsp;27, 1963.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">147<a name="PB_147_111522_8715"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Luca Luciani</font></i> has a degree in Economics and Trade from LUISS University (Rome). He has been a member of the Board of Directors since January&nbsp;31, 2018. Luca is currently the Managing Director and CEO of Value Partners, a multinational Italian consultancy firm operating through a network of 250 professionals around the world. During 15 years, as from 1999, he built a comprehensive experience as manager of telecommunications businesses, among others: CEO of Tim Brazil, General Manager of Telecom Italia domestic business, Group controller and CFO of Tim, Vice President Marketing and Sales of TI Group and CTO of Mobile. Previously, Mr.&nbsp;Luciani accumulated 10 years of experience in different sectors and jobs, such as Group Controller of Enel, Manager of Procter&nbsp;&amp; Gamble and consultant in Bain&amp;Company network. He was born on November&nbsp;2, 1967.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Baruki Gonz&#225;lez</font></i>&nbsp;is a lawyer with a degree from the Universidad de Buenos Aires. Mr.&nbsp;Gonz&#225;lez joined the Board of Directors of Sofora, Nortel, Telecom Argentina and Personal in April&nbsp;2016 (Sofora, Personal and Nortel were absorbed by Telecom Argentina).&nbsp;Mr.&nbsp;Gonz&#225;lez is a founding member of the Argentine law firm Errecondo,&nbsp;Gonz&#225;lez&nbsp;&amp; Funes.&nbsp;Between 1995 and 1996, he worked as an international associate at the United States law firm White&nbsp;&amp; Case LLP. He is a member of the Public Bar Association of the City of Buenos Aires (<i>Colegio P&#250;blico de Abogados de la Capital Federal) </i>and of the Buenos Aires City Bar (<i>Colegio de Abogados de la Ciudad de Buenos Aires</i>). He was born on July&nbsp;29, 1967.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alejo Maxit </font></i>is an industrial engineer form Universidad Instituto Tecnol&#243;gico de Buenos Aires (ITBA) as and has a Master&#146;s Degree in Corporate Finance from Universidad CEMA. He has been a member of the Board of Directors since April&nbsp;2017, as proposal of the shareholders of ANSES-Fondo de Garant&#237;a de Sustentabilidad. He works as General Secretary at the Argentine National Social Security Administration - (ANSES). He was born on November&nbsp;4, 1974.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mar&#237;a Lucila Romero is a lawyer </font>from the Pontificia Universidad Cat&#243;lica Argentina. She is a partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados. She has 23 years of professional experience. She specialises in corporate law, particularly mergers&nbsp;&amp; acquisitions. She has been a member of the board of directors in various companies. Mss. Romero currently serves as alternate director of GC Dominio S.A and as alternate director of Telecom.&nbsp;She was born on August&nbsp;12, 1967.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sebasti&#225;n Ricardo Frabosqui D&#237;az</font></i> is a lawyer at Pontificia Universidad Cat&#243;lica Argentina, has a Master&#146;s Degree in Law and Economics at Universidad Torcuato Di Tella and a Master in Laws (LL.M) degree at Northwestern University. He has been an alternate director since January&nbsp;2018. He is a partner at the law firm S&#225;enz Valiente&nbsp;&amp; Asociados. He has 16 years of professional experience and specializes in Mergers&nbsp;&amp; Acquisitions, general corporate consultancy, debt restructuring and capital markets. Between 2009 and 2010, he worked as foreign associate in the firms Fox, Horan&nbsp;&amp; Camerini and Arnold&nbsp;&amp; Porter at their respective offices in New York and Washington D.C. He was born on February&nbsp;14, 1978.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Claudia I. Ostergaard </font></i>is a lawyer from Universidad del Salvador. She is a partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados. She has 16&nbsp;years of professional experience. She specializes in civil, commercial and administrative law, particularly, damage liability in litigation cases. She has been a member of the board of directors of various companies. Se was born on May&nbsp;29, 1974.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nicol&#225;s S. Novoa</font></i> is a lawyer from Universidad del Salvador. He is a partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados and a member of the governing board of the Argentine Association of Television Service Providers (ATA) and a member of the copyright work group of the International Association of Broadcasting (IAB). He is a delegate of the IAB before the Standing Committee on Copyright (SCCR) at the World Intellectual Property Organization (2006-2016) and a Visiting Professor in the Master&#146;s program in Intellectual Property at the Latin American Social Sciences Institute (FLACSO). Mr.&nbsp;Novoa currently is an alternate member of the Board of Directors of GC Dominio S.A. He was born on May&nbsp;28, 1974.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Jos&#233; Carlos Cura</font></i> is an Economist graduated from the Universidad de Buenos Aires and holds a degree in Administration from the IAE Business School of Universidad Austral. He has been an alternate director since April&nbsp;2017. He currently works as an independent financial and real estate advisor. He started his carrier in the financial business at Lloyds Bank, where he worked for different departments, including the Treasury Department. He was born on September&nbsp;25, 1962.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Miguel Angel Gra&#241;a</font></i> is a Certified Public Accountant graduated from the Universidad de Buenos Aires with post-graduate studies at Harvard University. He has been an alternate director since January&nbsp;2018 and was a permanent director of Telecom Personal S.A. (absorbed by Telecom Argentina) from March&nbsp;2016 to November&nbsp;2017. He is the Chairman of Compa&#241;&#237;a de Inversiones y Mandatos S.A. and Managing Partner at Megraso SRL. Previously, he was Managing Director at J. P. Morgan in charge of M&amp;A at the Buenos Aires office and Chairman at the Nokia distributor in Argentina.&#160; He was born on December&nbsp;15, 1957.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Facundo Goslino</font></i> is a lawyer from Universidad Cat&#243;lica Argentina and has a Master of Laws degree (LL.M.) from Cornell Law School, New York. He is an alternate member of Telecom&#180;s Board of Directors since January&nbsp;31, 2018. He is a partner associate at &#147;Errecondo, Gonz&#225;lez&nbsp;&amp; Funes- Abogados&#148; law firm. He also is a member of the Board of Directors and of the supervisory committee of other Argentine companies, mainly in the energy and gas distribution sectors. Mr.&nbsp;Goslino worked in Cleary Gottlieb Steen&nbsp;&amp; Hamilton in 2006.&#160; He is a member of the Public Bar Association of the Ciudad Aut&#243;noma de Buenos Aires. He was born on January&nbsp;19, 1975.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Lucrecia Mar&#237;a Delfina Moreira Savino</font></i> is a lawyer with a degree from Universidad Cat&#243;lica Argentina. She has been an alternate director since January&nbsp;2018. She has been an alternate member of the Board of Directors of Cablevisi&#243;n since 2017. Mss. Moreira Savino is an associate of the law firm Errecondo, Gonz&#225;lez&nbsp;&amp; Funes. She is&nbsp;currently also alternate syndic of Caterpillar Financial Services S.A., PPG Industries Argentina SRL, Desarrolladora Energ&#233;tica S.A., Empresa Distribuidora La Plata S.A., AESEBA S.A.U., AES Pampa S.A.U. and Moneda Sociedad Gerente de Fondos Comunes de Inversi&#243;n S.A. She was born on March&nbsp;2, 1974.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Saturnino Jorge Funes </font></i>is a lawyer with a degree from the Universidad del Salvador and a Master&#146;s degree in business law from the Universidad Austral, with honors. He is a founding partner of the law firm &#147;<i>Errecondo, Gonz&#225;lez&nbsp;&amp; Funes &#151; Abogados.</i>&#148; He worked at Shearman&nbsp;&amp; Sterling LLP between 2000 and 2001 as an international associate. He is professor of corporate law at the <i>Universidad del Salvador</i> Law School in Buenos Aires, and a professor at the Masters in Finance and Masters in Law and Economics, both at the <i>Universidad Torcuato Di Tella</i> in Buenos Aires. He is a member of the Public Bar Association of the City of Buenos Aires (<i>Colegio P&#250;blico de Abogados de la Capital Federal) </i>and of the Buenos Aires City Bar (<i>Colegio de Abogados de la Ciudad de Buenos Aires</i>). He was born on August&nbsp;6, 1968.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Carolina Susana Curzi</font></i> is a lawyer from the Universidad de Buenos Aires. She is an alternate member of Telecom&#180;s Board of Directors since January&nbsp;31, 2018. She is a partner at &#147;Errecondo, Gonz&#225;lez&nbsp;&amp; Funes- Abogados&#148; law firm. She also is a member of the Board of Directors and of the supervisory committee of other Argentine companies, mainly in the energy and gas distribution sectors. She is a member of the Public Bar Association of the City of Buenos Aires. She was born on March&nbsp;14, 1976.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Santiago Luis Ibarz&#225;bal Murphy</font></i> is a business administrator from Universidad Cat&#243;lica Argentina and he also has a MBA from the IESE Business School, Universidad de Navarra. He has been an alternate director since April&nbsp;2017, as a proposal of the shareholders of Administraci&#243;n Nacional de la Seguridad Social (ANSES)-Fondo de Garant&#237;a de Sustentabilidad. He worked for Grupo Nestl&#233;, Johnson&nbsp;&amp; Johnson, Grupo Inditex and for Instituto de Vivienda de la Ciudad Aut&#243;noma de Buenos Aires. He currently is a Deputy Executive Sub-Director of Benefits at the ANSES. He was born on August&nbsp;24, 1976.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Senior Management</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Telecom Group&#146;s senior Management team includes the individuals listed below. Unless otherwise noted, these individuals are members of the Telecom Group&#146;s senior Management as of the date of this Annual Report.</font></p>
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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;">Position&nbsp;(1)</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;">Date&nbsp;of&nbsp;Designation</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;">Carlos A. Moltini</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;">Chief Executive Officer (&#147;CEO&#148;)</font></p>    </td>
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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;">November&nbsp;16, 2017</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;">Roberto O. N&#243;bile</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;">Deputy Director General</font></p>    </td>
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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;">November&nbsp;16, 2017</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;">Hern&#225;n P. Verdaguer</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;">Director of Regulatory issues</font></p>    </td>
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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;">November&nbsp;27, 2017</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;">Director of Government Relations, Communications and   Media</font></p>    </td>
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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;">June&nbsp;14, 2016</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;">Pablo C. Casey</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;">Director of Legal and institutional</font></p>    </td>
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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;">November&nbsp;16, 2017</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;">Gabriel P. Blasi</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;">Chief Financial Officer (&#147;CFO&#148;)</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;27, 2017</font></p>    </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;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">149<a name="PB_149_112300_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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></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;">Name</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;">Position&nbsp;(1)</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;">Date&nbsp;of&nbsp;Designation</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;">Sebasti&#225;n Palla</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;">Director of Procurement</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;8, 2016</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;">Sergio D. Faraudo</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;">Director of Human Capital</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>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</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;">Gonzalo Hita</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;">Chief Operating Officer (&#147;COO&#148;)</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>
<td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</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;">Miguel A. Fernandez</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;">Chief Technology Officer (&#147;CTO&#148;)</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>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</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;">Alejandro Miralles</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;">Chief Audit&nbsp;&amp; Compliance Officer</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>
<td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The designation of Director does not imply that the officers mentioned above are members of the Board of Directors of Telecom Argentina, which is composed of the persons stated in &#147;&#151;Directors, Senior Management and Employees&#151;The Board of Directors&#148; above. The term of officer of Telecom&#146;s Senior Management is contractual in nature. Such contracts do not include a specified expiration date.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Carlos Alberto Moltini</font></i> is a Certified Public Accountant with a degree from the Universidad de Buenos Aires. He was appointed CEO of the Company in November&nbsp;2017. Until the merger between Cablevisi&#243;n S.A. and the Company, he has been a member of the Board of Directors of Cablevisi&#243;n S.A. since October&nbsp;2006 and General Manager also since October&nbsp;2006. Mr.&nbsp;Moltini was the General Manager of Multicanal S.A. for five years and, before that, he was the CFO of Arte Radiotelevisivo Argentino S.A. (&#147;Artear&#148;) for 7 years, a leading broadcasting channel in the Ciudad Aut&#243;noma de Buenos Aires, owned by Grupo Clar&#237;n. Previously, Mr.&nbsp;Moltini worked for Bagley Argentina S.A. and other broadcasting companies.&#160; He was born on November&nbsp;16, 1960.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Roberto Nobile</font></i> is an accountant with a degree from the Universidad de Buenos Aires and an AMP (Advanced Management Program) at Harvard Business School. He was appointed as General Sub - Director of the Company on November&nbsp;27, 2017. Previously, he had been COO of the Company since May&nbsp;2016 in charge of Marketing, Sales and Operations. Mr.&nbsp;Nobile has many years of experience in the telecommunications and media sector. In October&nbsp;2006, he joined Cablevisi&#243;n S.A., where he worked for 10 years, as COO and Deputy Managing Director. He joined Arthur Andersen in 1989. Subsequently, he worked at Honeywell as South Regional Controller (Brazil, Argentina and Chile). In 1997, he was CFO of Grupo Clar&#237;n. He was born on September&nbsp;27, 1967.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Hern&#225;n P. Verdaguer</font></i> is a lawyer specialized in Corporate Law. He did a Postgraduate Program on Communications Law Update (Facultad de Derecho - Universidad de Buenos Aires) and a Postgraduate Program on Business Management (Universidad Argentina de la Empresa, UADE). He was appointed Director of Regulatory Affairs of the Company on November&nbsp;27, 2017. He joined Diario Clar&#237;n in 1994 and then with the creation of Grupo Clar&#237;n, he held several positions until becoming Manager of Regulatory Affairs. He held such position until November&nbsp;2017, when he joined Telecom Argentina. He was born on May&nbsp;16, 1968.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pedro Lopez Matheu</font></i> is a lawyer with a degree from the Universidad Cat&#243;lica Argentina. Mr.&nbsp;Lopez Matheu has 20 years of experience in the institutional relations in first-line multinational and national companies. From 1996 to 2006 worked at Grupo Clar&#237;n as Public Affairs Manager. He was Chairman of the Newspaper Publisher Association of the City of Buenos Aires, and of the Press Freedom Commission of ADEPA (Asociaci&#243;n de Entidades Period&#237;sticas Argentinas), Vice Chairman of the Association of Argentine Private Radios, and of other national and multinational entities of that sector. From 2006 to 2014 he was Corporate and Government Affairs at Kraft Foods and Mondelez, leading company of food and, for Argentina, Chile, Uruguay and Paraguay. Also, since 2014, he has been Corporate Affairs Director at AXION energy. He has skills at government relations, corporate and social responsibility, press and corporate communication, crisis management and internal communication. He was born on May&nbsp;23, 1966.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pablo C. Casey</font></i> is a lawyer from Universidad de Buenos Aires and holds a Master&#146;s Degree in Law and Economics from Universidad Torcuato Di Tella. He was appointed Director of Legal and Institutional Affairs of Telecom Argentina on November&nbsp;16, 2017. Previously, he was a member of the Board of Directors of Cablevisi&#243;n since October&nbsp;2006. He had worked at Grupo Clar&#237;n directly and indirectly since 1986 as Manager of Institutional Affairs. Mr.&nbsp;Casey worked at Estudio S&#225;enz Valiente y Asociados until 1997, where he worked directly with Grupo Clar&#237;n. Between 1997 and 2005, he was the Manager of Legal Affairs of Multicanal. Mr.&nbsp;Casey was also a member of the Board of Directors of Grupo Clar&#237;n. He was born on June&nbsp;20, 1967.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel P. Blasi holds a degree in Business Administration and took post-graduate programs in Finance at Universidad del CEMA-Centro de Estudios Macroecon&#243;micos Argentinos and at IAE (Universidad Austral). He held several managerial positions in Investment Banking and Capital Markets at Citibank and Banco R&#237;o (BSCH). Before joining IRSA Inversiones y Representaciones Sociedad An&#243;nima,</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">150<a name="PB_150_112300_5335"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">he was the Financial Director of Grupo Carrefour in Argentina and Goyaique SACIFIA (Grupo P&#233;rez Companc). Until 2011, he was the Financial Manager of IRSA Inversiones y Representaciones Sociedad An&#243;nima, Cresud S.A.C.I.F. y A. and Alto Palermo S.A. (APSA). He is currently the Chief Financial Officer of Telecom Argentina. He was born on November&nbsp;22, 1960.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sebastian Palla</font></i> is an economist with a degree from the Universidad Torcuato Di Tella. He is Director of Procurement of Telecom Argentina since August&nbsp;8, 2016. He has 21 years of experience, from 2009 to 2016, he has worked at Macro Bank as an advisor of the Chairman first, later in the Investment Banking Management area and finally in the Government Banking Management area. From 2006 to 2009, he was in charge of AFJP, first as Executive Director, and later as a Chairman. From 2002 to 2005, he worked in the public administration, as a Chief of Advisors of the Ministry of Finance and then as Sub-secretary of Finance of the Ministry of Economy and Public Finance. Mr.&nbsp;Palla was honored as a member of the Young Global Leaders Forum in 2005 (created by the World Economic Forum), also a member of the Eisenhower Fellowship in 2008; and was chosen as one of the most influential people of 2007, in Luciana Vazquez&#146; s book &#147;The Education of Those Who Influence&#148;. He was born on June&nbsp;12, 1974.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sergio D. Faraudo</font></i> is a lawyer from Universidad Nacional de La Plata and holds a Master&#146;s Degree in Economics and Political Science from ESEADE. He has been the Director of Human Capital of Telecom Argentina since November&nbsp;2017. Between 2015 and 2017, he was the Corporate Director of Human Resources of Grupo Clar&#237;n. Between 2001 and 2015, he held managerial positions in Human Resources Areas at PSA Peugeot Citro&#235;n in Argentina, Spain, France and Brazil, including two years as Industrial Director of the local subsidiary. Between 1991 and 1995, he held a position in the Human Resources Management area at Telecom Argentina. Between 1987 and 1989, he was granted two scholarships from the French Government to study Law, New Technologies and Government Modernization. He published two novels and he is a yoga and meditation instructor. He was born on January&nbsp;7, 1964.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Gonzalo Hita</font></i> holds a Degree in Marketing from Universidad Argentina de la Empresa (UADE). He also took several specialization courses and programs for upper management at institutions such as IAE Business School (PAD), ESADE Business&nbsp;&amp; Law School, and Universidad del CEMA. He was appointed COO of the Company on November&nbsp;16, 2017 and has over 25 years of experience in the telecommunications industry. At Cablevisi&#243;n S.A., he held, among others, the position of COO and, previously, he had been the Commercial Director since 2000. Mr.&nbsp;Gonzalo Hita was born on June&nbsp;28, 1970.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Miguel Angel Fern&#225;ndez</font></i> is an Electronic Engineer from Universidad de Bah&#237;a Blanca and also holds an EMBA Program from IAE (2000 &#151; 2001). He was appointed CTO (Chief Technical Officer) of Telecom Argentina S.A. on November&nbsp;16, 2017. He had held the same position at Cablevisi&#243;n S.A. since 2007. Between 1994 and 2006, he was the Technical Manager of Multicanal, which evidences his vast experience in the telecommunications industry. Between 1990 and 1994, he was the Field Engineer at Western Atlas Petrolium Service Co. He was born on June&nbsp;10, 1963.</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-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alejandro Miralles</font></i> is an economist with a degree from the Universidad de Buenos Aires. He was appointed as Chief Audit&nbsp;&amp; Compliance Officer last November&nbsp;2017. Previously, he was the Director of Human Capital of Telecom Argentina since June&nbsp;6, 2016. Before that, he has been Client Partner for more than five years at Korn Ferry, the leader global people and organizational advisory firm. He has also worked as Chief Financial Officer at Cablevision for seven years and Chief Executive Officer at Teledigital Cable. Prior to that, he has been Investment Officer at CEI Citicorp Holdings and has worked at Citibank N.A. and at Manufacturers Hannover Trust. He was born on December&nbsp;29, 1963.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Supervisory Committee</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine law requires any corporation with share capital in excess of P$10,000,000 or which provides a public service or which is listed on any stock exchange or is controlled by a corporation that fulfills any of the aforementioned requirements, to have a Supervisory Committee. The Supervisory Committee is responsible for overseeing Telecom Argentina&#146;s compliance with its bylaws and Argentine law and, without prejudice of the role of external auditors, is required to present a report on the accuracy of the financial information presented to the shareholders by the Board of Directors at the Annual Ordinary Shareholders&#146; Meeting. The members of the Supervisory Committee are also authorized:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><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>to call ordinary or extraordinary Shareholders&#146; Meetings;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><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>to place items on the agenda for meetings of shareholders;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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>to attend meetings of shareholders; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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>generally to monitor the affairs of Telecom Argentina.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">151<a name="PB_151_112300_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s bylaws provided that the Supervisory Committee is to be formed by three or five members and three or five alternate members, elected by the majority vote of all shareholders. However Telecom Argentina&#146;s bylaws were amended at the Ordinary and Extraordinary Shareholders&#146; Meeting held on August&nbsp;31, 2017 providing for a Supervisory Committee consisting of (i)&nbsp;five members and (ii)&nbsp;three or five alternate members, elected by the the majority vote of all shareholders. This amendment has not been registered yet with the IGJ.&#160; Members of the Supervisory Committee are elected to serve one year terms and may be reelected.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table lists the members and alternate members of the Supervisory Committee as of the date of this Annual Report:</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;">Name</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;">Position&nbsp;on&nbsp;the&nbsp;Supervisory&nbsp;Committee</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;">Profession</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;">Pablo Buey Fern&#225;ndez</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;">Member</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</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;">Ernesto Juan Cassani</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;">Member</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</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;">Mar&#237;a Ximena Dig&#243;n</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;">Member</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</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;">Diego Emilio Rangugni</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;">Member</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</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;">Gabriel Andr&#233;s Carretero</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;">Member</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accountant</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;">Javier Alegr&#237;a</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;">Alternate Member</font></p>    </td>
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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;">Lawyer</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;">Pablo Cinque</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;">Alternate Member</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</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;">Juan Facundo Genis</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;">Alternate Member</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</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;">Ximena Noguerol</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;">Alternate Member</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</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;">Ra&#250;l Alberto Garr&#233;</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;">Alternate Member</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accountant and Lawyer</font></p>    </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>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pablo Andr&#233;s Buey Fern&#225;ndez</font></i> is a lawyer from the Universidad de Buenos Aires and has Master of Laws from Harvard University Law School. He has been a member of the Supervisory Committee of the Company since April&nbsp;2016. He is Managing Partner at the law firm Alegr&#237;a, Buey Fern&#225;ndez,&nbsp;Fissore and Montemerlo. Mr.&nbsp;Buey Fern&#225;ndez was an associate foreign lawyer at the firm Finley, Kumble, Wagner, Heine, Underberg, Manley&nbsp;&amp; Casey. He is a member of several professional associations. He was a professor at Master&#146;s Degrees programs, post-graduate courses and seminars at Escuela Superior de Econom&#237;a y Administraci&#243;n de Empresas, at the Facultad de Derecho and the Facultad de Ciencias Econ&#243;micas de la Universidad de Buenos Aires, and at the Facultad de Derecho of Universidad del Salvador. He was born on August&nbsp;8, 1957.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ernesto Juan Cassani</font></i> is an accountant from the Universidad de Belgrano. He has been a member of the Supervisory Committee of the Company since April&nbsp;2016. He was a professor at the School of Economic Sciences of Universidad de Lomas de Zamora, at the Facultad de Ciencias Econ&#243;micas de la Universidad de Buenos Aires, at the School of Economic Sciences of Universidad Cat&#243;lica Argentina and at the School of Economic Sciences of Universidad del Salvador. From 1991 to 2013, he was Partner of the Financial Services area of the Assurance Division at Pistrelli, Henry Martin&nbsp;&amp; Asociados S.R.L., a member firm of Ernst&nbsp;&amp; Young Global. He is currently a member of the Supervisory Committee of Molinos R&#237;o de la Plata S.A., Pecom Servicios Energ&#237;a S.A., Assara S.A. and Lumaike S.A. He also serves as permanent director of Banco Patagonia S.A. He was born on December&nbsp;16, 1952.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mar&#237;a Ximena Dig&#243;n</font></i> is a lawyer graduated with an Honor Diploma from Universidad Cat&#243;lica Argentina. She has been a member of Telecom&#180;s supervisory committee since 2017. She is a partner at &#147;Errecondo, Gonz&#225;lez&nbsp;&amp; Funes- Abogados&#148; law firm. She also is a member of the Board of Directors and of the supervisory committee of other Argentine companies, mainly in the energy and gas distribution sectors. She is a member of the Public Bar Association of the City of Buenos Aires. She was born on June&nbsp;11, 1975.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Diego Emilio Rangugni</font></i> is a lawyer with a degree from Universidad del Salvador. He has been a member of the Supervisory Committee of the Company since April&nbsp;2016. He is the owner of his own law firm. He worked at the Argentine Superintendence of Insurance (Superintendencia de Seguros de la Naci&#243;n) since 1992 and was the Manager of Legal Affairs between 2010 and 2012. Between 2012 and 2015, he worked as a legal advisor at the Municipalidad de San Antonio de Areco. He also worked at Direcci&#243;n Nacional de los Registros Seccionales de la Propiedad del Automotor y de Cr&#233;ditos Prendarios between 1987 and 1994.&#160; He was born on July&nbsp;10, 1965.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Gabriel Andr&#233;s Carretero </font></i>is an accountant. He is a member of the Supervisory Committee appointed in representation of &#147;ANSES-Fondo de Garant&#237;a de Sustentabilidad.&#148; He was born on April&nbsp;18, 1934.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Javier Alegria</font></i> is a lawyer with a degree from the Universidad Cat&#243;lica Argentina. He is also a partner at the law firm Estudio Alegria, Buey Fern&#225;ndez, Fissore&nbsp;&amp; Montemerlo. He received a Master of Law from Northwestern University and a certificate in Business Administration from the Kellogg School of Management at Northwestern University. He acted as an international lawyer with Cleary, Gottlieb, Steen&nbsp;&amp; Hamilton LLP law firm from 2003 to 2004. Mr.&nbsp;Alegria is a member of the Public Bar Association of the City of Buenos Aires. He is a professor at the Universidad de Buenos Aires Law School and Universidad del CEMA. He was born on August&nbsp;7, 1974.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pablo Cinque </font></i>is a lawyer with a degree from the Universidad Cat&#243;lica Argentina. He serves as a member of the Board of Directors and member of the supervisory committee of other Argentine companies, mainly in the energy and gas distribution sectors. Mr.&nbsp;Cinque is a member of the Public Bar Association of the City of Buenos Aires. He was born on&nbsp;April&nbsp;29, 1984.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Juan Facundo Genis&nbsp;</font></i>is a lawyer with a degree from the Universidad del Salvador. He specializes in business and labor law. He is a member of the Public Bar Association of the City of Buenos Aires. He was born on&nbsp;September&nbsp;18, 1967.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ximena Noguerol,</font></i> is a lawyer with a degree from the Universidad de Buenos Aires. She is an associate at &#147;Errecondo, Gonz&#225;lez&nbsp;&amp; Funes &#151; Abogados&#148; law firm. She is a member of the supervisory committee of the Company and other Argentine companies, mainly in the energy and gas distribution sectors. She is a member of the Public Bar Association of the City of Buenos Aires. She was born on February&nbsp;27, 1991.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ra&#250;l Alberto Garr&#233;</font></i> is a public accountant and a lawyer with a degree from the Universidad de Buenos Aires and holds a degree in Marketing, Organizational Management and Finances from the University of California, Berkeley Business School. He also holds a degree as a Certified Mediator from the Universidad Maim&#243;nides. He is alternate member of the Supervisory Committee, Gas Natural Ban S.A., ARSAT S.A. and the Direcci&#243;n General de Fabricaciones Militares. He was the Director General of the Direcci&#243;n General de Rentas de la Municipalidad de la Ciudad de Buenos Aires, the President of the Confederaci&#243;n Organismos Tributarios de Estados Americanos (COTEA) and the Vicepresident of C.E.A.M.S.E. (Coordinaci&#243;n Ecol&#243;gica &#193;rea Metropolitana Sociedad del Estado). He was also Internal Auditor of the Department of Internal Affairs, Delegate to the Convenci&#243;n Constituyente of Buenos Aires City and member of the Consejo Directivo del Colegio P&#250;blico de Abogados de la Ciudad de Buenos Aires. He was Cabinet Chief of the Department of Defense and the Department of Security and the Executive Secretary of the Consejo de Seguridad Interior. He was born on May&nbsp;9, 1951.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is no family relationship between any director, alternate director, member of the Supervisory Committee or executive officer and any other director, alternate director, member of the Supervisory Committee or executive officer.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The compensation of the members of the Board of Directors and the Supervisory Committee is established for each fiscal year at the Annual Ordinary Shareholders&#146; Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate compensation paid by the Telecom Group to the members of the Board of Directors and the Supervisory Committee , acting since April&nbsp;27, 2017, and the executive officers described under &#147;&#151;Senior Management&#148; above, was approximately P$289 million for the year ended December&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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the accrued compensation to the members of the Board of Directors and Supervisory Committee in connection with their duties performed since April&nbsp;27, 2017 was approximately P$97 million and P$8 million, respectively. Such accrued compensation is subject to approval by the Annual Ordinary Shareholders&#146; Meeting, which will be held on April&nbsp;25, 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, compensation paid as </font>advance payments to members of the Board of Directors and Supervisory Committee acting since April&nbsp;27, 2017 was P$57 million and P$4 million, respectively. Those advance payments were authorized by the Annual Ordinary Shareholders&#146; Meeting held on April&nbsp;27, 2017, and will be deducted from the final compensation determined by the Annual Ordinary Shareholders&#146; Meeting of 2018, based on the amount proposed by the Board of Directors to the shareholders, with the prior opinion of the Audit Committee of Telecom Argentina (the &#147;Audit Committee&#148;).</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation for the executive officers described under &#147;&#151;Senior Management&#148; above, amounted to approximately P$262 million for the year ended December&nbsp;31, 2017 (including fixed and variable compensation, retention plan benefits and, in some cases, severance payments), of which approximately P$229 million were paid as of December&nbsp;31, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s managers (including Senior Management) receive fixed and variable compensation. A manager&#146;s fixed compensation corresponds with the level of responsibility required for his or her position and the market rate for similar positions. Variable compensation is tied to annual performance goals. Certain managers are beneficiaries of retention plan benefits.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the year ended December&nbsp;31, 2017, Telecom Argentina was not required to set aside or accrue any amounts to provide pension, retirement or similar benefits.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has no stock option plans for its personnel, or for its members of the Board of Directors or the Supervisory Committee.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Board Practices</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, directors have the obligation to perform their duties with loyalty and the diligence of a prudent business person. Directors are jointly and severally liable to Telecom Argentina, our shareholders and third-parties for the improper performance of their duties, for violations of law, our bylaws or regulations and for any damage caused by fraud, abuse of authority or gross negligence. Under Argentine law, specific duties may be assigned to a director by the bylaws or regulations or by resolution of the </font>Shareholders&#146; Meeting. In these cases, a director&#146;s liability will be determined with reference to the performance of these duties, provided that certain recording requirements are met. Under Argentine law, directors are prohibited from engaging in activities in competition with Telecom Argentina without express authorization of a Shareholders&#146; Meeting. Certain transactions between directors and Telecom Argentina are subject to ratification procedures established by Argentine law.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Supervisory Committee is responsible for overseeing our compliance with our bylaws and Argentine law and, without prejudice to the role of external auditors, is required to present to the shareholders at the Annual Ordinary General </font>Shareholders&#146; Meeting a report on the accuracy of the financial information presented to the shareholders by the Board of Directors. See &#147;&#151;Supervisory Committee&#148; for further information regarding the Supervisory Committee.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;22, 2001 the Argentine government issued Decree No.&nbsp;677/01, entitled &#147;Regulation of Transparency of the Public Offering,&#148; or the &#147;Transparency Decree</font>&#148; (replaced since January&nbsp;28, 2013 by equivalent articles included in Law No.&nbsp;26,831. See &#147;Item 9&#151;The Offer and Listing&#151;The Argentine Securities Market&#151;Capital Markets Law &#151; Law No.&nbsp;26,831&#148; below). The intention of this decree, which is also stated within Law No.&nbsp;26,831, was to move towards the creation of an adequate legal framework that may strengthen the level of protection of investors in the market. The main objectives of the Transparency Decree were to promote the development, liquidity, stability, solvency and transparency of the market, generating procedures to guarantee the efficient reallocation from savings to investments and good practices in the administration of corporations. There is currently in the Argentine Congress a draft law, which has been approved by the Deputies Chamber and is being considered by the Senate, amending Law No.&nbsp;26,831 which, if finally passed and not vetoed by the Executive Power, will include substantial reforms to the regulation of the capital markets in Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;26,831 (previously, the Transparency Decree) </font>vests in members of the Board of Directors:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 duty to disclose certain events, such as any fact or situation capable of affecting the value of the securities or the course of negotiation;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .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 duty of loyalty and diligence;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .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 duty of confidentiality; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .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 duty to consider the general interests of all shareholders over the interest of the controlling shareholder.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A director will not be liable if, notwithstanding his or her presence at a meeting at which a resolution was adopted or his or her knowledge of the resolution, a written record exists of his opposition thereto and he or she reports his opposition to the Supervisory Committee before any complaint against him or her is brought before the Board of Directors, the Supervisory Committee, the Annual Ordinary </font>Shareholders&#146; Meeting, the competent governmental agency or the courts. Any liability of a director vis-&#224;-vis Telecom Argentina terminates upon approval of the directors&#146; performance by the Shareholders&#146; Meeting, provided that shareholders representing at least 5% of our capital stock do not object and provided that this liability does not result from a violation of the Telecom Argentina&#146;s bylaws, the Argentine law or regulations.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally,</font> Law No.&nbsp;26,831 provides that those who infringe upon the provisions set forth therein shall be subject, in addition to civil and criminal liability (as applicable), to certain sanctions including warnings, fines, disqualification, suspension or prohibition from acting under the public offering regime.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;28, 2016 Decree No.&nbsp;894/16 was published, which modifies Decree No.&nbsp;1,278/12, establishing that in those companies whose shares integrate the investment portfolio of the FGS, the corporate, political, and economic rights pertaining to such shares shall not be exercised by the </font>Secretary of Economic Policy and Development Planning, but they are to be exercised by the ANSES.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Decree No.&nbsp;894/16 established that the directors appointed by the ANSES shall have the functions, duties and powers set out by the GCL, the Law of Capital Market No.&nbsp;26,831 and its complementary and regulatory provisions, all the regulations applicable to the company in which they perform duties, their bylaws and internal regulations, and shall have all the responsibilities they might be liable for under these rules; as a result the provisions of Decrees No.&nbsp;1,278/12 and No.&nbsp;196/15 (the latter in respect of delimitation of responsibility) are no longer applicable.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina maintains an officers&#146; and directors&#146; insurance policy covering claims brought against the officers and/or directors relating to the performance of their duties. At present, the total amount covered by this insurance is US$75,000,000.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In May&nbsp;2004, the Board of Directors of Telecom Argentina resolved to create the Steering Committee (&#147;Consejo de Direcci&#243;n&#148;), which served as an internal body of the Board of Directors and was comprised of four members of the Board of Directors. The Steering Committee ceased its functions on January&nbsp;31, 2018.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s bylaws grant the Board of Directors the power to appoint an Executive Committee formed by some of its members and be in charge of Telecom Argentina&#146;s day-to-day affairs, in each case under the supervision of the Board of Directors. The Board of Directors decided to appoint an Executive Committee on January&nbsp;1</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>&#160;2018. On January&nbsp;31, 2018 the Board of Directors approved the Rules&nbsp;of the Executive Committee (&#147;Reglamento de Facultades y Funcionamiento&#148;) and on that date the Executive Committee started functions. The Executive Committee members are: Alejandro Alberto Urricelqui, Dami&#225;n Fabio Cassino, Sebasti&#225;n Bardengo, Mariano Marcelo Ib&#225;&#241;ez y Germ&#225;n Horacio Vidal.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Operating Committee</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In April&nbsp;2013, the Boards of Directors of Telecom Argentina and Personal decided to create the Operating Committee as an internal body of both entities, with the following duties: (i)&nbsp;approving any transactions determined by the authorization regime within the limits that may be prescribed, as a tier above the level assigned to the CEO and prior to the Board of Directors; and (ii)&nbsp;approving transactions with related parties up to P$10,000,000. The Operating Committee ceased its functions on January&nbsp;31, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Audit Committee</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;26,831 </font>provides that companies with publicly-listed shares shall appoint an Audit Committee to be formed by three or more members of the Board of Directors. Under CNV rules, the majority of the members of the Audit Committee must be independent. In order to qualify as independent, the director must be independent with respect to the company, any controlling shareholders or any shareholders that are significant participants in the company and cannot carry out executive duties for the company. A member of the Board of Directors cannot qualify as an independent director if he or she is a relative of a person who would not qualify as an independent director if such relative were appointed as a member of the Board of Directors.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to General Resolution No.&nbsp;400/02 of the CNV, published in the Official Gazette on April&nbsp;5, 2002, the provisions of the Transparency Decree, which are now part of Law No.&nbsp;26,831, relating to the Audit Committee </font>were applicable for the financial years beginning on or after January&nbsp;1, 2004.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the Board of Directors meeting held on April&nbsp;29, 2004, the Board of Directors resolved the final composition of the Audit Committee, and the Audit Committee came into effect.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the Regulation for the implementation of the Audit Committee (&#147;<i>Normativa de Implementaci&#243;n del Comit&#233; de Auditor&#237;a</i>&#148;) which is a set of guidelines for the Audit Committee filed with the CNV, in case of resignation, dismissal, death or lack of capacity of any of the members of the Audit Committee, the Board of Directors shall immediately appoint a replacement, who shall remain in office until the following Annual Shareholders Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to Law No.&nbsp;26,831 the duties of the Audit Committee are:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>providing the market with complete information on transactions in which there might be a conflict of interest with the members of the corporate bodies or controlling shareholders;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>giving an opinion on the fulfillment of legal requirements and reasonableness of the conditions for the issuance of shares or securities convertible into shares, in the case of capital increases where preemptive rights have been excluded or limited;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>giving an opinion regarding transactions with related parties in certain cases;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>supervising internal control systems and verifying the fulfillment of norms of conduct; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>giving an opinion regarding the Board of Directors&#146; proposal to designate external auditors and evaluating their independence, among others.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, according to the Regulation for the Implementation of the Audit Committee, the Audit Committee also reviews the plans of internal auditors, supervisi</font>ng and evaluating their performance.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At its meeting on April&nbsp;27, 2017 the Board of Directors elected Mr.&nbsp;Esteban Gabriel Macek, Mr.&nbsp;Alejandro Macfarlane and Mr.&nbsp;Mart&#237;n Hector D&#146;Ambrosio as members of the Audit Committee for fiscal year 2017. Furthermore, the Board of Directors determined that Mr.&nbsp;Macek qualified as the audit committee financial expert under SEC guidelines.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;6, 2017, Telecom Argentina&#146;s Board of Directors accepted the resignation of Mr.&nbsp;Esteban Gabriel Macek as member of the Board of Directors and at a Shareholders&#180; Meeting of the Company, Mr.&nbsp;Eduardo Javier Villegas Contte was elected member of the Board of Directors in his replacement. On that same date, the Board of Directors appointed Mr.&nbsp;Eduardo Villegas Contte and Mr.&nbsp;Pedro Chomanlez to replace Mr.&nbsp;Esteban Macek and Mr.&nbsp;Alejandro Macfarlane as members of Telecom Argentina&#180;s Audit Committee. Therefore, Mr.&nbsp;Villegas Contte and Mr.&nbsp;Chomnalez, together with already appointed member Mart&#237;n Hector D&#180;Ambrosio, were members of Telecom Argentina&#180;s Audit Committee since that date and until Mr.&nbsp;Villegas Contte&#180;s and Mr.&nbsp;Chomnalez resignations as members of the Board of Directors of Telecom Argentina, which became effective on January&nbsp;1st, 2018. During that period Mr.&nbsp;Villegas Contte acted as the audit committee financial expert under SEC guidelines.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;28, 2017 Telecom Argentina&#180;s Supervisory Committee elected Mr.&nbsp;Carlos Alejandro Harrison, Mr.&nbsp;Germ&#225;n Horacio Vidal and Mr.&nbsp;Mart&#237;n Hector D&#180;Ambrosio as members of the Board of Directors effective as of January&nbsp;1st 2018. On Januay 1st 2018, Telecom Argentina&#180;s Board of Directors appointed Mr.&nbsp;Carlos Alejandro Harrison, Mr.&nbsp;Germ&#225;n Horacio Vidal and Mr.&nbsp;Mart&#237;n Hector D&#180;Ambrosio as current members of Telecom Argentina&#180;s Audit Committee and they were reelected both as Board members and as Audit Committee members at the Shareholders&#180; Meeting and at the Board of Directors&#180; Meeting held on January&nbsp;31</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>&#160;2018, respectively. Furthermore, the Board of Directors determined that Mr.&nbsp;Harrison qualifies as the audit committee financial expert under SEC guidelines.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under SEC and NYSE regulations, Mr.&nbsp;Carlos Alejandro Harrison, Mr.&nbsp;Mart&#237;n Hector D&#146;Ambrosio and Mr.&nbsp;Germ&#225;n Horacio Vidal qualify as independent directors. Under CNV regulations, only Mr.&nbsp;Harrison and Mr.&nbsp;D&#146;Ambrosio qualify as independent directors.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the Board of Directors&#146; meeting for the appointment of the Audit Committee members for the fiscal year 2018 has not yet been held. Therefore, as of the date of this Annual Report, the following members of Telecom Argentina&#146;s Audit Committee are still in office: Mr.&nbsp;Carlos Alejandro Harrison, Mr.&nbsp;Mart&#237;n Hector D&#146;Ambrosio and Mr.&nbsp;Germ&#225;n Horacio Vidal.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Law No.&nbsp;26,831, the Audit Committee may seek the advice of lawyers and other outside professionals at Telecom Argentina&#146;s expense, so long as the shareholders have approved expenditures for the services of such professionals. For fiscal year 2017, a budget of P$3,400,000&#160; was approved for Audit Committee expenditures. As of the date of this Annual Report, the Annual Shareholders&#146; Meeting approving the Audit Committee expenditures for year 2018 has not yet been held.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Risk Management Committee</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2012, the Board of Directors of Telecom Argentina approved the implementation of an Enterprise Risk Management Process at the Telecom Group, and the creation of a Risk Management Committee. The Committee is chaired by the CEO, and is composed by Senior Managers and the Chief Audit&nbsp;&amp; Compliance Officer, led and coordinated by the CFO. The Board of Directors of Telecom Argentina also approved the creation of the Risk Management function (at the managerial level), whose responsible person also serves as Secretary of the Risk Management Committee and reports to the CFO.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The duties of this committee include reviewing and implementing policies, mechanisms and procedures to identify, to measure and to mitigate risks for Telecom Argentina, and also recommend any steps or adjustments it deems necessary to reduce the risk profile of the organization.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company follows the guidelines provided under the Enterprise Risk Management &#151; Integrated Framework 2004 issued by COSO,</font> in order to carry on its Enterprise Risk Management process. Financial reporting risks are reviewed and certified under section 404 of the Sarbanes Oxley Act.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has different action plans that endeavor to mitigate, in whole or in part, high impact risks for the Telecom Group. However, it cannot be assured that such plans are totally effective, or other events, unforeseen at the date of this Annual Report, could arise and affect the performance of the Telecom Group.</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 .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Disclosure Committee</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has also established a Disclosure Committee, which is responsible for monitoring the gathering, processing and submission to the CEO and CFO of consolidated financial and non-financial information that is required to be included in disclosure reports in order to ensure timely and accurate disclosure of material information. The duties of the Disclosure Committee include the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>assisting the CEO and the CFO in evaluating the effectiveness of Telecom Argentina&#146;s disclosure controls and procedures prior to the filing of Annual Reports both in Argentina and the United States;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>suggesting any improvements in disclosure procedures as a result of this evaluation;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>verifying that Telecom Argentina&#146;s processes for information collection, processing and control are in compliance with its disclosure procedures such that the accuracy of its disclosures can be verified; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>providing assistance in determining what information may be considered material to Telecom Argentina.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Employees and Labor Relations</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017 the total number of employees of Telecom Group was 15,396, out of which: (i)&nbsp;10,702 corresponded to Fixed Services Segment, (ii)&nbsp;4,296 corresponded to Personal Mobile Services and (iii)&nbsp;398 corresponded to N&#250;cleo Mobile Services (including 6 of Personal Env&#237;os).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, unions faced legal claims, a new regulatory framework, the intention to review and change the term of offices and structures, and the government&#146;s aim to promote the transparency of union&#146;s administration.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within this framework and in view of the inflation rate levels in 2017, wage negotiations were carried out without significant conflicts. As it has been happening over the last few years, wage negotiations in the telephony services sector were carried out through the <i>Mesa de Unidad Sindical</i> (MUS), which brings together FATEL. </font>(Buenos Aires, Rosario, Santa Fe, Chaco, Luj&#225;n and Tucum&#225;n), FOEESITRA (<i>Federaci&#243;n de Obreros, Especialistas y Empleados de los Servicios e Industrias de las Telecomunicaciones de la Rep&#250;blica Argentina</i>), FOPSTTA (<i>Federaci&#243;n de Organizaciones de Personal de Supervisi&#243;n y T&#233;cnicos Telef&#243;nicos Argentinos</i>), UPJET (<i>Uni&#243;n de Personal Jer&#225;rquico de Empresas de Telecomunicaciones</i>) and CEPETEL (<i>Centro de Profesionales de Empresas de Telecomunicaciones</i>).</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to basic telephony, an agreement was entered into with MUS consisting in a total salary increase of 25% during the period July&nbsp;2017 &#151; June&nbsp;2018, composed by a non-remunerative item (included in the salary as of January, 2018) of 14.5% as from July&nbsp;2017 (to be included as a salary item as from April&nbsp;2018), a non-remunerative item of 5.5% as from February&nbsp;2018 (to be included as a salary item as from April&nbsp;2018), 0.5% on sundry, and 4.5% to increase the amount paid on the Telephone Worker&#146;s Day to be paid in January&nbsp;2018. Under the same terms, agreements were reached in the joint negotiations with respect to call center collective agreements subscribed with FOETRA <i>Sindicato Buenos Aires</i>, SITRATEL (<i>Sindicato de Trabajadores Telef&#243;nicos de Rosario</i>) and F.O.E.E.S.I.T.R.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With regard to mobile telephony workers, an agreement was entered into with MUS under similar conditions than those agreed for basic telephone workers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the reorganization with Telecom Personal, it should be noted that CEPETEL (<i>Centro de Profesionales de Empresas de Telecomunicaciones</i>) requested the trade union membership and job classification of the employees from such company.</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 .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employees by Segment</font></i></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:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The table below shows the number of employees as of December&nbsp;31, 2017, 2016 and 2015 by segment:</font></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 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;">December&nbsp;31,<br>   2017</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;">December&nbsp;31,<br>   2016</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;">December&nbsp;31,<br>   2015</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>   </tr>
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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;">Fixed Services</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;">10,702</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;">10,901</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;">10,903</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>
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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;">Personal Mobile   Services</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;">4,296</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;">4,661</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;">4,908</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="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo Mobile   Services (1)</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;border:none;border-bottom:solid windowtext 1.0pt;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;">398</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;border:none;border-bottom:solid windowtext 1.0pt;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;">408</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;border:none;border-bottom:solid windowtext 1.0pt;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;">413</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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<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;">Total</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="border:none;border-bottom:double windowtext 2.25pt;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;">15,396</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="border:none;border-bottom:double windowtext 2.25pt;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;">15,970</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="border:none;border-bottom:double windowtext 2.25pt;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;">16,224</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>  </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 .5in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; Includes Env&#237;os employees.</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;">Share Ownership</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 17.85pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Share Ownership by directors, executive officers, and Supervisory Committee members</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No current member of the Board of Directors and no current member of the Supervisory Committee directly holds obligations or capital stock of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Roberto Nobile holds 7,000 Class&nbsp;B shares of Telecom Argentina and Mr.&nbsp;Gabriel Blasi holds 3,500 ADS of Telecom Argentina. No other member of Telecom Argentina&#146;s senior management holds obligations or capital stock of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Share Ownership Plan</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the time of the privatization of ENTel in 1990, the Argentine government created a Share Ownership Plan (&#147;SOP&#148;), for the employees of ENTel and CAT, which were acquired by Telecom Argentina, Telintar and Startel. Pursuant to the Privatization Regulations, 10% of Telecom Argentina&#146;s then-outstanding shares, consisting of 98,438,098 Class&nbsp;C Shares, were transferred by the Argentine government to Telecom Argentina, Telintar, and Startel employees previously employed by ENTel and CAT. This transfer was made through a general transfer agreement signed on December&nbsp;29, 1992 (the &#147;General Transfer Agreement&#148;). Our Class&nbsp;C Shares consist exclusively of shares originally sold in connection with the SOP. According to applicable law, to be eligible to continue to participate in the SOP, the employees had to remain employed by Telecom Argentina, Telintar and Startel. Employees</font></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="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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;">PART&nbsp;I - ITEM 6 DIRECTORS, SENIOR   MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">158<a name="PB_158_112323_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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">who terminated their employment with Telecom Argentina, Telintar or Startel before the deferred purchase price was fully paid were required to sell their Class&nbsp;C Shares to another employee under the SOP or, if no other employee was available to purchase these shares, to a guaranty and repurchase fund (the &#147;Guaranty and Repurchase Fund&#148;) at a price calculated according to a formula provided in the General Transfer Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;9, 1999, Decree No.&nbsp;1,623/99 was issued, authorizing the accelerated repayment of the outstanding balance of the deferred purchase price for all Class&nbsp;C Shares, and lifting the transfer restrictions on the Class&nbsp;C Shares upon the satisfaction of certain precedent conditions. However, the shares held in the Guaranty and Repurchase Fund were still subject to transfer restrictions until an injunction prohibiting the trading or selling of these shares was lifted. Decree No.&nbsp;1,623/99 provided that once the injunction was lifted, the sale of an amount of shares in the Guaranty and Repurchase Fund, would take place in order to cancel the debt owed to the former employees for the acquisition of shares transferred to the Guaranty and Repurchase Fund. The remaining shares held in the Guaranty and Repurchase Fund would then be distributed in accordance with the decision of the majority of the employees taken in a special meeting of the SOP.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with Decree No.&nbsp;1,623/99, at the extraordinary and special Class&nbsp;C Shareholders&#146; Meeting held on March&nbsp;14, 2000, Telecom Argentina&#146;s shareholders approved the conversion of up to 52,505,360 Class&nbsp;C Shares into Class&nbsp;B Shares in one or more tranches from time to time, as determined by the trustee of the SOP, Banco de la Ciudad de Buenos Aires, based on the availability of Class&nbsp;C Shares that were not affected by judicial restrictions on conversion.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A first tranche of 50,978,833 Class&nbsp;C Shares was converted into Class&nbsp;B Shares for public resale. This transaction was authorized in Argentina by the CNV and was registered in the United States with the SEC on May&nbsp;3, 2000. The rest of the Class&nbsp;C Shares authorized for conversion were converted into Class&nbsp;B Shares in four more tranches ending in 2005.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As requested by the Executive Committee of the SOP, the Ordinary, Extraordinary and Special Class&nbsp;C Shareholders&#146; Meetings held on April&nbsp;27, 2006, approved the delegation of authority to Telecom Argentina&#146;s Board of Directors for the conversion of up to 41,339,464 ordinary Class&nbsp;C Shares into an equal quantity of Class&nbsp;B Shares, in one or more conversions. As of December&nbsp;31, 2011, all the 41,339,464 shares were converted into Class&nbsp;B Ordinary Shares in eleven tranches.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The remaining 4,593,274 Class&nbsp;C Shares were affected by an injunction measure recorded in file <i>&#147;Garc&#237;as de Vicchi, Amerinda y otros c/ Sindicaci&#243;n de Accionistas Clase C del Programa de Propiedad Participada s/nulidad de acto jur&#237;dico</i>&#148;, which has been lifted. Therefore, the General Ordinary and Extraordinary and Special Class&nbsp;C Shares Meetings held on December&nbsp;15, 2011 approved the delegation of authority to Telecom Argentina&#146;s Board of Directors for the conversion of up to 4,593,274 Class&nbsp;C ordinary shares into an equal quantity of Class&nbsp;B ordinary shares in one or more tranches. As a result, 4,358,526 Class&nbsp;C Shares have been converted to Class&nbsp;B Shares in ten tranches. As of the date of this Annual Report, the outstanding number of Class&nbsp;C Shares is 234,748.</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><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 7.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b><a name="ITEM7_MAJORSHAREHOLDERSANDRELATE_010737"></a></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;">Ownership of Telecom Argentina Common Stock</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets forth, as of December&nbsp;31, 2017, each beneficial owner of 5% or more of each class of Telecom Argentina&#146;s shares.</font></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="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.5%;">
<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:2.5%;">
<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="padding:0in 0in 0in 0in;width:12.0%;">
<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&nbsp;of&nbsp;Shares</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="padding:0in 0in 0in 0in;width:12.0%;">
<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;">Percent&nbsp;of</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<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;">Percent&nbsp;of&nbsp;Total&nbsp;Capital</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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>
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<td width="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.5%;">
<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:2.5%;">
<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;">Owned</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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;">Class</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>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<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;">Stock&nbsp;(1)</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>   </tr>
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<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.5%;">
<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;">Class&nbsp;A   Ordinary Shares:</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Telecom   LLC</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;">340,994,852</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;">100.00</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;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34.64</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.5%;">
<p style="font-size:10.0pt;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;">Class&nbsp;B   Ordinary Shares </font></b><i>(listed in BCBA)</i><b>:</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANSES - FGS</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;">246,018,839</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;">38.25</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;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.99</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasury Shares</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;">15,221,373</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;">2.37</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;">%</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.55</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Others (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;">381,911,166</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;">59.38</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;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38.79</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.5%;">
<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;">Class&nbsp;C   Ordinary Shares:</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Others</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;">234,748</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;">100.00</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;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.03</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="74%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 7 MAJOR SHAREHOLDERS AND   RELATED PARTY TRANSACTIONS</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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;">159<a name="PB_159_112323_5335"></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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets forth, as of January&nbsp;1, 2018, and after giving effect to the Merger, each beneficial owner of 5% or more of each class of Telecom Argentina&#146;s shares. However, as of the date of this Annual Report, current holdings may differ.</font></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="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.5%;">
<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:2.5%;">
<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="padding:0in 0in 0in 0in;width:12.0%;">
<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&nbsp;of&nbsp;Shares</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="padding:0in 0in 0in 0in;width:12.0%;">
<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;">Percent&nbsp;of</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<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;">Percent&nbsp;of<br>   Total&nbsp;Capital</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.5%;">
<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:2.5%;">
<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:12.0%;">
<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;">Owned</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Class</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<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;">Stock&nbsp;(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.5%;">
<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;">Class&nbsp;A   Ordinary Shares:</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Telecom   LLC</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;">683,856,600</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;">100.00</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;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31.53</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.5%;">
<p style="font-size:10.0pt;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;">Class&nbsp;B   Ordinary Shares </font></b><i>(listed in BCBA)</i><b>:</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANSES - FGS</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;">246,018,839</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;">38.25</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;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.34</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasury Shares</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;">15,221,373</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;">2.37</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;">%</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.70</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Others (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;">381,911,166</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;">59.38</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;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.61</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.5%;">
<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;">Class&nbsp;C   Ordinary Shares:</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Others</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;">234,748</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;">100.00</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;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.01</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.5%;">
<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="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="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="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<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="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<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;">Class&nbsp;D   Ordinary Shares:</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;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n   Holding S.A</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>
<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;">406.757.183</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;">48.33</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;">%</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.75</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;">%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VLG Argentina LLC</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">434,909,475</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>
<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;">51.67</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;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.06</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;">%</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>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(1)</font></b><font size="1" style="font-size:8.0pt;">&#160;&#160; &nbsp;Represents the respective percentage over the total of Telecom Argentina&#146;s ordinary shares, regardless of their class.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(2)</font></b><font size="1" style="font-size:8.0pt;">&#160;&#160; &nbsp;Includes 178,808,541 Class&nbsp;B Shares owned by Fintech representing 27.80% of total Class&nbsp;B Common Shares (including Treasury Shares) and 8.24% of Telecom Argentina&#146;s total capital stock.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of March&nbsp;31, 2018, there were approximately 67.3 million American Depositary Shares outstanding (representing rights to 336.3 million Class&nbsp;B Shares or 53.55% of total Class&nbsp;B Shares, excluding Treasury Shares). Further, as of March&nbsp;31, 2018, there were approximately 72 registered holders of American Depositary Shares in the United States and approximately 20,500 holders of Class&nbsp;B Shares in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because some Class&nbsp;B Shares are held by representatives, the number and domicile of registered shareholders may not exactly reflect the number and domicile of beneficial shareholders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All shares have equal voting rights. Nevertheless, pursuant to Section&nbsp;221 of the GCL, the rights of any shares, while held by Telecom Argentina, shall be suspended. Further, Class&nbsp;A Shares and Class&nbsp;D Shares have certain veto rights, as described in </font>&#147;&#151;The Telecom Shareholders&#146; Agreement.&#148;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Major Shareholders</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until November&nbsp;30, 2017, Nortel owned all of Telecom Argentina&#146;s Class&nbsp;A Ordinary Shares (which represented 51% of our total capital stock) and approximately 7.64% of our Class&nbsp;B Ordinary Shares (which represented 3.74% of our total capital stock, including 15,221,373 Class&nbsp;B Shares that we held as treasury stock).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In turn, Nortel&#146;s capital stock was comprised of (i)&nbsp;shares of common stock (78.38% of Nortel&#146;s total capital stock) all of them owned by Sofora, and (ii)&nbsp;Preferred Series&nbsp;B shares (21.62% of Nortel&#146;s the capital stock), without voting rights.</font> As of November&nbsp;30, 2017, 100% of Sofora&#146;s shares were owned by Fintech Telecom LLC (see &#147;Amortization of Sofora Shares&#148;). On November&nbsp;30, 2017, pursuant to the Reorganization, Sofora merged into Nortel, which in turn merged into Telecom Argentina.&#160; After giving effect to the Reorganization, Fintech Telecom LLC became a direct holder of 39.5% of Telecom Argentina&#146;s capital stock.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Telecom LLC is a Delaware (United States) limited liability company, and is a wholly-owned direct subsidiary of Fintech Advisory Inc. Its primary purpose is to hold, directly and indirectly, the securities of Telecom Argentina. Fintech Advisory Inc., a Delaware (United States) corporation, is directly controlled by Mr.&nbsp;David Mart&#237;nez. Fintech Advisory Inc. is an investor and investment manager in equity and debt securities of sovereign and private entities primarily in emerging markets.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Amortization of Sofora Shares</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;2017, in two tranches Sofora accepted WAI&#146;s offer to amortize 140,704,640 shares of Sofora owned by WAI, representing 32% of Sofora&#146;s capital stock, in accordance with the provisions</font></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;">PART&nbsp;I - ITEM 7 MAJOR SHAREHOLDERS AND   RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of Sections 223 and 228 of the GCL. As a result of the amortization, Sofora agreed to pay WAI an amount equal to the par value of WAI&#146;s shares of capital stock issued by Sofora ($140,704,640), and to issue to WAI one or more dividend certificates (&#147;Class&nbsp;&#147;A&#148; Bonos de Goce&#148;) evidencing WAI&#146;s right to receive US$461.3 million out of any dividends paid by Sofora going forward.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">On May&nbsp;23, 2017, Sofora amortized 74,749,340 of its shares owned by WAI, representing 17% of Sofora&#146;s capital stock.</font> Sofora paid WAI $74,749,340 and issued a Class&nbsp;&#147;A&#148; Bono de Goce to WAI which granted the holder the right to receive US$ 245.0 million out of any dividends paid by Sofora thereafter.&#160; In connection with that amortization,</font> all members and alternate members of the Board of Directors and of the Supervisory Committee of Telecom Argentina, Personal, Nortel and Sofora that had been appointed by WAI tendered their resignations. On May&nbsp;23, 2017, WAI and Fintech terminated the effect of the clauses related to the governance to the Telecom Group under their shareholders&#146; agreement related to Sofora. As of June&nbsp;22, 2017, Sofora amortized all of its shares previously held by WAI and it ceased to be a shareholder of Sofora. As a result, the shareholders&#146; agreement among the Sofora shareholders terminated by its terms. On June&nbsp;6, 2017, our shareholders appointed two directors, two alternate directors, one member of the Supervisory Committee and one alternate member of the Supervisory Committee to complete the term of duties of the resigning members and alternate members of our Board of Directors and our Supervisory Committee.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon obtaining ENACOM&#146;s approval of the Reorganization, on June&nbsp;22, 2017, Sofora amortized the remaining 65,955,300 shares owned by WAI. As a result of this amortization, Sofora paid WAI $65,955,300 and issued an additional Class&nbsp;&#147;A&#148; Bono de Goce which granted the holder the right to receive US$ 216.3 million out of any dividends paid by Sofora thereafter. As of the date of this Annual Report, the holders of the Class&nbsp;&#147;A&#148; Bonos de Goce have collected the full amount of dividends to which they were entitled.</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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Reorganization</font></i></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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;31, 2017, Sofora, Personal, Nortel and Telecom Argentina entered into a preliminary reorganization agreement (the &#147;Preliminary Reorganization Agreement&#148;) providing for the merger of each of Nortel, Sofora and Personal into Telecom Argentina according to the provisions of sections 82 and 83 of the GCL.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">O</font>n May&nbsp;23, 2017, our shareholders approved the following actions:</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</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 conversion of up to 161,039,447 Class&nbsp;A Common Shares, par value $1 entitled to one vote per share into 161,039,447 Class&nbsp;B Common Shares, par value $1 and entitled to one vote per share, to be delivered to the holders of Nortel&#146;s Series&nbsp;B preferred Shares (the conversion was effective on December&nbsp;15, 2017); and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</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 amendment of provisions of our Bylaws describing our share capital and certain exchange mechanisms; and the removal of restrictions on the transfer of our Class&nbsp;&#147;A&#148; common shares.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our</font> bylaws as amended were registered with the <i>Inspecci&#243;n General de Justicia</i> on March&nbsp;21, 2018.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The </font>Reorganization was conditioned on regulatory approvals by ENACOM, all of which were obtained by November&nbsp;24, 2017. The Reorganization became effective on December&nbsp;1, 2017.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Reorganization, Telecom Argentina succeeded in all rights, obligations and responsibilities of any nature to Personal, Sofora and Nortel, which were dissolved without liquidation. Telecom Argentina assumed all of Sofora&#146;s obligations under the Class&nbsp;&#147;A&#148; Bonos de Goce and all of Personal&#146;s obligations under the notes issued under its Medium Term Notes Global Program. As of the date of this Annual Report, the Class&nbsp;&#147;A&#148; Bonos de Goce have collected the full amount of dividends to which they were entitled.</font> The balance of Personal&#146;s Series&nbsp;II,&nbsp;III and IV notes as of December&nbsp;31, 2017 amounted to approximately P$2,344 million (including accrued interests). The Series I notes were paid in full on their due date.</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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;21, 2018, the Reorganization and the dissolution without liquidation of each of the absorbed companies were registered with the IGJ.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to</font> the Reorganization:</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 81.95pt;text-align:justify;text-indent:-46.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>340,994,852 Class&nbsp;&#147;A&#148; Common Shares of Telecom Argentina were distributed to Fintech as the only holder of Sofora Common Shares,</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;">PART&nbsp;I - ITEM 7 MAJOR SHAREHOLDERS AND   RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt 81.95pt;text-align:justify;text-indent:-46.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161,039,447 Class&nbsp;&#147;A&#148; of Telecom Argentina were converted into Telecom Argentina Class&nbsp;&#147;B&#148; Common Shares,</font></p>
<p style="margin:0in 0in .0001pt 81.95pt;text-align:justify;text-indent:-46.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Class&nbsp;&#147;B&#148; Common Shares of Telecom Argentina owned by Nortel (including any Class&nbsp;&#147;B&#148; Shares resulting from the conversion mentioned above) were distributed to the holders of Nortel Series&nbsp;B preferred Shares.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina did not issue any new Class&nbsp;B Common Shares or Class&nbsp;A Common Shares in connection with the 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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Merger</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;30, 2017, Telecom Argentina and Cablevisi&#243;n executed a preliminary merger agreement providing that Telecom Argentina would absorb Cablevisi&#243;n, which was to be dissolved without liquidation as of the Merger Effective Date, in accordance with the provisions of Sections 82 and 83 of the GCL, subject to prior satisfaction or waiver of certain conditions stated in the Preliminary Merger Agreement, including certain regulatory approvals (the &#147;Merger&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n S.A.&#146;s capital stock was owned, directly and indirectly, by Cablevisi&#243;n Holding S.A. (60%) (&#147;CVH&#148;) and Fintech Media (LLC) (40%).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A. is an Argentine corporation and its primary purpose is to hold capital stock in corporations whose object and purpose is to provide Information and Communication Technology Services (ICT Services) and to provide Audiovisual Communication Services (ICT Services). Its controlling shareholder, in turn, is GC Dominio S.A, another Argentine corporation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant t</font>o the terms of the Merger, and to the provisions of Section&nbsp;83, item c) of the GCL, the holders of one common share of Cablevisi&#243;n S.A. received 9,871.07005 new common shares of Telecom Argentina, an exchange that was considered fair from a financial perspective by the independent valuation experts JPMorgan Securities LLC and Lion Tree Advisors LLC.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:30.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;7, 2017, Fintech Telecom, certain of its affiliates and CVH entered into an agreement, including provisions relating to our governance, which would become effective upon the Merger becoming effective, and provisions regarding share transfers and other matters that became effective immediately. See &#147;&#151;The Telecom Shareholders&#146; Agreement.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Fintech Telecom and certain of its related parties entered into an Option Agreement, dated July&nbsp;7, 2017 with CVH, which provided CVH the option to purchase, directly or indirectly, 13.51% of the total outstanding capital of Telecom Argentina (after giving effect to the Reorganization but prior to the Merger) (ii)&nbsp;five business days prior to the effective date of the Merger and (iii)&nbsp;July&nbsp;7, 2018. On October&nbsp;6, 2017, CVH made an advance payment of the call option price for an aggregate amount of US$634,275,282. On December&nbsp;27, 2017, CVH exercised the call option and, upon the effectiveness of the Merger, became the owner of additional shares issued by Telecom 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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All the conditions to which the Merger was subject </font>were satisfied and the Merger was consummated on January&nbsp;1, 2018.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s capital stock as of January&nbsp;1, 2018 was comprised of the following:</font></p>
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<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>
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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;">Outstanding&nbsp;shares</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;">Treasury&nbsp;shares</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;">Total&nbsp;capital&nbsp;stock</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>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shares</font></u></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>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
<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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<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;A&#148;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.42%;">
<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;">683,856,600</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<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="26%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;B&#148;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">627,930,005</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.42%;">
<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;">643,151,378</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
<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="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.42%;">
<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;">234,748</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<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="26%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;D&#148;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.42%;">
<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;">841,666,658</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
<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="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.42%;">
<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;">2,153,688,011</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.42%;">
<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;">15,221,373</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.42%;">
<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;">2,168,909,384</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<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 style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the Merger Effective Date, Telecom Argentina succeeded in all of the assets and liabilities (including registered assets, licenses, rights and obligations) of Cablevisi&#243;n and will continue the operations of Cablevisi&#243;n, generating the corresponding operative, accounting and tax effects.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 7 MAJOR SHAREHOLDERS AND   RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Merger was accounted for using the acquisition method, as determined by IFRS 3 (Business Combinations).&nbsp; For purposes of IFRS 3, Cablevisi&#243;n (the legally absorbed entity) must be considered the accounting acquirer and Telecom Argentina (the surviving entity) must be considered the accounting acquiree, which qualifies the transaction as a &#147;reverse acquisition&#148; due to the following:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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>the relative voting rights in the surviving entity (55% for the shareholders of Cablevisi&#243;n S.A. before the Merger Effective Date, and 45% for the shareholders of Telecom Argentina, before the Merger Effective Date, both percents previous to the Merger Effective Date);</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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>the composition of the board of directors in the surviving entity and other committees (Audit, Supervisory and Executive),</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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>the relative fair value assigned to Telecom Argentina and Cablevisi&#243;n S.A., and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><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; </font>the composition of the key management of the surviving entity.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, Cablevisi&#243;n&#146;s assets and liabilities were recognized and measured in the consolidated financial statements at their pre-Merger carrying amounts, while the identifiable assets and liabilities of Telecom Argentina were recognized at fair value as of the Merger effective date. Goodwill resulting from the application of the acquisition method was measured as the excess of the fair value of the consideration paid over the net fair value of Telecom Argentina&#146;s identifiable assets and liabilities. The retained earnings and other equity balances recognized in the consolidated financial statements of the combined entity are the sum of the respective amounts of the individual financial statements of Telecom Argentina and Cablevisi&#243;n immediately before the Merger.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Shareholders&#146; Agreement</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;7, 2017, Fintech Telecom, LLC (&#147;FTL&#148;), certain of its affiliates and CVH entered into a shareholders agreement (&#147;TEO Shareholders Agreement&#148;), which regulates certain matters as to the corporate governance of Telecom Argentina which became effective upon completion of the Merger, while other provisions became effective simultaneously upon execution of the Telecom Shareholders&#146; Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Telecom Shareholders&#146; Agreement provides, among other matters, the following:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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 shareholders party to the Telecom Shareholders&#146; Agreement (any such shareholder, a &#147;SHA Party&#148;) are subject to restrictions on the transfer of all their Telecom Argentina shares including (i)&nbsp;the right of first refusal to purchase such shares from a selling SHA Party, (ii)&nbsp;certain tag-along rights of each other SHA Party and (iii)&nbsp;so long as a SHA Party holds at least a certain minimum amount of shares, such SHA Party will be entitled to certain drag-along rights pursuant to which it will be able to require the other SHA Parties to sell, together with the dragging SHA Party, a number of shares that represents in the aggregate at least fifty-one percent (51%) of our shares;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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>FTL and CVH have undertaken to execute a voting trust agreement (the &#147;Voting Trust Agreement&#148;) pursuant to which each (i)&nbsp;will deposit certain shares (in the case of CVH&#146;s shares, the &#147;Class&nbsp;D Trust Shares&#148; and in the case of FTL&#146;s shares, the &#147;Class&nbsp;A Trust Shares&#148;) in a voting trust (the &#147;CVH Voting Trust&#148;), which, when added to the shares held by CVH, will exceed fifty percent (50%) of the outstanding shares, and (ii)&nbsp;will appoint a co-trustee who will be designated to vote the shares in accordance with the terms of the Voting Trust Agreement. The CVH Voting Trust will cause its shares to be voted pursuant to the instructions of the CVH co-trustee, except with respect to certain veto matters, in which case the FTL co-trustee will determine how the shares subject to the Voting Trust will be voted;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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 Board of Directors of Telecom Argentina will consist of 11 members.&#160; Each of FTL, CVH and the Voting Trust will vote or cause to be voted, their shares, whether held directly or indirectly, in favor of the election of directors designated by FTL and CVH, a majority of which will be designated by CVH, subject to CVH and FTL satisfying certain ownership thresholds of the shares;</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 7 MAJOR SHAREHOLDERS AND   RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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>Subject to CVH and FTL satisfying certain ownership thresholds of the shares, CVH will be entitled to designate the Chief Executive Officer and other key employees of the Telecom and FTL will be entitled to designate the Chief Financial Officer and the Internal Auditor;</p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><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-align:justify;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>An executive committee of Telecom will be established consisting of five members, of which three will be designated by CVH and two will be designated by FTL, in each case subject to the SHA Party maintaining certain ownership thresholds. In addition, CVH will be entitled to designate two members of our statutory audit committee and three members of our statutory supervisory committee (<i>comisi&#243;n fiscalizadora</i>) and FTL will be entitled to designate one member of the of statutory audit committee and two members of the statutory supervisory committee;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Prior to each of our shareholder meetings or any other meeting upon which certain veto matters will be decided, CVH and FTL agree to hold meetings at which their representatives will determine how CVH and FTL, and the Voting Trust, if in effect, will vote their shares at such meeting in accordance with the provisions of the TEO Shareholders Agreement;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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>We are required to maintain a listing of the Class&nbsp;B Shares and the ADSs representing the Class&nbsp;B Shares on the Securities Market of Buenos Aires (Bolsas<i> y Mercados Argentinos</i>) and the New York Stock Exchange, respectively;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Each SHA Party and its respective affiliates is prohibited from acquiring any of our capital stock from a third party without (i)&nbsp;proper notice to the other SHA Parties and (ii)&nbsp;the right for such other SHA Parties to purchase fifty percent (50%) of the shares to be purchased from the third-party; provided that CVH may acquire an additional two percent (2%) of our shares without complying with the foregoing obligations;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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>In the event that a public acquisition offer (<i>oferta p&#250;blica de adquisici&#243;n</i>) is required in connection with the Merger, CVH will launch such public acquisition offer to acquire Class&nbsp;B Shares, and FTL will be jointly and severally liable for payment for, and will receive following the closing of such public acquisition offer, fifty percent (50%) of any of our Class&nbsp;B shares tendered in such public acquisition offer;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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>Subject to satisfying certain ownership thresholds, each of FTL and CVH, and certain other shareholders that subsequently become a SHA Party, will have certain veto rights over our corporate governance matters;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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 SHA Parties agree to cause us to declare and pay dividends if its consolidated operating cash flows exceed a certain threshold, after taking into consideration certain adjustments; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Each SHA Party will have certain registration rights with respect to our Class&nbsp;B Shares subject to the SHA Party satisfying certain ownership thresholds.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the Telecom Shareholders Agreement has been filed with the SEC and can be found as Exhibit 99.3 incorporated by reference into the Schedule 13D filed on January 2, 2018. As a result of the Merger and the arrangements resulting from the Telecom Shareholders Agreement, CVH has been considered to have acquired control of us.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Related Party Transactions</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have been involved in a number of transactions with our related parties since the Transfer Date.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our policy is to make transactions with related parties on arm&#146;s-length basis. In addition, Section&nbsp;72 of Law No.&nbsp;26,831 provides that before a publicly-listed company may enter into an act or contract involving a &#147;relevant amount&#148; with a related party or parties, the publicly-listed company must obtain approval from its Board of Directors and obtain a valuation report from its Audit Committee or two independent valuation firms that demonstrates that the terms of the transaction are consistent with those that could be obtained at an arm&#146;s-length basis. If the Audit Committee or two independent</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 7 MAJOR SHAREHOLDERS AND   RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">valuation firms do not find that the terms of the contract are consistent with those that could be obtained on an arm&#146;s-length basis, approval must be obtained from the shareholders. &#147;Relevant amount&#148; means an amount which exceeds 1% of the issuers&#146; equity as contained in the latest approved financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transactions with related parties of Fintech for the year ended December&nbsp;31, 2017 resulted in income for telecommunication services rendered by us of approximately $152 million and expenses for telecommunications services received of approximately $36 million.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transactions with other related parties resulted in income of $6 million as of December&nbsp;31, 2017. Additionally, Transactions with other related parties resulted in expenses of $6 million as of December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, with the first tranche amortization of Sofora&#146;s ordinary shares owned by WAI, as of May&nbsp;23, 2017 WAI ceased to be a related party of the Telecom Group. The operations carried out with the aforementioned Group since January&nbsp;1, 2017 until such date amounted to $7 million for services rendered, $72 million for services received and $34 million for financial costs related to loans.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2017, we had no loans outstanding to the executive officers of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Interests of Experts and Counsel</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></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;">PART&nbsp;I - ITEM 7 MAJOR SHAREHOLDERS AND   RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">165<a name="PB_165_112323_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 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;">ITEM 8.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>FINANCIAL INFORMATION</b><a name="ITEM8_FINANCIALINFORMATION_011739"></a></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;">Consolidated Statements and Other Financial Information</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Item 18 for Telecom Argentina&#146;s Consolidated Financial Statements. For a description of events that have occurred since the date of the Company&#146;s Financial Statements, see &#147;Item 4&#151;Information on the Company&#151;Introduction&#151;Recent Developments.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Legal Proceedings</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are parties to several civil, tax, commercial, labor and regulatory proceedings and other claims that have arisen in the ordinary course of business. As of December&nbsp;31, 2017, Telecom has established provisions, excluding asset retirement obligations, in an aggregate amount of P$1,717 million to cover potential losses related to these claims and proceedings in its Consolidated Financial Statements (P$56 million for regulatory deducted from assets and P$1,661 million included under liabilities). In addition, as of December&nbsp;31, 2017, the Company had P$98 million deposited in its bank accounts and restricted for some judicial proceedings.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Note 17 to our Consolidated Financial Statements for additional information.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Labor Claims</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 .75in;text-align:justify;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><i>Profit-Sharing Bonds</i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Various legal actions have been brought, mainly by former employees of Telecom Argentina, against the Argentine government and Telecom Argentina, requesting that Decree No.&nbsp;395/92&#151;which expressly exempts Telef&#243;nica and Telecom Argentina from issuing the profit sharing bonds provided in Law No.&nbsp;23,696&#151;be struck down as unconstitutional.&nbsp;The plaintiffs have claimed compensation for damages they allegedly suffered because such bonds have not been issued.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In August&nbsp;2008, the Argentine Supreme Court of Justice declared Decree No.&nbsp;395/92 unconstitutional when resolving a similar case against Telef&#243;nica and ordered that the proceedings be remanded back to the court of origin so that such court could decide which defendant was compelled to pay&#151;the licensee and/or the Argentine government&#151;and the parameters that were to be taken into account in order to quantify the remedies requested (percent of profit sharing, dismissals of claims due to expiration of the applicable statute of limitations and distribution method between the beneficiaries of the program). The Argentine Supreme Court of Justice deemed the ruling against Telef&#243;nica as applicable to Telecom Argentina when resolving the appeal filed by Telecom Argentina.</font> That criterion has been followed by lower courts.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine Supreme Court of Justice has left the determination of incidental issues to the lower courts and requested that such courts to take into account that it was the Argentine government who issued the legal rule&nbsp;later declared unconstitutional. On that basis, most appellate courts have also declared the Argentine government liable and established different methods to calculate compensation. Telecom Argentina has filed motions regarding, for example, the statute of limitations and the method to calculate compensation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;9, 2015, in &#147;Ramollino Silvana c/Telecom Argentina S.A.&#148;, the Argentine Supreme Court of Justice ruled that the profit-sharing bonds do not correspond to employees who joined Telecom Argentina after the Transfer Date and that were not members of the </font>share ownership plan (Share Ownership Plan or &#147;SOP&#148;). This judicial precedent is consistent with the criteria followed by Telecom Argentina based on the advice of its legal counsel, by which it considered remote the chances of paying compensation to employees not included in the SOP. As of December&nbsp;31, 2017, Telecom Argentina&#146;s Management, with the advice of its legal counsel, has recorded provisions for contingencies that it estimates are sufficient to cover the risks associated with the claims filed by employees included in the SOP, having considered the legal background.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;3, 2013, Telecom Argentina was notified of a lawsuit filed by four unions claiming the issuance of profit sharing bonds for future periods and for periods for which the statute of limitations has not expired. Plaintiffs request that Decree No.&nbsp;395/92 should be declared unconstitutional.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This collective lawsuit is for an unspecified amount. The plaintiffs presented the criteria that should be applied for the determination of the percentage of participation in Telecom Argentina&#146;s profit. If the lawsuit requiring the issuance of a profit-sharing bond were to lead to an adverse result for the Company, it would have a potential future economic impact on Telecom Argentina.</font></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;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-indent:17.85pt;"><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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2013, Telecom Argentina filed its answer to the claim, arguing that the labor courts lack jurisdiction. On October&nbsp;30, 2013, the court rejected the lack of jurisdiction plea, established a ten-year period as statute of limitation and deferred ruling on the defenses of </font><i>res judicata</i>, <i>lis pendens</i> and the request for third-party citation until after a hearing be hold by the court. Telecom Argentina appealed the court&#146;s ruling.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the hearing of December&nbsp;12, 2013, the intervening court further deferred the defense based on statute of limitations filed by Telecom Argentina to the moment of the final ruling. The court also ordered the plaintiff to prove that they have legal standing to bring the case on behalf of Telecom Argentina&#146;s employees included in the claim, and the suspension of the trial until plaintiff complied with this order. The plaintiff appealed the ruling and the court deferred this issue to the time of sentencing.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the appeal regarding lack of jurisdiction raised by Telecom Argentina is pending until the documentation requested by the court to the plaintiffs is resolved.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company, based on the advice of its legal counsel, believes that there are strong arguments in its favor in relation with this claim based, among other things, in the expiration of the statute of limitations of the claim for the unconstitutionality of Decree No.&nbsp;395/92, the lack of active legal standing for collective claim for bond issuance </font>-due to the existence of individual claims-, among other reasons regarding lack of active legal standing.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding profit sharing bonds two cases initiated against Telef&#243;nica set precedents as described below:</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-align:justify;text-indent:22.5pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1. Statute of limitation criteria: &#147;Dom&#237;nguez </font></i><i>c/</i><i> Telef&#243;nica de Argentina S.A.&#148;</i></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 .25in;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December&nbsp;2013, the Argentine Supreme Court of Justice ruled on the case, &#147;Dom&#237;nguez c/ Telef&#243;nica de Argentina S.A.&#148;, overturning a lower court ruling that had barred the claim declaring it had exceeded the applicable statute of limitations since ten years had passed since the issuance of Decree No.&nbsp;395/92.</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 .25in;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The </font>Argentine Supreme Court of Justice ruled that the Civil and Commercial Court must hear the case again to consider the arguments concerning the statute of limitations raised by the appellants. In the criteria of the Argentine Supreme Court of Justice, these arguments were not considered by the lower court and are relevant to the case.</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 .25in;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, two chambers of the Civil and Commercial Federal Proceedings Court have issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice in its ruling, acknowledging that the statute of limitations must be applied periodically &#151;as of the time of each balance sheet- but is limited to five years; and Chamber III ruled, by a majority of votes, that the statute of limitations must not be applied periodically, but instead, it was exceeded in ten years after the issuance of Decree No.&nbsp;395/92.</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 21.3pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2. </font></i><i>Criteria for determining the relevant profit to calculate compensation: &#147;Parota </i><i>c/ Estado Nacional y Telef&#243;nica de Argentina S.A.&#148;</i></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 .25in;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;27, 2014, the Civil and Commercial Court of Appeals issued its decision in a case against Telef&#243;nica, ruling that: &#147;<i>the amount of profit-sharing bonds corresponding to former employees of Telef&#243;nica de Argentina S.A. should be calculated based on the taxable income of Telef&#243;nica de Argentina S.A. on which the income tax liability is to be assessed.&#148;</i></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 .25in;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Court </font>of Appeals explained that in order to make such determination <i>&#147;it is necessary to clarify that &#147;taxable income&#148; (pre-tax income) means the amount of income subject to the income tax that the company must pay, which generally means gross income, including all revenue obtained during the fiscal year (including contingent or extraordinary revenue), minus all ordinary and extraordinary expenses accrued during such fiscal year.&#148;</i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After it was notified of both rulings, the Management adjusted the provisions for contingencies to align them with the criteria established by the courts regarding relevant profit and the statute of limitations.</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 53.4pt;text-align:justify;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><i>Labor claims brought by employees of suppliers, </i><i>contractors and </i><i>commercial agents</i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain contractors&#146; and subcontractors&#146; employees have continued initiating lawsuits against contractors and Telecom Argentina claiming direct or indirect liability based on a broad interpretation of the rules&nbsp;of labor law. The plaintiffs claim for the application of the telecommunications collective labor agreement instead of the telecommunication section of the construction collective labor agreement, which result in wage differences.</font></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;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">167<a name="PB_167_113054_7091"></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Similar legal actions have been brought by employees of commercial suppliers and agents, who have also requested the application of the telecommunications collective labor agreement instead of collective labor agreement applicable to them.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, Company&#146;s Management, based on the advice of its legal counsel</font>, has recorded provisions that it estimates are adequate to hedge the risks associated with these claims.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In certain circumstances and in accordance to certain jurisprudence and regulations, the Company may be obliged to assume labor liabilities in connection with claims initiated by suppliers&#146; employees against the supplier and/or the Company. Although the Company seeks the recovery from suppliers of any amount it had to pay in its behalf, </font>we cannot assurance that the Company may succeed in recovering these amounts from the relevant supplier.</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 53.4pt;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><i>Telecommunication unions claim</i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some telecommunication unions have initiated claims against Telecom Argentina seeking compensation for </font>the alleged non-compliance of certain provisions of the respective collective bargaining agreements that could allow them to negotiate the inclusion of some suppliers&#146; employees in their collective bargaining agreements. The claims are for unspecified amounts. The Company believes there are strong defenses by which the claims would not be sustained.</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 53.4pt;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><i>Sales representative claims</i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Former sales representatives of Personal have brought legal actions for alleged improper termination of their contracts and claiming the payment of several items such as commission differences, value of the customers&#146; portfolio and lost profit. Personal believes, based on the advice of its legal counsel, that certain items included in the claims would not be sustained while other items, if sustained, would result in significantly lower amounts than those claimed.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some legal actions are in the discovery phase and some expert opinions are in progress. Personal&#146;s management, based on the advice of its legal counsel, has recorded provisions that it estimates are sufficient to cover the risks associated with these claims. However, we cannot guarantee the outcome of these proceedings.</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 53.4pt;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><i>Interest rate applicable to the matters under labor courts of the Autonomous City of Buenos Aires</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;21, 2014, the National Labor Court of Appeals agreed, as a result of a divided vote, that the interest rate applicable to the matters under its jurisdiction in the Autonomous City of Buenos Aires shall be the nominal annual rate for personal loans with free use of funds of the Banco de la Naci&#243;n Argentina for a 49 to 60 month term (</font>currently 3% per month). The Court of Appeals also ruled that, in those cases where final sentences are still pending, this new rate shall be applied as from the date on which each amount is due.</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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since 2002, the National Labor Court of Appeals had resolved to apply the interest rate resulting from the monthly average of the interest rate used by the Banco de la Naci&#243;n Argentina for the granting of loans (</font>currently 2.055% per month).</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospective criterion was sustained until the date of issuance of the consolidated financial statements as of December&nbsp;31, 2016, since Telecom Group&#146;s Management, with the assistance of its legal counsel, considered that there were strong legal arguments to challenge the retroactive application of the new rate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, later, the labor courts have applied the new rate criterion retroactively as from the date that each amount is considered due. The Company appealed these decisions but the National Labor Court of Appeals validated the criterion mentioned in recent cases and extraordinary appeals have been dismissed before the Supreme Court. For this reason, during 2017, the Company recorded additional provisions that it considers sufficient to cover the impacts that these rulings could have.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">168<a name="PB_168_113054_455"></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;">Tax Matters</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 53.4pt;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><i>Tax matters relating to Telecom Argentina</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December&nbsp;2008, the National Congress passed Law No.&nbsp;26,476, the &#147;Law on Tax Regularization and Repatriation of Capital&#148; establishing a regime for the regularization of tax liabilities, the repatriation of funds and the registration of employees. Title I of the law provides taxpayers a complete exemption from penal responsibilities in tax matters and from fines, and a partial exemption from interest arising out of tax or social security liabilities prior to December&nbsp;31, 2007.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As discussed in previous Annual Reports, Telecom Argentina was party to various legal proceedings arising from claims by AFIP with regard to:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;AFIP&#146;s claim for income tax for fiscal years 1993 to 1999 arising from its disagreement with Telecom Argentina&#146;s calculation of the depreciation of its fiber optic network;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;AFIP&#146;s claims for income tax for fiscal years 1997 to 2000 challenging Telecom Argentina&#146;s certain deductions it made for bad debt expenses; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;AFIP&#146;s claims regarding invoices for certain kinds of services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon detailed analysis of the regularization regime, on April&nbsp;30, 2009, Telecom Argentina decided to settle the AFIP&#146;s claims in the time frame established by Title I of Law No.&nbsp;26,476. The settlement for the abovementioned tax claims was complete except for item (b), which was partially settled.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to qualify for the regularization regime, Telecom Argentina had to voluntarily dismiss legal proceedings previously initiated against AFIP&#146;s claims. As a result of the regularization regime, regarding the matter mentioned in item (c)&nbsp;above, Telecom Argentina has requested the respective court to suspend the penal proceedings and dismiss the claims against officers and employees who had been called to give testimony, since the law provides for the suspension of penal proceedings upon adoption of the regularization regime, and complete extinguishment of a penal case upon cancellation of all amounts due under the payment plan pursuant to the regularization regime. In October&nbsp;2014, the court declared the extinguishment of the penal proceedings despite not having cancelled the installments of the payment plan. The prosecutor appealed such resolution. In September&nbsp;2015, the appeals court ratified the trial court&#146;s ruling, resulting in the termination of the penal proceeding.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s compliance with the regularization regime generated recognition of a debt owed to AFIP in the amount of P$38 million (nominal value) payable in 120 monthly installments at an annual interest rate of 9%. Telecom Argentina also recognized a debt for legal fees in connection with these regularized processes in the amount of P$14 million (nominal value). The value of both liabilities has been set forth under the captions &#147;Income Tax Payables&#148; and &#147;Other Liabilities&#148; classified by the nature and due date of each liability.&nbsp;As of December&nbsp;31, 2017, such liabilities amounted to P$8 million and P$4 million, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 53.4pt;text-align:justify;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><i>Provincial taxes</i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some provincial tax authorities have filed claims regarding turnover tax and stamp tax. As of the date of this Annual Report, the Company&#146;s management has recorded provisions that it estimates are adequate to hedge these risks.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;26, 2017 the Supreme Court has ruled in a company case against Corrientes province (&#147;Telecom Argentina S.A. c/Corrientes provincia de s/acci&#243;n declarativa&#148;) that in the case of international calls the entire price collected from a local client is taxed in turnover tax. The Company&#146;s management has recorded provisions that it estimates are adequate to cover the probable claims from the provincial tax authorities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 53.4pt;text-align:justify;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><i>Municipal fees</i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since 2005, the Company has seen a noticeable increase in legal and extrajudicial claims seeking the collection of various municipal fees in the City of Buenos Aires and various municipalities. As of the date of this Annual Report, the Company has recorded provisions that estimate sufficient to cover these claims.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 53.4pt;text-align:justify;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><i>Alleged omission in Telecom Argentina&#146;s income tax declaration</i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;17, 2014, the AFIP notified Telecom Argentina of an alleged omission in reporting the balances of two bank accounts, held with the HSBC Private Bank (Swiss) S.A, in Telecom</font></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;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">169<a name="PB_169_113054_4141"></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-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina&#146;s income tax declaration corresponding to the fiscal year 2006. On February&nbsp;6, 2015, Telecom Argentina denied this allegation, providing documentary proof which certifies that such balances had been reported in a timely manner on the tax declaration and were recorded in Telecom Argentina&#146;s financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;7, 2015 Telecom Argentina was notified of the AFIP tax assessment in connection with only one of the bank accounts previously claimed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although this carryforward could not be applied against future taxable incomes, Telecom Argentina initiated a legal proceeding against AFIP&#146;s claim at the National Tax Court (<i><font style="font-style:italic;">Tribunal Fiscal de la </font>Naci&#243;n</i>). On March&nbsp;22, 2018 the National Tax Court ruled in favor of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Individuals holding a power of attorney to manage those accounts on behalf of Telecom Argentina, were also notified of the same alleged omission regarding their personal tax declarations. However during 2015, some of these cases were closed and others were suspended.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 53.4pt;text-align:justify;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><i>Income tax - Action for recourse filed with the AFIP</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;10 of Law No.&nbsp;23,928 and Article&nbsp;39 of Law No.&nbsp;24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April&nbsp;1, 1992.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, Telecom Argentina and its domestic subsidiaries determined its income tax obligations in accordance with those provisions, without taking into account the income tax inflation adjustment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its opinion in the case &#147;Candy&#148; (07/03/2009) in which it ruled that, for the fiscal year 2002 in particular and considering the serious state of disturbance at that time, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">More recently, the Argentine Supreme Court of Justice applied a similar criteria to the 2010, 2011 and 2012 fiscal years in the cases &#147;Distribuidora Gas del Centro&#148; (10/14/2014, 06/02/2015 and 10/04/2016), enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis, such as 2002.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the abovementioned new legal background of which Telecom Argentina had knowledge during 2015, and after making the respective assessments, in fiscal year 2015, 2016 and 2017 Telecom Argentina filed actions for recourse with the AFIP to claim the full tax overpaid for fiscal year 2009, 2010, 2011 and 2012 estimated in an amount of P$509 million plus interests, alleging that the lack of application of the income tax inflation adjustment is confiscatory.</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the actions for recourse filed are pending of resolution by the AFIP. However, Telecom Argentina&#146;s management, with the assessment of its tax advisor, considers that the argument put forward in this recourse follows the same criteria as the established by the Argentine Supreme Court of Justice jurisprudence mentioned above, among others, which we believe should allow Telecom Argentina to obtain a favorable resolution of the actions for recourse filed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consequently, the income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and Telecom Argentina recorded a non-current tax credit of P$774 million as of December&nbsp;31, 2017 (P$98 million were recorded in fiscal year 2015, P$368 million in fiscal year 2016, and P$308 million in 2017 reducing Income tax cost). For the calculation of the tax credit, Telecom Argentina has estimated the amount of the tax determined in excess for all fiscal years not covered by the statute of limitation (2009-2017), weighing the likelihood of certain variables according to the jurisprudential precedents known until December&nbsp;31, 2017 Telecom Argentina&#146;s management will assess the AFIP&#146;s resolutions related to actions of recourse filed as well as the jurisprudence evolution in order to at least annually re-measure the tax credit recorded.</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><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Regulatory Proceedings</font></i></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 53.4pt;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><i>Regulator&#146;s Penalty Activities</i></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is subject to various penalty procedures, in most cases promoted by the Regulatory Authority, for delays in the reparation and installation of service to fix-line customers.</font></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;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although generally a penalty considered on an individual basis does not have a material effect on Telecom Argentina&#146;s equity, there is a significant disproportion between the amounts of the penalty imposed by the Regulatory Authority and the revenue that the affected customer generates to Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In determining the provisions for regulatory charges and sanctions, Telecom Argentina&#146;s management, with the assistance of its legal counsel, determines the likelihood of such sanctions being imposed, the amount thereof based on historical information and judicial precedents, also contemplating various probable scenarios of statute of limitation for charges and sanctions received, the current levels of execution of sanctions and the eventual results of legal actions that Telecom Argentina has undertaken to demonstrate, among other things, the disproportionate sanctions imposed by the Regulatory Authority since 2013.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has recorded certain provisions that it deems sufficient to cover the abovementioned sanctions and charges, estimating that they should not prosper in amounts individually higher than 200 thousand UT (P$9,380) per each alleged violation against its clients in the normal course of business, in accordance with the legal and regulatory analysis performed as of December&nbsp;31, 2017. If Telecom Argentina and its legal advisors&#146; arguments do not prevail, the management of Telecom Argentina estimates that the amount of provisions for regulatory charges and sanctions may be increased to approximately P$103 million as of December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recently, the Company has been subject to various penalty procedures related to the infringement of Resolution No.&nbsp;5/13 regarding quality of service rules. The Company has estimated and recorded provisions that it deems sufficient to cover those charges in the case that they become sanctions imposed on the Company.</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 53.4pt;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><i>Radioelectric Spectrum Fees</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2016 Personal modified the criteria used for the statement of some of its commercial plans (&#147;Abono fijo&#148;) for purposes of paying the radioelectric spectrum fees (derecho de uso de espectro radioel&#233;ctrico or &#147;DER&#148;), taking into account certain changes in such plans&#146; composition. This meant a reduction in the amount of fees paid by Personal.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;2017, the ENACOM demanded Personal to rectify its statements, requiring that such plans&#146; statements continue to be prepared based on the previous criteria. Personal&#146;s Management believes that it has solid legal arguments to defend its position, which are actually confirmed by Resolution ENACOM No.&nbsp;840/18. On August&nbsp;15, 2017, Personal received a note for the differences owed, and on August&nbsp;31, 2017 presented the corresponding administrative note. Telecom&#146;s Management believes that it has solid legal arguments to defend its position. However, it cannot be assured that such arguments will be accepted by the ENACOM.</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-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The difference resulting from both sets of liquidation criteria is of approximately $403 since October&nbsp;2016, plus interests.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 53.4pt;text-align:justify;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><i>Claims by some content providers</i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the context of the general reorganization of its content business started by Personal in 2016, and considering the expiration of certain of its agreements with content providers, it notified certain of these providers that their agreements would not be renewed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of these communications, four (4)&nbsp;of these former providers of Personal successfully sought injunctions against it in order to avoid the decision to terminate these agreements, forcing Personal to refrain from disconnecting or interrupting the contractual relationship on the scheduled dates. Personal appealed these injunctions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On 24 February&nbsp;2017, ENACOM notified Personal of Resolution 2017-1122-APN-ENACOM # MCO (&#147;Resolution 1122&#148;), stating that mobile operators may receive, in every respect, a percentage that should not exceed 40% of the services invoiced on behalf and on the order of providers of audiotext and mass calling VAS. In addition, Resolution 1122 sets forth a 30-day period to file the interconnection agreements or the amendments to the existing contracts with the providers in order to ensure that the adjustments to the existing contract with the members of the CAVAM have been made.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;22, 2017, Personal filed an administrative appeal against Resolution No.&nbsp;1122 before the former Ministry of Communications (MINCOM - currently the Ministry of Modernization-) and exercised the necessary legal actions for the protection of its rights.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;29, 2017, the ENACOM notified Personal Resolution No.&nbsp;2,408/17, rejecting the reconsideration recourses filed by Movistar and Claro against Resolution No.&nbsp;1122, and the suspension of the effects of said resolution, requested by Personal, Movistar and Claro. Likewise, by means of this act, the reconsideration recourse filed by Personal against ENACOM Note No.&nbsp;29/17 (in relation to the supplier MOVICLIPS) was rejected, and the recourse filed by Personal against Resolution No.&nbsp;1122 before the former MINCOM, is still pending resolution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal has renewed the commercial agreements with the majority of the contents suppliers, which are still in force.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">General Proceedings</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 53.4pt;text-align:justify;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><i>Environmental proceedings</i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 1999, the Argentine national environmental agency (<i>Secretar&#237;a de Medio Ambiente y Desarrollo Sustentable</i>) initiated an administrative proceeding against us in connection with our waste management. This agency alleged that there were problems with our liquid drainage at an underground chamber, and such problem was in violation of Argentine environmental law. The agency sought to require Telecom Argentina&#146;s registration with the National Register of Generators and Operators of Hazardous Waste. This registration would require Telecom Argentina to pay an annual fee calculated in accordance with a formula that takes into consideration the extent of a hazard and the quantity of waste. Telecom Argentina believes that its activities did not generate the alleged waste, and that the waste in the underground chamber was generated by other parties. Telecom Argentina nonetheless removed the liquid drainage in accordance with environmental law. We have filed the requisite official responses, and we believe that we will not have to register with any environmental agency as a result of this liquid drainage.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In February&nbsp;2009, Telecom Argentina received a notification from the Argentine national environmental agency requesting that Telecom Argentina be registered in the National Registry of Generators and Operators of Hazardous Waste. In March&nbsp;2009, Telecom Argentina filed a request for administrative review seeking to obtain rejection of the agency&#146;s notification. As of the date of this Annual Report, there has yet to be a resolution on the matter.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Considering the evolution and development of environmental legislation and related agencies, Telecom Argentina is in the process of reviewing its interpretation in relation to the registration as a hazardous waste </font>generator that in any case will refer to a reduced number of materials that we use in our operations. Based on the information available to us, we believe that the environmental proceedings and the potential registration of Telecom Argentina as a hazardous waste generator will&nbsp;not have a significant impact on our financial position, results of operations and cash flows.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Consumer Trade Union Proceedings</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has been notified of the following complaints filed by consumer trade unions. Although The Company believes there are strong defense arguments for which the claims should not succeed, in the absence of jurisprudence on the matter, The Company&#146;s management, with the assistance of its legal counsel, has classified the claims as possible until a judgment is rendered:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i)&#160; <i>&#147;Consumidores Financieros Asociaci&#243;n Civil para su Defensa&#148; claim</i>:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In November&nbsp;2011, Personal was notified of a lawsuit filed by &#147;Consumidores Financieros Asociaci&#243;n Civil para su Defensa&#148; claiming that Personal made allegedly abusive charges to its customers by implementing per-minute billing and setting an expiration date for prepaid telecommunication cards.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The plaintiff requests Personal to (i)&nbsp;cease such practices and bill its customers only for the exact time of telecommunication services used; (ii)&nbsp;reimburse the amounts collected in excess in the ten years preceding the date of the lawsuit; (iii)&nbsp;credit its customers for unused minutes on expired prepaid cards in the ten years preceding the date of the lawsuit; (iv)&nbsp;pay an interest equal to the lending rate charged by the Banco de la Naci&#243;n Argentina; and (v)&nbsp;pay punitive damages pursuant to Section&nbsp;52 bis of Law No.&nbsp;24,240.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal responded in a timely manner, arguing for the dismissal of the lawsuit, emphasizing the regulatory framework that explicitly endorses Personal&#146;s practices then being challenged by the plaintiff in disregard of such framework.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The plaintiffs are seeking damages for unspecified amounts. Although Personal believes there are strong defenses to the claim, in the absence of jurisprudence on the matter, Personal&#146;s management, with the assistance of its legal counsel, has classified the claim as possible until a judgment is rendered.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, this claim is in the discovery phase. Moreover, the court has ordered the joining of this claim with two other similar claims against Telef&#243;nica M&#243;viles Argentina S.A. and AMX Argentina S.A. Consequently, the three legal actions will continue before the Federal Civil and Commercial Court No.&nbsp;9.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii) <i>&#147;Asociaci&#243;n Protecci&#243;n Consumidores Del Mercado Com&#250;n Del Sur - Proconsumer&#148; claim</i>:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2012 the consumer trade union &#147;Asociaci&#243;n Protecci&#243;n Consumidores Del Mercado Com&#250;n Del Sur - Proconsumer&#148; filed a lawsuit against Personal claiming that the company did not provide the clients with enough information regarding new prices for the services provided by Personal between May&nbsp;2008 and May&nbsp;2011. It demands the reimbursement of the increase in the price billed to customers for a period of two months. The plaintiff is seeking damages for unspecified amounts. In August&nbsp;2012, Personal answered the complaint arguing that the Personal adequately informed its clients the modifications of the terms and conditions in which the service would be provided. For these reasons, The Company believes this claim should be dismissed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal also filed a jurisdictional plea and a motion alleging the lack of active legal standing of the plaintiff. The Commercial Court declared itself as incompetent in the matter. Accordingly, the case was sent to the Administrative and Contentious Court, which ruled that the jurisdiction corresponded to the Commercial Court. That decision was appealed by Personal through an extraordinary motion, which was denied. Consequently, Personal filed a complaint before the Argentine Supreme Court of Justice, which on May&nbsp;27, 2016 ruled that the lawsuit will continue at the Commercial Court. As of the date of this Annual Report, the claim is at still in the preliminary.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the Company&#146;s management believes that there are solid arguments for the favorable resolution of this lawsuit, in the event of an unfavorable result, it would not have a significant impact on our financial position, results of operations and cash flows.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">iii) Proceedings related to value added services - mobile contents:</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;1, 2015, Personal was notified of a claim seeking damages for unspecified amounts initiated by consumer trade union &#147;</font>Cruzada C&#237;vica para la defensa de los consumidores y usuarios de servicios p&#250;blicos<i>.</i>&#148; The plaintiff invokes the collective representation of an undetermined number of Personal customers.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The plaintiff&#146;s claims the way that content and trivia are contracted, in particular the improper billing of messages sent offering those services and their subscription. Additionally, the plaintiff requests the </font>imposition of punitive damages to Personal.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This claim is substantially similar to other claims made by a consumer association (Asociaci&#243;n Protecci&#243;n Consumidores Del Mercado Com&#250;n Del Sur - Proconsumer) where collective representation of customers is also invoked. As of the date of this Annual Report, these claims </font>still remain in preliminary stages.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal has answered the claims through the presentation of legal and factual defenses, requesting the citation of third parties involved in the provision of VAS. The Company, with the assistance of its legal counsel, believes it has strong arguments against these claims. However, given the absence of jurisprudential precedents, we cannot assure the final outcome of these claims.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">iv) Claim by &#147;Asociaci&#243;n por la Defensa de Usuarios y Consumidores c/Telecom Personal S.A</font></i><i>.&#148;:</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2008, the &#147;<i>Asociaci&#243;n por la Defensa de Usuarios y Consumidores</i>&#148; sued Personal, in representation of an undetermined number of Personal customers,</font> seeking damages for unspecified amounts. The plaintiff claimed the billing of calls ending in automatic answering machines and the collection system called &#147;send to end&#148; (traffic billed to the customer until the receiver answer the call). As of the date of this Annual Report, this lawsuit is at the discovery phase.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the third quarter of 2015, Personal took knowledge of an adverse court ruling in a similar trial, promoted by the same consumers association against other mobile operator. Taking into consideration this new jurisprudential precedent, the claim has been classified as a possible contingency.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s management, with the assistance of its legal counsel, believes that it has strong arguments for its defense, but given the new jurisprudential precedent, the outcome of this claim cannot be assured.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Remote Proceedings</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Telecom Group faces other legal proceedings, fiscal and regulatory considered normal in the development of its activities. Although we cannot guarantee the outcome of these proceedings, the Company and its legal advisors estimate these legal proceedings will not generate an adverse impact on our financial position and the result of our operations, or our liquidity. In accordance with IAS 37 &#147;Provisions&#148;, no provision has been constituted related to the resolution of these proceedings, as they have been classified as remote.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Contingency Asset</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;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><i>&#147;AFA Plus Project&#148; Claim</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;20, 2012, Telecom Argentina entered into an agreement with the Argentine Football Association (&#147;AFA&#148;) for the provision of services to a system called &#147;Argentine Football System Administration&#148; (&#147;AFA Plus Project&#148;) related to the secure access to first division football stadiums whereby Telecom Argentina should provide the infrastructure and systems to enable the AFA to manage the AFA Plus Project. The recovery of investments and expenses incurred by Telecom Argentina and its profit margin would proceed from charging AFA with a referring price stated in 20% of the popular ticket price to attend football matches during the term of the AFA-Telecom Argentina agreement, so the recoverability of Telecom Argentina&#146;s assets related with the AFA Plus Project depended on its implementation by AFA.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From 2012 and in compliance with its contractual obligations, Telecom Argentina made investments and incurred in expenses amounting to P$182 million as of December&nbsp;31, 2017, of which P$143 million are included in PP&amp;E for the provision and installation of equipment and the execution of civil works for improving the football stadiums, registration centers equipment, inventories and material storage and attend other expenses directly associated with AFA Plus Project.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For several specific reasons of the AFA Plus Project, the football environment and the country context, t</font>he AFA Plus system was not implemented, even partially, by AFA. Consequently, Telecom Argentina has not been able to collect the agreed price.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, based on the AFA-Telecom Argentina agreement, Telecom Argentina received no compensation from AFA for the services provided and the work performed. In September&nbsp;2014, AFA notified Telecom Argentina of its decision to terminate the agreement with Telecom Argentina, and to modify the AFA Plus Project. It also informed that it will assume the payment of the investments and expenditures incurred by Telecom Argentina. Accordingly, this led to negotiations among the parties.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In February&nbsp;2015, AFA made a proposal to compensate the investments and expenditures incurred by Telecom Argentina through advertising exchange exclusively related to the AFA Plus Project (or the project that replaces it in the future), in the amount of US$12.5 million. </font>The proposal contemplated that if the advertising compensation was not operable within the year, AFA would have to pay Telecom the agreed amount nonetheless. Telecom Argentina analyzed the quality of the assets offered by AFA in its offer of advertising exchange, and rejected the offer as insufficient.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New negotiations were conducted in 2015 to improve the AFA&#146;s offer (requiring a combination of cash payments and advertising) but a satisfactory agreement was not reached and negotiations were suspended due to AFA&#146;s internal affairs.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In October&nbsp;2015, Telecom Argentina formally demanded that AFA pay the amounts due (P$179.2 million plus interest) from the execution of the AFA-Telecom Argentina agreement. AFA rejected the</font>  </font>claim but agreed to resume negotiations for a closing agreement which was then suspended by the AFA electoral process.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">174<a name="PB_174_113054_8715"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In January&nbsp;2016, both parties resumed conciliatory negotiations. However, Telecom Argentina reserved its right to exercise legal claims on the amounts due.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2016, Telecom Argentina initiated a compulsory pre-judicial mediation procedure. The first mediation was held on July&nbsp;12, 2016 and was attended by both parties. A second mediation was held on August&nbsp;3, 2016 and a third mediation was held on August&nbsp;23, 2016. No agreement was reached through this pre-judicial mediation.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of issuance of this Annual Report, the Company initiated a new pre-judicial mediation procedure which was finished without agreement on February&nbsp;15, 2018, and its preparing the lawsuit against AFA in order to claim the owed amounts through the judicial system. The Company&#146;s Management with the assistance of its external advisor believes that they have solid and legal arguments for claiming and are evaluating the actions to be followed for recovering the investments and expenses made.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is worth mentioning that the impairment recorded by Telecom Argentina arising from the uncertainties related to the recoverable value of assets recognized by the AFA Plus Project (works in progress and materials amounting to P$143 million as of December&nbsp;31, 2017) have been only recorded for the purpose to comply with accounting standards and in no way imply a renunciation of, waiver of or a limit to the rights of Telecom Argentina as a genuine creditor of the AFA Plus Project agreement.</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;">Dividend Policy</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The declaration, amount and payment of dividends are determined by a majority vote at a shareholders&#146; ordinary meeting of Telecom Argentina&#146;s capital stock. Under the GCL, dividends may only be declared out of liquid and realized profits determined based on non-consolidated financial statements prepared in accordance with GAAP effective in Argentina (IFRS in the case of listed companies as Telecom Argentina) and other applicable regulations issued by the CNV and other regulatory bodies. Furthermore, liquid and realized profits can only be distributed when all accumulated losses from past periods have been absorbed and the legal reserve has been constituted or reconstituted.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the rules&nbsp;of the CNV (as approved by General Resolution No.&nbsp;622/13, as amended and supplemented (collectively, the &#147;CNV Rules&#148;), Shareholders&#146; Meetings that approve financial statements in which retained earnings are positive must make a specific determination on the use of such earnings in accordance with the GCL and, as a result, must resolve on its distribution as cash dividends, capitalization with issuance of paid-in shares, use to create reserves other than statutory reserves, or a combination of such alternatives. As a result of this rule&nbsp;the balance of retained earnings after the allocation approved by the Annual Shareholders&#146; Meeting should be zero.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In preparing the Annual Report in compliance with Argentine requirements, at the end of each fiscal year, the Board of Directors analyzes Telecom Argentina&#146;s economic and financial position and its compliance with the abovementioned restrictions. The Board of Directors also takes into account the funds needed for operative purposes for the following fiscal year. The Board of Directors then proposes a course of action with respect to retained earnings, which may or may not include a dividend distribution. The decision with regards to the proposal of the Board of Directors is made by Telecom Argentina&#146;s shareholders at the Shareholders&#146; Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s Board of Directors, at its meeting held on March&nbsp;19, 2018, convened an Ordinary Shareholders&#146; meeting to be held on April&nbsp;25, 2018, to consider among other issues the allocation of Telecom Argentina&#146;s retained earnings as of December&nbsp;31, 2017, net of P$5,640,728,444 distributed in advance, that is to say P$1,989,254,041, and the allocation of Cablevisi&#243;n&#146;s retained earnings as of December&nbsp;31, 2017 net of P$4,502,777,155 distributed in advance, that is to say P$1,311,975,449.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proposal of the Board of Directors is to: (i)&nbsp;ratify the advance distribution of dividends of P$5,640,728,444 resolved by the Board at its meeting of January&nbsp;31, 2018, based on the Special-purpose Unconsolidated Financial Statements of Telecom Argentina as of September&nbsp;30, 2017; (ii)&nbsp;allocate P$1,989,254,041, to set up the &#147;Voluntary reserve for future dividends payments&#148;; and (iii)&nbsp;delegate power to Telecom Argentina&#146;s Board of Directors so that, based on the evolution of the business, it may determine the withdrawal, in one or more times, of an amount up to P$994,627,020</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">175<a name="PB_175_113054_563"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">from the &#145;Voluntary reserve for future dividends payments&#146; for distribution to the shareholders as cash dividends, enabling such delegated powers to be exercised until December&nbsp;31, 2018. With respect to Cablevisi&#243;n&#146;s retained earnings, the proposal of the Board of Directors is to: (i)&nbsp;ratify the advance distribution of dividends of P$4,502,777,155 resolved by the Board at its meeting of January&nbsp;31, 2018, based on the Special-purpose Unconsolidated Financial Statements of Cablevisi&#243;n as of September&nbsp;30, 2017; (ii)&nbsp;allocate P$1,311,975,449, to set up a &#147;Facultative Reserve to Maintain the Level of Investments in Capital Goods and the Current Level of the Company&#146;s Solvency.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s Shareholders&#146; Meeting held on April&nbsp;27, 2017 approved the allocation of the total amount of the Retained Earnings as of December&nbsp;31, 2016 to the constitution of a &#145;Voluntary reserve for future dividends payments&#146;, and the withdrawal of P$2,730 million from the &#145;Voluntary Reserve for Capital Investments&#146; and to withdraw the total amount of the &#145;Voluntary Reserve for Future Investments&#146; (P$2,904 million), increasing the &#145;Voluntary reserve for future dividends payments&#146; with these withdrawals. The Shareholders&#146; Meetings held on November&nbsp;30, 2017 and January&nbsp;31, 2018 approved the delegation of authority to Telecom Argentina&#146;s Board of Directors to determine the reduction of the &#145;Voluntary reserve for future dividends payments&#146; and its distribution to the shareholders as cash dividends, distribution that was approved by the Board on December&nbsp;18, 2017 and January&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Significant Changes</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as identified in this Annual Report, no undisclosed significant changes have occurred since the date of the Consolidated Financial Statements. See &#147;Item 3&#151;Key Information&#151;Risk Factors&#148; and &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Years ended December&nbsp;31, 2017, 2016 and 2015&#151;Factors Affecting Results of Operations.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">176<a name="PB_176_113054_9497"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 9.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>THE OFFER AND LISTING</b><a name="ITEM9_THEOFFERANDLISTING_014359"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The number of shares as of December&nbsp;31, 2017, was as follows:</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;">Class&nbsp;of&nbsp;shares&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: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;">Outstanding<br>   Shares</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;">Treasury<br>   shares</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.34%;">
<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;">Total<br>   capital&nbsp;stock</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.74%;">
<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>
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<td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A   Shares</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">340,994,852</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">340,994,852</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.74%;">
<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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;B   Shares</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">627,930,005</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">643,151,378</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.74%;">
<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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;C   Shares</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.74%;">
<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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.62%;">
<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.88%;">
<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;">969,159,605</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.88%;">
<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;">15,221,373</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.86%;">
<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;">984,380,978</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.74%;">
<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;text-align:justify;"><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;text-align:justify;text-indent:.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(*) Ordinary share (nominal value P$1 each) with 1 vote each</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The number of shares as of January&nbsp;1, 2018 (after giving effect to the Merger), was 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Class&nbsp;of&nbsp;shares&nbsp;(*)</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<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="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<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;">Outstanding<br>   Shares</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<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="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<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;">Treasury<br>   shares</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.34%;">
<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="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.86%;">
<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;">Total<br>   capital&nbsp;stock</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.74%;">
<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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A   Shares</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.74%;">
<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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;B   Shares</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">627,930,005</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">643,151,378</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.74%;">
<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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;C   Shares</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.74%;">
<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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;D   Shares</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.74%;">
<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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.62%;">
<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.88%;">
<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;">2,153,688,011</font></b></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.88%;">
<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;">15,221,373</font></b></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.86%;">
<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;">2,168,909,384</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.74%;">
<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;text-align:justify;text-indent:.25in;"><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;text-align:justify;text-indent:.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(*) Ordinary share (nominal value P$1 each) with 1 vote each</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Class&nbsp;B Shares are currently listed on the BYMA. The ADSs are currently listed on the NYSE under the symbol TEO. Each ADS issued by the Depositary represents rights to five Class&nbsp;B Shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The table below shows the high and low closing prices of the Class&nbsp;B Shares in pesos for the periods indicated on the BYMA, the current principal non-U.S. trading market for such securities. See &#147;&#151;The Argentine Securities Market.&#148; See &#147;Item 3&#151;Key Information&#151;Exchange Rates&#148; for the exchange rates applicable during the periods set forth below.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<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:2.5%;">
<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="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<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;">Pesos&nbsp;per&nbsp;Class&nbsp;B&nbsp;Share<br>   (1)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<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:2.5%;">
<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:12.0%;">
<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;">High</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Low</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Annual</font></i></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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2013</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;">39.50</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;">16.40</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2014</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;">62.30</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;">28.00</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2015</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;">63.00</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;">38.50</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2016</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;">59.40</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;">38.50</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2017</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;">140.70</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;">57.90</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<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="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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Quarterly</font></i></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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<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;">2016</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Quarter</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;">58.75</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;">38.50</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Quarter</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;">57.00</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;">48.50</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third Quarter</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;">58.00</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;">53.00</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourth Quarter</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;">59.40</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;">54.40</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<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;">2017</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;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Quarter</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;">74.00</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;">57.90</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Quarter</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;">85.30</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;">67.60</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third Quarter</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;">109.25</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;">93.00</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourth Quarter</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;">140.70</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;">106.75</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></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="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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Monthly</font></i></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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<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;">2017</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October</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;">119.25</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;">106.75</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="59%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 9 THE OFFER AND LISTING</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">177<a name="PB_177_111121_455"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<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;">Pesos&nbsp;per&nbsp;Class&nbsp;B&nbsp;Share<br>   (1)</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">High</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Low</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November</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;">122.90</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;">109.75</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December</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;">140.70</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;">124.50</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<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;">2018</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January</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;">156.20</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;">139.00</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February</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;">148.50</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;">131.35</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March</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;">141.85</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;">124.85</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;(through   April&nbsp;17, 2018)</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;">126.90</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;">121.50</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>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Reflects peso nominal amounts as of that date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Source: Bolsa de Comercio de Buenos Aires.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The ADSs issued by the Depositary under the Deposit Agreement dated as of November&nbsp;8, 1994, among Telecom Argentina, the Depositary and the registered holders from time to time of the ADSs issued thereunder (the &#147;Deposit Agreement&#148;) trade on the NYSE. Each ADS represents rights to five Class&nbsp;B Shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The table below shows the high and low closing prices of the ADSs in U.S. dollars on the NYSE for the periods indicated.</font></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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<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:2.5%;">
<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="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<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;">US$&nbsp;per&nbsp;ADS</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<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:2.5%;">
<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:12.0%;">
<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;">High</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:12.0%;">
<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;">Low</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Annual</font></i></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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2013</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;">21.19</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;">12.13</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2014</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;">25.09</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;">14.78</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2015</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;">26.04</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;">13.85</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2016</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;">19.52</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;">14.44</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2017</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;">39.70</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;">18.00</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<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="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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Quarterly</font></i></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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<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;">2016</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Quarter</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;">19.10</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;">14.44</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Quarter</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;">19.52</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;">16.75</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third Quarter</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;">19.50</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;">17.64</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourth Quarter</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;">18.82</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;">17.40</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<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;">2017</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;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Quarter</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;">23.98</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;">18.00</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Quarter</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;">25.87</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;">22.25</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third Quarter</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;">31.69</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;">26.39</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourth Quarter</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;">39.70</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;">30.43</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<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="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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Monthly</font></i></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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<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;">2017</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October</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;">33.80</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;">30.43</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November</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;">34.97</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;">30.86</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December</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;">39.70</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;">35.99</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<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;">2018</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: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:1.0pt;">&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: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:1.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January</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;">39.55</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;">36.74</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February</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;">38.07</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;">32.51</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="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March</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;">35.13</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;">31.09</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="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;(through   April&nbsp;17, 2018)</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;">31.14</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;">30.21</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>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;17, 2018, the reported last sale price of the ADSs on the NYSE was US$30.67.</font></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="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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;">PART&nbsp;I - ITEM 9 THE OFFER AND LISTING</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">178<a name="PB_178_111121_4141"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;22, 2013, Telecom Argentina&#146;s Board of Directors, based on the authority delegated by the Ordinary Shareholders&#146; meeting held on May&nbsp;21, 2013 to allocate the Voluntary Reserve for Capital Investments, approved the terms and conditions of Telecom Argentina&#146;s Treasury Shares Acquisition Process. The acquisition process has to be made in Argentine pesos in the market in order to avoid any possible damages to Telecom Argentina and its shareholders derived from fluctuations and imbalances between the shares&#146; price and Telecom Argentina&#146;s solvency.</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>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main terms and conditions of the Treasury Shares acquisition process are:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Date of announcement: May&nbsp;22, 2013.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Maximum amount to be invested: P$1,200 million.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Maximum amount of shares subject to the acquisition: the amount of Class&nbsp;B Ordinary Shares of Telecom Argentina, P$1 of nominal value and with one vote each, that may be acquired with the maximum amount to be invested, which amount may never exceed a limit of 10% of the capital stock.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Price to be paid by share: between a minimum of P$1 and a maximum of P$32.50 per share. On August&nbsp;29, 2013, the maximum price was raised by Telecom Argentina&#146;s Board of Directors to P$40 per share.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Deadline for the acquisition process: April&nbsp;30, 2014.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;67 of Law No.&nbsp;26,831, Telecom Argentina must sell its treasury shares within three years of the date of acquisition, unless such period is extended by a decision of the Shareholders&#146; Meeting. The Telecom Argentina&#146;s Shareholders Meeting held on April&nbsp;29, 2016 resolved to extend for three years the period for which the treasury shares are held. Pursuant to Section&nbsp;221 of the GCL, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#146; Meetings. No restrictions apply to Retained Earnings as a result of the creation of a specific reserve for such purposes named &#147;Voluntary Reserve for Capital Investments.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The last acquisition made by Telecom Argentina was on November&nbsp;5, 2013. The total treasury shares acquired were 15,221,373 by a total amount of P$461 million (P$30.29 average per share). Such acquisitions were recorded at the acquisition cost and deducted from equity under the caption &#147;Treasury shares acquisition cost.&#148; No profit or loss resulting from holding the treasury shares has been recognized in the income statement. See Note 19.d) and Note 3.t) to the Consolidated Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Plan of Distribution</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Argentine Securities Market</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of March&nbsp;2018, eleven securities exchanges exist in Argentina, of which five (including the BCBA) have affiliated stock markets and are authorized to quote publicly-offered securities. The oldest and largest of these exchanges is the BCBA, founded in 1854. For the year ended December&nbsp;31, 2016, the ten most actively traded equity issues represented approximately 54% of the total volume of equity traded on the market. Trading in securities listed on an exchange is conducted through a <i>Mercado de Valores</i> (the &#147;Stock Market&#148;) affiliated with such exchange.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;17, 2017, Bolsas y Mercados Argentinos S.A. (BYMA), a stock market authorized by CNV, who shall succeed the Mercado de Valores de Buenos Aires S.A. or MERVAL, started the automatic transfer of all the species listed in the MERVAL to BYMA.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BYMA was created as a result of the spin off (<i>escisi&#243;n</i>) of certain assets of the MERVAL, including its holdings in Caja de Valores S.A., the local clearing house for traded securities, and a capital contribution by the BCBA of its holdings in Caja de Valores S.A. Securities may also be listed and traded on the <i>Mercado Abierto Electr&#243;nico S.A.</i> (the &#147;MAE&#148;), an electronic over-the-counter market trading system that functions independently from the BCBA and MERVAL or BYMA. However, in March&nbsp;1992, the BCBA, the MERVAL and representatives of the dealers on the MAE implemented an agreement that causes trading in equity and equity-related securities to be conducted exclusively on the MERVAL, now BYMA, while all corporate debt securities listed on the BCBA may also be traded on the MAE. Trading in Argentine government securities, which are not covered by the agreement, is expected to be conducted principally on the MAE. The agreement does not extend to other Argentine stock exchanges.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><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;">PART&nbsp;I - ITEM 9 THE OFFER AND LISTING</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">179<a name="PB_179_111121_8627"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The CNV is responsible for the regulation and supervision to ensure the correct application of the rules&nbsp;governing the Argentine Securities Market, which acts under the regulatory framework described as follows.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Capital Markets Law &#151; Law No.&nbsp;26,831</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;28, 2012, the Capital Markets Law No.&nbsp;26,831 was published in the Official Gazette. Law No.&nbsp;26,831 eliminates capital markets&#146; self-regulation and grants new powers to the CNV, including the ability to request reports and documents, conduct investigations and inspections of natural and legal persons under its control, call to testify and take informative and testimonial declaration. Likewise, if as a result of investigations performed, it is determined that non-controlling interests or the interests of holders of securities subject to public offering have been harmed, the CNV, according to the severity of the harm determined, may appoint overseers with the power to veto resolutions adopted by the Board of Directors and/or discontinue the Board of Directors for a maximum period of 180 days until deficiencies found are remedied.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;26,831 supersedes Law No.&nbsp;17,811 and Decree No.&nbsp;677/01, among other rules, and became effective on January&nbsp;28, 2013.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In August&nbsp;2013, the PEN issued Decree No.&nbsp;1,023/13 regulating certain sections of Law No.&nbsp;26,831, and in September&nbsp;2013, the CNV issued the Resolution No.&nbsp;622/13 which established the new comprehensive rules&nbsp;of the CNV and also implements regulation related to certain sections of Law No.&nbsp;26,831.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is currently in the Argentine Congress a project law, which has been approved by the Deputies Chamber and is being considered by the Senate, amending Law No.&nbsp;26,831 which, if finally passed and not vetoed by the Executive Power, will include substantial reforms to the regulation of the capital markets in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Buenos Aires Stock Market (MERVAL / BYMA)</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The MERVAL, entity succeeded by the BYMA, is the largest stock market in Argentina. The MERVAL is a corporation, whose approximately 183 shares are held by individuals and entities authorized to trade in the securities listed on the BCBA. Trading on the BYMA is conducted by continuous open auction, from 11:00 a.m.&nbsp;to 5:00 p.m.&nbsp;each business day. The BYMA also operates a continuous electronic market system each business day, on which privately arranged trades are registered and made public.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although the BCBA is one of Latin America&#146;s largest securities exchanges in terms of market capitalization, it remains relatively small and illiquid compared to major world markets, and therefore, is subject to greater volatility. To control price volatility, the BYMA operates a system which suspends dealing in a particular issuer&#146;s shares for fifteen minutes when the price changes 10% with respect to that day&#146;s opening price. Once trading resumes, the trading is then suspended for another fifteen minutes if the price changes more than 15% with respect to that day&#146;s opening price. If the price then changes 20% with respect to that day&#146;s opening price, and for every 5% fluctuation in price thereafter, the trading of such shares is interrupted for an additional ten minutes. Investors in the Argentine securities market are mostly individuals, mutual funds and companies. Institutional investors that trade securities on the BYMA, which represent a relatively small percentage of trading activity, consist of a limited number of investment funds.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain historical information regarding the BCBA is set forth in the table below.</font></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;"><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:2.5%;">
<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;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2014</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<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:10.0%;">
<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;">2013</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<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>
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<td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market   capitalization (P$&nbsp;billions) (1)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,877</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,512</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,292</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,893</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,356</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As percent of   GDP (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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Volume (P$&nbsp;million) (1)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,712,799</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,333,260</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">749,829</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">621,831</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">367,830</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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average daily   trading volume (P$&nbsp;million) (1)</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,983</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,420</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,098</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,580</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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,526</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="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of traded   companies (including Cedears)</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">184</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">189</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">194</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">202</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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">256</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>  </table>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><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 .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; End-of-period figures for trading on the BCBA (includes domestic and non-domestic public companies).</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">According to INDEC revised figures of GDP at current prices for the selected period, published as of March&nbsp;2018.</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>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Source: Instituto Argentino de Mercado de Capitales</font></i></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><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:3.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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;">PART&nbsp;I - ITEM 9 THE OFFER AND LISTING</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">180<a name="PB_180_111121_7906"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Selling Shareholders</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;22, 2017, Telecom Argentina filed a registration on Form&nbsp;F-3 (File No.&nbsp;333-216890) through the selling shareholder to be identified in a prospectus supplement may offer and sell from time to time our Class&nbsp;B Shares underlying ADSs or ADSs. As of the date of this Annual Report, this registration statement has not been declared effective by the SEC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dilution</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Expenses of the Issue</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><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:3.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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;">PART&nbsp;I - ITEM 9 THE OFFER AND LISTING</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">181<a name="PB_181_111121_3736"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 10.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>ADDITIONAL INFORMATION</b><a name="ITEM10_ADDITIONALINFORMATION_014803"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">MEMORANDUM AND ARTICLES OF ASSOCIATION</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Register</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s bylaws were registered before the IGJ on July&nbsp;13, 1990, under number 4,570, book 108, volume &#147;A&#148; of Corporations. Telecom Argentina&#146;s bylaws with all subsequent amendments were registered before the IGJ on January&nbsp;8, 2016, under number 447, book 77 of Corporations. However, Telecom&#146;s Bylaws were further amended at the Shareholders&#146; Ordinary and Extraordinary Meetings held on May&nbsp;23, 2017 and August&nbsp;31, 2017. The amendment of August&nbsp;31, 2017, has not yet been conformed by CNV and recorded with the IGJ.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Object and Purpose</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;I, Section&nbsp;3 of Telecom Argentina&#146;s bylaws was amended by Ordinary and Extraordinary Shareholders&#146; Meeting held on June&nbsp;22, 2015, with the approval of AFTIC. Pursuant to this amendment, Telecom Argentina&#146;s object and purpose is to provide, directly or through third parties, or in association with third parties,&nbsp;ICT Services, whether these ICT services are fixed, mobile, wired, wireless, national or international, with or without its own infrastructure, and to provide Audiovisual Communication Services (&#147;AC Services&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to its object and purpose, Telecom Argentina may supply, lease, sell and market in any manner, all kinds of equipment, infrastructure, goods and services related to or supplementary with ICT Services and AC Services. Telecom Argentina may undertake works and provide all kinds of services, including advisory and safety services, in connection with ICT Services and AC Services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To fulfill its object and purpose, Telecom Argentina has full legal capacity to acquire rights, undertake obligations and take any action that is not forbidden by law and by its bylaws, including the capacity to borrow funds, publicly or privately, through the issue of debentures and negotiable obligations. Telecom Argentina may constitute companies, acquire equity interests in other companies and enter into any kinds of association agreements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any amendment to the corporate object and purpose shall be in compliance with the respective legal regulations in force.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;18, 2004, Telecom Argentina&#146;s shareholders voted to change the company&#146;s name to &#147;Telecom Argentina S.A.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telecom Argentina&#146;s capital stock</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary of the rights of the holders of Telecom Argentina shares. These rights are set out in Telecom Argentina&#146;s <i>estatutos sociales </i>(bylaws) or are provided for by applicable Argentine law. These rights may differ from those typically provided to shareholders of U.S. companies under the corporation laws of some states of the United States.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Limited liability of shareholders</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, a shareholder&#146;s liability for losses of a company is generally limited to the value of his or her shareholdings in the company. Under Argentine law, however, a shareholder who votes in favor of a resolution that is subsequently declared void by a court as contrary to Argentine law or a company&#146;s bylaws (or regulations, if any) may be held jointly and severally liable for damages to such company, to other shareholders or to third parties resulting from such resolution. In connection with recommending certain actions for approval by shareholders, the Board of Directors of Telecom Argentina occasionally obtained opinions of internal and/or external counsel concerning the compliance of the actions with Argentine law and our bylaws (or regulations, if any). We currently intend to obtain similar opinions in the future as the circumstances require it. Although the issue is not free from doubt, based on advice of counsel, we believe that a court in Argentina in which a case has been properly filed would hold that a non-controlling shareholder voting in good faith and without a conflict of interest in favor of such a resolution based on the advice of counsel that such resolution is not contrary to Argentine law or our bylaws or regulations, would not be liable under this provision.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Voting Rights</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant Telecom Argentina&#146;s bylaws, each share entitles the holder thereof to one vote at the shareholders&#146; meetings. All of Telecom Argentina&#146;s directors are appointed jointly by shareholders in an Ordinary General Shareholders&#146; Meeting.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, shareholders are entitled to cumulative voting rights for the election of up to one-third of the vacancies to be filled on the Board of Directors and the Supervisory Committee. If any shareholder notifies the company of its decision to exercise its cumulative voting rights not later than three business days prior to the date of the Shareholders&#146; Meeting, all shareholders are entitled, but not required, to exercise their cumulative voting rights as well.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through the exercise of cumulative voting rights, the aggregate number of votes that a shareholder may cast is multiplied by the number of vacancies to be filled in the election, and each shareholder may allocate the total number of its votes among a number of candidates not exceeding one-third of the number of vacancies to be filled. Shareholders not exercising cumulative voting rights are entitled to cast the number of votes represented by their shares for each candidate. The candidates receiving the most votes are elected to the vacancies filled by cumulative and non-cumulative voting. In case of tie between the candidates voted under the same system, the two candidates that received the most votes will participate in a run-off election, and the candidate receiving the most votes in the run-off election will be deemed elected.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, any person who enters into a voting agreement with other shareholders in a public company must inform the CNV of that voting agreement and must file a copy of that voting agreement before the CNV.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Shareholders&#146; Meetings</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders&#146; Meetings may be ordinary meetings or extraordinary meetings. Telecom Argentina is required to hold an Annual Ordinary Shareholders&#146; Meeting in each fiscal year to consider the matters outlined in Article&nbsp;234 of the GCL, Article&nbsp;71 of Law No.&nbsp;26,831 and CNV rules, including but not limited to:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>approval of Telecom Argentina&#146;s financial statements and general performance of the directors and members of the Supervisory Committee for the preceding fiscal year;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>election, removal and remuneration of directors and members of the Supervisory Committee;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>allocation of profits; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>appointment of external auditors.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Matters which may be considered at these or other ordinary meetings include, but are not limited to:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>consideration of the responsibility of directors and members of the Supervisory Committee; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>capital increases and the issuance of negotiable obligations.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Extraordinary Shareholders&#146; Meetings may be called at any time to consider matters beyond the scope of the ordinary shareholder&#146;s meetings, including amendments to the bylaws, issuances of certain securities that permit profit sharing, anticipated dissolution, merger and transformation from one type of company to another,&nbsp;etc.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders&#146; Meetings may be convened by the Board of Directors or the members of the Supervisory Committee. The Board of Directors or the members of the Supervisory Committee are also required to convene shareholders&#146; meetings upon the request of any shareholder or group of shareholders holding at least 5% in the aggregate capital stock of Telecom Argentina. If the Board of Directors or the members of the Supervisory Committee fail to do so, the meeting may be called by the CNV or by the Argentine courts.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of the Shareholders&#146; Meeting must be published in the Official Gazette of the Republic of Argentina (the &#147;Official Gazette&#148;) and in a widely circulated newspaper in Argentina, at least twenty days before the shareholder&#146;s meeting. In order to attend a meeting, shareholders must submit proper evidence of their ownership of shares via book-entry account held at the Caja de Valores S.A. If entitled to attend the meeting, a shareholder may be represented by proxy.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of ADSs are not entitled to attend or vote at a shareholders&#180;s meeting but its Deposit Agreement provides for certain procedures to instruct the Depositary to vote deposited Class&nbsp;B Shares in accordance with instructions provided by the holders of the ADSs. For voting instructions to be valid, the depositary must receive them on or before the date indicated in the relevant notice. There is no guarantee that an ADS holder will receive voting materials in time to instruct the depositary to vote.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The quorum for Ordinary Shareholders&#146; Meetings consists of a majority of the capital stock entitled to vote. In Ordinary Shareholders&#146; Meetings, resolutions may be adopted by the affirmative vote of a majority of the shareholders present that have issued a valid vote, without counting voluntary abstentions. If there is no quorum at the meeting, a second Ordinary Shareholders&#146; Meeting may be called. The meeting in a second call can be held whatever the number of the shareholders at the meeting, and resolutions may be adopted by a majority of the shareholders present.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The quorum for Extraordinary Shareholders&#146; Meetings is 60% of the capital stock entitled to vote. If there is no quorum at the extraordinary shareholders&#146; meeting, a second extraordinary shareholders&#146; meeting may be called. The quorum for extraordinary shareholders&#146; meeting in a second call is the 30% of the present capital stock. In both cases, decisions are adopted by a majority of valid votes, except for certain fundamental matters, including:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>mergers and spin-offs, when Telecom Argentina is not the surviving entity;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>anticipated liquidation;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>change of Telecom Argentina&#146;s domicile to a domicile outside Argentina;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>total or partial repayment of capital; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>a substantial change in the corporate object and purpose.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of these actions requires a favorable vote of more than 50% of all the capital stock entitled to vote.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In some of these cases, a dissenting shareholder is entitled to appraisal rights.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any resolution adopted by the shareholders at Ordinary or Extraordinary Shareholders&#146; Meetings that affects the rights of one particular class of capital stock must also be ratified by a special meeting of that class of shareholders. The special meeting will be governed by the rules&nbsp;for Ordinary Shareholders&#146; Meetings.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, and pursuant to the amendment to the bylaws approved on August&nbsp;31, 2017, a favorable resolution by a special meeting of the Class&nbsp;A and/ or the Class&nbsp;D will be required in order to approved any Supermajority Matter.&#160; That special meeting will be required to the extent the Class&nbsp;A or the Class&nbsp;D represent more than 15% of the capital stock, respectively, or 20% of the capital stock if the decision involves the approval of the Business Plan or the Annual Budget.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Dividends</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends can be lawfully paid and declared only out of our realized and liquid profit.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For these purposes, the Board of Directors must submit our financial statements for the previous fiscal year, together with a report thereon by the Board of Directors, to the shareholders for their approval at an Ordinary Shareholders&#146; Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the approval of the financial statements, the shareholders determine the allocation of Telecom Argentina&#146;s net profits (if any). Under CNV rules, a Shareholders&#146; Meeting convened to approve the financial statements in which retained earnings are positive must make a specific decision on the use of such earnings in accordance with the GCL. The Shareholders&#146; Meeting must resolve on its distribution as cash dividends, capitalization with issuance of paid-in shares, use to create reserves other than statutory reserves, or a combination of such alternatives. In addition, the GCL requires Argentine companies to allocate 5% of any net profits to a legal reserve, until the amount of this reserve equals 20% of our capital stock. The legal reserve is not available for distribution. The remainder of net profits may be paid as dividends on common stock or retained as a voluntary reserve or other account, or a combination thereof, all as determined by the shareholders. As provided by CNV Resolution No.&nbsp;609/12, positive retained earnings generated by the mandatory adoption of IFRS as from January&nbsp;1, 2012, should be assigned to a special reserve that can only be utilized for its capitalization or to absorb negative retained earnings.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends may not be paid if the legal reserve has been impaired, nor until it has been fully replenished. Shareholders&#146; rights to collect dividends expire three years after the distribution date pursuant to Section&nbsp;17 of Telecom Argentina&#146;s bylaws, as amended by the Shareholders&#146; Meeting held on April&nbsp;24, 2002.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine law permits the Board of Directors of certain companies, such as Telecom Argentina, to approve the distribution of anticipated dividends on the basis of financial statements especially prepared for the purpose of paying such dividends, provided that both the external auditors and the Supervisory Committee have issued an opinion report. The actual payment of these dividends is made on an interim basis, and they are paid on account of the dividends to be determined in the Annual Ordinary Shareholders&#146; Meeting on the basis of the financial statements for the year.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Note 30 to our consolidated financial statements regarding restrictions on distributions of profits and dividends.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Capital increase and reduction</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina may increase its capital upon authorization of an Ordinary Shareholders&#146; Meeting. All capital increases must be conformed by the CNV, published in the Official Gazette and recorded with the IGJ. Capital reductions may be voluntary or mandatory. Shares issued in connection with any capital increase must be divided among the various classes in proportion to the number of shares of each class outstanding at the date of the issuance, provided that the number of shares of each class actually issued may vary based on the exercise of preemptive rights and additional accretion rights in accordance with the procedure described under &#147;&#151;Preemptive Rights&#148; below.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A voluntary capital reduction must be approved by an Extraordinary Shareholders&#146; meeting and may take place only after notice thereof is published and creditors are given an opportunity to obtain payment or collateralization of their claims, or attachment, except in redemption cases (with liquid and realized profits).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with Article&nbsp;206 of the GCL, reduction of a company&#146;s capital stock is mandatory when losses have exceeded reserves and at least 50% of the stated capital (capital stock plus inflation adjustment).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currently, Telecom Argentina is not required to reduce its capital stock.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Preemptive Rights</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, holders of a company&#146;s common shares of any given class have preferential or preemptive rights, proportional to the number of shares owned by each shareholder, to subscribe for any shares of capital stock of the same class as the shares owned by the shareholder or for any securities convertible into such shares issued by the company.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of a capital increase, shareholders of Telecom Argentina of any given class have a preemptive right to purchase any issue of shares of such class in an amount sufficient to maintain their proportionate ownership of Telecom Argentina&#146;s capital stock. For any shares of a class not preempted by any holder of that class, the remaining holders of the class will assume <i>pro rata</i> the preemptive rights of those shareholders that are not exercising their preemptive rights. Pursuant to Telecom Argentina&#146;s bylaws, if any Class&nbsp;B or Class&nbsp;C Shares are not preempted by the existing shareholders of each such class, the other classes may preempt such class. However, if any shares of the other Classes of Shares are not preempted by the existing holders of such class, holders of Class&nbsp;B or Class&nbsp;C Shares shall have no preemptive rights with respect to such shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A notice to the shareholders of their opportunity to preempt the capital increase must be published for three days in the Official Gazette and a widely circulated newspaper in Argentina. The period for the exercise of preemptive rights is 30 days following the last day of publication and may be reduced to 10 days by resolution of an extraordinary shareholders&#146; meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the GCL, preemptive rights may only be restricted or suspended in certain particular and exceptional cases by a resolution of an Extraordinary Shareholders&#146; Meeting when required by the interest of the company.</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;">PART&nbsp;I</font> - ITEM 10 ADDITIONAL   INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Conflicts of Interest</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A shareholder that votes on a business transaction in which its interest conflicts with that of Telecom Argentina may be liable for damages under Argentine law, but only if the transaction would not have been approved without his or her vote. See &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Our Shareholders may be subject to liability under Argentine law for certain votes of their securities.&#148; See also &#147;&#151;Powers of the Directors&#148; below for a description of conflict of interest regarding Directors.</font></p>
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<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Redemption or Repurchase</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s stock is subject to redemption in connection with a reduction of capital by a majority vote of shareholders at an Extraordinary Shareholders&#146; Meeting. Pursuant to the GCL, Telecom Argentina may repurchase the stock with liquid and realized profits or available reserves, upon a determination of the Board of Directors that the repurchase is necessary in order to avoid severe damage to our business (subject to shareholder consideration) or in connection with a merger or acquisition. In addition, Telecom Argentina can purchase up to 10% of its capital stock in the BCBA pursuant to Law No.&nbsp;26,831, complying with the requirements and procedures stated therein. If the purchase is made pursuant to Law No.&nbsp;26,831, Telecom Argentina must resell the repurchased shares within three years and its shareholders will have preemptive rights to purchase the shares, except in case of an employee compensation program or plan, or in case the shares are distributed among all the shareholders proportionately or regarding the sale of an amount of shares that in any period of 12 months does not exceed 1% of the Telecom Argentina&#146;s capital stock. In such cases, the three-year period can be extended with the previous approval by a Shareholders&#146; Meeting.</font></p>
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<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Appraisal Rights</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever certain extraordinary resolutions are adopted at an Extraordinary Shareholders&#146; meeting, such as a merger of Telecom Argentina into another entity, a change of corporate object and purpose, transformation from one type of corporate form to another, or the voluntary withdrawal from the public offering regime or listing of Telecom Argentina&#146;s shares , any shareholder dissenting from the adoption of any resolution may withdraw from Telecom Argentina and receive the book value of his or her shares determined on the basis of Telecom Argentina&#146;s annual financial statements (as approved by the Annual Ordinary Shareholders&#146; Meeting), provided that the dissenting shareholder exercises its appraisal rights within five days following the Shareholders&#146; Meeting at which the resolution was adopted. This right may be exercised within 15 days following the meeting if the dissenting shareholder was absent and provided he or she can prove that he or she was a shareholder on the day of the Shareholders&#146; Meeting at which the resolution was adopted. In the case of a merger of Telecom Argentina or a spin-off of Telecom Argentina, no appraisal rights may be exercised if Telecom Argentina is the surviving company or if the shares that Telecom shareholders&#146; would receive as a result of such merger or spin-off would also be admitted to the public offering regime or listed in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appraisal rights are extinguished if the resolution is subsequently overturned at another Shareholders&#146; Meeting held within sixty days of the expiration of the time period during which absent shareholders may exercise their appraisal rights.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment on the appraisal rights must be made within one year of the date of the Shareholders&#146; Meeting at which the resolution was adopted. In the case of voluntary withdrawal from the public offering regime or listing of Telecom Argentina&#146;s shares, the payment period is reduced to sixty days from the date of the approval of the voluntary withdrawal.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, should Telecom Argentina decide to voluntarily withdraw its shares from the public offering regime or listing in Argentina, pursuant to Article&nbsp;97 of Law No.&nbsp;26,831, a tender offer by Telecom Argentina at a fair price (<i>precio equitativo)</i> to be determined in accordance with certain parameters must be conducted before such withdrawal.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Liquidation</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon liquidation of Telecom Argentina, one or more liquidators may be appointed to wind up its affairs. All outstanding shares of common stock will be entitled to participate equally in any distribution upon liquidation.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of liquidation, the assets of Telecom Argentina shall be applied to satisfy its debts and liabilities. If any surplus remains, it shall be distributed to the holders of shares in proportion to their holdings.</font></p>
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<p style="margin:0in 0in .0001pt 21.3pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Acquisitions of 5% or more of the voting stock of a public company</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, any person acquiring 5% or more of the voting stock of a public company must inform the CNV in writing of the acquisition of such voting stock. Additionally, such person must inform the CNV in writing of each additional acquisition of 5% of the voting stock of that particular company, until such person acquires control of that company.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Powers of the Directors</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The bylaws of Telecom Argentina do not contain any provision regarding the ability to vote on a proposal, arrangement or contract where a director is an interested party. Under Argentine law, a director may sign contracts with the company related to the company&#146;s activities so long as the conditions are on an arm&#146;s-length basis. If such contract does not meet such conditions, the agreement may only be subscribed with the prior approval of the Board of Directors or, in absence of quorum, with the approval of the Supervisory Committee. Such transactions must be dealt with at the following Shareholders&#146; Meeting, and if such meeting does not approve them, the Board of Directors or the Supervisory Committee (as the case may be) are jointly responsible for any damages caused to the company. Argentine law also requires that if a director has a personal interest contrary to Telecom Argentina&#146;s, he or she must notify the Board of Directors and to the Supervisory Committee. The director must refrain from participating in any deliberations or he or she may be held jointly and severally liable for all damages caused to Telecom Argentina as a result of the conflict of interests.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, Law No.&nbsp;26,831 dictates that the contracts between a company and a director (that qualifies as a &#147;related party&#148;) when they exceed 1% of the shareholders&#146; equity of the company, it must be submitted to prior approval of the Audit Committee or of two independent evaluation firms to ensure that the transaction is in accordance with market conditions. Such transactions must also be approved by the Board of Directors and reported to the CNV and the exchanges on which the shares of the company are listed. If the Audit Committee or the independent evaluation firms have not determined the terms of the transaction to be &#147;according to market conditions&#148;, then the contract in question must be submitted for consideration at a Shareholders&#146; Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10 of the bylaws of Telecom Argentina establishes that the remuneration of the members of the Board of Directors is to be determined by the shareholders at their Annual Ordinary Shareholders&#146; Meeting. The Audit Committee is to issue a prior opinion on the reasonability of the proposed remuneration, which the Board of Directors submits for approval to the shareholders. Directors cannot vote on the resolution concerning their compensation or the compensation of any other director.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The bylaws of Telecom Argentina do not contain any provision regarding the possibility of granting loans to members of the Board of Directors or to the company executives.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members of the Board of Directors of Telecom Argentina or its subsidiaries or parent company cannot be appointed as members of the Supervisory Committee.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The bylaws of Telecom Argentina do not establish a maximum age to be member of the Board of Directors.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither the bylaws of Telecom Argentina nor any Argentine law require the members of the Board of Directors to be shareholders.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Limitations on foreign investment in Argentina</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Argentine Foreign Investment Law, as amended (the &#147;FIL&#148;), the purchase of stock by an individual or legal entity domiciled abroad or by a local company of foreign capital (as defined in the FIL) constitutes a foreign investment subject to the FIL. Foreign investments generally are unrestricted. However, foreign investments in certain industries, such as broadcasting, are restricted as to percentage. No approval is necessary to purchase Class&nbsp;B Shares. The FIL does not limit the right of non-resident or foreign owners to hold or vote the Class&nbsp;B Shares, and there are no restrictions in Telecom Argentina&#146;s bylaws limiting the rights of non-residents or non-Argentines to hold or to vote on Telecom Argentina&#146;s Class&nbsp;B Shares. Notwithstanding the foregoing, regulations implemented by the CNV require that all shareholders that are companies who are registered to participate at a Shareholders&#146; Meeting should provide details of their registration with the Argentine Public Registry of</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commerce. To acquire participation in a company in Argentina, non-Argentine companies are required to comply with the share ownership registration requirements with the Argentine Registry of Commerce as provided for under Section&nbsp;123 of the GCL.</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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change of Control</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no provisions in the bylaws of Telecom Argentina which may have the effect of delaying, deferring or preventing a change in control of Telecom Argentina and that would only operate with respect to a merger, acquisition or corporate restructuring involving Telecom Argentina or any of its subsidiaries, except for the regulatory authorization required for the transfer of Nortel&#146;s Class&nbsp;A Shares stated in Section&nbsp;9 of our Bylaws. Section&nbsp;9 of our Bylaws has been eliminated as authorized by ENACOM as regulatory authority and decided by the Ordinary and Extraodinary Shareholders&#180; Meeting held on May&nbsp;23, 2017, which was conformed by the CNV and recorded with the IGJ on March&nbsp;21, 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Law No.&nbsp;26,831 a party that wishes to obtain either a majority or a significant equity ownership interest (with the intention of acquiring control) in a publicly traded corporation must offer a fair price (<i>precio equitativo</i>) as defined in Law No.&nbsp;26,831 to acquire all shares 50% or of voting stock or securities convertible into voting stock of such corporation, respectively. Until the enactment of Law No.&nbsp;26,831, this regulation applied to all Argentine corporations with listed securities unless the corporation&#146;s shareholders specifically voted not to adopt the regime. On January&nbsp;28, 2013, Law No.&nbsp;26,831 became effective. This law states in its Article&nbsp;90: &#147;<i>Universal scope. The Statutory Regime of Public Offer of Mandatory Acquisition regulated in this chapter and the residual participation regime regulated in the following chapter includes all listed companies, even those that, under the previous regime, have opted to be excluded of its application</i>.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Decree No.&nbsp;764/2000, as amended by Decree No.&nbsp;267/2015, the loss of control of a licensee company such as Telecom Argentina is subject to the approval of ENACOM.</font></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;">MATERIAL CONTRACTS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For information regarding the Telecom Shareholders&#146; Agreement, see &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#151;Major Shareholders&#151;The Telecom Shareholders&#146; Agreement.&#148; We are not a party to the Telecom Shareholders&#146; Agreement.</font></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;">FOREIGN INVESTMENT AND EXCHANGE CONTROLS IN ARGENTINA</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Due to the deterioration of the economic and financial situation in Argentina throughout 2001, the difficulties in dealing with the servicing of the public foreign debt and the decrease of the total level of deposits in the financial system, the Argentine government issued Decree No.&nbsp;1,570/01, which, as of December&nbsp;3, 2001, established a number of monetary and currency exchange control measures that included restrictions on the free disposition of funds with banks and restrictions on transferring funds abroad, with certain exceptions for transfers related to foreign trade and certain other transfers subject to the prior authorization of the BCRA.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;8, 2002, the BCRA issued tight restrictions on the transfer of funds abroad in order to make payments of principal and/or interest by requiring prior authorization from the BCRA. Since 2003, these restrictions were progressively curbed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2005, through Decree No.&nbsp;616/2005, the Argentine government imposed certain restrictions on inflows and outflows of foreign currency to the local foreign exchange market. New indebtedness entered into the foreign exchange market and debt renewals with non-Argentine residents from the private sector entered in the local foreign exchange market had to be agreed upon and canceled in terms not shorter than 365 calendar days (the &#147;Minimum Holding Term&#148;), whatever the form of cancellation thereof (i.e. with or without access to the local foreign exchange market). The following transactions, among others, were exempted from this restriction: (i)&nbsp;foreign trade financings (i.e., exports advance payments, pre-financing of exports and imports financing); (ii)&nbsp;balances of foreign exchange transactions with correspondent exchange entities (which are not credit lines); and (iii)&nbsp;primary debt security issuances with a public offering and listing.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, certain inflow of funds were subject to the creation of a nominative, nontransferable and non-compensated deposit, for 30% of the amount involved in the relevant transaction (the &#147;Mandatory Deposit&#148;), for a term of 365 calendar days, pursuant to the terms and conditions established in the regulations.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, beginning in December&nbsp;17, 2015, the Argentine government implemented a series of measures to progressively deregulate and implement more flexible rules&nbsp;for foreign exchange controls. The following amendments, along with certain other reforms, were introduced by </font>communications including Communications &#147;A&#148; 5850, &#147;A&#148; 5861, &#147;A&#148; 5899, &#147;A&#148; 6037, &#147;A&#148; 6058, &#147;A&#148; 6067, &#147;A&#148; 6137, &#147;A&#148; 6150 and &#147;A&#148; 6174 in each case as amended. Collectively, these new regulations are referred to as the &#147;New Regulations.&#148;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;4, 2017, the Ministry of the Treasury eliminated the mandatory minimum stay period applicable to (i)&nbsp;the inflow of funds to the local foreign exchange market arising from certain foreign indebtedness and (ii)&nbsp;any entry of funds to the foreign exchange market by non-residents. On January&nbsp;20, 2017, the SCI extended the period for the proceeds from the export of goods to be transferred and settled through the MULC, from five to ten years. In addition, on May&nbsp;19, 2017, the Central Bank eliminated most of the foreign exchange restrictions in place until then by means of Communication &#147;A&#148; 6244, effective as of July&nbsp;1, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;1, 2017, the PEN enacted Decree No.&nbsp;893/17 which partially repealed Decrees No.&nbsp;2,581/64, No.&nbsp;1,555/86 and No.&nbsp;1,638/01, and eliminated the obligation of Argentine residents to transfer to Argentina and sell in the MULC the proceeds of their exports of goods. On November&nbsp;10, 2017, the Central Bank issued Communication &#147;A&#148; 6363, that eliminated all restrictions applicable to Argentine residents related to the transfer and sale of proceeds in the MULC resulting from the export of goods.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, on December&nbsp;28, 2017, by virtue of Communication &#147;A&#148; 6401, the Central Bank replaced the reporting regimes set forth by Communications &#147;A&#148; 3602 and &#147;A&#148; 4237 with a new, unified regime applicable for information as of December&nbsp;31, 2017. </font>As of the date hereof, in accordance with current regulations, all individuals and legal persons, assets and other universities may operate freely in the MULC and foreign exchange transactions shall be carried out at the exchange rate freely agreed between the parties. All exchange and/or arbitrage operations must be carried out through financial or exchange entities authorized by the Central Bank, and must comply in all cases with the provisions applicable to each transaction. Transactions that do not fall within the scope of the foreign exchange regulations will be subject to the Foreign Exchange Regime Law.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a description of the main aspects of BCRA&#146;s regulations concerning inflows and outflows of funds in Argentina as of the date hereof. Additional information regarding all current foreign exchange restrictions and exchange control regulations and regarding the applicable rules&nbsp;mentioned herein, as well as any amendments and complementary regulations, is available at the Ministry of the Treasury&#146;s website: www.economia.gob.ar, or the BCRA&#146;s website: www.bcra.gov.ar.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Inflow of capital</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Foreign financial indebtedness</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Inflow and settlement through the foreign exchange market</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign financial indebtedness incurred by the private non-financial sector, the financial sector and Argentine local governments are no longer subject to the requirement of having the proceeds from such indebtedness transferred and settled through the </font>foreign exchange market (Communication &#147;A&#148; 6037).</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Outflow of capital</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Payment of interest, earnings, dividends, services and import of goods</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No limitations are imposed to access the foreign exchange market to pay interests, earnings, dividends, services, import of goods and non-financial non-produced assets acquisition, under whichever concept it may be (shipping, insurance, royalties, technical advice, professional fees,&nbsp;etc.) abroad.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-residents have access to the foreign exchange market for payment of, among others, services, earnings and current transfers collected in Argentina according to the specific regulations that apply to non-residents to access the foreign exchange market.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cancellation of services of foreign financial debts</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of access to the foreign exchange market for capital services of foreign financial indebtedness, including cancellation of financial standby arrangements granted by Argentine banking entities, applicable regulations require: (i)&nbsp;a sworn affidavit by the debtor confirming the presentation, if applicable, of the &#147;Report of Issuances of Securities and Other Foreign Indebtedness of the Private Financial and Non-Financial Sector&#148; established by Communication &#147;A&#148; 3602 (as amended and supplemented).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Transactions by non-residents</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The New Regulations, as amended, sets forth the regulations applicable to access to the foreign exchange market by non-residents.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this respect, financial entities can grant access to the foreign exchange market to non-residents. For this purpose, financial entities must require the taxing identification number of the non-resident client (or passport number for individuals) or the taxing identification number of the argentine resident who acts as a representative of the non-resident person, in this case, the representative must in addition inform to the financial entity the complete identification information of the non-resident.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Before accessing the foreign exchange market, the intervening authority must ensure that the requirements established by the regulations are complied with.</font></p>
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<p style="margin:0in 0in .0001pt 21.3pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reporting Regimes</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the unified reporting regime of direct investments and debt created by Communication &#147;A&#148; 6401 only Argentine residents (both legal entities or natural persons) whose flow of balance of foreign assets or debts during the previous calendar year reaches or exceeds the equivalent of US$1 million in Argentine pesos are required to report foreign holding of (i)&nbsp;shares and other capital participations; (ii)&nbsp;debt; (iii)&nbsp;financial derivatives; and (iv)&nbsp;real estate, on an annual basis. Argentine residents whose flow or balance of foreign assets or debts reaches or exceeds the equivalent of US$50 million in Argentine pesos, shall comply with the report on a quarterly basis.</font></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;">TAXATION</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Argentine taxes</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following summary of certain Argentine tax matters is based upon the tax laws of Argentina and regulations thereunder as of the date of this </font>Annual Report and is subject to any subsequent changes in Argentine laws and regulations which may come into effect after such date. This summary does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a holder of such securities. No assurance can be given that the courts or tax authorities responsible for the administration of the laws and regulations described in this Annual Report will agree with this interpretation. Holders should carefully read &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Telecom Argentina&#146;s Shares and ADSs&#151;Changes in Argentine tax laws may adversely affect the tax treatment of our Class&nbsp;B Shares underlying ADSs or ADSs for transactions made until December&nbsp;31, 2017&#148; in this Annual Report and consult their tax advisors regarding the tax treatment of the Class&nbsp;B Shares underlying ADSs and ADSs.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxation </font></i><i>of Dividends</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,893, dividends and other profits paid in cash or in kind &#151;except for stock dividends&#151;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law (the &#147;Income Tax Law&#148;), Sections 69 (a)(1), (2), (3), (6)&nbsp;and (7), and Section&nbsp;69(b), were subject to income tax at a 10% rate except for those beneficiaries that were domestic corporate taxpayers. Law No.&nbsp;27,260 repealed this withholding tax as of July&nbsp;23, 2016. Consequently, no withholding tax is to levied on dividends distributed to either Argentine or non-Argentine resident shareholders since then. This treatment applies only to dividends to be distributed at any time out of retained earnings accumulated until the end of the last fiscal year starting before January&nbsp;1, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Likewise, the portion of those dividends exceeding the company&#146;s accumulated net taxable income (as determined by application of the Argentine Income Tax Law), if any, is subject to a 35% withholding tax on such excess (the &#147;Equalization Tax&#148;). For purpose of the Equalization Tax, the amount of accumulated net taxable income to be considered shall be determined by (1)&nbsp;deducting the income tax paid by the company, and (2)&nbsp;adding the dividends and profits not subject to tax received as distributions from other corporations. If the distribution is in-kind, then the corporation must pay the tax to the Argentine tax authorities and will be entitled to seek reimbursement from the shareholders.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">190<a name="PB_190_112501_5893"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends to be distributed out of earnings accrued in fiscal years starting on or after January&nbsp;1, 2018, are to be subject to a tax&nbsp;treatment different from the one previously described, based on the recent enactment of a comprehensive tax reform -Law No.&nbsp;27,430-, published in the Official Gazette on December&nbsp;29, 2017, and generally effective since January&nbsp;1, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,430, dividends and other profits paid in cash or in kind &#151;except for stock dividends&#151;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law (the &#147;Income Tax Law&#148;), Sections 69 (a)(1), (2), (3), (6), (7)&nbsp;and (8), and Section&nbsp;69(b)&nbsp;out of retained earnings accumulated in fiscal years starting on or after January&nbsp;1, 2018, will be subject to withholding tax at a 7% rate (on profits accrued during fiscal years starting January&nbsp;1, 2018 to December&nbsp;31 2019), and at a 13% rate (on profits accrued in fiscal years starting January&nbsp;1, 2020 and onwards), provided that they are distributed to Argentine resident individuals and foreign shareholders. No dividend withholding tax applies if dividends are distributed to the aforementioned Argentine corporate entities required to assess the dividend withholding tax.&#160; In addition, the Equalization Tax is repealed.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Capital gains</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The results derived from the transfer of shares and other equity interests, bonds and other securities of Argentine companies are subject to Argentine capital gains tax, regardless of the type of beneficiary who realizes the gains.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital gains obtained by Argentine corporate taxpayers (in general, entities organized or incorporated under Argentine law and local branches of non-Argentine entities) derived from the sale, exchange or other disposition of shares are subject to income tax at the corporate rate on net income. Recently, Law No.&nbsp;27,430 decreased the corporate income tax rate from 35% to 30% for fiscal years beginning on January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years beginning on January&nbsp;1, 2020 and onwards.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Individual resident&#146;s capital gains tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 established that as from January&nbsp;1, 2018, gains realized by Argentine resident individuals&#160; from the sale, transfer or disposition of shares, securities representing shares and certificates of deposit of shares are exempt from capital gains tax in the following cases: (i)&nbsp;when the shares are placed through a public offering authorized by the CNV, (ii)&nbsp;when the shares are traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, or (iii)&nbsp;when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV.&#160; For periods prior to 2018, it is currently under discussion the extent of the exemption (established by Law 26,893 and its implementing decree 2334/2013) applicable to the sale of shares and other securities through a stock exchange market, so as to determine whether it applies <i>only</i> sales of securities made in stock exchanges duly authorized by the CNV or in any stock exchanges.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nonresident&#146;s capital gains tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,893, capital gains obtained by non-Argentine residents from the sale, exchange or other disposition of shares and other equity interests, bonds and other securities of Argentine companies were subject to capital gains tax until December&nbsp;30, 2017, even if those transactions were entered into between nonresidents.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 provides that the capital gains tax applicable to nonresidents for transactions entered into between September&nbsp;23, 2013 (when Law No.&nbsp;26893 became effective) and December&nbsp;30, 2017, is still due and regulations will state the mechanism to have it paid.&#160; However, no taxes will be claimed to nonresidents with respect to past sales of Argentine shares or other securities traded in CNV&#146;s authorized markets (such as ADSs) as long as the cause of the non-payment was the absence of regulations stating the mechanism of tax collection at the time the transaction was closed. </font>General Resolution (AFIP) 4.227, which will come into effect on April&nbsp;26, 2018, stipulates that the income tax should be paid to the AFIP under the following procedures: (i)&nbsp;in case the securities were sold through an Argentine stock exchange market, and the withholding has been made, then the withholder must pay the tax, (ii)&nbsp;in case the securities were sold but not through an Argentine stock exchange market and there is an Argentine buyer involved, then the Argentine buyer should pay the income tax; and (iii)&nbsp;when both the seller and the buyer were foreign beneficiaries and the sale was not performed through an Argentine stock exchange market, the person liable for the tax is the buyer and the payment shall be made through an international bank via wire transfer to the AFIP. The payment of capital gains tax applicable for transactions entered into before December&nbsp;30, 2017 is due on June&nbsp;11, 2018.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In turn, Law 27,430 and Decree 279/2018, maintain the 15% capital gains tax (calculated on the actual net gain or a presumed net gain equal to 90% of the sale price) on the disposal of shares or securities by nonresidents. However, nonresidents are exempt from the capital gains tax on gains realized from the sale of (a)&nbsp;Argentine shares in the following cases: (i)&nbsp;when the shares are placed through a public offering authorized by the CNV, (ii)&nbsp;when the shares were traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, or (iii)&nbsp;when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV; and (b)&nbsp;depositary shares or depositary receipts issued abroad, when the underlying securities are shares (i)&nbsp;issued by Argentine companies, and (ii)&nbsp;with authorization of public offering. The exemptions will only apply to the extent the foreign beneficiaries reside in, or the funds used for the investment proceed from, jurisdictions considered as cooperating for purposes of the exchange of tax information.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, it is clarified that, from 2018 onward, gains from the sale of ADSs will be treated from Argentine sources.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case the exemption is not applicable and, to the extent foreign beneficiaries do not reside in, or the funds do not arise from, jurisdictions not considered as cooperative for purposes of fiscal transparency, the gain realized from the disposition of shares would be subject to Argentine income tax at a 15% rate on the net capital gain or at a 13.5% effective rate on the gross price. In case such foreign beneficiaries reside in, or the funds arise from, jurisdictions not considerd as cooperative for purposes of fiscal transparency, a 35% tax rate on the the net capital cagin or at a 31.5% effective rate on the gross price should apply. As per the law, the Executive Power will be required to publish a list of &#147;non-cooperating&#148; jurisdictions. Meanwhile, to determine if a jurisdiction is &#147;cooperating or not,&#148; the list published by AFIP according to Decree 589/2013 should be consulted.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In such scenarios, according to General Resolution (AFIP) 4227, the income tax should be withheld and paid to the AFIP under the following procedures: (i)&nbsp;in case the securities were sold by a foreign beneficiary, through an Argentine stock exchange market, the custodian entity should withhold and pay the tax if it is involved in the payment process; if it is not involved in the payment process but there is an Argentine buyer involved, the Argentine buyer should withhold the income tax (ii)&nbsp;in case the securities were sold by a foreign beneficiary, but not&#160; through an Argentine stock exchange market and there is an Argentine buyer involved, the Argentine buyer should withhold the income tax; and (iii)&nbsp;when both the seller and the buyer are foreign beneficiaries and the sale is not performed through an Argentine stock exchange market, the person liable for the tax shall be the legal representative of the seller of the shares or securities being transferred or directly by the seller, in the event that there was no local legal representative. In this case, the payment shall be made through an international bank via wire transfer to the AFIP.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders are encouraged to consult a tax advisor as to the particular Argentine income tax consequences derived from the holding and disposing of ADSs or Class&nbsp;B Shares</font>.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:2.7pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Personal assets tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine companies, such as us, have to&nbsp;assess and&nbsp;pay the personal assets tax corresponding to their shareholders that are Argentine individuals and non-Argentine resident persons. The tax rate in effect through December&nbsp;31, 2015 was 0.50%. As of December&nbsp;31, 2016, Law No.&nbsp;27,260 lowered the rate to 0.25%, which is to be assessed on the proportional net worth value (<i>valor patrimonial proporcional</i>), of the shares as per the Argentine entity&#146;s last financial statements prepared under Argentine GAAP. Pursuant to the Personal Assets Tax Law, the Argentine company is entitled to seek reimbursement of such paid tax from the applicable Argentine domiciled individuals and/or foreign domiciled shareholders.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and comply with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. </font>The request for this tax exemption should be filed before March&nbsp;31, 2017. Telecom Argentina has already filed this request and has been granted the exemption for the referred fiscal years. Notwithstanding, in the future, Telecom Argentina may not be exempt from the payment of the personal assets tax.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has, from time to time, requested that its shareholders reimburse the amounts of personal assets tax paid on their behalf and has received partial reimbursement of such taxes, however no assurances can be made that Telecom Argentina will be successful in seeking reimbursement of all such taxes paid from holders of ADSs and Class&nbsp;A, B, and C shares. The amount paid by Telecom Argentina and pending collection from its shareholders as of December&nbsp;31, 2017, was approximately P$18 million fully written off, based on the recoverability assessment made by Telecom Argentina. Whenever applicable, personal assets tax paid on behalf of Telecom Argentina&#146;s shareholders is deducted from the cash dividend payment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Value added tax</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The sale, exchange or other disposition of Telecom Argentina shares and ADSs, and the distribution of dividends in connection therewith are exempted from the value added tax.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tax on deposits to and withdrawals from bank accounts</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The tax on deposits to and withdrawals from bank accounts under Law No.&nbsp;21,526 applies to certain deposits to and withdrawals from bank accounts with Argentine financial institutions and to other transactions that, due to their special nature and characteristics, are similar or could be used in lieu of a deposit to or withdrawal from a bank account. Therefore, any deposit to or withdrawal from a bank account opened in an institution regulated by Law No.&nbsp;21,526, or any transaction deemed to be used in lieu of a deposit to or withdrawal from a bank account, is subject to the tax on deposits and withdrawals, unless a particular exemption is applicable. The tax rate in effect since August&nbsp;1, 2001 has been 0.6% of the transaction volume.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;534/04 provides that owners of bank accounts subject to the general tax rate of 0.6% may take into account as a tax credit of 34% of the tax originated in credits on such bank accounts. This amount may be computed as a credit for the income tax and tax on minimum presumed income. The amount computed as a credit is not deductible for income tax purposes.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No 27,432 &nbsp;The National Executive Power may decide that the percentage of the tax that on the date of entry into force of this law is not computable as payment on account of income tax, will be progressively reduced by up to twenty percent (20%) per year as of January&nbsp;1, 2018, and also may decide that, in 2022, the tax provided for in Law 25,413 and its amendments as a payment on account of income tax will be computed in full.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tax on minimum presumed income</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Companies located in Argentina are required to pay an amount equal to the greater of the income tax or the tax on minimum presumed income. The tax on minimum presumed income is computed based on 1% of the value of our assets. The value of our assets is determined in accordance with the criteria established under Argentine tax laws. The amount of any income tax paid during the fiscal year may be applied against the tax on minimum presumed income that would be payable in such fiscal year. The amount of any tax on minimum presumed income paid in excess of the income tax for such fiscal year may be carried forward for a period of up to ten years. This excess may be treated as a credit to be applied against the income tax payable in a future year to the extent the tax on minimum presumed income for the year does not exceed income tax payable for such future year.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to Law No.&nbsp;27,260, the tax on minimum presumed income is abolished for the fiscal years beginning from January&nbsp;1, 2019.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Turnover tax</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:24.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, gross turnover tax could be applicable to Argentine residents on the transfer of shares and on the collection of dividends by our shareholders to the extent such activity is conducted on a regular basis within an Argentine province or within the City of Buenos Aires. However, under the Tax Code of the City of Buenos Aires, any transactions with shares, as well as the perception of dividends are exempt from gross turnover tax. Holders of the Class&nbsp;</font>A, B, C and D Shares or ADSs are encouraged to consult a tax advisor as to the particular Argentine gross turnover tax consequences derived from holding and disposing of the Class&nbsp;A, B, C and D Shares or ADSs or ADSs.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Stamp taxes</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stamp tax is a provincial tax that is levied based on the formal execution of public or private instruments. Documents subject to stamp tax include, among others, all types of contracts, notarial deeds and promissory notes. Each Argentine province and the City of Buenos Aires have its own</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">stamp tax legislation. Stamp tax rates vary according to the jurisdiction and type of agreement involved.</font> On January&nbsp;2, 2018, Law 27,429 enforced a &#147;Fiscal Consensus&#148; signed between the National Executive Power and representatives of the Provinces and the City of Buenos Aires. Among other issues, the provinces assumed the commitment to apply tax rates not higher than those for each activity and period In the stamp tax, for certain acts and contracts, not higher than 0.75% as of January&nbsp;1, 2019 with a gradual reduction until its complete elimination as of January&nbsp;1, 2022.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other taxes</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no Argentine federal inheritances or succession taxes applicable to the ownership, transfer or disposition of </font>Class&nbsp;A, B, C and D Shares.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tax treaties</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina has signed tax treaties for the avoidance of double taxation with several countries, although there is currently no tax treaty or convention in effect between Argentina and the United States. On December&nbsp;23, 2016, Argentina and the United States signed an agreement for the exchange of information relating to taxes, which entered into force on November&nbsp;13, 2017, so the first fiscal period with respect to which information could be exchanged would be 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">United States federal income taxes</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following discussion is a summary of certain U.S. federal income tax consequences for a U.S. holder (as defined below) of the acquisition, ownership and disposition of our ADSs or </font>Class&nbsp;B Shares underlying ADSs, but it does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a holder of such securities, including alternative minimum tax and Medicare contribution tax on net investment income. This summary applies only to U.S. holders that hold ADSs or Class&nbsp;B Shares underlying ADSs as capital assets for U.S. federal income tax purposes and does not address investors that are members of a class of holders subject to special rules, such as:</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 28.1pt;text-align:justify;text-indent:-24.5pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>financial institutions;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>dealers in securities or currencies;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>dealers or traders in securities who use a mark-to-market method of tax accounting;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>life insurance companies;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that hold ADSs or Class&nbsp;B Shares underlying ADSs that are a hedge or that are hedged against interest rate or currency risks;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that hold ADSs or Class&nbsp;B Shares underlying ADSs as part of a hedging transaction, straddle, wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to the ADSs or Class&nbsp;B Shares underlying ADSs;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>tax-exempt entities;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that own or are deemed to own 10% or more of the stock of Telecom Argentina, measured by voting power or value;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons who acquired ADSs or Class&nbsp;B Shares underlying ADSs pursuant to the exercise of an employee stock option or otherwise as compensation; or</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons holding ADSs or Class&nbsp;B Shares underlying ADSs in connection with a trade or business conducted outside of the United States.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an entity that is classified as a partnership for U.S. federal income tax purposes holds ADSs or </font>Class&nbsp;B Shares underlying ADSs, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding ADSs or Class&nbsp;B Shares underlying ADSs and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of holding and disposing of the ADSs or Class&nbsp;B Shares underlying ADSs.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is based on the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), its legislative history, existing and proposed regulations promulgated thereunder, published rulings and</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">court decisions, all as currently in effect. These authorities are subject to change, possibly on a retroactive basis.&nbsp;In addition, this summary assumes the deposit agreement, and all other related agreements, will be performed in accordance with their terms. As mentioned above, there is currently no income tax treaty or convention in effect between Argentina and the United States.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. holders should consult their tax advisors regarding the U.S., Argentine or other tax consequences of the acquisition, ownership and disposition of ADSs or Class&nbsp;B Shares underlying ADSs in their particular circumstances, including the effect of any state or local tax laws.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used herein, the term &#147;U.S. holder&#148; means a holder that, for U.S. federal income tax purposes, is a beneficial owner of ADSs or </font>Class&nbsp;B Shares underlying ADSs and is:</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a citizen or individual resident of the United States;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a U.S. domestic corporation; or</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 27.9pt;text-align:justify;text-indent:-24.6pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>otherwise subject to U.S. federal income tax on a net income basis with respect to income from the ADS or Class&nbsp;B Share.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, for U.S. federal income tax purposes, holders of ADSs will be treated as the owners of the underlying </font>Class&nbsp;B Shares represented by those ADSs. Accordingly, no gain or loss will be recognized if such holder exchanges ADSs for the underlying Class&nbsp;B Shares represented by those ADSs.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These statements assume that Telecom Argentina is not, and will not become, a Passive Foreign Investment Company (PFIC), as described below.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:2.7pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Distributions</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:20.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent paid out of current or accumulated earnings and profits </font>of Telecom Argentina (as determined in accordance with U.S. federal income tax principles), the gross amount of distributions made with respect to ADSs or Class&nbsp;B Shares underlying ADSs will generally be included in the income of a U.S. holder as ordinary dividend income. Because Telecom Argentina does not maintain calculations of its earnings and profits under U.S. federal income tax principles, U.S. holders should expect that a distribution will generally be treated as a dividend. Dividends will not be eligible for the &#147;dividends-received deduction&#148; generally allowed to U.S. corporations under the Code. Dividends will be included in a U.S. holder&#146;s income on the date of the U.S. holder&#146;s (or in the case of ADSs, the depositary&#146;s) receipt of the dividend. The amount of the distribution will equal the U.S. dollar value of the pesos received (including amounts withheld in respect of Argentine taxes), calculated by reference to the exchange rate in effect on the date such distribution is received (which, for holders of ADSs, will be the date such distribution is received by the depositary), whether or not the depositary or U.S. holder in fact converts any pesos received into U.S. dollars. If the distribution is converted into U.S. dollars on the date of receipt, U.S. holders should not be required to recognize foreign currency gain or loss in respect of the dividend income. Any gains or losses resulting from the conversion of pesos into U.S. dollars after the date on which the distribution is received will be treated as ordinary income or loss of the U.S. holder and will be U.S.-source income or loss for foreign tax credit purposes.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain exceptions for short-term (60 days or less) and hedged positions, the U.S. dollar amount of dividends paid to certain individuals or other non-corporate U.S. holders will be taxable at the preferential rates if the dividends are &#147;qualified dividends.&#148; Dividends paid on the ADSs are generally treated as &#147;qualified dividends&#148; if (1)&nbsp;the ADSs are readily tradable on a securities market in the United States (such as the NYSE, where our ADSs are currently traded) and (2)&nbsp;we were not, in the year prior to the year in which the dividend was paid, and are not in the year in which the dividend is paid, a PFIC. Based on our consolidated financial statements and relevant market data, we believe that Telecom Argentina was not a PFIC for U.S. federal income tax purposes with respect to our 2017 taxable year. In addition, based on our current expectations regarding the value and nature of our assets, the sources and nature of our income, and relevant market data, we do not anticipate becoming a PFIC for our 2018 taxable year or the foreseeable future, although there can be no assurance in this regard. If we were a passive foreign investment company for U.S. federal income tax purposes for any taxable year, U.S. holders of our ADSs could be subject to adverse U.S. federal income tax consequences. Based on existing guidance, it is not entirely clear whether dividends received with respect to the Class&nbsp;B Shares underlying ADSs will be treated as qualified dividends, because the Class&nbsp;B Shares underlying ADSs are not themselves listed on a U.S. exchange. U.S. holders should consult their tax advisors regarding the availability of the preferential dividend tax rates in light of their particular circumstances.</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;">PART&nbsp;I</font> - ITEM 10   ADDITIONAL INFORMATION</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions of additional shares in respect of ADSs or Class&nbsp;B Shares underlying ADSs that are made as part of a pro rata distribution to all of our shareholders generally will not be subject to U.S. federal income tax.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sale or other disposition</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gain or loss realized by a U.S. holder on the sale or other disposition of ADSs or Class&nbsp;B Shares underlying ADSs will be subject to U.S. federal income tax as U.S.-source capital gain or loss, and will be long-term capital gain or loss if the U.S. holder has held the ADSs or Class&nbsp;B Shares underlying ADSs for more than one year. The amount of the gain or loss will be equal to the difference between the U.S. holder&#146;s tax basis in those ADSs or Class&nbsp;B Shares and the amount realized on the disposition, in each case as determined in U.S. dollars. Long-term capital gains recognized by non-corporate taxpayers are subject to reduced tax rates.&nbsp;The deductibility of capital losses is subject to limitations. If an Argentine tax is withheld, or otherwise paid, on the sale or disposition of ADSs or </font>Class&nbsp;B Shares underlying ADSs, a U.S. holder&#146;s amount realized will include the gross amount of the proceeds of the sale or disposition before deduction of the Argentine tax. See &#147;&#151;Argentine Taxes&#151;Capital gains&#148; for a description of when a disposition may be subject to taxation by Argentina.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:3.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Foreign tax credit considerations</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend distributions with respect to ADSs or Class&nbsp;B shares generally will be treated as &#147;passive category&#148; income from sources outside the United States for purposes of determining a U.S. holder&#146;s U.S. foreign tax credit limitation. Subject to the limitations and conditions provided in the Code and the applicable U.S. Treasury Regulations, a U.S. holder may be able to claim a foreign tax credit against its U.S. federal income tax liability in respect of any Argentine income taxes withheld at the appropriate rate applicable to the U.S. holder from a dividend paid to such U.S. holder if the tax is treated for U.S. federal income tax purposes as imposed on the U.S. holder.&#160; Alternatively, the U.S. holder may be able to deduct such Argentine income taxes from its U.S. federal taxable income, provided that the U.S. holder elects to deduct rather than credit all foreign income taxes for the relevant taxable year. The rules&nbsp;with respect to foreign tax credits are complex and involve the application of rules&nbsp;that depend on a U.S. holder&#146;s particular circumstances. Accordingly, U.S. holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.</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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital gains realized by a U.S. holder on the sale or other disposition of ADSs or Class&nbsp;B Shares underlying ADSs are generally exempt from tax under current Argentine law. However, if such tax is imposed in the future, it is possible that U.S. holders would be eligible to claim foreign tax credits in respect of such tax, subject to generally applicable restrictions under U.S. law. However, any gain realized on the sale or other disposition of ADSs or Class&nbsp;B Shares underlying ADSs will be treated as U.S. source income.&#160; Accordingly, even if foreign tax credits otherwise are available, an investor generally would not be able to use the foreign tax credit arising from any Argentine tax imposed on such disposition unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, amounts paid on account of the personal assets tax (as described in &#147;&#151;Argentine </font>Taxes&#151;Personal assets tax&#148;) generally will not be treated as an income tax for U.S. federal income tax purposes and will consequently not be eligible for credit against a U.S. holder&#146;s federal income tax liability. The rules&nbsp;governing foreign tax credits are complex, and U.S. holders should consult their tax advisors regarding the creditability and deductibility of foreign taxes in their particular circumstances.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:3.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Foreign financial asset reporting</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain U.S. holders that own &#147;specified foreign financial assets&#148; with an aggregate value in excess of US$50,000 are generally required to file an information statement along with their tax returns, currently on Form&nbsp;8938, with respect to such assets. &#147;Specified foreign financial assets&#148; include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer that are not held in accounts maintained by financial institutions. </font>Higher reporting thresholds apply to certain individuals living abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities that are treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on certain objective criteria. U.S. holders that fail to report the required information could be subject to substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or in part. Prospective investors are encouraged to consult with their own tax advisors regarding the possible application of these rules, including the application of the rules&nbsp;to their particular circumstances.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10   ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </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>
<p style="margin:0in 0in .0001pt;text-indent:3.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Information reporting and backup withholding</font></i></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-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless the U.S. holder (1)&nbsp;provides a correct taxpayer identification number and certifies that it is not subject to backup withholding or (2)&nbsp;otherwise establishes an exemption from backup withholding. The amount of any backup withholding from a payment to a U.S. holder will be allowed as a credit against such holder&#146;s U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the internal revenue service.</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><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DOCUMENTS ON DISPLAY</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina files annual and special reports and other information before the SEC. You may read and copy any document that Telecom Argentina files at the public reference room of the SEC at 100 F Street NE, Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet site at www.sec.gov that contains reports and other information regarding issuers that file electronically with the SEC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may request a copy of these filings by writing or telephoning the offices of Telecom Argentina at Alicia Moreau de Justo 50, (C1107AAB) Buenos Aires, Argentina. Telecom Argentina&#146;s telephone number is 011-54-11-4968-4000.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina maintains a website at www.telecom.com.ar. The contents of the website are not part of this Annual Report.</font></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;">PART&nbsp;I - ITEM 10   ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">197<a name="PB_197_110527_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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 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;">ITEM 11.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b><a name="ITEM11_QUANTITATIVEANDQUALITATIV_044950"></a></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Summarized below are the financial instruments we held as of December&nbsp;31, 2017, that are sensitive to changes in foreign exchange rates and interest rate, if any. As a matter of policy, we may enter into forward exchange contracts, foreign currency swaps or other derivatives to manage the exposure attributed to foreign exchange rate and interest rate fluctuations associated with the principal amount of our liabilities in foreign currencies. We use these instruments to reduce risk by creating offsetting market exposures. The instruments we hold are not held for financial trading purposes. No foreign exchange forward or other derivatives for speculative purposes were outstanding during the reporting periods covered by this Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not have any other material market risk exposure.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Foreign Exchange Rate Risk</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign exchange exposure arises from our funding operations and, to a lesser extent, our capital expenditures and expenses denominated in foreign currencies. The peso/U.S. dollar exchange rate is determined by a free market with certain controls. See &#147;Item 10&#151;Additional Information&#151;Foreign Investment and Exchange Controls in Argentina.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our results of operations are sensitive to changes in the peso/dollar exchange rates because our primary assets are in Argentina and most of our revenues are denominated in pesos (our functional currency) while some part of our liabilities are denominated in foreign currencies. However, Telecom Argentina, as well as Telecom Argentina in its capacity of absorbing company of Personal and N&#250;cleo had commercial debt nominated in U.S. dollars and Euros. Moreover, overdrafts and Series&nbsp;1 to 3 of Personal Notes are denominated in their functional currencies (pesos and guaran&#237;es, respectively) and accrue interest at a variable rate. In addition, Personal (entity absorbed by Telecom Argentina) maintains financial debt denominated in U.S. dollars at a variable rate and Series&nbsp;4 of Notes is also denominated in U.S. dollars, but at a fixed rate, while N&#250;cleo maintains guaran&#237; denominated financial debt and accrues interest at a fixed rate. See &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Liquidity and Capital Resources&#151;Sources and Uses of Funds&#148;.</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-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally the Company has cash and cash equivalents, and investments denominated in U.S. dollars and Euros (approximately 53% of total cash and equivalents and investments) that are also sensitive to changes in peso/U.S. dollar exchange rates and contribute to reduce the exposure to commercial and financial obligations in foreign currency. As of December&nbsp;31, 2017, the Company had investments adjustable to the variation of the peso/U.S. dollar exchange rate (&#147;Dollar Linked&#148;), which are also sensitive to variations in exchange rates, and which contribute to reduce the commercial and financial exposure in foreign currency. The Dollar Linked investments totaled approximately 1% of the cash, cash and equivalents and investments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actions taken by the Argentine government could cause future exchange rates to vary significantly from current or historical exchange rates. Fluctuations in exchange rates may adversely affect the value, translated or converted into U.S. dollars, of our net assets, earnings and any declared dividends. We cannot give any assurance that any future movements in the exchange rate of the peso against the U.S. dollar and other foreign currencies will not adversely affect our results of operations, financial condition and cash flows. However, we believe that a significant depreciation in the peso against major foreign currencies may have a material adverse impact on our capital expenditure program and in our operating expenses denominated in foreign currencies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Sensitivity to Interest Rate Risk</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within its financial debt structure, Telecom Argentina has short term peso-denominated overdrafts that have interest rates that rollover at maturity, notes at composite interest rate (fixed plus floating rate) and at fixed rate and a bank loan from abroad denominated in U.S. dollars and guaran&#237;es at floating rate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management believes that any variation of 10 basis points in annual interest rates would yield the following results:</font></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;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Financial&nbsp;Debt</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;">Amount&nbsp;(in&nbsp;millions)</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;">Effect&nbsp;(in&nbsp;millions)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
<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>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bank Overdrafts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P$135</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P$0.1</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes in P$</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>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P$871</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P$0.9</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.82%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes in US$</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US$78</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P$1.4</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
<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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<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.82%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bank Loans</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>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US$500</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>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P$9.3</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
<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>
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<td width="77%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;text-transform:uppercase;">PART&nbsp;I - ITEM 11 QUANTITATIVE AND QUALITATIVE   DISCLOSURES ABOUT MARKET RISK</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">198<a name="PB_198_110528_5796"></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This analysis is based on the assumption that this change in interest rates occurs at the same time and for the same periods.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This sensitivity analysis provides only a limited point of view of the sensitivity to market risk of certain financial instruments. The actual impact of changes in interest rates of financial instruments may differ significantly from this estimate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Sensitivity to Exchange Rates Risk</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on the composition of the consolidated statement of financial position as of December&nbsp;31, 2017, which is a net liability position in foreign currency of $11,037 equivalent to US$592 million, Management estimates that every variation in the exchange rate of $0.10 pesos against the U.S. dollar and proportional variations for euro and guaran&#237;es against the Argentine peso, plus or minus, would result in a variation of approximately $59 of the consolidated amounts of foreign currency position.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we consider only the portion not covered by derivative financial instruments and other assets adjusted by the variation of the U.S. dollar, the net liability position totaled $9,559 equivalent to approximately US$518 million, and a variation of the exchange rate of $ 0.10 pesos as described in the previous paragraph, would generate a variation of approximately $52 in the consolidated financial position in foreign currency.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This analysis is based on the assumption that this variation of the Argentine peso occurred at the same time against all other currencies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This sensitivity analysis provides only a limited, point-in-time view of the market risk sensitivity of certain of the financial instruments. The actual impact of market foreign exchange rate changes on the financial instruments may differ significantly from the impact shown in the sensitivity analysis.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Note 26 to our Consolidated Financial Statements for a description of financial risk management.</font></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="1" face="Times New Roman" style="font-size:9.0pt;text-transform:uppercase;">PART&nbsp;I - ITEM 11 QUANTITATIVE AND QUALITATIVE   DISCLOSURES ABOUT MARKET RISK</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">199<a name="PB_199_110528_2897"></a></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;">ITEM 12.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b><a name="ITEM12_DESCRIPTIONOFSECURITIESOT_044955"></a></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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Depositary Fees and Charges</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JPMorgan Chase Bank, N.A. (formerly Morgan Guaranty Trust Company of New York), as depositary for the ADSs (the &#147;Depositary&#148;) collects its fees for delivery directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal. The Depositary also collects taxes and governmental charges from the holders of ADSs. The Depositary collects these fees and charges by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees (after attempting by reasonable means to notify the holder prior to such sale).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Persons depositing or withdrawing shares must pay US$5.00 for each 100 ADSs or portion thereof for issuances of ADSs, including issuances resulting from a distribution, sale or exercise of shares or rights or other property. Investors depositing shares or holders withdrawing deposited securities are charged fees and expenses in connection with stock transfers, taxes and other governmental charges, cable, telex and facsimile transmission and delivery charges imposed at such person&#146;s request, transfer or registration fees for the registration of transfer of ADSs on any applicable register in connection with the deposit or withdrawal of ADSs and the Depositary&#146;s expenses in connection with the conversion of foreign currency.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Depositary reimburses Telecom Argentina for certain expenses we incur in connection with the American depositary receipt program (the &#147;ADR program&#148;), subject to the agreement between us and the Depositary from time to time. These reimbursable expenses currently include listing fees, investor relations expenses and fees payable to service providers for the distribution of material to ADR holders. For the year ended December&nbsp;31, 2017, the Depositary reimbursed Telecom Argentina approximately US$137.1 thousand (gross amount of withholding tax) in connection with the ADR program.</font></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;text-transform:uppercase;">PART&nbsp;I - ITEM 12 DESCRIPTION OF   SECURITIES OTHER THAN EQUITY SECURITIES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">200<a name="PB_200_110528_3020"></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;">PART&nbsp;II</font></b><a name="PARTII_044959"></a></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;">ITEM 13.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b><a name="ITEM13_DEFAULTSDIVIDENDARREARAGE_045001"></a></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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, none of Telecom Argentina and its subsidiaries are in default on any outstanding indebtedness.</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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 14.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b><a name="ITEM14_MATERIALMODIFICATIONSTOTH_045002"></a></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</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><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 15.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>CONTROLS AND PROCEDURES</b><a name="ITEM15_CONTROLSANDPROCEDURES_045004"></a></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;">Evaluation of disclosure controls and procedures</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Management, with the participation of our chief executive and financial officers, evaluated the effectiveness of the Company&#146;s &#147;disclosure controls and procedures&#148; (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) as of December&nbsp;31, 2017 (the &#147;Evaluation Date&#148;). Based upon that evaluation, our chief executive and financial officers have concluded that as of the Evaluation Date, the Company&#146;s disclosure controls and procedures were effective.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management&#146;s Report on Internal Control over Financial Reporting</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Management is responsible for establishing and maintaining adequate internal control over financial reporting for Telecom as defined in Exchange Act Rule&nbsp;13a-15(f)&nbsp;and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Management conducted an evaluation of the effectiveness of Telecom&#146;s internal control over financial reporting based on the framework in Internal Control&#151;Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the &#147;COSO&#148;). Based on this evaluation and as set forth in its report dated March&nbsp;7, 2018, and included in Item 18, Telecom&#146;s Management concluded that Telecom&#146;s internal control over financial reporting was effective as of December&nbsp;31, 2017. The effectiveness of Telecom&#146;s internal control over financial reporting as of December&nbsp;31, 2017 has been audited by PriceWaterhouse&nbsp;&amp;&nbsp;Co. S.R.L., an independent registered public accounting firm, as stated in their report which is included herein. See the complete Management&#146;s Report on Internal Control Over Financial Reporting in Item 18.</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;">Changes in Internal Control Over Financial Reporting</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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There were no changes in the Company&#146;s internal control over financial reporting that occurred during the period covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, the Company&#146;s internal control over financial reporting.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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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;">ITEM 16A.</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>AUDIT COMMITTEE FINANCIAL EXPERT</b><a name="ITEM16A_AUDITCOMMITTEEFINANCIALE_045012"></a></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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;1</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>, 2018, as ratified on January&nbsp;31, 2018, the Board of Directors of Telecom Argentina appointed the members of the Audit Committee acting until this year&#180;s Annual Shareholders&#180; Meeting and determined that Carlos Alejandro Harrison qualifies as Audit Committee financial expert. In conducting this evaluation, the Board of Directors took into account Mr.&nbsp;Harrison&#146;s professional background and educational training.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the Board of Directors&#146; meeting for the appointment of the Audit Committee members for the fiscal year 2018 has not yet been held. Therefore, as of the date of this Annual Report, Carlos Alejandro Harrison, Mart&#237;n Hector D&#146;Ambrosio and Germ&#225;n Horacio Vidal remain members of the Audit Committee. See &#147;Item 6&#151;Directors, Senior Management and Employees&#151;The Board of Directors.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16B.</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>CODE OF ETHICS</b><a name="ITEM16B_CODEOFETHICS_045014"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;2, 2015, the Board of Directors of Telecom Argentina and Personal (later on other companies of the Telecom Group) approved a New Code of Ethics and Conduct, a Conflict of Interests Policy and an Anticorruption Policy. These documents provide, respectively: (i)&nbsp;the ethical principles to which the Telecom Group and all members of the Board of Directors, the Supervisory Committee, the CEO, Managers and in general all those who work in the Company must abide; (ii)&nbsp;regulations to prevent and manage conflicts of interests; and (iii)&nbsp;the framework for the prohibition of corrupt practices.</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-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjustments made to regulations in recent years and in matters of corporate governance, organization and implementation of preventive measures aimed at reducing the risk of conflict of interest and corrupt practices, and that are applicable to the Telecom Group as company subject to regime of public offering both in Argentina and the United States, have been taken into account for the formulation and approval of the New Code of Ethics and Conduct and the Policies. In turn, it has reflected changes occurred in the organizational structure of the Telecom Group with the purpose of defining the responsibilities in the management of this Code of Ethics and Conduct and associated policies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No waivers, express or implicit, have been granted to any senior officer or member of the Board of Directors of the Telecom Group with respect to any provision of the New Code of Ethics and Conduct.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;2017 Telecom Argentina approved a Third-Party Code of Ethics and Conduct in order to ensure that its business relationships with third parties meet the highest standards of ethics and integrity, governing relations with people we relate commercially.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Code of Ethics and Conduct is available on our website at www.telecom.com.ar and was also filed with the SEC on Form 6-K on November 2, 2015.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Board of Directors of Telecom Argentina approved on February&nbsp;16, 2017, the update of the anti-fraud policy (the &#147;Anti-Fraud Policy&#148;). The Anti-Fraud Policy aims to establish guidelines that promote a culture of transparency and prevention against any dishonest conduct or fraudulent acts and irregularities that could affect the interests of the Group.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16C.</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>PRINCIPAL ACCOUNTANT FEES AND SERVICES</b><a name="ITEM16C_PRINCIPALACCOUNTANTFEESA_045017"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table provides information on the aggregate fees for services rendered by our principal accountants (in millions of pesos) for the years ended December&nbsp;31, 2017 and 2016.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">202<a name="PB_202_110528_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;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></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;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Services&nbsp;Rendered</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>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">2017</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>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">2016</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>   </tr>
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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;">Audit fees (1)</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;">36.6</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>
<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;">23.0</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>
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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;">Tax fees (2)</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>
<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;">1.8</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>
<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;">1.8</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>
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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;">All other fees   (3)</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.3</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>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;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;">0.6</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>
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<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;">Total</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>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;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;">38.7</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>
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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;">25.4</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>  </table>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;Includes fees related to the integrated audit of the Consolidated Financial Statements as of December&nbsp;31, 2017 and 2016, limited reviews of interim financial statements presented during 2017 and 2016, SEC filing reviews and other attestation services.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;Includes fees for permitted tax compliance and tax advisory services.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;Includes fees for subscription to business publications and other non-audit related permitted services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.35pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Audit Committee Pre-approval Policies and Procedures</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;22, 2004, Telecom Argentina&#146;s Board of Directors approved policies and procedures relating to the pre-approval of auditors&#146; services and other permitted services (collectively, &#147;Pre-Approval Procedures&#148;) for the engagement of any service provided by external auditors to Telecom Argentina and its subsidiaries. Telecom Argentina&#146;s Board of Directors performed Pre-Approval Procedures until April&nbsp;2004. As of April&nbsp;2004, the date on which the Audit Committee came into effect, Pre-Approval Procedures were performed by the Audit Committee. Consequently, since that date, all auditors&#146; services were pre-approved by the Audit Committee.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Pre-Approval Procedures provide for services that require:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>specific pre-approval&#151;to be approved on a case-by-case basis; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>general pre-approval&#151;any category or general kind of service that come within the guidelines established to safeguard auditor independence and come within the maximum amounts set by the Audit Committee.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Pre-Approval Procedures also provide for the following categorization of services:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Prohibited services&#148; are those services that external auditors are not allowed to provide based on prohibitions contained in the statutory rules&nbsp;of Argentina and the United States (i.e., bookkeeping; financial information system design and implementation; appraisal or valuation services, fairness opinions or contribution-in-kind reports; actuarial services; internal audit outsourcing services; management functions; broker/dealer, investment adviser, or investment banking services; or expert services unrelated to the audit).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Services&#148; include (i)&nbsp;audit services; (ii)&nbsp;audit-related services; (iii)&nbsp;tax services; and (iv)&nbsp;other services such as permitted internal control advice. Moreover, the services included in each category were also detailed, and, where appropriate, any limits imposed on the provision thereof to ensure external auditors&#146; independence.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Pre-Approval Procedures also require pre-approval for the following services:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Annual audit and quarterly reviews of Telecom Argentina&#146;s financial statements: the Audit Committee is required to approve the terms for the engagement and remuneration of such services.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Other &#147;Audit Services&#148;: the Audit Committee is required to define the services that will be subject to general pre-approval on an annual basis, setting the annual service fee amount, or the annual amount allocated to each individual service category, or to each service, within which fee caps the provision shall receive general pre-approval.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>&#147;Audit-related Services&#148; and &#147;Tax Services&#148;: the Audit Committee is required to define the categories or types of services that will receive general pre-approval, provided that they fall within the annual fee cap set for that service and establish the guidelines for prior engagement of these services.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Other Permitted Services: are not subject to general pre-approval, and any other services require specific pre-approval by the Audit Committee for each service.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Delegation: the Audit Committee may solely delegate the specific pre-approval of services with any of its members that qualify as an independent director. An independent director must immediately report to the Audit Committee after engaging any service by delegation. Under no circumstances may the authority to either approve or pre-approve services be delegated to the Management.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">203<a name="PB_203_110528_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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>Disclosure of overall billed fees: external auditors shall include in their audit reports the information about the relationship between the overall fees paid in respect of Audit Services and in respect of services other than Audit Services. In addition, the Audit Committee shall, on a yearly basis, prepare a report to the Board of Directors, which will be included in this Annual Report, providing a detailed account of all fees invoiced by external auditors to Telecom Argentina and to its subsidiaries, grouped into four categories, namely: audit fees, audit related fees, tax consultation fees and all other fees.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Additional requirements: the Audit Committee is required to adopt additional measures to fulfill its supervisory obligations related to external auditors&#146; duties, in order to ensure the independence from the Company, such as the review of a formal written statement by the external auditors outlining all relations existing between them and Telecom Argentina, in accordance with Rule&nbsp;No.&nbsp;1 of the Independence Standards Board, and discussions with the external auditors and the methods and procedures that have been designed to ensure their independence.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Amendments: the Audit Committee has authority to amend the pre-approval procedures (the &#147;Pre-Approval Procedures&#148;), rendering an account of any such amendment to the Board of Directors during the first meeting of the Board of Directors held after making the amendments.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Telecom Argentina&#146;s external auditors are to provide any service, the service must either be granted as general pre-approval or specific pre-approval under the Pre-Approval Procedures. The Pre-Approval Procedures require the Audit Committee to consider whether the services to be provided are consistent with the legal and professional rules&nbsp;in effect in Argentina and the United States relating to external auditors&#146; independence.</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;">ITEM 16D.</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b><a name="ITEM16D_EXEMPTIONSFROMTHELISTING_045024"></a></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</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><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16E.</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>PURCHASES OF EQUITY SECURITIES BY THE COMPANY AND AFFILIATED PURCHASERS</b><a name="ITEM16E_PURCHASESOFEQUITYSECURIT_045026"></a></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</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><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16F.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>CHANGE IN REGISTRANT&#146;S CERTIFYING ACCOUNTANT</b><a name="ITEM16F_CHANGEINREGISTRANTSCERTI_045029"></a></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></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;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">204<a name="PB_204_110528_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</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;">ITEM 16G.</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;&#160;&#160;&#160;&#160;&#160; </font><b>CORPORATE GOVERNANCE</b><a name="ITEM16G_CORPORATEGOVERNANCE_045306"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s corporate governance practices differ from corporate governance practices of U.S. companies. Telecom Argentina maintains a detailed description of the significant differences in corporate governance practices on its website at www.telecom.com.ar, last updated in February&nbsp;2018</font>.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary of the material aspects in which Telecom Argentina&#146;s corporate governance policies differ from those followed by U.S. companies under NYSE listing standards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Composition of the Board of Directors: The NYSE requires each Board of Directors to be composed of a majority of independent directors. Although this is not required under Argentine law, as of the date of this Annual Report, the eleven-member Board of Directors of Telecom Argentina has three regular directors and two alternate directors who qualify as &#147;independent&#148; according to SEC Rules.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Annual Self-Evaluation of the Board of Directors: The NYSE requires the Boards of Directors of listed companies to conduct a self-evaluation at least annually, and report thereon, informing whether it and its committees are functioning effectively. Under Argentine law, the Board of Directors&#146; performance is evaluated at the Annual Ordinary Shareholders Meeting.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Nominating/Corporate Governance Committee: NYSE listed companies are required to have a nominating/corporate governance committee. Neither Argentine law nor Telecom Argentina&#146;s Bylaws require the creation of a nominating/corporate governance committee. In Argentina, it is unusual (though possible) for the Board of Directors to nominate new directors and the Board of Directors of Telecom Argentina refrains from making such proposals. Under Argentine law, the right to nominate and appoint directors is granted to shareholders. On certain occasions, the GCL delegates the right to designate directors to the Supervisory Committee.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Compensation committee: NYSE listed companies are required to have a compensation committee composed entirely of independent directors. Neither Argentine law nor Telecom Argentina&#146;s Bylaws require the creation of a Compensation committee. Telecom Argentina&#146;s executive compensation matters are undertaken by Executive Committee and the the Board of Directors. The compensation of the members of Telecom Argentina&#146;s Board of Directors is determined by the shareholders at the Annual Ordinary Shareholders&#146; Meeting.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;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>Audit Committee hiring policies: The NYSE requires listed companies to have an Audit Committee which sets clear hiring policies for employees or former employees of the independent auditors. There is no such provision regarding the hiring of external auditors&#146; employees contained in Argentine law or Telecom Argentina&#146;s bylaws.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the provisions of Annex IV, Title IV of CNV Rules&nbsp;Telecom Argentina prepares and submits to the CNV, on an annual basis, a report which indicates and details the CNV&#146;s recommended corporate governance practices as set forth in the CNV public offer regime, explains the practices followed by Telecom Argentina, and the reasons for any variation from practices recommended by the CNV. Telecom Argentina&#146;s 2017 Corporate Governance Report was submitted to the CNV as part of the Statutory Annual Report dated March&nbsp;9, 2018. Telecom Argentina&#146;s Corporate Governance Reports submitted to the CNV can be accessed through the CNV&#146;s website, www.cnv.gob.ar and Telecom Argentina&#146;s website, www.telecom.com.ar.</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;">ITEM 16H.</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;&#160;&#160;&#160;&#160;&#160; </font><b>MINE SAFETY DISCLOSURE</b><a name="ITEM16H_MINESAFETYDISCLOSURE_045310"></a></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></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;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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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;">PART&nbsp;III</font></b><a name="PARTIII_045311"></a></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;">ITEM 17.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>FINANCIAL STATEMENTS</b><a name="ITEM17_FINANCIALSTATEMENTS_045313"></a></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant has responded to Item 18 in lieu of responding to this 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 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;">ITEM 18.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>FINANCIAL STATEMENTS</b><a name="ITEM18_FINANCIALSTATEMENTS_045314"></a></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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is made to pages&nbsp;F-1 through F-115.</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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following financial statements are filed as part of this Annual Report:</font></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;"><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;">Page</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;"><a href="#TELECOMARGENTINAS_A__043825" title="Click to goto "><b>Telecom Argentina S.A.:</b></a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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;"><a href="#ReportofIndependentRegisteredPub_043045" title="Click to goto ">Report   of Independent Registered Public Accounting Firm</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-1</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;"><a href="#ManagementsReportonInternalContr_043052" title="Click to goto ">Management&#146;s   Report on Internal Control over Financial Reporting</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-3</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;"><a href="#CONSOLIDATEDSTATEMENTSOFFINANCIA_071506" title="Click to goto ">Consolidated   Statements of Financial Position</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-5</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;"><a href="#CONSOLIDATEDINCOMESTATEMENTS_071510" title="Click to goto ">Consolidated   Income Statements</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-6</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;"><a href="#CONSOLIDATEDSTATEMENTSOFCOMPREHE_071514" title="Click to goto ">Consolidated   Statements of Comprehensive Income</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-7</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;"><a href="#CONSOLIDATEDSTATEMENTSOFCHANGESI_034123" title="Click to goto ">Consolidated   Statements of Changes in Equity</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-8</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;"><a href="#CONSOLIDATEDSTATEMENTSOFCASHFLOW_072751" title="Click to goto ">Consolidated   Statements of Cash Flows</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-10</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;"><a href="#Glossaryofterms_073946" title="Click to goto ">Glossary   of Terms</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-11</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;"><a href="#Note1Descriptionofbusinessandbas_074322" title="Click to goto ">Notes   to the Consolidated Financial Statements</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-14</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><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;">ITEM 19.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>EXHIBITS</b><a name="ITEM19_EXHIBITS2_045316"></a></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 .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Exhibits:</font></i></p>
<p style="margin:0in 0in .0001pt .25in;"><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;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<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;">1.1</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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000119312516452444/d107439d6k.htm"><i>Estatutos</i> Sociales (Bylaws) of Telecom Argentina, as   amended (English translation) (incorporated by reference to Telecom&#146;s report   on Form&nbsp;6-K filed on February&nbsp;5, 2016).</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>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">1.2</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>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000110465917056023/a17-12147_24ex99d1.htm">Amendment   to the <i>Estatutos</i> Sociales (Bylaws) of Telecom   Argentina (English translation) (previously furnished on Form&nbsp;6-K (File   No.&nbsp;001-13464) on September&nbsp;7, 2017 and incorporated by reference   herein).</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;text-align:justify;"><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;">4.1</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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposit Agreement,   dated November&nbsp;8, 1994 (incorporated by reference to Telecom&#146;s   registration statement on Form&nbsp;F-6 (No.&nbsp;333-07452)).</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>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">4.2</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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Amendment   No.&nbsp;1 to Deposit Agreement, dated August&nbsp;28, 1997 (incorporated by   reference to Telecom&#146;s registration statement on Form&nbsp;F-6   (No.&nbsp;333-07452)).</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>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">8.1</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>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a18-5108_1ex8d1.htm#Exhibit8_1_074405" title="Click to goto ">List of Subsidiaries.</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>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">12.1</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>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a18-5108_1ex12d1.htm#Exhibit12_1_074445" title="Click to goto ">Certification of Carlos Moltini of Telecom Argentina   S.A. pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</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>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">12.2</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a18-5108_1ex12d2.htm#Exhibit12_2_074418" title="Click to goto ">Certification of Gabriel Blasi of Telecom Argentina   S.A. pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</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>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">13.1</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a18-5108_1ex13d1.htm#Exhibit13_1_074416" title="Click to goto ">Certification of Carlos Moltini and Gabriel Blasi   pursuant to U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906   of the Sarbanes-Oxley Act of 2002.</a></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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&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;">PART&nbsp;III</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">206<a name="PB_206_120438_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></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;">15.1</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000110465917044172/a17-16047_2ex99d32.htm">Telecom   Shareholders&#146; Agreement among VLG Argentina LLC, CVH, Fintech Telecom, LLC,   Fintech Media, LLC and Fintech Advisory Inc., dated July&nbsp;7, 2017   (previously filed as Exhibit&nbsp;32 to Telecom&#146;s Schedule 13D filed on   July&nbsp;10, 2017 and incorporated by reference herein).</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>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.2</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000110465917033291/a17-12147_1f4.htm">Preliminary   Reorganization Agreement among Telecom, Nortel, Sofora and Personal, dated   March&nbsp;31, 2017 (included as Annex A of the registration statement on Form&nbsp;F-4   filed by Telecom on May&nbsp;17, 2017 and incorporated by reference herein).</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>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">15.3</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000110465917053731/a17-12147_17ex99d2.htm">Preliminary   Merger Agreement between Telecom and Cablevisi&#243;n, dated June&nbsp;30, 2017,   and the related exhibits thereto (previously furnished on Form&nbsp;6-K (File   No.&nbsp;001-13464) on August&nbsp;28, 2017 and incorporated by reference   herein).</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>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">15.4</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a18-5108_1ex15d4.htm#Exhibit15_915_12_062023" title="Click to goto ">Term Loan Agreement between Telecom Argentina and   Citibank, N.A., HSBC M&#233;xico S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo   Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan   Chase Bank, N.A. and Banco Santander, S.A, as lenders, Citigroup Global   Markets Inc., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo   Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited,   JPMorgan Chase Bank, N.A. and Banco Santander, S.A. as joint bookrunners and   lead arrangers, Citibank N.A., as administrative agent, and the Branch of   Citibank N.A, established in the Republic of Argentina, as onshore custody   agent, dated February&nbsp;2, 2018.</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>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">101.INS</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>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Instance Document</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;">101.SCH</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Schema</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.CAL</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Calculation Linkbase</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.DEF</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Definition Linkbase</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.LAB</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Label Linkbase</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;">101.PRE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Presentation Linkbase</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>
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<td width="73%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:73.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&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;">PART&nbsp;III</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">207<a name="PB_207_120438_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></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>
<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-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant hereby certifies that it meets all of the requirements for filing on Form&nbsp;20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.</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>
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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;">Telecom Argentina 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:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/</font>s/ G<font size="1" style="font-size:8.0pt;">ABRIEL</font>   B<font size="1" style="font-size:8.0pt;">LASI</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<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:6.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel Blasi</font></p>    </td>   </tr>
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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>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<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:6.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</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>April&nbsp;20, 2018</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.<a name="TELECOMARGENTINAS_A__043825"></a></font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">Consolidated Financial Statements as of December&nbsp;31, 2017 and 2016 and for the years ended December&nbsp;31, 2017, 2016 and 2015</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Alicia Moreau de Justo 50</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">(1107) Ciudad Aut&#243;noma de Buenos Aires</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">$: Argentine peso</font></b></p>
<p style="margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">US$: US dollar</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">$18.65 = US$1 </font></b><b><font face="Arial" style="font-weight:bold;">as of December&nbsp;31, 2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Report of Independent Registered Public Accounting Firm</font></b><a name="ReportofIndependentRegisteredPub_043045"></a></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;">To the</font> Board of Directors and Shareholders of Telecom Argentina S.A.</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><i><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-style:italic;font-weight:bold;">Opinions on the Financial Statements and Internal Control over Financial Reporting</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">We have audited the accompanying </font>consolidated statements of financial position<font color="black" style="color:black;"> of Telecom Argentina S.A. </font>and its subsidiaries (the &#147;Company&#148;) <font color="black" style="color:black;">as of </font>December&nbsp;31, 2017 and 2016, <font color="black" style="color:black;">and the related </font>consolidated statements of income, comprehensive income, changes in equity and cash flows <font color="black" style="color:black;">for each of the three years in the period ended</font> December&nbsp;31, 2017, including the related notes (collectively referred to as the &#147;consolidated financial statements&#148;). We also have audited the Company&#146;s internal control over financial reporting as of December&nbsp;31, 2017, based on criteria established in <i>Internal Control - Integrated Framework</i> (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In our opinion, the consolidated financial statements referred to above <font color="black" style="color:black;">present fairly, in all material respects, the financial position of the Company as of </font></font>December&nbsp;31, 2017 and 2016<font color="black" style="color:black;">, and the results of </font>their<font color="black" style="color:black;"> operations and </font>their<font color="black" style="color:black;"> cash flows for each of the three years in the period ended </font>December&nbsp;31, 2017<font color="black" style="color:black;"> in conformity with </font>International Financial Reporting Standards as issued by the International Accounting Standards Board<font color="black" style="color:black;">. </font>Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2017, based on criteria established in <i>Internal Control - Integrated Framework</i> (2013) issued by the COSO.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Basis for Opinions</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">The Company&#146;s management is responsible for these </font>consolidated<font color="black" style="color:black;"> financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting</font>, included in the accompanying Management&#146;s Report on Internal Control Over Financial Reporting<font color="black" style="color:black;">. Our responsibility is to express opinions on the Company&#146;s </font>consolidated<font color="black" style="color:black;"> financial statements and on the Company&#146;s internal control over financial reporting based on our</font> audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#147;PCAOB&#148;) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules&nbsp;and regulations of the Securities and Exchange Commission and the PCAOB.</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-align:justify;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">We conducted our</font> audits i<font color="black" style="color:black;">n accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the </font>consolidated<font color="black" style="color:black;"> financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.</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-align:justify;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Our audits of the </font>consolidated<font color="black" style="color:black;"> financial statements included performing procedures to assess the risks of material misstatement of the </font>consolidated<font color="black" style="color:black;"> financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the </font>consolidated<font color="black" style="color:black;"> financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the </font>consolidated<font color="black" style="color:black;"> financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Definition and Limitations of Internal Control over Financial Reporting</font></i></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-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements.</font></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="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">1</font></b><a name="PB_1_205757_3020"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</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;">&nbsp;</font></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;">/s/ PRICE WATERHOUSE&nbsp;&amp; CO. S.R.L.</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Partner)&nbsp;&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;">/s/ Marcelo Daniel Pfaff</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>
<p style="margin:0in 0in .0001pt 14.2pt;text-align:justify;text-indent:-14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Buenos Aires, Argentina</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;7, 2018</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" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">We have served as the Company&#146;s auditor since 2003.</font></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="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">2</font></b><a name="PB_2_205757_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Management&#146;s Report on Internal Control over Financial Reporting</font></b><a name="ManagementsReportonInternalContr_043052"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:11.0pt;">Telecom Group&#146;s Management is responsible for establishing and maintaining adequate internal control over financial reporting for Telecom Group as defined in Exchange Act Rule&nbsp;13a-15(f)&nbsp;and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards Board. Internal control over financial reporting includes those policies and procedures that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.65pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial" style="font-size:11.0pt;">pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Telecom Group;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.65pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial" style="font-size:11.0pt;">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that receipts and expenditures of Telecom Group are being made only in accordance with authorizations of Management and directors of Telecom Group; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.65pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial" style="font-size:11.0pt;">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Telecom Group&#146;s assets that could have a material effect on the financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:11.0pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:11.0pt;">Management conducted an evaluation of the effectiveness of Telecom Group&#146;s internal control over financial reporting based on the framework in Internal Control &#150; Integrated Framework 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#147;COSO 2013&#148;). Based on its evaluation, Management concluded that the Telecom Group&#146;s internal control over financial reporting was effective as of December&nbsp;31, 2017. The effectiveness of Telecom Group&#146;s internal control over financial reporting as of December&nbsp;31, 2017 has been audited by Price Waterhouse&nbsp;&amp; Co S.R.L., an independent registered public accounting firm, as stated in their report which is included herein.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">Buenos Aires, Argentina</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">March&nbsp;7, 2018</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">/s/ </font></b><b><font face="Arial" style="font-weight:bold;">Carlos A. Moltini</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" 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="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">/s/ Gabriel P. Blasi</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Chief Executive Officer</font></u></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" 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><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Chief Financial Officer</font></u></b></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">3</font></b><a name="PB_3_205757_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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONTENTS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Page</font></u></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDSTATEMENTSOFFINANCIA_071506" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated Statements of Financial Position</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-5</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDINCOMESTATEMENTS_071510" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated Income Statements</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-6</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDSTATEMENTSOFCOMPREHE_071514" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated Statements of Comprehensive Income</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-7</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDSTATEMENTSOFCHANGESI_034123" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated Statements of Changes in Equity</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-8</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDSTATEMENTSOFCASHFLOW_072751" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated Statements of Cash Flows</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-10</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Glossaryofterms_073946" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Glossary of terms</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-11</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note1Descriptionofbusinessandbas_074322" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 1 &#150; Description of business and basis of preparation   of the consolidated financial statements</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-14</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note2REGULATORYFRAMEWORK_070502" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 2 &#150; Regulatory framework</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-18</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note3Significantaccountingpolici_062159" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 3 &#150; Significant accounting policies</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-41</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note4_041027" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 4 &#150; Cash and cash equivalents and Investments.   Additional information on the consolidated statements of cash flows</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-60</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note5_054452" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 5 &#150; Trade receivables</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-64</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note6_055137" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 6 &#150; Other receivables</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-65</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note7_061405" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 7 &#150; Inventories</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-66</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note8_065056" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 8 &#150; Property, plant and equipment</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-66</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note9_073755" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 9 &#150; Intangible assets</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-69</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note10_080434" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 10 &#150; Trade payables</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-70</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note11_080651" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 11 &#150; Deferred revenues</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-70</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note12Financialdebt_070726" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 12 &#150; Financial debt</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-71</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note13Salariesandsocialsecurityp_070821" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 13 &#150; Salaries and social security payables</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-74</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note14Incometaxpayablesincometax_070824" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 14 &#150; Income tax payables, income tax assets and   deferred income tax</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-74</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note15Othertaxespayables_070835" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 15 &#150; Other taxes payables</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-77</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note16Otherliabilities_070837" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 16 &#150; Other liabilities</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-77</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note17Provisions_070839" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 17 &#150; Provisions</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-77</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note18Commitments_070933" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 18 &#150; Commitments</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-84</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note19Equity_070945" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 19 &#150; Equity</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-85</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note20Financialinstruments_071054" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 20 &#150; Financial instruments</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-88</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note21Revenues_071142" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 21 &#150; Revenues</font></a></font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-93</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note22Operatingexpenses_071152" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 22 &#150; Operating expenses</font></a></font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-94</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note23Operatingincome_071157" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 23 &#150; Operating income</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-95</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note24Financeincomeandexpenses_071203" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 24 &#150; Finance income and expenses</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-97</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note25Earningspershare_071205" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 25 &#150; Earnings per share</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-97</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note26Financialriskmanagement_071207" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 26 &#150; Financial risk management</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-97</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note27Relatedpartybalancesandtra_114008" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 27 &#150; Related party balances and transactions</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-101</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note28Segmentinformation_113927" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 28 &#150; Segment information</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-103</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note29Quarterlyconsolidatedinfor_122417" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 29 &#150; Quarterly consolidated information</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-107</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note30Restrictionsondistribution_122422" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 30 &#150; Restrictions on distribution of profits and   dividends</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-107</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note31CorporateReorganizationoft_122426" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 31 &#150; Corporate reorganization of the Telecom Group   and its controlling companies</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-108</font></b></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note32MergerbyabsorptionbetweenT_070540" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 32 &#150; Merger by absorption between Telecom Argentina   and Cablevisi&#243;n S.A.</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-110</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Note33SubsequenteventstoDecember_122753" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 33 &#150; Subsequent events to December&nbsp;31, 2017</font></a></font></p>    </td>
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<p style="margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.94%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-114</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">4</font></b><a name="PB_4_205757_7608"></a></p>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFFINANCIA_071506"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:24.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">ASSETS</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current Assets</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cash and cash equivalents</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,831</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,945</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Investments</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,426</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,751</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade receivables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,636</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,577</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other receivables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,491</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,011</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Inventories</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">1,854</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">1,278</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt .5in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total current assets</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">18,238</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">15,562</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-Current Assets</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade receivables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">12</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">208</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other receivables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">419</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">360</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Income tax assets</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">626</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">680</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Investments</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,657</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">347</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Property, plant and equipment</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">28,538</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">23,165</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Intangible assets</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">7,098</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">7,592</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt .5in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total non-current assets</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">39,350</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">32,352</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL ASSETS</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">57,588</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">47,914</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">LIABILITIES</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current Liabilities</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade payables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">10</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11,483</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,979</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Deferred revenues</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">515</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">443</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial debt</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,194</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,266</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries and social security payables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,051</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,610</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Income tax payables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,748</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">724</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other taxes payables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,505</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,149</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other liabilities</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">16</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">85</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">69</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provisions</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">406</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">271</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt .5in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total current liabilities</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">21,987</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">16,511</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-Current Liabilities</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade payables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">10</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">101</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">152</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Deferred revenues</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">425</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">445</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial debt</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9,041</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,646</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries and social security payables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">259</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">184</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Deferred income tax liabilities</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">48</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">569</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Income tax payables</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other liabilities</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">16</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">220</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">170</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provisions</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,626</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,352</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt .5in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total non-current liabilities</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,722</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,525</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL LIABILITIES</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">33,709</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">28,036</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">EQUITY</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Equity attributable to Telecom Argentina (Controlling   Company)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23,086</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">19,336</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Equity attributable to non-controlling interest</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">793</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">542</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL EQUITY</font></b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(See Consolidated Statements of Changes in Equity)</font></i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">19</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23,879</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">19,878</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL LIABILITIES AND EQUITY</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">57,588</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">47,914</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">5</font></b><a name="PB_5_180609_9518"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED INCOME STATEMENTS</font></u></b><a name="CONSOLIDATEDINCOMESTATEMENTS_071510"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos, except per share data in Argentine pesos)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">For the years ended<br>   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></u></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Revenues</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">21</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">65,186</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">53,240</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">40,496</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   income</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">21</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">133</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">83</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">44</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total revenues and other income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">65,319</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">53,323</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">40,540</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Employee   benefit expenses and severance payments</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12,718)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,800)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,253)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interconnection   costs and other telecommunication charges</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,148)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,553)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,170)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fees   for services, maintenance, materials and supplies</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,600)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,006)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,919)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Taxes   and fees with the Regulatory Authority</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,107)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,125)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,943)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Commissions</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,631)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,849)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,193)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cost   of equipments and handsets</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,684)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,188)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,595)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Advertising</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,218)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(874)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(814)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cost   of VAS</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(874)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,499)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,256)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provisions</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(590)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(187)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(113)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bad   debt expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,113)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,228)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(564)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   operating expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,280)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,590)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,854)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Depreciation   and amortization</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,928)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,198)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,438)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Disposals   and impairment of PP&amp;E</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(316)</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(383)</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(199)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">12,112</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,843</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6,229</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Finance   income</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">24</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,115</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,006</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,130</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Finance   expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">24</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,601)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,250)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,232)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Income before income tax expense</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,626</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5,599</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5,127</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Income   tax expense</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,902)</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,594)</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,692)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net income for the year</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,724</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,005</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,435</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Telecom   Argentina (Controlling Company)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,630</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,975</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,403</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Non-controlling   interest</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">94</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">30</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,724</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,005</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,435</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Earnings per share attributable to Telecom   Argentina</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Basic and diluted</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">25</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7.87</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4.10</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3.51</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">6</font></b><a name="PB_6_184951_7056"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCOMPREHE_071514"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">For the years ended December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net income for the year</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,724</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,005</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,435</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other components of the Statements of   Comprehensive Income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><u><font size="1" face="Arial" style="font-size:9.0pt;">Will be reclassified subsequently to profit or loss</font></u></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Currency   translation adjustments (no effect on Income Tax)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">392</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">288</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">245</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">NDF   effects classified as hedges (Note 20)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><u><font size="1" face="Arial" style="font-size:9.0pt;">Will not be reclassified subsequently to profit or loss</font></u></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Actuarial   results (Notes 3.m and 16)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(24)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tax   effect</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other components of the comprehensive income,   net of tax</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">403</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">263</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">257</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total comprehensive income for the year</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,127</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,268</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,692</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Telecom   Argentina (Controlling Company)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,904</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,142</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,580</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Non-controlling   interest</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">223</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">126</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">112</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,127</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,268</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,692</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">7</font></b><a name="PB_7_185301_5335"></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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCHANGESI_034123"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="68%" colspan="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:68.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Equity attributable to   Telecom Argentina (Controlling Company)</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Owners contribution</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="5" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Reserves</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Outstanding<br>   shares</font></b></p>    </td>
<td width="10%" colspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Treasury shares</font></b></p>    </td>
<td width="5%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="5" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="3" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Capital<br>   nominal<br>   value<br>   (1)</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Inflation<br>   adjustment</font></b></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Capital<br>   nominal<br>   value<br>   (1)&nbsp;(2)</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Inflation<br>   adjustment <br>   (2)</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Treasury<br>   shares<br>   acquisition<br>   cost <br>   (2)</font></b></p>    </td>
<td width="3%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Legal<br>   reserve</font></b></p>    </td>
<td width="6%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Special<br>   reserve for<br>   IFRS<br>   implementation</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Voluntary<br>   reserve for<br>   capital<br>   investments (2)</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Voluntary<br>   reserve for<br>   future<br>   investments</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Voluntary<br>   reserve for<br>   future<br>   dividends<br>   payments</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Other<br>   comprehensive<br>   results</font></b></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Retained<br>   earnings</font></b></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="6%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Equity<br>   attributable<br>   to non-<br>   controlling<br>   interest</font></b></p>    </td>
<td width="3%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total<br>   Equity</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Balances as of January&nbsp;1, 2015</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">969</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,646</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">15</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">42</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">(461)</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">734</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">351</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,191</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,904</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">354</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,673</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">14,418</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">351</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">14,769</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Dividends   from N&#250;cleo (3)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(47)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(47)</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Dividends   (4)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(804)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(804)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(804)</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Voluntary   reserve for future dividends payments (4)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">2,869</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(2,869)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><u><font size="1" face="Arial" style="font-size:6.5pt;">Comprehensive   income</font></u><font size="1" face="Arial" style="font-size:6.5pt;">:</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Net   income for the year</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">3,403</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">3,403</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">32</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">3,435</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Other comprehensive income</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">177</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">177</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">80</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">257</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p align="right" style="margin:0in .05in .0001pt 2.9pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total Comprehensive Income</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">177</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,403</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,580</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">112</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,692</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Balances as of December&nbsp;31, 2015</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">969</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,646</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">15</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">42</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">(461)</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">734</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">351</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,191</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,904</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,869</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">531</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,403</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">17,194</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">416</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">17,610</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Voluntary   reserve for future dividends payments (5)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">3,403</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(3,403)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Dividends   (6)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(2,000)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(2,000)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(2,000)</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><u><font size="1" face="Arial" style="font-size:6.5pt;">Comprehensive   income</font></u><font size="1" face="Arial" style="font-size:6.5pt;">:</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Net   income for the year</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">3,975</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">3,975</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">30</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">4,005</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Other comprehensive income</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">167</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">167</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">96</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">263</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p align="right" style="margin:0in .05in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total Comprehensive Income</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">167</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,975</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">4,142</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">126</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">4,268</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in .05in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Balances as of December&nbsp;31, 2016</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">969</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,646</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">15</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">42</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">(461)</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">734</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">351</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,191</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,904</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">4,272</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">698</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,975</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">19,336</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">542</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">19,878</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in .05in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)&nbsp;As of December&nbsp;31, 2016 and 2015, total shares (984,380,978), of $1 argentine peso of nominal value each, were issued and fully paid. As of the same dates; 15,221,373 were treasury shares.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)&nbsp;Corresponds to 15,221,373 shares of $1 argentine peso of nominal value each, equivalent to 1.55% of total capital. The treasury shares acquisition costs amounted to 461. See Note 19 &#150; Equity to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(3)&nbsp;As approved by the Ordinary Shareholders&#146; Meeting of N&#250;cleo held on March&nbsp;26, 2015 and the Board of Directors&#146; meeting of N&#250;cleo held on December&nbsp;17, 2015.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(4)&nbsp;As approved by the Company&#146;s Ordinary Shareholders&#146; Meeting held on April&nbsp;29, 2015.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(5)&nbsp;As approved by the Company&#146;s Ordinary Shareholders&#146; Meeting held on April&nbsp;29, 2016.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(6)&nbsp;As approved by the Company&#146;s Board of Directors&#146; Meeting held on April&nbsp;29, 2016.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">8</font></b><a name="PB_8_154100_7095"></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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Cont.)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="68%" colspan="13" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:68.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Equity attributable to   Telecom Argentina (Controlling Company)</font></b></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Owners Contribution</font></b></p>    </td>
<td width="5%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="5" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Reserves</font></b></p>    </td>
<td width="5%" style="border:none;padding:0in 0in 0in 0in;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" style="border:none;padding:0in 0in 0in 0in;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Outstanding<br>   shares</font></b></p>    </td>
<td width="10%" colspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Treasury shares</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" style="border:none;padding:0in 0in 0in 0in;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Capital<br>   nominal<br>   value<br>   (1)</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Inflation<br>   adjustment</font></b></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Capital<br>   nominal<br>   value<br>   (1)&nbsp;(2)</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Inflation<br>   adjustment <br>   (2)</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Treasury<br>   shares<br>   acquisition<br>   cost <br>   (2)</font></b></p>    </td>
<td width="3%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Legal<br>   reserve</font></b></p>    </td>
<td width="6%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Special<br>   reserve for<br>   IFRS<br>   implementation</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Voluntary<br>   reserve for<br>   capital<br>   investments (2)</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Voluntary<br>   reserve for<br>   future<br>   investments</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Voluntary<br>   reserve for<br>   future<br>   dividends<br>   payments</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Other<br>   comprehensive<br>   results</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Cost of the<br>   increase<br>   of the<br>   share in<br>   controlled<br>   companies</font></b></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Retained<br>   earnings</font></b></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="6%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Equity<br>   attributable<br>   to non-<br>   controlling<br>   interest</font></b></p>    </td>
<td width="3%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total<br>   Equity</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Balances as of January&nbsp;1, 2017</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">969</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,646</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">15</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">42</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">(461)</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">734</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">351</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,191</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,904</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">4,272</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">698</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,975</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">19,336</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">542</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">19,878</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Dividends   from N&#250;cleo (3)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(35)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(35)</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Voluntary   reserve for future dividends payments (4)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(2,730)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(2,904)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">9,609</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(3,975)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Increase   of the share in Personal (5)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(3)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(3)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(3)</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Tuve&#146;s   Paraguay acquisition (6)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">63</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">63</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Dividends   (7)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(4,151)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(4,151)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">(4,151) </font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><u><font size="1" face="Arial" style="font-size:6.5pt;">Comprehensive   income</font></u><font size="1" face="Arial" style="font-size:6.5pt;">:</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Net   income for the year</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">7,630</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">7,630</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">94</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">7,724</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Other comprehensive income</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">274</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">274</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">129</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">403</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total Comprehensive Income</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">274</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">7,630</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">7,904</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">223</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">8,127</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Balances as of December&nbsp;31, 2017</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">969</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,646</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">15</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">42</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">(461)</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">734</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">351</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">461</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">9,730</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">972</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">(3)</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">7,630</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">23,086</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">793</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">23,879</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" 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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)&nbsp;As of December&nbsp;31, 2017 and 2016, total shares (984,380,978), of $1 argentine peso of nominal value each, were issued and fully paid. As of the same dates; 15,221,373 were treasury shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)&nbsp;Corresponds to 15,221,373 shares of $1 argentine peso of nominal value each, equivalent to 1.55% of total capital. The treasury shares acquisition costs amounted to 461. See Note 19 &#150; Equity to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(3)&nbsp;As approved by the Ordinary Shareholders&#146; Meeting of N&#250;cleo held on March&nbsp;28, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(4)&nbsp;As approved by the Company&#146;s Ordinary and Extraordinary Shareholders&#146; Meeting held on April&nbsp;27, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(5)&nbsp;See Note 3.u.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(6)&nbsp;See Note 3.e.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(7)&nbsp;As approved by the Company&#146;s Board of Directors&#146; Meeting held on December&nbsp;18, 2017. The amount in pesos is $&nbsp;4,150,312,272, which was rounded in this Consolidated Statement of changes in equity to be presented in millions of pesos to 4,151.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">9</font></b><a name="PB_9_173722_3698"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCASHFLOW_072751"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">For the years ended<br>   December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></u></b></p>    </td>   </tr>
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<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">CASH FLOWS FROM OPERATING ACTIVITIES</font></u></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net income for   the year</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,724</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,005</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,435</font></p>    </td>   </tr>
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<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Adjustments   to reconcile net income to net cash flows provided by operating activities</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Bad debt expenses</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,113</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,228</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">564</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Allowance for obsolescence of inventories, materials   and other</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">103</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">77</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">72</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Depreciation of property, plant and equipment</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5.039</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,358</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,046</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Amortization of intangible assets</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,889</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,840</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,392</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Consumption of materials</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,125</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">507</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">294</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Disposals and impairment of property, plant and   equipment</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">21/22</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">276</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">366</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">199</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Net book value of property, plant and equipment</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">77</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">21</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Provisions</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">590</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">187</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">113</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Other financial results</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,165</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,721</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">351</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Income tax expense</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,902</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,594</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,692</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Income tax paid</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,400)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,700)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,631)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Net increase in assets</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,592)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,660)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,640)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Net increase (decrease) in liabilities</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,321</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,179)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,890</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total cash   flows provided by operating activities</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">19,332</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,365</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6,812</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">CASH FLOWS   FROM INVESTING ACTIVITIES</font></u></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Property, plant and equipment acquisitions</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(10,727)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,541)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,148)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">3G/4G licenses acquisitions</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,256)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Other intangible asset acquisitions</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(971)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,798)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,310)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Personal shares acquisitions</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Proceeds from the sale of property, plant and equipment</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">27</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">19</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Acquisition of Tuves Paraguay</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Incorporated by Merge with Nortel</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Investments not considered as cash and cash equivalents</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,627)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(20)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(976)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total cash   flows used in investing activities</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(14,294)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(11,340)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(9,651)</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">CASH FLOWS   FROM FINANCING ACTIVITIES</font></u></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Proceeds from financial debt</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,730</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9,337</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,301</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Payment of financial debt</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,986)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,936)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(31)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Payment of interests and related expenses</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(848)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,573)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(471)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Payment of cash dividends and related withholding tax</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.b</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,192)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,000)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(849)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total cash   flows (used in) provided by financing activities</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(6,296)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,828</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,950</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-.1in;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">NET FOREIGN EXCHANGE   DIFFERENCES ON CASH AND CASH EQUIVALENTS</font></u></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">144</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">222</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">75</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(DECREASE)   INCREASE IN CASH AND CASH EQUIVALENTS</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,114)</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,075</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">186</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">CASH AND   CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.a</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,945</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">870</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">684</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">CASH AND   CASH EQUIVALENTS AT THE END OF THE YEAR</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4.a</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,831</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,945</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">870</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">See Note 4.b for additional information on the consolidated statements of cash flows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">10</font></b><a name="PB_10_192430_444"></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Glossary of terms</font></u></b><a name="Glossaryofterms_073946"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">The following explanations are not intended as technical definitions, but to assist the general reader to understand certain terms as used in these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">AMBA (&#193;rea Metropolitana de Buenos Aires): </font></i><font face="Arial">the Metropolitan Area of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ADS:</font></i><font face="Arial">&#160; Telecom Argentina&#146;s American Depositary Share, listed on the New York Stock Exchange, each representing 5 Class&nbsp;B Shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ADSL </font></i><font face="Arial">(Asymmetric Digital Subscriber Line): A modem technology that converts existing twisted-pair telephone lines into access paths for multimedia and high-speed data communications.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">BYMA (Bolsas y Mercados Argentinos): </font></i><font face="Arial">The Buenos Aires Stock Exchange.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">BCRA (Banco Central de la Rep&#250;blica Argentina): </font></i><font face="Arial">The Buenos Aires Central Bank.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CAPEX (Inversiones en bienes de capital): Capital expenditures.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CNC (Comisi&#243;n Nacional de Comunicaciones):</font></i><font face="Arial"> The Argentine National Communications Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CNDC (Comisi&#243;n Nacional de Defensa de la Competencia): </font></i><font face="Arial">Argentine Antitrust Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CNV (Comisi&#243;n Nacional de Valores):</font></i><font face="Arial"> The Argentine National Securities Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Company or Telecom Argentina</font></i><font face="Arial">: Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CONATEL (Comisi&#243;n Nacional de Telecomunicaciones del Paraguay): </font></i><font face="Arial">The Regulatory Authority of Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CPCECABA (Consejo Profesional de Ciencias Econ&#243;micas de la Ciudad Aut&#243;noma de Buenos Aires): </font></i><font face="Arial">The Professional Council of Economic Sciences of the City of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CPP: </font></i><font face="Arial">Calling Party Pays.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">CVH: Cablevisi&#243;n Holding S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">&#147;Cuentas claras&#148; or &#147;Abono Fijo&#148;:</font></i><font face="Arial"> Under the &#147;Cuentas claras&#148; or &#147;Abono Fijo&#148; plans, a subscriber pays a set monthly bill and, once the contract minutes per month have been used, the subscriber can obtain additional credit by recharging the phone card through the prepaid system.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">D&amp;A: </font></i><font face="Arial">Depreciation and amortization.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ENACOM (Ente Nacional de Telecomunicaciones): </font></i><font face="Arial">The Regulatory Authority of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">DLD</font></i><font face="Arial">: Domestic long-distance.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ENARD (Ente Nacional de Alto Rendimiento Deportivo): National High Sport Performance Organization.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ENTel (Empresa Nacional de Telecomunicaciones): </font></i><font face="Arial">Argentine State Telecommunication Company, which was privatized in November, 1990.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">FACPCE (Federaci&#243;n Argentina de Consejos Profesionales en Ciencias Econ&#243;micas):</font></i><font face="Arial"> Argentine Federation of Professional Councils of Economic Sciences.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">FFSU or SU Fund (Fondo Fiduciario del Servicio Universal): </font></i><font face="Arial">Universal Service Fiduciary Fund</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Fintech: </font></i><font face="Arial">Fintech Telecom LCC, Sofora&#146;s parent company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IAS</font></i><font face="Arial">:&#160; International Accounting Standards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IASB</font></i><font face="Arial">:&#160; International Accounting Standards Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IDC (Impuesto a los d&#233;bitos y cr&#233;ditos bancarios)</font></i><font face="Arial">: Tax on deposits to and withdrawals from bank accounts.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IFRS</font></i><font face="Arial">:&#160; International Financial Reporting Standards, as issued by the International Accounting Standards Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IGJ (Inspecci&#243;n General de Justicia): </font></i><font face="Arial">General Board of Corporations<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">LAD (Ley Argentina Digital): </font></i><font face="Arial">Argentine Digital Law No.&nbsp;27,078.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Lebacs (Letras del BCRA)</font></i><font face="Arial">: Bonds issued by the BCRA.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">LGS (Ley de General de Sociedades): </font></i><font face="Arial">Argentine Corporations Law No.&nbsp;19,550 as amended. </font><font face="Arial">Since the enforcement of the new Civil and Commercial Code its name was changed to &#147;General Corporations Law&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">11</font></b><a name="PB_11_194128_5269"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Micro Sistemas:</font></i><font face="Arial"> Micro Sistemas S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">NDF: </font></i><font face="Arial">Non-Deliverable Forward.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Nortel:</font></i><font face="Arial"> Nortel Inversora S.A., the parent company of the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">N&#250;cleo</font></i><font face="Arial">: N&#250;cleo S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">NYSE: New York Stock Exchange.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">OCI:</font></i><font face="Arial"> Other Comprehensive Income.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PCS: </font></i><font face="Arial">Personal Communications Service. A mobile communications service with systems that operate in a manner similar to cellular systems.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PEN: National Executive Power.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Personal</font></i><font face="Arial">:&#160; Telecom Personal S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PPP (Programa de Propiedad Participada): </font></i><font face="Arial">Share Ownership plan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PP&amp;E</font></i><font face="Arial">:&#160; Property, plant and equipment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Price Cap:</font></i><font face="Arial"> rate regulation mechanism applied to determine rate discounts based on a formula made up by the U.S. Consumer Price Index and an efficiency factor. The mentioned factor was established initially in the List of Conditions and afterwards in different regulations by the SC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Publicom: </font></i><font face="Arial">Publicom S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Regulatory Authority:</font></i><font face="Arial"> Previously, the SC and the CNC. Since the issuance of the Decree of Need and Urgency No.267/15, the Regulatory Authority is the National Communications Agency (ENACOM).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Roaming:</font></i><font face="Arial"> a function that enables mobile subscribers to use the service on networks of operators other than the one with which they signed their initial contract. The roaming service is active when a mobile device is used in a foreign country (included in the GSM network).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RT:</font></i><font face="Arial">&#160; Technical resolutions issued by the FACPCE.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RT 26</font></i><font face="Arial">: Technical resolution No, 26 issued by the FACPCE, amended by RT29 and RT43.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SAC:&#160; </font></i><font face="Arial">Subscriber Acquisition Costs.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SBT (Servicio b&#225;sico telef&#243;nico): Basic telephone service.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SC (Secretar&#237;a de Comunicaciones):</font></i><font face="Arial"> The Argentine Secretary of Communications.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SEC:</font></i><font face="Arial"> Securities and Exchange Commission of the United States of America.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SRMC (Servicio de Radiocomunicaciones M&#243;vil Celular):</font></i><font face="Arial"> Cellular Mobile Radiocommunications Service.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SMS:</font></i><font face="Arial"> Short message systems.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Sofora:</font></i><font face="Arial"> Sofora Telecomunicaciones S.A. Nortel&#146;s controlling company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Springville:</font></i><font face="Arial"> Springville S.A. Personal sold its equity interest in Springville on February&nbsp;19, 2014.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">STM (Servicio de Telefon&#237;a M&#243;vil): </font></i><font face="Arial">Mobile Telephone Service.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SU:</font></i><font face="Arial"> The availability of Basic telephone service, or access to the public telephone network via different alternatives, at an affordable price to all persons within a country or specified area.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom Group/Group</font></i><font face="Arial">: Telecom Argentina and its consolidated subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom Italia Group:</font></i><font face="Arial"> Telecom Italia S.p.A and its consolidated subsidiaries, except where referring to the Telecom Italia Group as Telecom Argentina&#146;s operator in which case it means Telecom Italia S.p.A and Telecom Italia International, N.V.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom USA</font></i><font face="Arial">: Telecom Argentina USA Inc.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telco S.p.A.</font></i><font face="Arial">: A joint company made up of Assicurazioni Generali S.p.A.,&nbsp;Intesa San Paolo S.p.A., Mediobanca S.p.A., Sintonia S.A. and Telef&#243;nica, S.A. (of Spain).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telef&#243;nica: </font></i><font face="Arial">Telef&#243;nica de Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">TLRD (Terminaci&#243;n Llamada Red Destino):</font></i><font face="Arial"> Termination charges from third parties&#146; wireless networks.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">UNIREN (Unidad de Renegociaci&#243;n y An&#225;lisis de Contratos de Servicios P&#250;blicos):</font></i><font face="Arial"> Renegotiation and Analysis of Contracts of Public Services Division.</font></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="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">12</font></b><a name="PB_12_194228_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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">US GAAP:</font></i><font face="Arial"> United States of America Generally Accepted Accounting Principles.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">VAS (Value-Added Services):</font></i><font face="Arial"> Services that provide additional functionality to the basic transmission services offered by a telecommunications network such as SMS, Video streaming, Personal Video, Personal Cloud, M2M (Communication Machine to Machine), Social networks, Personal Messenger, Contents and Entertainment (content and text subscriptions, games, music ringtones, wallpaper, screensavers, etc), MMS (Mobile Multimedia Services) and Voice Mail, among others.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">WAI:</font></i><font face="Arial"> W de Argentina &#150; Inversiones S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">13</font></b><a name="PB_13_194255_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 1 &#150; Description of business and basis of preparation of the consolidated financial statements</font></b><a name="Note1Descriptionofbusinessandbas_074322"></a></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">The Company and its operations</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina was created through the privatization of ENTel, the state-owned company that provided telecommunication services in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s license, as originally granted, was exclusive to provide telephone services in the northern region of Argentina since November&nbsp;8, 1990 through October&nbsp;10, 1999. As from such date, the Company also began providing telephone services in the southern region of Argentina and competing in the previously exclusive northern region.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company provides mainly fixed-line public and mobile telecommunication services, international long-distance service, data transmission and Internet services in Argentina and through its subsidiaries, mobile telecommunications services Paraguay and international wholesale services in the United States of America. Information on the Telecom Group&#146;s licenses and the regulatory framework is described in Note 2.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders Meeting held on June&nbsp;22, 2015 approved the Telecom Argentina&#146;s corporate purpose change, adapting it to the new definition of ICT services of the LAD and, thus, including the possibility of providing Audiovisual Communication Services. The Company obtained authorization from the AFTIC and later of the CNV and IGJ, which registered the amendment of the Company&#146;s bylaws on September&nbsp;26, 2015.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the merger between the Company and Cablevisi&#243;n S.A. (Note 32), Telecom Argentina as surviving entity will develop starting on fiscal year 2018 the operations that Cablevisi&#243;n S.A. had as of December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For the year 2017, entities included in the consolidation process and the respective equity interest owned by Telecom Argentina is presented as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<tr>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Subsidiaries</font></b></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Percentage of capital<br>   stock owned and<br>   voting rights as of<br>   12/31/17 (i)</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Indirect<br>   control<br>   through</font></b></p>    </td>
<td width="18%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Date of acquisition</font></b></p>    </td>
<td width="25%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Segment that consolidates<br>   (Note 28)</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Telecom USA</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">100.00%</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">09.12.00</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Fixed Services</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Micro Sistemas (ii)</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">100.00%</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">12.23.97</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Fixed Services</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Personal (iii)</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">07.06.94</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Personal Mobile Services</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">N&#250;cleo (iv)</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">67.50%</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">02.03.98</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">N&#250;cleo Mobile Servi</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">ces</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Personal Env&#237;os (iv)&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">67.50%</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N&#250;cleo</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">07.24.14</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">N&#250;cleo Mobile Services</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Tuves Paraguay (v)</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">47.25%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N&#250;cleo</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">06.30.17</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">N&#250;cleo Mobile Services</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.3in;">
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(i)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Percentage of equity interest owned has been   rounded.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(ii)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Dormant entity as of and for the fiscal years ended   December&nbsp;31, 2017, 2016 and 2015.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(iii)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Until November&nbsp;30, 2017, Telecom Argentina   owned 100% of Personal. Since December&nbsp;1, 2017 the reorganization   described in Note 31 was effective and from that date, mobile services   provided by Personal are continued by Telecom.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(iv)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest of 32.50% is owned by the   Paraguayan company ABC Telecomunicaciones S.A.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(v)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest of 22.75% is owned by the   Paraguayan company ABC Telecomunicaciones S.A and 30% is owned by TU VES S.A.   (Chile). On June&nbsp;30, 2017, the transaction by which N&#250;cleo acquired the   70% of shares and votes of Tuves Paraguay was performed.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><u><font color="black" face="Arial" style="color:black;font-weight:bold;">Segment reporting</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">An operating segment is defined as a component of an entity that engages in business activities from which it may earn revenues and incur expenses, and whose financial information is available, held separately, and evaluated regularly by the Telecom Group&#146;s Chief Executive Officer (&#147;CEO&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating segments are reported in a consistent manner with the internal reporting provided to the CEO, who is responsible for allocating resources and assessing performance of the operating segments under the accounting principles effective (IFRS as issued by the IASB). The accounting policies applied for segment information are the same for all operating segments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Information regarding segment reporting is included in Note 28.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c)</font></b><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><u><font color="black" face="Arial" style="color:black;font-weight:bold;">Basis of preparation</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements are a free translation from the original consolidated financial statements issued in Spanish and filed to the CNV in Argentina and contain the same information to the original version.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As required by CNV, these consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB, and in accordance with RT 26 (as amended by RT 29 and RT 43) of FACPCE as adopted by the CPCECABA.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">14</font></b><a name="PB_14_195533_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires Management to exercise its judgment in the process of applying the Telecom Group&#146;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these consolidated financial statements are disclosed in Note 3.w).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements (except for cash flow information) are prepared on an accrual basis of accounting. Under this basis, the effects of transactions and other events are recognized when they occur. Therefore income and expenses are recognized at fair value on an accrual basis regardless of when they are received or paid. When significant, the difference between the fair value and the nominal amount of income and expenses is recognized as finance income or expense using the effective interest method over the relevant period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The accompanying consolidated financial statements have also been prepared on a going concern basis (further details are provided in Note 3.a) and the figures are expressed in millions of pesos, otherwise indicated.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements for the year ended December&nbsp;31, 2017 were approved by resolution of the Board of Directors&#146; meeting held on March&nbsp;7, 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d)</font></b><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><u><font color="black" face="Arial" style="color:black;font-weight:bold;">Financial statement formats</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The financial statement formats adopted are consistent with IAS 1. In particular:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of financial position</font></u><font color="black" face="Arial" style="color:black;"> have been prepared by classifying assets and liabilities according to &#147;current and non-current&#148; criterion. Current assets and liabilities are those that are expected to be realized/settled within twelve months after the year-end;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated income statements</font></u><font color="black" face="Arial" style="color:black;"> have been prepared by classifying operating expenses by nature of expense as this form of presentation is considered more appropriate and represents the way that the business of the Group is monitored by the Management, and, additionally, are in line with the usual presentation of expenses in the telecommunication industry;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of comprehensive income</font></u><font color="black" face="Arial" style="color:black;"> include the profit or loss for the year as shown in the consolidated income statement and all components of other comprehensive income;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of changes in equity</font></u><font color="black" face="Arial" style="color:black;"> have been prepared showing separately (i)&nbsp;profit (loss) for the year, (ii)&nbsp;other comprehensive income (loss) for the year, and (iii)&nbsp;transactions with shareholders (owners and non-controlling interest);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of cash flows</font></u><font color="black" face="Arial" style="color:black;"> have been prepared by presenting cash flows from operating activities according to the &#147;indirect method&#148;, as permitted by IAS 7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements contain all material disclosures required under IFRS. Some additional disclosures required by the LGS and/or by the CNV have been also included, among them, complementary information required in the last paragraph of Article&nbsp;1 Chapter III Title IV of the CNV General Resolution No.&nbsp;622/13. Such information is disclosed in Notes 7, 8, 9, 17, 20, 22 and 26 to these consolidated financial statements, as admitted by IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">e)</font></b><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Application of IAS 29 (Financial reporting in hyperinflationary economies)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">IAS 29 establishes the conditions under which an entity shall restate its financial statements if it is located in an economic environment considered &#147;hyperinflationary&#148;. It should be mentioned that if the qualitative and / or quantitative characteristics to consider an economy as a &#147;hyperinflationary&#148; economy set out in paragraph 3 of IAS 29 occur, the restatement of financial statements must be made retroactively from the date of the revaluation used as deemed cost (in the case of Group companies located in Argentina, since February&nbsp;2003) or from the acquisition date for assets acquired after that date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management periodically verifies the evolution of official statistics as well as the general factors of the economic environment in the countries in which the Telecom Group operates. The Company&#146;s Management also considers the opinion of other organizations interested in this matter: the national and international accounting profession, domestic and foreign audit firms, national and the United States&#146; capital market regulators, and, in particular, the International Practices Task Force (&#147;IPTF&#148;), aware that the conclusions to which a financial statement issuer arrives must be consistent with the vision of those organizations for an uniform application of IAS 29.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Although the standard does not establish an absolute rate at which hyperinflation is deemed to arise, usually - in compliance with the provisions of IAS 29- a cumulative inflation rate over three years approaching or exceeding 100% is used as reference in conjunction with other qualitative factors related to the macroeconomic environment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">15</font></b><a name="PB_15_195701_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company analyzes the economic environment as required by the provisions of IAS 29, based on the inflation rates published by the National Institute of Statistics and Census (INDEC), following the same criteria adopted by the accounting profession in the Argentine Republic.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The tables below show the evolution of these indexes in the last three years according to official statistics (INDEC), except for November&nbsp;and December&nbsp;2015, and Consumer Price and Internal Wholesale Price for the period November&nbsp;2015-April&nbsp;2016, when the INDEC was unable to publish Internal Wholesale Price Index and suggested to use Price Index published by the Province of San Luis and the City of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="84%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2015</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017 </font></u></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Consumer Price Index</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(*)</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(*)</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(**)</font></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Consumer Price Index (annual)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">20.6%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">36.3% </font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">24.8%</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Consumer Price Index (3 years accumulated)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">65.8%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">103.7%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">104.9%</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Internal Wholesale Price   Index</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Internal Wholesale Price Index (annual)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">19.2%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">34.6% </font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">18.8%</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Internal Wholesale Price Index (3 years accumulated)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">75.4%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">105.8% </font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.7%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.5pt;">(*) Consumer Price Index and Internal Wholesale Price Index published by INDEC until October&nbsp;were 11.9% and 10.6% respectively. These rates (which contain ten months accumulated), were updated with November&nbsp;and December&nbsp;2015 Consumer Price Index average rates for this two months (7.8%) published by the Province of San Luis and the City of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.5pt;">(**) Due to the unavailability of Consumer Price Index published by the INDEC, the Company estimated 16.6% for the period January-April&nbsp;2016; this estimation is an average of the indexes published by the Province of San Luis and the City of Buenos Aires for that period.&#160; The Consumer Price Index at national level published by the INDEC for the period May-December&nbsp;2016 was 16.9%.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Annual Price Index for the year 2017 (Consumer Price Index: 24.8%,&nbsp;Internal Wholesale Price: 18.8%) show a decrease in the level of inflation rates as compare to 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the high inflation levels in Argentina registered in late years, the Company&#146;s Management has further assessed the characteristics set out in paragraph 3 of IAS 29, including (i)&nbsp;the quantitative condition provided in section (e)&nbsp;&#147;<i>the cumulative inflation rate over three years is approaching, or exceeds, 100%</i>&#148;, as well as (ii)&nbsp;the qualitative characteristics contained in paragraphs a) to d) of that paragraph.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">From the analysis assessed as of December&nbsp;31, 2017, the Company&#146;s Management considers that the quantitative condition provided in section e) of IAS 29 hasn&#146;t been met considering Internal Wholesale Price Index, while the qualitative conditions of the Argentine economy are mixed (some of them would recommend the existence of a high inflation environment and others have not substantially changed respect to previous years, when it was concluded that financial statements should not be restated). Under these circumstances, and in order to objectify the analysis, the Company&#146;s Management gave priority to the conclusions reached by some international auditing firms to which the Company&#146;s Management had access, which considered that, to date, there was insufficient evidence to consider the Argentine economy as &#147;hyperinflationary&#148; under IAS 29 terms. Similar conclusions for US GAAP were reached by the IPTF, according to its memo issued on May&nbsp;16, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">An extract of the mentioned memo stated that: <i>&#147;Considering the guidance in ASC 830, it does not appear that Argentina would be required to be considered highly-inflationary for the reporting periods from January&nbsp;1, 2017 to June&nbsp;30, 2017 for calendar year-end registrants. Registrants would be expected to have appropriate controls in place to monitor Argentina&#146;s reported inflation data throughout 2017 and consider other pertinent economic indicators to determine if and when Argentina should be considered highly-inflationary &#147;</i>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">While there are differences in the definition of a &#147;hyperinflationary&#148; and &#147;highly inflationary&#148; environments between IFRS and US GAAP, respectively, the Company believes that the assessment of the macroeconomic situation of a country should be substantially similar under both accounting frameworks and, on this condition, considered consistent the conclusions arrived by the IPTF with those provided in the analysis assessed by international audit firms according to IFRS and US GAAP.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Company&#146;s Management will continue monitoring the characteristics and the evolution of the inflation rates in Argentina in order to comply properly with IAS 29 provisions, with special consideration of the pronouncements of argentine regulators &#150; which as of the date of issuance of these consolidated financial statements are forbidden to accept the filing of financial statements restated for inflation according to Decree No.664/03 and its supplementary standards. The Company&#146;s Management will also monitor the pronouncements of foreign regulators, as well as the evaluation that the domestic and international accounting profession will perform with regards to the uniform application of IAS 29 together with other issuers that apply IFRS in the Argentine Republic.</font></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="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">16</font></b><a name="PB_16_200405_3020"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">f) <u>Merger of Cubecorp Argentina S.A. (&#147;Cubecorp&#148;)</u></font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In July&nbsp;2008, Telecom Argentina acquired 100% of the shares of Cubecorp. With this acquisition, Telecom Argentina strengthens its Data Center services, as the Data Center acquired is equipped with world class infrastructure, which permits to offer clients with high reliability, availability and scalability customized to their needs.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In March&nbsp;2009, the Board of Directors of Cubecorp and Telecom Argentina approved the Merger Agreement, by which both companies would merge (subject to the approval of the CNV and to the approval of the Shareholders&#146; Meetings of Cubecorp and Telecom Argentina), being Telecom Argentina the surviving company and Cubecorp the dissolved without liquidation company. The CNV determined no legal or accounting observations for the merger and ordered the publication of the Merger Agreement in the Buenos Aires Stock Exchange&#146;s (&#147;the BCBA&#148;) Daily Bulletin and in the CNV&#146;s website (www.cnv.gov.ar, section &#147;Autopista de Informaci&#243;n Financiera&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Extraordinary Shareholders&#146; Meeting of Cubecorp held on March&nbsp;19, 2009, and the Annual General Ordinary and Extraordinary Shareholders&#146; Meeting of Telecom Argentina held on April&nbsp;28, 2010 approved the merger, the corresponding financial statements and, in the case of the Meeting of Cubecorp, the dissolution without liquidation of Cubecorp as provided by Law No.&nbsp;19,550 section 94 art. 7. Additionally, the Final Merger Agreement with Cubecorp was authorized, effective January&nbsp;1st, 2009. The period specified in the Law No.&nbsp;19,550 section 83 was completed and the Final Merger Agreement was granted on June&nbsp;2, 2010.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;7, 2010, the process of registration of the merger with the CNV began, whose Board of Directors, on June&nbsp;24, 2010, decided to hold the proceeding until the CNDC authorizes the acquisition of shares of Cubecorp by Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;5, 2017, Telecom Argentina was notified of the Secretary of Commerce Resolution No.&nbsp;2017-656-APN-SECC # MP that authorized the operation of economic concentration consisting of the purchase of 100% of Cubecorp&#146;s shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;6, 2017, Telecom Argentina requested the CNV to provide administrative compliance to the Merger of Telecom Argentina with Cubecorp in accordance with the provisions of Chapter X Title II of the CNV Rules&nbsp;(NT 2013) and send the proceedings to the IGJ for registration.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;12, 2017, the Board of Directors of the CNV ordered the merger by absorption of Telecom Argentina, as an acquiring company, and Cubecorp, as an absorbed company, and sent the proceedings to the IGJ for registration.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;27, 2018, the dissolution without liquidation of Cubecorp since the effect of the merger with the Company was registered in IGJ.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">g) Corporate reorganization of the Telecom Group</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;1, 2017, the corporate reorganization of the Telecom Group was effective as described in Note 31. Since as of the date of the Telecom Group&#146;s Reorganization date (i)&nbsp;Nortel and Sofora, that were holding companies with no operations or assets other than direct and indirect interests, respectively, in Telecom Argentina and (ii)&nbsp;Personal was a wholly-owned subsidiary of Telecom Argentina, Telecom&#146;s equity didn&#146;t change after the merger, showing only minor changes (incorporation of net assets from the investment of $ 14 and liabilities of the same amount, both from Nortel and Sofora as of November&nbsp;30, 2017). The Reorganization was accounted for under the absorbed Companies basis of accounting, as permitted by IFRS as issued by the IASB. Under this method, assets and liabilities of the absorbed Companies were incorporated by Telecom Argentina at their respective book values.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Note 2 - REGULATORY FRAMEWORK</font></b><a name="Note2REGULATORYFRAMEWORK_070502"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a) Regulatory Authority</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina is regulated by a set of rules&nbsp;and regulations that comprise the regulatory framework of the telecommunication sector in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Until the issuance of Law No.&nbsp;27,078, the LAD, which was published in the Official Gazette on December&nbsp;19, 2014 and has been in force since its publication, the telecommunication services provided by Telecom Argentina and its domestic subsidiaries were regulated by the CNC, a decentralized agency within the scope of the SC, which was also under the scope of the Ministry of Federal Planning, Public Investment and Services. (See &#147;&#151;Law No.&nbsp;27,078&#151;Argentine Digital Law&#148; below).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD created the Federal Authority of Information and Communication Technologies (&#147;AFTIC&#148;), as a decentralized and autonomous agency within the scope of the National Executive Power (PEN), which would act as the Regulatory Authority of the LAD and would replace, for all purposes, of the SC and the CNC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD conferred the AFTIC the regulation, control, supervision and verification functions concerning Information and Communication Technologies (&#147;ICT&#148;) in general, and in particular of the telecommunications, postal service and all those matters integrated to its field in accordance with the provisions of the LAD.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">By the end of December&nbsp;2015, the PEN issued the Decree of Need and Urgency (&#147;<i>Decreto de Necesidad y Urgencia&#148;</i> or hereinafter the &#147;DNU&#148;) No.&nbsp;267/15 published in the Official Gazette on January&nbsp;4, 2016. The DNU substantially amends Law No.&nbsp;26,522 (Audiovisual Communication Services &#150; &#147;SCA&#148;) and Law No.&nbsp;27,078 (LAD) and also creates the National Communications Agency (&#147;ENACOM&#148;) as a new Regulatory Authority of those laws. The ENACOM replaces the AFTIC and AFSCA (&#147;Federal Authority of Audiovisual Communication Services&#148;). This new Authority acts as an autonomous agency within the scope of the Ministry of Communications. See &#147;&#151;<i>Decree No.&nbsp;267/15 - Amendments to the &#147;LAD&#148;</i> below.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The ENACOM has started its operations on January&nbsp;5, 2016 with the 4 directors appointed by the PEN through Decree No.&nbsp;7/16, thus resulting in the constitution of the ENACOM as established by Article&nbsp;23 of Decree No.&nbsp;267/15.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board of ENACOM is composed of a Chairman and three directors appointed by the PEN, as well as three directors appointed by the Bicameral Commission of Audiovisual Communication and ICT services. </font><font face="Arial">The quorum is met with the attendance of four members</font><font face="Arial">. </font><font face="Arial">No special eligibility conditions are established to be a member of the Board</font><font face="Arial">; </font><font face="Arial">the only limitation is the non-existence of incompatibilities, under the terms of Law No.&nbsp;25,188</font><font face="Arial"> (&#147;Public Ethic&#148;). The ENACOM members can be removed directly and without cause by the PEN.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On August&nbsp;11, 2017, the National Government issued Decree No.&nbsp;632, whereby it approved the organizational structure of the Ministry of Modernization, according to the organization chart established in said Decree. Pursuant to this Decree, the ENACOM is now placed within the sphere of the Ministry of Modernization.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b) Regulatory framework of the services provided by Telecom Argentina and its subsidiaries</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Among the principal features of the regulatory framework governing the services provided by the Company and its domestic subsidiaries is worth mentioning:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The LAD, as amended by Decree of Need and Urgency No.&nbsp;267/15 and Decree No.&nbsp;1,340/16;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Law No.&nbsp;19,798 remains in force only to the extent that it does not conflict with the provisions set out under the LAD;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Privatization Regulations;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Transfer Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Licenses for providing telecommunication services granted to Telecom Argentina and Telecom Personal through several regulations (transferred to the Company after the reorganization &#150; Note 31), and the List of Conditions and their respective regulations;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">18</font></b><a name="PB_18_200655_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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, Law No.&nbsp;27,078 states that Decree No.&nbsp;764/00 and its amendments shall remain in force to the extent that it does not conflict with the provisions set out under the LAD, for the time required by the Regulatory Authority to draw up the regulations concerning the Licensing Framework for ICT Services, the Interconnection Regulation, the Universal Service Regulation and the Administration, Management and Control of the Spectrum Regulation. Also, the LAD states that Law No.&nbsp;19,798 (&#147;Ley Nacional de Telecomunicaciones&#148; passed in 1972) and its amendments shall remain in force in respect of those regulations not opposing its provisions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">N&#250;cleo and Tuves Paraguay are supervised by the <i>Comisi&#243;n Nacional de Telecomunicaciones de Paraguay</i>, the National Communications Commission of Paraguay (&#147;CONATEL&#148;) and its subsidiary Personal Env&#237;os S.A. is supervised by the <i>Banco Central de la Rep&#250;blica del Paraguay</i>. Additionally, Telecom USA, Telecom Argentina&#146;s subsidiary in the United States, is supervised by the Federal Communications Commission (the &#147;FCC&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c) Licenses granted as of December&nbsp;31, 2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">To Telecom Argentina</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:37.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, Telecom Argentina has been granted the following non-expiring licenses to provide the following services in Argentina:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Local fixed telephony;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Public telephony;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Domestic and international long-distance telephony;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Domestic and international point-to-point link services;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Domestic and international telex services;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">VAS, data transmission, videoconferencing and transportation of audio and video signals; and</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Internet access.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:19.65pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, the Company holds licenses originally granted to Personal which were transferred to Telecom since the Reorganization (Note 31). Such non-expiring licenses have been granted to provide mobile telecommunication services (STM) in the Northern Region of Argentina and data transmission and Value Added Services throughout the country, mobile radio communication services (SRMC) in the AMBA area, as well as a non-expiring license to provide PCS services throughout the country, and it is registered to provide national and international long-distance telephone services. Additionally, from November&nbsp;2014 Personal has been granted a license to provide Mobile Advanced Communications Services (SCMA) for 15 years as disclosed in Note 2.i).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">To Telecom Argentina&#146;s subsidiaries</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;text-indent:22.35pt;"><font size="2" face="Arial" style="font-size:10.0pt;">N&#250;cleo has been granted a license to provide mobile telecommunication services (STM and PCS) throughout Paraguay. In addition, N&#250;cleo has been granted a license for the installation and provision of Internet and Data throughout Paraguay. All these licenses have been granted for renewable five-year periods. See Note 2.i), regarding the auction process for 700 MHz band spectrum in Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;text-indent:22.35pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal Env&#237;os, a company controlled by N&#250;cleo, was authorized by the Central Bank of Paraguay to operate as an Electronic Payment Company (EMPE) through Resolution No.&nbsp;6 issued on March&nbsp;30, 2015, and its corporate purpose is restricted to such service.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 18.15pt;text-align:justify;text-indent:22.35pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tuves Paraguay, a company controlled by N&#250;cleo, has a license for the provision of telecommunications services and also the distribution of digital audio and television signals to homes, for the term of five years. The license was granted in March&nbsp;2010 and renewed in March&nbsp;2015 for a term of five years.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">19</font></b><a name="PB_19_200409_842"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d) Events of revocation of the Licenses</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s license is revocable in the case of non-compliance with certain obligations, including but not limited to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">repeated interruption of all or a substantial portion of service;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">a modification of corporate purpose without prior approval of the Regulatory Bodies or change of</font><font face="Arial">  </font><font face="Arial">domicile to a jurisdiction outside Argentina;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the transfer of the license to third parties without prior approval of the Regulatory Bodies;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the sale, encumbrance or transfer of assets which has the effect of reducing services supplied without the prior approval of the Regulatory Bodies;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">any transfer of shares resulting in a direct or indirect loss of control in Telecom Argentina which has not been executed ad referendum of the approval of the ENACOM and informed within 30 days following its completion (according to the provisions of article 8 of Decree No.&nbsp;267/15); and</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the bankruptcy of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">STM / SRMC / PCS / SCMA</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:19.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal&#146;s licenses (transferred to the Company), are revocable in case of non-compliance with certain obligations, including but not limited to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">repeated interruptions of Personal&#146;s services as set forth in the List of Conditions;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">any transfer of the license and/or the related rights and obligations, without the approval of the Regulatory Authority (according to the provision of article 8 of Decree No.&nbsp;267/15);</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">any encumbrance of the license;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">any voluntary insolvency proceedings or bankruptcy of Telecom; and</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">a liquidation or dissolution of Telecom, without the prior approval of the Regulatory Authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the Auction Terms and Conditions for the awarding of frequency bands for SCMA (and some bands for SRMC and PCS), approved by SC Resolution No.&nbsp;38/14, the authorization to use radio electric spectrum (as defined in the Auction) will be revocable under the following circumstances:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">repeated or persistent breaches of obligations related to quality indicators of services provided under the terms of the Regulation for the Quality of Telecommunications Services approved by SC Resolution No.&nbsp;5/13 (further information on filings of the Company and Personal against the sanction processes initiated by the Regulatory Authority related to quality matters is disclosed in k) below);</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">repeated or persistent failure of infrastructure sharing obligations and the conditions set for automatic roaming agreements established in the Terms and Conditions;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">repeated or persistent failure of the coverage obligations set in Annex III of the Terms and Conditions;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">assignment, transfer, encumbrance, lease or sale to third parties of the authorization for the use of the awarded bands, without authorization of the Regulatory Authority (according to the provision of article 8 of Decree No.&nbsp;267/15).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">N&#250;cleo and Tuves Paraguay&#146;s licenses are revocable mainly in the case of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">repeated interruptions of the services;</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">any voluntary insolvency proceedings or bankruptcy of N&#250;cleo and Tuves Paraguay; and</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">non-compliance with certain service obligations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the Resolution No.&nbsp;6/14 of the Central Bank of Paraguay, Personal Env&#237;os&#146; license to provide Electronic Payment services may be revoked by:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">insolvency proceedings or bankruptcy,</font></p>
<p style="font-size:10.0pt;margin:5.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">sanctions imposed by the Central Bank of Paraguay, with prior administrative proceedings regarding the performance of operations that are forbidden by the legislation in force.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">e) Law No.&nbsp;27,078 &#150; Argentine Digital Law</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Among the most relevant contents in the LAD, which amended the regulatory framework in force as of December&nbsp;19, 2014, as regards telecommunications are:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the rule&nbsp;on prices and rates establishing that the licensees of ICT services shall set their prices which shall have to be fair and reasonable, cover the exploitation costs and tend to the efficient</font><font face="Arial">  </font><font face="Arial">supply and reasonable operation margin;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">b)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the exemptions of taxes, establishing that tax exemptions or reductions, prices and encumbrances of ICT in general and in telecommunications in particular may be set on a precarious basis when the nature of certain activities so warrant;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">c)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the amendments as regards Universal Service (See &#147;&#151;Universal Service Regulation<i>&#148; </i>below);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">d)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the asymmetric regulation as universalization tools towards the development of an effective competition; and</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">e)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">a maximum period for granting each authorization or use of frequencies of the radioelectric spectrum must be established (section 28 <i>in fine</i>).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD declared of public interest the development of ICT and its associated resources in order to establish and ensure complete neutrality of networks and to guarantee every user the right to access, use, send, receive or offer any content, application, service or protocol through Internet without any restrictions, discrimination, distinction, blocking, interference, obstruction or degradation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD set forth that the licensees of the ICT services may supply audiovisual communication services with the exception of those provided through satellite link, in which case, the corresponding license must be requested from the proper authority. Also, the LAD allowed ICT service licensees included in the restrictions of the Audiovisual Services Communications Law (among them, Telecom Argentina) to provide audiovisual communications services. Nevertheless, that regulation was partially amended by Decree No.&nbsp;267/15 (see &#147;&#151;Decree No.&nbsp;267/15&#151;Amendments to the LAD&#148; below).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the LAD provisions, Telecom Argentina amended its corporate purpose during 2015, which was approved by AFTIC Resolution No.&nbsp;19/15. Further information is disclosed in &#147;&#151;Introduction&#151;The Company&#148; and in Note 1.a) to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Also, the LAD established the framework for suppliers and licensees entering the audiovisual communication services market (among them, Telecom Argentina and its Argentine subsidiaries) setting forth that the Federal Authority of Audiovisual Communication Services (replaced by the ENACOM since Decree No.&nbsp;267/15 enforcement) would determine the go-to-market conditions of audiovisual communication services for ICT suppliers and licensees. The LAD also stated a gradual implementation plan through the setting up of promotion areas for limited periods of time determined according to public interest, within which the ICT licensees with significant market power would not be able to provide audiovisual communication services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">It also set forth that the ICT service should be provided throughout the national territory, considered for that end as a unique area of exploitation and supply, and the modification of the interconnection schedule, imposing higher obligations to the operators and more rights to the Argentine government for the regulation in this sense of the wholesale market.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the LAD provisions, the SBT holds its status of public service (section 54), but with a different scope than the previous regulations provisions. It was defined as the national and international telephone voice service, through the local networks, notwithstanding the technology used for its transportation, provided that it complies with the objective of allowing its users to communicate with each other (section 6 paragraph c)). In addition, in section 90 of Title XI, it established that said definition, comprises the senses of the definition established in the Auction Terms and Conditions for the International Public Auction process for the Privatization of the Supply of the Telecommunications Service timely approved by Decree No.&nbsp;62/90.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD introduced substantial changes to the SU regulation established by Decree No.&nbsp;558/08. Among its provisions the LAD creates a new SU Fund and provides that the investment contributions for the SU programs shall be managed through this fund, which assets, belong to the Federal Government (See &#147;&#151;Universal Service Regulation&#148; below)<b>.</b></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Law No.&nbsp;19,798 Telecommunications Act (passed in 1972), as amended, continues in effect only with respect to those provisions that do not contradict the provisions of the new LAD (including, for example, Article&nbsp;39 of Law No.&nbsp;19,798 referred to exemption from all taxes on the use of soil, subsoil and airspace for telecommunications services).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD also revoked Decree No.&nbsp;764/00, as amended, but provisions of the decree that do not contradict the LAD will remain in effect during the time it takes to the Regulatory Authority to issue new licensing, interconnection services, universal service and spectrum regulations.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">f) Decree No.&nbsp;267/15 &#150; Amendments to the LAD</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On January&nbsp;4, 2016, Decree No.&nbsp;267/15 was issued, amending Law No.&nbsp;26,522 (Audiovisual</font><font face="Arial">  <font color="black" style="color:black;">Communication Services) and Law No.&nbsp;27,078 (LAD). As mentioned above, &#147;ENACOM&#148; was created as the Regulatory Authority applicable of these laws. However, some of its provisions were subsequently amended by Decree No.&nbsp;1,340/16.</font></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The main amendments to the LAD consist of:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Symbol" style="color:black;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;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;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">The incorporation of Broadcasting Services provided by subscription (physical or radio electric link, such as Cable TV) as an ICT service within the scope of the LAD, and excluding it from Law No.&nbsp;26,522. Satellite Television Services will remain within the scope of Law No.&nbsp;26,522. Furthermore, Decree No.&nbsp;267/15 states that the ownership of a satellite television license provided by subscription is incompatible with having any other kind of ICT services license. </font><font color="black" face="Arial" style="color:black;">Provision amended by Decree No.&nbsp;1,340/16.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Broadcasting supplied by subscription licenses (such as Cable TV) issued before the application of Decree No.&nbsp;267/15 will be considered for all purposes as in compliance with LAD upon the respective registration for such service provision. Furthermore, the Decree states a 10 years extension from January&nbsp;1, 2016, for the use of frequency spectrum to radio electric link provided by subscription license holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Among the amendments that replaces Section&nbsp;6 of the LAD is the incorporation of &#147;video on demand service,&#148; defined as a service offered by an ICT services supplier to provide access to software under demand on a catalogue basis. On January&nbsp;7, 2016, the Company and Personal presented to ENACOM an application for the registration of &#147;Video On Demand or On Demand Video Service&#148;, describing the service characteristics which registration was requested. As of the date of issuance of these consolidated financial statements, the ENACOM resolution is still pending.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Decree No.267/15 replaced the LAD&#146;s article No.&nbsp;94, and states that SBT suppliers, fixed telephony license holders within the scope of Decree No.264/98, and mobile telecommunication license holders within the scope of Decree No.1,461/93 are prohibited from providing Broadcasting under subscription services </font><font face="Arial">(defined as any form of communication, primarily one-way, for the transmission of signals to be received by a determinable public, either by physical or by radio connection, for example, </font><font color="black" face="Arial" style="color:black;">video cable and IP TV services) until January&nbsp;1, 2018 (this term can be extended by 1 additional year). Also, the Decree replaces article 95 of the LAD and provides several obligations for fixed telephony licensees granted by Decree No.264/98 and mobile services providers with licenses granted by Decree No.1,461/93, which choose to provide broadcasting under subscription services. This provision was subsequently amended by Decree No.&nbsp;1,340/16.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In addition, shareholders of a 10% or more interest in companies that provide public services may not be holders of a Subscription Radio Record. However, this will not apply in the following cases: (i)&nbsp;non-profit companies to whom the national, provincial or municipal State has granted the license, concession or permission to provide a public service (such as telecommunications cooperatives); (ii)&nbsp;those mentioned in section 94 (including the Company and Personal) who will be only able to provide the service after the expiration of the period specified therein.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Symbol" style="color:black;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;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;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">Section&nbsp;28 of Decree No.&nbsp;267/15 created, in the field of the Ministry of Communications, the &#147;Commission for the Elaboration of the Draft Law for the Reform, Updating and Unification of Laws No.&nbsp;26,522 and 27,078&#148; (Comisi&#243;n para la Elaboraci&#243;n del Proyecto de Ley de Reforma, Actualizaci&#243;n y Unificaci&#243;n de las Leyes N&#176; 26,522 y 27,078&#148;). The Commission is responsible for the study of the reform of both laws under the principles set out herein.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;15, 2016, the Ministry of Communications through Resolution No.&nbsp;9/16 provided that the Commission shall be composed by 6 members and 1 Secretary, who will perform their duties &#147;ad honorem.&#148; The Resolution also appointed its members. The Commission should submit a draft Law for the reform, updating and adaptation of a unified system of the Regulatory Framework Law for the Telecommunications and Audiovisual Communication Services in Argentina, within the following 180 calendar days from the date of its constitution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;1,098-E/16 published on October&nbsp;31, 2016, the Ministry of Communications extended for 180 days the deadline for the preparation of the draft reform of Laws No.&nbsp;26,522 and 27,078. As of the date of issuance of these consolidated financial statements, the elaboration of the draft reform of Laws No.&nbsp;26,522 and 27,078 is still pending.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Symbol" style="color:black;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;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;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">Furthermore, the Decree provides that licenses transfers and interest transfers </font><font face="Arial">involving the loss of company control <font color="black" style="color:black;">must be approved by ENACOM, stating a new procedure provided by section 8 of Decree No.&nbsp;267/15. That licenses transfers and interest in licensees&#146; transfers will be considered ad referendum of ENACOM approval.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Symbol" style="color:black;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;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;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">Decree No.&nbsp;267/15 repealed Section&nbsp;15 and Section&nbsp;48 (second paragraph) of the LAD. Therefore, the following provisions have no longer effect: (i)&nbsp;the condition of essential and strategic public</font><font face="Arial">  </font><font color="black" face="Arial" style="color:black;">services of ICT regarding the access to the telecommunications network for the &#147;ICT services&#148; license holders; and (ii)&nbsp;the Regulatory Authority power to regulate tariffs due to public interest reasons.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Symbol" style="color:black;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;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;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">On April&nbsp;8, 2016, </font><font face="Arial">the Chamber of Representatives voted in favor of the validity <font color="black" style="color:black;">of DNU No.&nbsp;267/15. According to this, such Decree </font>acquired the status of Law<font color="black" style="color:black;">.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Symbol" style="color:black;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;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;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">The Decree establishes several amendments to the Audiovisual Communications Services Law (SCA).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Among the main amendments established by this Emergency Decree to both laws, it should be noted that the licenses for the exploitation of physical link and radio-electric link subscription television services that had been granted under Laws No.&nbsp;22,285 and No.&nbsp;26,522 are now called &#147;Registrations&#148; for the exploitation of physical link and radio-electric link subscription television services of a <i>Licencia &#218;nica Argentina Digital</i>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">However, it should be noted that pursuant to Section&nbsp;21 of Decree No.&nbsp;267/15 and until the enactment of a law that will unify the fee regime provided under Laws Nos. 26,522 and 27,078, the physical link and radio-electric link subscription television services will continue to be subject only to the fee regime provided under Law No.&nbsp;26,522. Therefore, they shall not be subject to the investment contribution or the payment of the Control, Oversight and Verification Fee provided under Sections 22 and 49 of Law No.&nbsp;27,078.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">g) Decree No.&nbsp;1,340/16 - Amendments to DNU No.&nbsp;267/15</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Decree No.&nbsp;1,340/16 issued by PEN and published in the Official Gazette on January&nbsp;2, 2017 provides the rules&nbsp;for achieving a greater convergence of networks and services under </font><font face="Arial">competitive conditions</font><font color="black" face="Arial" style="color:black;">, promoting the deployment of next generation networks and the penetration of Broadband Internet access throughout the national territory, in accordance with the provisions of Laws No.&nbsp;26,522 and 27,078. This Decree </font><font face="Arial">introduces some amendments </font><font color="black" face="Arial" style="color:black;">to DNU No.&nbsp;267/15, </font><font face="Arial">which has the status of Law</font><font color="black" face="Arial" style="color:black;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Among the most relevant provisions, it establishes:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">- Fix the 15-year-term, as from the publication of the Decree, as differential condition in the terms provided by section 45 of Law No.&nbsp;27,078, for the protection of last-mile fixed NGN networks for Broadband deployed by ICT licensees for Broadband regarding the regulations of open access to Broadband and infrastructure to be stated, notwithstanding the provisions of section 56 of said Law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">- That the Ministry of Communications or ENACOM, as appropriate, shall establish the rules&nbsp;for the administration, management, and control of the radio spectrum, according to guidelines for the promotion of competition as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">a) the ENACOM, in a period not exceeding 6 months since the publication of the Decree, shall call for National and International Public Auction Process for the allocation of new frequency bands for the provision of mobile communications services, according to the service attributions following the recommendations of the International Telecommunication Union (ITU), to maximize and increase the radio resources assigned thereto;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">b) for the purposes of the provisions of section 28 of Annex IV of Decree No.&nbsp;764/00 and section 29 of Law No.&nbsp;27,078, rules&nbsp;and procedures shall be adopted ensuring the reattribution of radio spectrum frequencies with economic compensation and shared use to frequencies previously allocated to other service and assigned to ICT or SCA providers who request to re-use them for the provision of mobile or fixed wireless services with LTE or higher technologies. To this effect, the Regulatory Authority shall impose coverage obligations and specific goals;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">c) for the purposes of the provisions of sections 27 and 28 of Law No.&nbsp;27,078 and section 2 subparagraphs c) and d) of Decree No.&nbsp;798/16, the ENACOM shall have the power to assign radio spectrum frequencies on demand, establishing compensation, deployment and coverage obligations, within the corresponding deadlines, to: 1) current local or regional providers of ICT services in their service areas; and 2) current providers of MCS, on the terms provided in section 3 of Decree No.&nbsp;798/16;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">d) the term of authorizations for the use of frequencies of the SCMA, as well as the corresponding deployment obligations, shall be computed since the effective migration of services currently operating in these bands in the scope of Area II, defined according to the provisions of Decree No.&nbsp;1,461/93 and its amendments (additional information on the impact on the Company is provided in Note 3.j) and Note 18.e) to these consolidated financial statements).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">- That Operators included in section 94 of the LAD (among them, Telecom Argentina), may register the Broadcasting Service by subscription, by physical or radio connection as of the enforcement of this</font><font face="Arial">  </font><font color="black" face="Arial" style="color:black;">Decree, setting January&nbsp;1, 2018 as initial date for the provision of such service in the AMBA (and extended AMBA), and in the cities of Rosario (Santa Fe Province) and C&#243;rdoba (C&#243;rdoba Province). The Decree also provides that, for the rest of the country, the initial date for the provision of the services of these operators shall be determined by the ENACOM (See Resolution E 5641 E/ 2017).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">- That ICT&#146;s licensees and Satellite Link Subscription Broadcasting licensees, who as of December&nbsp;29, 2016 simultaneously provided both services, </font><font face="Arial">may retain ownership of </font><font color="black" face="Arial" style="color:black;">both types of licenses.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">- That ICT&#146;s services providers carrying out joint service offerings, shall detail the price of each of them, including the breakdown of these values, and the discounts or benefits applied to each service or product of the aforementioned offer, not being able to subsume, under any condition, the hiring of any service to the hiring of another, so as to prevent the consumer from obtaining the service individually or separately.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">- That within 180 days of the Decree enforcement, the Ministry of Communications will establish the necessary guidelines for the creation of the &#147;Public Protection, Defense and Security Operations Network&#148; (</font><font face="Arial">Red de Protecci&#243;n P&#250;blica y Operaciones de Socorro, Defensa y Seguridad)</font><font color="black" face="Arial" style="color:black;"> under the terms of section 12 of Law No.&nbsp;27,208 </font><font face="Arial">to secure suitable communications for public safety agencies</font><font color="black" face="Arial" style="color:black;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">- That for the purposes of the provisions of section 92 of Law No.&nbsp;27,078 and section 2, paragraph g) of Decree No.&nbsp;798 issued on June&nbsp;21, 2016, MINCOM shall ensure the following principles on interconnection matters:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">a)&nbsp;&nbsp;Until the interconnection prices determination systems provided by the National Interconnection Regulation are implemented, averages of regional Latin America prices shall be considered for similar functions and facilities, corrected by parameters which comply with the conditions of the sector, as determined by the Authority of Application;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">b)&nbsp;&nbsp;In accordance with section 46 of Law No.&nbsp;27,078, the National Interconnection Regulation shall provide asymmetric interconnection rates for mobile services for a 3 years period from the effective service implementation, extendable for a maximum of 18 months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">c)&nbsp;&nbsp;The National Interconnection Regulation shall provide rules&nbsp;</font><font face="Arial">concerning the automatic national roaming service</font><font color="black" face="Arial" style="color:black;">, forcing mobile services providers, for a maximum period of 3 years, to make such service available to other providers in areas where they do not have their own network coverage.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The temporary limitation provided in the previous paragraph </font><font face="Arial">shall not be enforceable </font><font color="black" face="Arial" style="color:black;">in those cases in which mobile services are provided by cooperatives and small and medium-sized companies with exclusively regional coverage.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mobile service providers shall</font><font face="Arial"> freely</font><font color="black" face="Arial" style="color:black;"> enter into agreements to secure, among other issues, technical, economic, operational and legal conditions. Such agreements may not be discriminatory or may not establish technical conditions that prevent, delay or obstruct interconnection services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The National Interconnection Regulation will enable ENACOM to define reference prices for a maximum period of 3 years, taking into </font><font face="Arial">consideration </font><font color="black" face="Arial" style="color:black;">the costs of the assets involved (subject to exploitation) and a reasonable return rate to ensure speed, neutrality, non-discrimination and competition between mobile service providers. Likewise, they shall not contain technical, interconnection, operational or other conditions that delay, obstruct or create </font><font face="Arial">barriers for the remaining mobile services providers to access the market</font><font color="black" face="Arial" style="color:black;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">h) Universal Service Regulation</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Decree No.&nbsp;764/00</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Law No.&nbsp;27,078 states that Decree No.&nbsp;764/00 and its amendments shall remain in full force to the extent that the provisions of such Decree do not conflict with the law until the Regulatory Bodies have drawn up the regulations concerning the Licensing Framework for ICT Services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">With respect to Universal Service Regulation, Annex III of Decree No.&nbsp;764/00 required entities that receive revenues from telecommunications services to contribute 1% of these revenues (net of taxes) to the Universal Service Fiduciary Fund (the &#147;SU Fund&#148;). The regulation adopted a &#147;pay or play&#148; mechanism for compliance with the mandatory contribution to the SU Fund. The regulation also established the exemption to contribute to the FSU in the following events: (i)&nbsp;for local services provided in areas with teledensity lower than 15%, and ii) when certain conditions exists in connection with a formula which combines the foregone revenues and the market share of other operators than Telecom Argentina and Telef&#243;nica who provide local telephony. Additionally, the regulation created a committee responsible for the administration of the SU Fund and the development of specific SU programs.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;8, 2007, the SC issued Resolution No.&nbsp;80/07 which stipulated that until the SU Fund was effectively implemented, telecommunication service providers, such as Telecom Argentina and Personal, were required to deposit any contributions accrued since the issuance of such Resolution into a special individual account held in their name at Banco de la Naci&#243;n Argentina. CNC Resolution No.&nbsp;2,713/07, issued in August&nbsp;2007, established how these contributions are to be calculated.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">SU Regulation established by Decree No.&nbsp;558/08</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">Decree No.&nbsp;558/08, published on April&nbsp;4, 2008, introduced certain changes to the SU Fund regime, replacing the Annex III of the Decree No.&nbsp;764/00. Decree No.&nbsp;558/08 established that the SC would assess the value of service providers&#146; direct program contributions in compliance with obligations promulgated by Decree No.&nbsp;764/00. It would also determine the level of funding required in the SU Fund for programs pending implementation. In the same manner, in order to guarantee the continuity of certain projects, the SC was given the choice to consider as SU contributions certain other undertakings made by telecommunication services providers and compensate providers for these undertakings.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In defining &#147;Universal Service,&#148; the new regulation established two categories: (a)&nbsp;geographical areas with uncovered or unsatisfied needs and (b)&nbsp;customer groups with unsatisfied needs. It also determined that the SC would have exclusive responsibility for the issuance of general and specific resolutions regarding the new regulation, as well as for its interpretation and application.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">It also established that the SC would review SU programs which were established under the previous</font><font face="Arial"> regulation, guaranteeing the continuity of those already being administered and implementing those that had been under review. The financing of SU ongoing programs which were recognized as such were determined by the SC, whereas telecommunications providers appointed to participate in future SU Programs were selected by competitive auction.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Decree required Telecom Argentina and Telef&#243;nica to extend the coverage of their fixed line networks, within their respective original region of activity, within 60 months from the effective date of publication of the Decree.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Decree required telecommunications service providers to contribute 1% of their revenues (from telecommunication services, net of taxes) to the SU Fund and kept the &#147;pay or play&#148; mechanism for compliance with the mandatory monthly contribution to the SU Fund or, to claim the corresponding receivable, as the case may be.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Providers of telecommunications services should rely on the advice of a Technical Committee made up of seven members (two members should be appointed by the SC, one member should be appointed by the CNC, three members should be appointed by the telecommunication services providers &#150; two of which should be appointed by Telecom Argentina and Telef&#243;nica and one by the rest of the providers &#150; and another member had to be appointed by independent local operators). This Technical Committee was informed by the SC of the programs to be financed and was responsible for managing and controlling the SU Fund, carrying out technical-economic evaluations of existing projects and supervising the process of competitive auction and adjudication of new SU programs, with the prior approval by the SC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Technical Committee was created. Additionally, telecommunications service providers sent the proposed Fiduciary agreement to the SC. The SC approved it in January&nbsp;2009 through Resolution No.&nbsp;7/09.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;9, 2008, the SC issued Resolution No.&nbsp;405/08 which was objected by the Company and Personal. These objections were resolved by the SC through its Resolution No.&nbsp;154/10.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;11, 2010, the SC issued Resolution No.&nbsp;154/10 adopted the methodology for the deposit of the SU contributions to the trustee&#146;s escrow account. The Resolution included several provisions related to the determination of the contributions that correspond to the periods before and after Decree No.&nbsp;558/08 was issued. It also provided that until the SC determined the existence of programs, the amounts that would correspond to their implementation would be discounted by the telecommunication providers when determining their contribution to the SU Fund. If completed the verification from the SC there were unrecognized amounts, they should be contributed into the SU Fund or for the development of new works of the SU, with the approval of the SC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;30, 2010, the trustee notified Telecom Argentina and Personal the trustee&#146;s escrow account number in which they should deposit the SU contributions under the provisions of SC Resolution No.&nbsp;154/10.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Amendments of the LAD to the SU Regulation</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In December&nbsp;2014, the LAD introduced substantial modifications to the SU regulations pursuant to Decree No.&nbsp;558/08. Among its provisions the LAD establishes the creation of a new SU Fund and the fact that the investment contributions corresponding to the SU programs be managed through said fund, whose assets shall belong to the National Government.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The licensees of ICT Services (among them, Telecom Argentina and Personal) are obliged to make investment contributions to the SU Fund equivalent to one per cent (1%) of the total accrued revenues for the provision of the ICT Services included in the scope of application of the law, net of imposed taxes and charges. The investment contribution shall not be transferred to the users whatsoever. In turn, the Regulatory Authority may dispose, once the SU objectives are reached, the total or partial, permanent or temporary exemption, of the obligation to perform said investment contributions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This law also establishes that by virtue of that set forth by Sections 11.1 and 11.2 of the Management Trust Agreement of the SU Fund of Decree No.&nbsp;558/08, the resources therein foreseen in section 8 of Annex III of Decree No.&nbsp;764/00 and its amendments shall be integrated to the SU Fund created by the LAD in the conditions determined by the Regulatory Authority.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The SU Funds shall be applied by means of specific programs. Its content and the corresponding awarding mechanisms shall be defined by the Regulatory Authority who may entrust the execution of these plans directly to the entities included in article 8, paragraph b), of Law No.&nbsp;24,156, or, complying with the selection mechanisms that may correspond, respecting publication and competition principles, to other entities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;10, 2015 Telecom Argentina and Personal filed before the AFTIC their respective SU contribution affidavits corresponding to the revenues recorded in July&nbsp;2015, clarifying that these presentations were made with the understanding that the operational rules&nbsp;related to the SU Fund contribution, regulated by Decree No.&nbsp;558/08 and related provisions, are in force. Additionally, Personal proceeded to deposit the corresponding contribution in the new SU Fund account reported through the Official Notice published by the AFTIC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In its filings, Telecom Argentina and Personal had stated that the filing of the affidavits and, in the case of Personal, the deposit did not imply explicit or implicit consent of the regulations issued by the LAD and expressly reserved their rights in relation to the unconstitutionality of the provisions set forth in articles 21, 22, 91 and related provisions of said law, as well as the claim of any rights arising from the acknowledgement of this argument.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, the Company has not received any response to its filings.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;2,642/16 approved the new SU Regulation, which was published on May&nbsp;31, 2016, in the context of the new disposals established by the LAD.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The new regulation retains the obligation of contributing 1% of total income related to the provision of ICT services net of taxes and fees, anticipating the possibility of granting exemptions, in which case the subjects liable for payment, must comply with the obligations established by the Regulatory Authority.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with ENACOM Resolution No.&nbsp;6,981-E/16 issued on October&nbsp;19, 2016, the FFSU and the FFSU Investment Contribution Settlement and Interest Report forms were approved and are in force since January&nbsp;1, 2017, being operationally implemented since March&nbsp;2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Taking into consideration the changes introduced in the Affidavits Form&nbsp;approved by the regulation, the Company and Personal made a presentation to the Regulatory Authority exposing the need to introduce amendments to the forms in order to explain the deductions of the SU services that both companies are providing.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;4, 2017, ENACOM Resolution No.&nbsp;2,884/17 was published in the Official Gazette. This Resolution amends the Form&nbsp;of the FFSU contributions, adding, within the possible deductions, the &#147;Discount Annex. SC Resolution No.&nbsp;154/10 Section&nbsp;1, Sub-section B) i), second paragraph&#148;. Such Resolution allows deducting, until the Regulatory Authority expresses its opinion, any amounts that eventually may correspond to SU Initial Programs or other than those provided for in Annex III of Decree No.&nbsp;764/00, in accordance with the provisions of Section&nbsp;2 of Decree No.&nbsp;558/08 and Section&nbsp;6 of Annex III of Decree No.&nbsp;764/00, replaced by Decree No.&nbsp;558/08.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;8,770-E/16, issued on December&nbsp;19, 2016, amends section 21 of the RGSU (General Regulation of the Universal Service</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font><font face="Arial">, providing that programs developed in accordance with sections 19 and 20 of the Regulation will be awarded by Resolution of the ENACOM Board of Directors through any of the following mechanisms, as proposed by the Chairman of the ENACOM Board of Directors:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">a) Direct implementation of the programs to entities included in section 8 paragraphs b) of Law No.&nbsp;24,156, or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">b) </font><font face="Arial">Public or private, national or international, single or multiple-stage auction or offering</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Priority will be given to projects to be developed in those municipalities that have adopted the regulations proposed in the code of good practices for the deployment of mobile communications networks developed by </font><font face="Arial">Argentine Federation of Municipalities and the Operators of Mobile Communications</font><font face="Arial"> and </font><font face="Arial">supported </font><font face="Arial">by the former SC of the former Ministry of Federal Planning, Public Investment and Services on August&nbsp;20, 2009 or those contemplating regulations of similar characteristics.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated<font color="black" style="color:black;"> financial statements</font>, there are still pending administrative appeals filed by Telecom Argentina in 2012 against several resolutions that rendered ineffective deductions in the SU payments with reference to several programs provided by Telecom Argentina in the &#147;play&#148; mode of the SU. The magnitudes of the deductions challenged by the Regulatory Authority are disclosed below in Note 2.h) &#147;SU Fund in Telecom Argentina&#148;, transforming the asset position of Telecom Argentina ($2,925) into a potential liability position. As a reference Telecom Argentina potential obligation of the SU for the period July&nbsp;2007 to December&nbsp;2017 represents approximately $799. However, the Company&#146;s Management, with the assistance of its legal advisors, considers that has solid fact and legal arguments to defend the criteria that Telecom Argentina has held and holds with regard to the SU scheme.&#160; Additional information is provided on Note 2.o) to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">SU Fund in Telecom Argentina</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Several years after the market&#146;s liberalization and the effectiveness of the first SU regulations, </font><font face="Arial">incumbent operators <font color="black" style="color:black;">have not received </font>any <font color="black" style="color:black;">set-offs for providing services as required by the SU regime and the LAD.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As of the date of issuance of these consolidated financial statements and in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713 /07, Telecom Argentina has filed its monthly calculations since July&nbsp;2007 for the review of the Regulatory Authority and estimated a receivable of $2,925 (unaudited). This receivable has not yet been recorded as of December&nbsp;31, 2017 since it is subject to the approval of the SU programs, the review of the Regulatory Authority and the availability of funds in the SU Trust.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On April&nbsp;8, 2011, the SC issued Resolution No.&nbsp;43/11 notifying Telecom Argentina that investments associated with &#147;High-Cost Areas&#148; &#150; amounting </font><font face="Arial">to <font color="black" style="color:black;">approximately $2,691 since July&nbsp;2007 </font>to date <font color="black" style="color:black;">and which are included in the abovementioned receivable - did not qualify as an Initial Indicative Program. Telecom Argentina filed a claim on this resolution.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Telecom Argentina was notified of SC Resolutions No.&nbsp;53, 54, 59, 60, 61, 62, 69 and 70/12, pursuant to which the &#147;Special Service of Information 110&#148;, the &#147;Discounts for Retired People, Pensioners and Low Consumption Households&#148;, the services of &#147;Social Public Telephony and Loss-Making Public Telephony&#148;, the &#147;Services and Discounts relating to the Information Society Program argentin@internet.todos&#148;, the &#147;Services for Deaf-Mute People&#148;, the &#147;Free Access to Special Emergency Services and Special Community Services&#148;, the &#147;Value Added Service 0611 and 0612&#148; and the &#147;Long Distance Semipublic Service &#147;, respectively, did not qualify as an Initial Indicative Program, pursuant to the terms of Article&nbsp;26 of Annex III of Decree No.&nbsp;764/00, and that, they did not constitute different services involving a SU provision, and therefore they cannot be financed with SU Funds, pursuant to the terms of Article&nbsp;2 of Decree No.&nbsp;558/08.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s<font color="black" style="color:black;"> Management, with the advice of its legal </font>counsel<font color="black" style="color:black;">, has filed appeals against SC Resolutions Nos. 53, 54, 59, 60, 61, 62, 69 and 70 presenting the legal arguments based on which such resolutions should be revoked. The deductions that were objected by the SC Resolutions amount to approximately $1,033 and are included in the credit balance mentioned in the second paragraph.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As<font color="black" style="color:black;"> of the date of issuance of these consolidated financial statements the resolution of this appeal is still pending.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On<font color="black" style="color:black;"> September&nbsp;13, 2012, the CNC required Telecom Argentina to deposit approximately $208</font>.</font><font face="Arial">  </font><font face="Arial">Telecom Argentina<font color="black" style="color:black;"> has filed a recourse refusing the CNC&#146;s request on the grounds that appeals against </font>the <font color="black" style="color:black;">SC Resolutions are still pending</font> of resolution<font color="black" style="color:black;">.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, although it cannot be assured that these issues will be favorably resolved at the administrative stage, Telecom Argentina&#146;s Management, with the assistance of its legal advisors, considers that it has solid legal and de facto arguments to support the position of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">SU Fund in Personal</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Since January&nbsp;2001, Personal has recorded a liability related to its obligation to make contributions to the SU Fund. In addition, </font><font face="Arial">since July&nbsp;2007 and <font color="black" style="color:black;">in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713/07, Personal </font>deposited the correspondent contributions of approximately $112 into an account held under their name at the Banco de la Naci&#243;n Argentina in January&nbsp;2011.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During the first quarter of 2011, the above -mentioned funds were transferred to the trustee&#146;s escrow account, in compliance with the provisions of SC Resolution No.&nbsp;154/10 previously described. Since January&nbsp;2011, the SU Fund monthly contributions were made into such escrow account.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;26, 2011, the SC issued Resolution No.&nbsp;9/11 establishing the &#147;Infrastructure and Facilities Program.&#148; The Resolution provided that telecommunication service providers could contribute to investment projects under this program, exclusively the amounts corresponding to their pending obligations of investment contributions born under Annex III of Decree No.&nbsp;764/00, before the effective date of Decree No.&nbsp;558/08.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In March&nbsp;2011, Personal submitted to the SC a $70 investment project, pursuant to SC Resolution No.&nbsp;9/11, for the development of a network infrastructure in locations in the Northern Region of Argentina with no mobile coverage. Personal submitted its calculations from 2001/2007 related to the mentioned project to be financed through its own SU contribution of such periods as required by the SC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;9, 2014 Personal filed an amended proposal for the project within the scope of resolution No.&nbsp;9/11, pursuant to the SC&#146;s request. This new filing consists only of additional detailed information about the project&#146;s scope. As of the date of issuance of these consolidated financial statements the Project is pending of approval.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;5, 2012, the SC issued Resolution No.&nbsp;50/12 pursuant to which it notified that the services referred to by the Mobile Communications Services Providers, which were filed as High Cost Areas or services provided in non-profitable areas, services provided to clients with physical limitations (deaf-mute and blind people), rural schools, and the request relating to the installation of radio-bases and/or investment in the infrastructure development in various localities, did not constitute items that may be discounted from the amount of contributions to the SU pursuant to the last part of Article&nbsp;3, of Resolution No.&nbsp;80/07, or Article&nbsp;2 of Decree No.&nbsp;558/08. It also provided that certain amounts already deducted would be used for investment projects within the framework of the Program of SC Resolution No.&nbsp;9/11, or deposited in the SU Fund, as applicable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Personal has filed an administrative </font><font face="Arial">action<font color="black" style="color:black;"> against SC Resolution No.&nbsp;50/12 requesting its nullity. As of the date of issuance of these consolidated financial statements</font>, this <font color="black" style="color:black;">matter is still pending.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;1, 2012, responding to an SC&#146;s requirement, Personal deposited under protest approximately $23 in the SU Fund, corresponding to the assessment of the SU services provided by Personal since the issuance of Decree No.&nbsp;558/08, reserving its right to take all actions it may deem appropriate to claim its reimbursement, as informed to the SC and the CNC on October&nbsp;15, 2012. Since August&nbsp;2012, Personal is paying under protest of those concepts in their monthly affidavits.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">It cannot be assured<font color="black" style="color:black;"> that this issue would be favorably resolved </font>in<font color="black" style="color:black;"> the administrative stage</font>, or, later at a judicial stage<font color="black" style="color:black;">.</font></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">i) Spectrum</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SC Resolution No.&nbsp;38/14</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;7, 2014, SC Resolution No.&nbsp;38 was published in the Official Gazette which announced a Public Auction process (the &#147;Auction process&#148;) for the awarding of the remaining frequencies of the Personal Communication Services (PCS), of the Cellular Mobile Radiocommunication Services (SRMC), as well as those of the new spectrum for the Advanced Mobile Communications Service (SCMA) recently created.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Terms and Conditions organized the aggregate of the spectrum to be auctioned in 10 Lots, being the first one to be auctioned exclusively among entering operators. The Public Auction took place on October&nbsp;31, 2014. Personal presented its economic bids and was awarded Lots 2, 5, 6 and 8. Telef&#243;nica M&#243;viles Argentina S.A. (Movistar), Am&#233;rica M&#243;vil S.A. (Claro) and Arlink S.A also participated in the Auction.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Through SC Resolution No.79/14 the SCMA service was awarded to Personal, while through SC Resolutions No.&nbsp;80/14, 81/14, 82/14 and 83/14 that were published in the Official Gazette on November&nbsp;27, 2014, the following frequency bands were awarded to Personal:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">SC<br>   Resolution</font></b></p>
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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>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Lot<br>   No.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:7.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Frequency Band</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Exploitation<br>   area/ (Service)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.3%;">
<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="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Amount<br>   paid (in<br>   millions of<br>   US$)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Capitalized cost<br>   of acquisition (in<br>   millions of $)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.86%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">80/14</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">PCS</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1890-1892.5 MHz and 1970-1972.5 MHz</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.02%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Northern (3G)</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.3%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">5.0</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">43</font></p>    </td>   </tr>
<tr>
<td width="12%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.86%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">81/14</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">SRMC</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">830.25-834 MHz and 875.25-879 MHz</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.02%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">AMBA (3G)</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.3%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">45.0</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">387</font></p>    </td>   </tr>
<tr>
<td width="12%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.86%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">82/14</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">PCS</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1862.5-1867.5 MHz and 1942.5-1947.5 MHz</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.02%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Southern (3G)</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.3%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">6.0</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>    </td>   </tr>
<tr>
<td width="12%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.86%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">83/14</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.88%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">SCMA</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1730-1745 MHz and 2130-2145 MHz</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.02%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Country (4G) partial awarding</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.3%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">354.7</font></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">3,049</font></p>    </td>   </tr>
<tr>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="border:none;padding:0in 0in 0in 0in;width:1.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border:none;padding:0in 0in 0in 0in;width:5.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="border:none;padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;padding:0in 0in 0in 0in;width:7.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="border:none;padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" style="border:none;padding:0in 0in 0in 0in;width:23.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="border:none;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">410.7</font></b></p>    </td>
<td width="1%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(*) 3,530</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes $18 corresponding to the tax on debits to bank accounts that were capitalized in the cost of the licenses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal paid for the awarded frequency bands, and also constituted the corresponding performance guarantees. In the case of Lot No.&nbsp;8, the payment was made on account of the single and total price offered for this Lot.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal asked that the assignment of the Frequency Bands for the SCMA services in Lot No.&nbsp;8, which was partially awarded to Personal through SC Resolution No.83/14, be completed and reserved the applicable rights.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The full awarding of Lot No.&nbsp;8 became essential for compliance with the commitments foreseen in the Auction Terms and Conditions. Once the awarding process was completed, Personal had access to SCMA Frequency Bands 713-723/768-778, and had to pay the equivalent to US$ 247.3 million (pending balance of the auction&#146;s amount), and give a warrant of accomplishment of 15% of such amount.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Auction Terms and Conditions provided authorizations for the use of the auctioned frequency bands for a period of fifteen (15) years from the notification of the award. After this deadline the Regulatory Authority would extend the terms of use upon formal request of the awarded operator (which price and conditions would be set forth by the Regulatory Authority).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Auction Terms and Conditions also established strict coverage and network deployment commitments which require significant investments to Personal. Additional information is provided in Note 18.e) to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Through SC Resolution No.&nbsp;25/15, issued on June&nbsp;11, 2015, Personal was assigned the rest of Frequency Bands which composed Lot 8 and that were pending of assignment by the SC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;25, 2015 Personal paid the offered amounts corresponding to the awarded Frequency Bands (which were equivalent to US$247.3 million) pursuant to the provisions of the Auction Terms and Conditions and its complementary clarifying documents, as a result of which the whole amount of the sum offered for Lot 8 was paid. In addition, in its bid documents, Personal stated that such Lot formed a unique and comprehensive block for purposes of complying with the obligations undertaken in connection with the deployment of the SCMA, also expressing that the Federal Government has the obligation to cause the awarded bands to be free from occupants and interferences.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">SC Resolution No.18/14, provided that the 698 to 806MHz frequency bands had to be disengaged before a two years deadline. Expired that period, the irradiating systems involved in the migration had to finish their emissions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated<font color="black" style="color:black;"> financial statements</font>, the deadline provided by SC Resolution No.&nbsp;18/14 for the disengagement of the 698 to 806MHz frequency band expired on July&nbsp;18, 2016. However, such frequency band continues to be busy.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;6,396/16, published in the Official Gazette on July&nbsp;22, 2016, provided that the licensees </font><font face="Arial">within the scope of the migration </font><font face="Arial">provided by SC Resolution No.&nbsp;18/14 that are currently providing services within the 698 to 806MHz frequency band, may choose to: (i)&nbsp;</font><font face="Arial">temporarily </font><font face="Arial">continue providing their respective services in other frequencies corresponding to the bands allocated to the</font><font face="Arial">  </font><font face="Arial">broadcasting service, particularly 512-698 MHz frequency band, subject to technical feasibility verified in each case, and for the term provided in section 2 of Resolution No.&nbsp;6,396/16; or (ii)&nbsp;request the assignment </font><font face="Arial">of a bandwidth equivalent to that currently authorized</font><font face="Arial">, in 12.2 to 12.7 GHz destination band.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the &#147;</font><font face="Arial">Authorization Agreement for the Use of Frequency Bands</font><font face="Arial">&#148;, related to the bands awarded to Personal as a result of the public auction called pursuant to the provisions of SC Resolution No.&nbsp;38/14 is still pending of execution by the Regulatory Authority.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the provisions of Decree No.&nbsp;1,340/16, the term of the authorizations for the use of frequencies of the Advanced Mobile Communications Service, as well as the corresponding deployment obligations, will be computed from the actual migration of the services currently operating in these bands in Area II (AMBA) (additional information on the impact on the Company is disclosed in Note 3.j) and Note 18.e) to these consolidated financial statements).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;18, 2017, Personal filed a letter to ENACOM expressing its interest in participating in the Auction, Offering or Reattribution procedure/s of frequency bands timely available within the scope provided by Law No.&nbsp;27,078 and consistent regulations, subject to the analysis of the conditions defined at that time. This includes the bands currently attributed to the Mobile Communications Service or Advanced Mobile Communications Service, as thus also any other band which, in the future, be attributed to the provision of such services among other frequencies in bands 2.5-2.6 Ghz, 3.4-3.7 GHz, 450 Mhz, 600 MHz, 700 MHz, 800 MHz, 850 MHz, 900 MHz, 1900 MHz, AWS, and extended AWS.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulations of Refarming with Financial Compensation and Shared Use of Frequencies</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;31, 2017, Resolution of the Ministry of Communications 171-E 2017 was issued, approving the &#147;</font><font face="Arial">Regulations of Refarming with Financial Compensation and Shared Use of Frequencies</font><font face="Arial">&#148; (</font><font face="Arial">Reglamento de Refarming con Compensaci&#243;n Econ&#243;mica y Uso Compartido de Frecuencias)</font><font face="Arial">. </font><font face="Arial">As a summary, the following provisions can be highlighted</font><font face="Arial">:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; Instructs ENACOM to analyze the technical feasibility and implement the allocation to the mobile service, with primary status, of the 450-470 MHz, 698-960 MHz and 2,300-2,400 MHz frequency bands. All of the above is to be used in the provision of SCMA or any other arising from technological developments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; Provides the preventive suspension of the reception of awarding procedures in 1,427-1,518 and 3,300-3,600 MHz frequency bands.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; Modifies the spectrum cap, setting it in 140 MHz per provider for each area and/or operating location. For such purposes, the spectrum assigned to each company, its subsidiaries or controlling shareholders, directly or indirectly, or subject to common control or those holding more than 30% of the shares of another company, will be considered if, with such equity interest, holds a position of substantial influence in the decisions of such company. Any other subject or body may be included in the calculation of the spectrum awarded to any other subject or entity assigned to that spectrum when it is understood that any contractual linkage has been entered into to circumvent this limit.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; Instructs ENACOM to modify the &#147;National Scheme of Attribution of Radio Spectrum Bands&#148; (Cuadro Nacional de Atribuci&#243;n de Bandas del Espectro Radioel&#233;ctrico &#150; &#147;ER&#148;) for the purpose of making available for MCS providers frequency bands suitable to that end.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; From the publication of the new bandwidth table and its respective channels, MCS providers will have a maximum of 15 working days to request their express assignment. Such allocations shall be made on equal terms and conditions as those required from other providers of similar service in the same band. This provision is complemented by section 9 of Resolution No.&nbsp;1,034-E/17.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; The regulatory authority is delegated to ENACOM, who will provide the necessary complementary or explanatory rules&nbsp;for a better application of these provisions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Through the Annex attached to the resolution, the &#147;Refarming Regulation&#148; is approved including a series of definitions that enable to properly understand the scope of the resolution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, ENACOM Resolution No.&nbsp;1,033-E/17, issued on February&nbsp;20, 2017 provided to allocate the frequency bands between 905-915 MHz, and 950-960 MHz to the Mobile Service with primary status, for the provision of the Advanced Mobile Communications Service.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;1,034-E/17, also issued on February&nbsp;20, 2017, allocated the frequency band between 2,500-2,690 MHz to the Mobile Service with primary status, and the use of the frequency band between 2,500-2,690 MHz for the provision of SCMA in addition to current services when their coexistence is possible.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;7, 2017 ENACOM Resolution No.&nbsp;1,299-E/17 was published in the Official Gazette. This Resolution approved the Refarming Project with Financial Compensation and Shared Use of Frequencies to</font><font face="Arial">  </font><font face="Arial">Nextel Communications Argentina SRL (&#147;Nextel&#148;), currently Telecom since the merger with Cablevisi&#243;n S.A. &#150;See Note 32, to provide the Advanced Mobile Communications Service, granting this company the registration for the provision of such service, and authorizing it to:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160; use frequencies between 905-915 MHz and 950-960 MHz in accordance with the provisions of ENACOM Resolution No.&nbsp;1,033-E/17 and channels 7 to 10, and 7&#146; to 10&#146; in FDD mode, provided in the Annex of Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project approved by the Resolution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160; use frequencies between 2,550-2,560 MHz, and between 2,670-2,680 MHz exclusively for migrating users from pre-existing services, for a 2-year period, term in which it should additionally resolve the final destination of those users. Once the migration is completed, or the 2-year term expires, whichever occurs last, Nextel may use channels 11 and 12, and the corresponding 11&#146; and 12&#146; in FDD mode, provided in the Annex to Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project hereby approved.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Resolution provides as URV for the radio spectrum the following bands involved in the project:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160; 900 MHz Band = 0.1841 </font><font face="Arial">(US$/MHz/inhabitant)</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160; 2,600 MHz Band = 0.0423 </font><font face="Arial">(US$/MHz/inhabitant)</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">RV for frequencies involved in the Project in FDD mode is set in US$178,419,397 calculated pursuant to Section&nbsp;7 of MINCOM Resolution No.&nbsp;171-E/17, based on the URV provided in the foregoing section.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The rule&nbsp;establishes that the following discounts and weighting factors will be applied, which shall be calculated pursuant to section 7 of MINCOM Resolution No.&nbsp;171-E/17, and which in detail will be used in order to determine the amount of the Financial Compensation that will be part of the agreement to be settled.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160; Discounts:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">- The amount equivalent to the frequencies of the spectrum whose return is provided in section 7 therein, and whose value will be calculated according to the URV provided in section 8 herein, as appropriate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">-The amount corresponding to the valuation of the Coverage Obligations provided by section 10 of the regulation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160; Weighting Factors:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">-The speed of networks and service deployment calculated from the amount of investment for the first five years, with respect to the total Project hereby approved.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">-The speed of deployment of the Coverage Obligations provided in section 10 therein.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The implementation of the Project is subject to the issuance of the agreement specifying the terms, conditions, goals, obligations and other issues inherent to the provision of Advanced Mobile Communications Service.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENACOM Resolution No.&nbsp;3,687-E/17 call for the on-demand frequency allocation</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;3,687-E/17, published in the Official Gazette on May&nbsp;12, 2017, provided the call for the on-demand frequency allocation of the 2,500 to 2,690 MHz radio spectrum, stating the procedure, obligations and compensations to be fulfilled by the Mobile Communications Service providers who qualify to participate, in accordance with the provisions of Section&nbsp;4 of Decree No.&nbsp;1,340/17.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Resolution provided to group the frequency channels to be allocated in three (3)&nbsp;Lots: two (2)&nbsp;Lots of 30 MHz, containing three (3)&nbsp;frequency channels in the FDD mode each, and one (1)&nbsp;Lot of 40 MHz, containing two (2)&nbsp;frequency channels in FDD mode (20 MHz) and four (4)&nbsp;frequency channels in TDD mode (40 MHz) with a TDD channels trade option for a Lot of 10 MHz in FDD for two years extent if certain conditions are met, according to the channeling provided in ENACOM Resolution No.&nbsp;1,034-E/17 and its amendment (ENACOM Resolution N&#176; 1,956-E/17). According to the characteristics of the 2,500 to 2,690</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">MHz band, the authorization of use of the frequency channels that compose each Lot must be issued by each locality.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;24, 2017, Personal filed to ENACOM the Envelope with its On-demand Allocation Request, according to the provisions of Resolution No.&nbsp;3,687-E/17.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;5, 2017, ENACOM notified Personal of its Resolution No.&nbsp;5,478-E/17 through which the frequencies included in Lot A were assigned to Telef&#243;nica M&#243;viles Argentina S.A., the frequencies included in Lot B were assigned to AMX Argentina S.A. and the frequencies included in Lot C were assigned to</font><font face="Arial">  </font><font face="Arial">Personal (all of them stated in Annex I of ENACOM Resolution No.&nbsp;3,687 E/17), in the locations detailed in the respective Annexes (attached to Resolution No.&nbsp;5,478-E/17) as requested by each provider. The Resolution provides that the enforcement of its provisions will be operative, within the Departments of San Rafael, General Alvear and Malarg&#252;e, of the Province of Mendoza, once the judicial decision ordered by the Federal Court of San Rafael in the legal process entitled &#147;CABLE TELEVISORA COLOR S.A. c/ PEN AND OTHER S/ AMPARO Ley 19,986-File No.&nbsp;5,472/17&#148; had been revoked.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The spectrum allocation will last 15 years since CABA plus other 13 areas are free of interference over a total of 18 provincial capitals plus Rosario, Mar del Plata and Bahia Blanca and will demand payment of up to approximately US$ 55.9 million (subject to certain compensation clauses for early or late releases) to be paid by localities released from interference on every January&nbsp;of the following year of the year of the effective release. The conditions for the spectrum allocation include certain obligations regarding the service launch by localities, penalty clauses for non-compliance with the deadlines established by localities (which would involve the frequency return plus a fine equivalent to 15% of the spectrum value of the locality involved) and certain guarantees required, among them, the deployment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Spectrum in 700 MHz Band licenses (Paraguay)</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;2017 the public consultation process was started for the auction of 700 MHZ band spectrum. The list of conditions was issued on October&nbsp;30, 2017 and in December&nbsp;of the same year the prequalification of offerors was done being N&#250;cleo one of the prequalified and having to pay a deposit of US$ 15 million in December&nbsp;2017 (equivalent to approximately $278 as of December&nbsp;31, 2017, and included in other current receivables). The process finished on January&nbsp;4, 2018 with the simultaneous auction of 7 sub-bands of 5 + 5 MHz each one, N&#250;cleo was awarded with two of them for an amount of US$ 12 million for each sub-band subject to the compliance with certain conditions provided by CONATEL&#146;s resolution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:30.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;27, 2018 the auction&#146;s price was cancelled for US$ 9 million in compliance with CONATEL&#146;s resolution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">j) SC Resolution No.&nbsp;5/13 &#150; Telecommunication service quality regulation</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:19.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;2, 2013, SC Resolution No.&nbsp;5/13 was published in the Official Gazette. </font><font face="Arial">This Resolution approved a &#147;telecommunication service quality regulation&#148;, establishing, among others, new quality parameters required for telecommunication services provided through mobile and fixed public networks, for all the operators in Argentina, as well as the obligation to provide periodic information to the CNC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:19.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">CNC Resolution No.&nbsp;3,797/13 was published in the Official Gazette on November&nbsp;13, 2013, supplementing SC Resolution No.&nbsp;5/13 and approving the Audit Procedures and Technical Verification of Service Quality Regulation of Telecommunications Services Manual.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to the provisions of CNC Resolution No.&nbsp;3,797/13, Telecom Argentina and Personal have submitted their respective &#147;Technical Reports&#148; (detailed technical specifications of the measurement process) and have made their submissions providing the required information pursuant to the provisions of SC Resolution No.&nbsp;5/13.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On August&nbsp;14, 2014 the CNC notified Telecom Argentina and Personal that the audits and technical verifications that the Regulatory Authority shall perform on the supply of services regarding licenses of Telecom Argentina and Personal will be performed following the processes and methods of measurement exhibited in the respective presentations of the &#147;Technical Reports.&#148; The CNC also notified Telecom Argentina that these shall be carried out using the principles set forth in SC Resolutions No.&nbsp;5/13 and CNC No.&nbsp;3,797/13. Notwithstanding, the CNC developed verification tasks of the mobile services by means of tests of calls and data with measuring mobile devices in different locations of the country using procedures different from those defined in the Quality Regulation and published the results at &#147;quenosecorte.gob.ar.&#148;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Within the scope of said verifications, the CNC initiated penalty processes against Personal for alleged non-compliance with CNC Resolution No.&nbsp;3,797/13. The Management of the Company has in a timely basis submitted its solid legal defense against these claims.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the enforceability of this Resolution is subject to the compliance of certain steps for its implementation with the previous approval of the Regulatory Authority, Telecom Argentina and Personal have carried out the corresponding reservations of their rights in each of their submissions. In addition, Telecom Argentina has stated in its different submissions that, due to the special circumstances that affected its tariff structure, the compliance of the burdensome operative and customer service parameters set forth in SC Resolution No.&nbsp;5/13<font color="black" style="color:black;"> should not apply.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">k) Regulation of Virtual Mobile Operators</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">SC Resolution No.&nbsp;68/14, published in the Official Gazette on October&nbsp;28, 2014, approved the Regulation of Virtual Mobile Operators (&#147;VMO&#148;) and the Basic Requirements for VMO Agreements. Among its provisions, the Resolution states that the Network Mobile Operators (&#147;NMO&#148;) that have spectrum and infrastructure, shall annually file a reference offer for those interested in providing services as VMO, in which they will set forth the technical and economic conditions, which shall be reasonable and non-discriminatory.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Resolution also provides the modalities and procedures for the provision of such services. According to article 2 of the Annex of the Resolution, the Regulation is applicable to SCMA.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Ministry of Communications Resolution No.&nbsp;38/16, issued on May&nbsp;5, 2016, approved the new Regulation of Virtual Mobile Operators (&#147;VMO&#148;) and revoked SC Resolution No.&nbsp;68/14, which had approved the Regulation of Virtual Mobile Operators previously provided by </font><font face="Arial">former </font><font face="Arial">SC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The mentioned Resolution provides that Network Mobile Operators (&#147;NMO&#148;), which have spectrum and infrastructure (among them, Personal), </font><font face="Arial">must submit</font><font face="Arial">, within 120 calendar days since the Resolution publication, a Reference Offer (&#147;the RO&#148;) for those interested in providing VMO services. The RO must be published annually in the NMO and on the Regulatory Authority official web site, and shall provide the economic and technical conditions (that will be freely established between the parties, reasonable, and non-discriminatory), clearly </font><font face="Arial">detailing </font><font face="Arial">the prices and conditions of </font><font face="Arial">each of the benefits and services to be provided</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This new Regulation </font><font face="Arial">is applicable </font><font face="Arial">for Mobile Communications Service (SCM), which includes Mobile </font><font face="Arial">Telecommunication </font><font face="Arial">Services (STM), Cellular Mobile Radio-communications Services (SRMC), Personal Communications Services (PCS) and Mobile Advanced Communications Services (SCMA). The Resolution also provides the procedures for the Services Agreements subscription between the NMO and the VMO, which will determine the terms and conditions </font><font face="Arial">under which</font><font face="Arial"> the NMO will provide telecommunications network access and, </font><font face="Arial">where appropriate</font><font face="Arial">, telecommunications network interconnection the VMO.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;1, 2016, Personal filed a presentation to the Ministry of Communications </font><font face="Arial">through which it exposed substantial grounds</font><font face="Arial"> for finding essential the suspension of the </font><font face="Arial">deadline </font><font face="Arial">for submission of the OR provided in Section&nbsp;2 of Ministry of Communications Resolution No.&nbsp;38/16, until the 700MHz frequencies </font><font face="Arial">comprising </font><font face="Arial">Lot 8 (awarded and paid by Personal) were in full conditions of use and until the spectrum of Lot 1 of the Frequency Bands Public Auction developed by SC Resolution No.&nbsp;38/14 was allocated and &#147;on-air.&#148; Through the mentioned presentation it was also requested: a) the removal of Section&nbsp;10 of Annex I of the above-mentioned rule&nbsp;(which does not allow agreements with VMO on an exclusive basis); b) that ENACOM </font><font face="Arial">enclose </font><font face="Arial">interference measurements carried out in the 700MHz Band awarded to Personal; and c) that ENACOM informs whether it has definitively resolved all the claims </font><font face="Arial">filed </font><font face="Arial">by the users of such band.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Notwithstanding its presentation, on January&nbsp;12, 2017, ENACOM charged Personal </font><font face="Arial">for non- compliance with the RO presentation</font><font face="Arial">. Personal has submitted its discharge rejecting the </font><font face="Arial">accusation </font><font face="Arial">and has submitted its RO, which validity is subject to the resolution of the legal issues exposed in its submissions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">l) Decree No.&nbsp;798/16: National Plan for the Development of Competitiveness Conditions and Quality of Mobile Communications Services</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Decree No.&nbsp;798 published in the Official Gazette on June&nbsp;22, 2016 &#150; issued within the scope of the Ministry of Communications&#150; approved the National Plan for the Development of Competitiveness Conditions and Quality of the Mobile Communications Services, </font><font face="Arial">which has its strategic focus on encouraging greater efficiency in the market, with quality services at fair and reasonable prices</font><font face="Arial">.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The above mentioned plan provides that within 90 days the Ministry of Communications shall (i)&nbsp;start the process of adaptation of the scheme approved by Resolution SC No.&nbsp;157/97 (CPP scheme) to the provisions of the LAD; (ii)&nbsp;update the General Regulation of MCS customers along with the process initiated by the Resolution SC No.&nbsp;12/13, proving for the existence of mechanisms that would allow customers to access information about the quality of the service and to get benefits and/or compensation in their services in case of non-compliance with the established quality standards; (iii)&nbsp;start the process of adaptation of the &#147;Regulation on Administration, Management and Control of Frequency Bands&#148; (&#147;Reglamento sobre</font><font face="Arial">  </font><font face="Arial">Administraci&#243;n, Gesti&#243;n y Control del Espectro Radioel&#233;ctrico&#148;), to the provisions of the LAD, in order to introduce greater competitiveness in all services; (iv)&nbsp;update the &#147;National Scheme for the Granting of Frequency Bands&#148; (Cuadro Nacional de Atribuci&#243;n de Bandas del Espectro Radioel&#233;ctrico) so as to increase the availability of frequencies for the provision of mobile communications services, for which purpose the procedures provided in section 30 of the LAD will be initiated; (v)&nbsp;incorporate to the &#147;Universal Service General Regulation&#148; (Reglamento General del Servicio Universal) approved by Resolution ENACOM No.&nbsp;2.642/16, the granting of priority to consider -in programs with SU Funds- projects eligible to be developed in those Municipalities which have adopted the legislation proposed in the &#147;Code of Good Practices for the Deployment of Mobile Communication Networks&#148; (C&#243;digo de Buenas Pr&#225;cticas para el Despliegue de Redes de Comunicaciones M&#243;viles) provided by the &#147;Argentine Federation of Municipalities and the Operators of Mobile Communications&#148; (Federaci&#243;n Argentina de Municipios y los Operadores de Comunicaciones M&#243;viles) and supported by the former SC of the former Ministry of Federal Planning, Public Investment and Services on August&nbsp;20, 2009, or those contemplating rules&nbsp;of similar characteristics that would not prevent, in fact or Law, the deployment of such networks; (vi)&nbsp;develop a National Contingency Plan for disaster situations; and (vii)&nbsp;Update the National Interconnection Regulations and Licensing for Telecommunications Services and the Scheme of Portability Number approved by Resolution SC No.&nbsp;98/10.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This Decree also provides that the Ministry of Communications, through the ENACOM, shall, </font><font face="Arial">in a 60-calendar-day term,</font><font face="Arial"> prepare measurement protocols </font><font face="Arial">that would enable to show </font><font face="Arial">the quality perception of MCS users, taking into account UIT parameters, and review and update quality standards for the ICT service networks </font><font face="Arial">through all the corresponding areas</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the ENACOM shall perform measurements of non-ionizing radiations in order to control that these remain within non-harmful levels to human health, and the &#147;Administration Agency for State Property&#148; (Agencia de Administraci&#243;n de Bienes del Estado - AABE) shall in its role as governing Body of the state property policy, perform procedures and administrative acts and relevant contracts to grant the use for valuable consideration of terraces, roofs, towers, solar and/or any installation, plant or property sector of the State that are suitable for the installation of supporting structures of antennas, equipment and installations associated with telecommunications, information technologies and communications and/or audiovisual communication services. The AABE will make available for the licensees of such services and for independent companies sharing passive infrastructure, the listing of state properties potentially suitable for such facilities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Among other aspects, the Decree provides that, as a way to encourage the rapid deployment of networks and the infrastructure sharing, rent fees will not be charged for a 1-year period for the use of state property in which base stations are installed within 3 months of publication of the rule&nbsp;in the Autonomous City of Buenos Aires, or within 6 months in the rest of the country. Under the same condition, this period will be extended to 3 years when the infrastructure is shared by two Mobile Services Licensees, and to 4 years when it is shared by more than two. Identical benefit will be granted if it is a sharing independent company of passive infrastructure, and the above conditions are met.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In this regard, it is worth mentioning the agreement signed on April&nbsp;27, 2016 between Personal, AMX Argentina S.A., Telef&#243;nica M&#243;viles Argentina S.A., the Ministry of Communications and the Government of the City of Buenos Aires, to facilitate the deployment of network infrastructure in the area of Comuna 1 of the Autonomous City of Buenos Aires, including the use of roofs and luminaries of the GCBA.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;5/2017 of the Ministry of the Interior, Public Works and Housing Court of Appraisals of the Nation (February&nbsp;1, 2017), initial monthly rent fees for the year 2017 were approved, for the use against payment of terraces, roofs, solar towers or any installation, plant or sector of state property that are suitable for the installation of supporting structures of antennas, equipment and installations associated with telecommunications, information technologies and communications and audiovisual communication services.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">m) &#147;Tax Stability&#148; principle: impact of variations in social security contributions</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;23, 2007, the SC issued Resolution No.&nbsp;41/07 relating to the impact of variations in social security contributions occurring after November&nbsp;8, 1990 and the proposed use for the resulting savings and increases in contribution rates that have occurred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina had recorded a liability related to the savings caused by reductions in the levels of social security contributions initially earmarked for the Argentina@internet.todos Program. The mentioned savings were substantially generated during fiscal year 2000. Resolution No.&nbsp;41/07 allowed Telecom Argentina to recover the increases in social security contributions that it has to pay as a consequence of the increase in social contributions rates.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Within this context and considering applicable the principle of tax stability provided by the Transfer Agreement approved by Decree No.&nbsp;2,332/90, the Resolution authorized the aforementioned savings being offset with the amounts arising from the application of the mentioned increases.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The offset of both concepts and the determination of a balance, were subject to the audit results performed by the Regulatory Authority according to the information provided by Telecom Argentina. The mentioned audit was performed during the third quarter of 2007. Telecom Argentina took knowledge of the proceedings, in which the CNC recognized a receivable arising from increases in social contributions within the scope of Resolution No.&nbsp;41/07, and cancelled payables arising from reduction in social contributions taxes with the Regulatory Authority and other sanctions imposed to Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, Telecom Argentina has a net receivable of $33 which, in addition to the receivable of $23 corresponding to the <i>Impuesto a los D&#233;bitos y Cr&#233;ditos bancarios</i> (&#147;IDC&#148;) as explained below, is included in under the item &#147;Other receivables&#148; in these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Since Resolution No.&nbsp;41/07 provides Telecom Argentina the right to offset receivables with existing and/or future regulatory liabilities and, given Telecom Argentina&#146;s intention to exercise this right, the receivable was recorded net of several provisions. As of December&nbsp;31, 2017, the provisions which can be offset with the receivables arising from Resolution No.&nbsp;41/07 and from IDC amounted to $56.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">It should be noted that, as of December&nbsp;2008, the Company began to transfer to its customers the highest social contributions accrued as of October&nbsp;2008 applying the same methodology used for the transfer of the IDC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">n) Tax on deposits to and withdrawals from bank accounts charged to customers</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;6, 2003, the Ministry of Economy and Public Finance, through Resolution No.72/03, defined the method to allow, going forward, rate increases on Basic Telephone Services reflecting the impact of the IDC. The amount of tax charged must be shown separately in customers&#146; bills. Telecom Argentina has determined the existence of a remaining unrecovered amount of approximately $23 that arose before the issuance of Resolution No.72/03.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In April&nbsp;2007, Telecom Argentina provided the CNC with supporting documentation about this amount and in May&nbsp;2007 filed its preliminary economic evaluation to the Regulatory Authority. Telecom Argentina took knowledge of the Regulatory Authority&#146;s documentation which corroborates the amount claimed by it and provides a similar offsetting method pursuant to Resolution No.41/07 (as described in &#147;&#151;Tax Stability principle: impact of variations in Social Security contributions&#148; above). As a result, Telecom Argentina recorded as &#147;Non-current Other receivable&#148; a total of $23. This receivable is also included in the provisions for regulatory matters described above.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">o) Renegotiation of the contract with the public administration</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Convertibility period of the peso to the US dollar: dollarization of rates</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;28, 1991 Telecom Argentina and Telef&#243;nica signed an agreement with the Argentine government related to the rate regime, which was ratified by Decree No.&nbsp;2,585/91 and was effective from December&nbsp;18, 1991. The most relevant aspects included in this agreement that amended the rate regime provided by the Transfer Agreement were:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">The rate, measured in basic telephone pulses, was set in US dollars, adjustable twice a year (April&nbsp;and October) based on the variation of the U.S. C.P.I. (all items). These rate adjustments did not require the prior approval of the Regulatory Authority. Since 2000 these rate adjustments were not applied according to agreements signed with the SC, which delayed its implementation. Subsequently, in October&nbsp;2001, an injunction prevented the continuity of application.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">The customers billing continued performing in local currency.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Rates pesification</font></i></b><b><font face="Arial" style="font-weight:bold;">: regulated public services rates freezing</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;6, 2002, the Argentine Government enacted Law No.&nbsp;25,561, &#147;<i>Ley de Emergencia P&#250;blica y Reforma del R&#233;gimen Cambiario&#148;</i> (the &#147;Public Emergency Law&#148;). This Law, by Article&nbsp;8, annulled adjustment clauses in dollars or other foreign currencies and indexation clauses based on price index and any other indexation method. As a consequence, from that date Telecom Argentina&#146;s rates were set in pesos at the exchange rate P$1 per US$ 1. As a consequence, regulated fixed service tariffs remained frozen until the end of the year 2015. Such freezing of tariffs violated the Transfer Contract and regulations that supplemented it.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Transfer Agreement and the resolution of the regulatory issues that negatively affected the operations of Telecom Argentina since the enactment of the Public Emergency Law and the Exchange Regime System Reform in January&nbsp;2002 (pesification of rates, lack of compensation for SU features, increased penalties for delays in repairing and installation in fixed telephony,&nbsp;etc.), have not been fulfilled by the National Government making it responsible for the damages caused.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information on Telecom Argentina&#146;s tariffs pesification, Letters of Understanding with the National Government/UNIREN and Price Cap are presented in consolidated financial statements of prior years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">p) ENACOM Resolution No.&nbsp;5,641-E/2017</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Through this Resolution, published on December&nbsp;22, 2017, the ENACOM decided:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">1.- To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of Law No.&nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have less than 80,000 inhabitants.</font><font face="Arial"> To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of Law No.&nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have more than 80,000 inhabitants and where those services are rendered only by Cooperatives and Small-and-Medium Sized Companies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">2.- To provide that in all those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, whatever the size of their population, where the Subscription Broadcasting Service by means of physical or radio-electric link is rendered by, at least, a licensee that has more than 700,000 subscribers nationwide, the Licensees mentioned in Section&nbsp;94 of Law No.&nbsp;27,078 may start providing services as from January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">3.- The Licensees mentioned in Section&nbsp;94 of Law No.&nbsp;27,078 (among them, Telecom) that are authorized to provide Subscription Broadcasting Service by means of physical or radio-electric link pursuant to Section&nbsp;2 of said law may not make an integrated offering to provide said service with the rest of the services that they are currently providing in those locations until January&nbsp;1, 2019.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">4.- To provide that in those locations in Argentina where subscription broadcasting services by means of physical or radio-electric link are not provided, the Licensees mentioned in Section&nbsp;94 of Law No.&nbsp;27,078 may, as from January&nbsp;1, 2018, request authorization to provide services in the respective coverage areas, subject to an evaluation by the ENACOM.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">q) Other Regulations</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Buy Argentine Act</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the provisions of Article&nbsp;1 of Law No.&nbsp;25,551, which is regulated by Decree No.1,600/02, Telecom Argentina, as a public fixed telephone service licensee, and their respective direct subcontractors, shall give preference to the purchase or lease domestic goods and services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Article&nbsp;2 of the mentioned law provides that a good or service is of domestic origin when it has been produced or extracted in Argentina, provided that the cost of raw materials, supplies or nationalized imported materials do not exceed 40% of the goods or services gross production value.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Article&nbsp;3 of the mentioned law provides that the preference established in Article&nbsp;1 to domestic goods or services will apply when, for identical or similar goods or services, under cash payment terms, the price is equal to or lower than the price of imported goods or services, increased by 7% when the offering of the good or services is carried out by companies qualified as SME, and 5% when the offering of the good or services is carried out by other companies. For comparison purposes, the price of imported goods shall include import duties and taxes and all expenses required for its nationalization.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The mentioned law provides that the hiring companies shall announce their tenders in the Official Gazette as required by the regulation involved, so as to provide all possible bidders timely access to information that enables them to participate in the mentioned tender. It is worth mentioning that the communication provided in the hiring processes law for purchases subject to the Buy Argentine Act, establishes a considerable period prior to the issuance of the purchase order. The mentioned Act also establishes criminal sanctions for non-compliance.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Relating to services acquisitions, Decree No.1,600/02 refers to Law No.&nbsp;18,875, which provides the obligation to hire only companies, consultants and domestic professionals, as defined in the mentioned Law. Any exceptions must be approved by the competent Ministry.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In August&nbsp;2004, the CNC Resolution No.&nbsp;2,350/04, approved the &#147;Procedure for the accomplishment of the Buy Argentine Act&#148;, which includes the obligation to submit semiannual affidavits related to the compliance with the Act. The Act provides an administrative sanctions procedure for non-compliance with this information procedure.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">It is worth mentioning that this Act provides to Telecom Argentina less operational flexibility related to, among other matters, the terms lengthening in tenders, authorizations management prior to acquisitions and higher administrative expenses for the required semiannual information submission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&#147;<u>ENACOM Resolution No.&nbsp;4,656-E/2017 &#150; Model Agreement for the authorization for infrastructure sharing</u>&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board of Directors of ENACOM issued Resolution No.&nbsp;4656-E/2017, published in the Official Gazette on June&nbsp;12, 2017, approving the model agreement for the &#147;Authorization for the Sharing of Active and / or Passive Infrastructure , Automatic Roaming and Goals of Service&#148; to be celebrated with each of the current providers of the Advanced Mobile Communications Service (&#147;SCMA&#148;) who were awarded with the frequency bands for the provision of the Personal Communications service (&#147;PCS&#148;), the Cellular Mobile Radiocommunication Services (&#147;SRMC&#148;) and the SCMA approved by SC Resolution No.&nbsp;38/2014, delegating to the President of ENACOM the powers to subscribe the agreement within 15 working days .</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On August&nbsp;8, 2017, the ENACOM notified Personal through ENACOM Note No.&nbsp;206/2017, the concession of a 15-day period to coordinate the signing of the Authorization Agreement for the Sharing of Active and / or Passive Infrastructure, Automatic Roaming and Goals of Service. Personal presented the required documentation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;2, 2017, the ENACOM issued Resolution No.&nbsp;3420-E/2017, through which it was decided to extend the delegation made in Resolution No.&nbsp;4656-E/2017 for a 180 day-period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, the agreement is still pending of subscription.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Consultation documents under the &#147;General Regulation of Public Hearings and Consultation Documents for Communication Services&#148; provisions and &#147;General Regulation for the Participatory Elaboration of Standards</font></u></b><b><font face="Arial" style="font-weight:bold;">&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina and Personal have timely filed through the ICT Secretary their opinions and proposals for the following consultations and documents issued during 2017:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><b><font face="Arial" style="font-weight:bold;">Document &#147;Consultation on ICT Network Service Quality&#148;, </font></b><font face="Arial">issued through SECTIC Resolution No.&nbsp;3-E/17 issued on March&nbsp;13, 2017;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><b><font face="Arial" style="font-weight:bold;">Document &#147;Interconnection and Access General Regulation Project&#148;,</font></b><font face="Arial"> issued through&#160; SECTIC Resolution No.&nbsp;2-E/17, issued on March&nbsp;13, 2017;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="Arial" style="font-weight:bold;">Document &#147;Public Hearing for Internet Matters&#148;,</font></b><font face="Arial"> issued through SECTIC Resolution No.&nbsp;7-E/17, issued on May&nbsp;12, 2017;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><b><font face="Arial" style="font-weight:bold;">Project &#147;Number Portability Regulation&#148; (including fixed telephony service)</font></b><font face="Arial">, issued through SECTIC Resolution No.&nbsp;1-E/17, issued on September&nbsp;29, 2017.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><b><font face="Arial" style="font-weight:bold;">Project &#147;Regulation of the ICT Services&#146; quality&#148;</font></b><font face="Arial">, issued through Resolution 2-E/2017, issued on December&nbsp;14, 2017.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">New General Rules&nbsp;Governing ICT Services Licenses</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;2, 2018, the Ministry of Modernization issued Resolution No.&nbsp;697/2017, whereby it approved the new General Rules&nbsp;Governing ICT Services Licenses. This Resolution repealed the General Rules&nbsp;approved through Annex I of Decree No.&nbsp;764/2000, as from the date it became effective (February&nbsp;1, 2018), and it also repealed ENACOM Resolutions No.&nbsp;2,483/2016 and No.&nbsp;1,394/2016 (except for Section&nbsp;12 of its Annex I, which will remain in effect).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">New General Rules&nbsp;Governing ICT Services Customers</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;4, 2018, the Ministry of Modernization issued Resolution No.&nbsp;733/2017, whereby it approved the new General Rules&nbsp;Governing ICT Services Customers. This Resolution will become effective on March&nbsp;5, 2018, repealing SC Resolutions No.490/1997, and Annexes I and III of SC Resolution No.&nbsp;10,059/1999 and its supplementing regulations. Annex II of SC Resolution No.&nbsp;10,059/1999 shall remain in effect, as applicable, until the enactment of the penalty regime provided under Section&nbsp;63 of Law No.&nbsp;27,078. Such New General Rules&nbsp;repeal the current general rules&nbsp;governing mobile and basic telephony services customers, thus becoming the only general rules&nbsp;that govern ITC services customers, including Internet access services and subscription broadcasting services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:19.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company is evaluating the impact of certain regulations (such as the 180-day period during which prepaid credit can be used) and analyzing eventual actions against other regulations that would violate its rights (for example, Section&nbsp;56, which provides for compensation in favor of the customer, and Section&nbsp;79, which establishes the obligation to replace any channels eliminated from the programming grid with other channels of similar quality.)</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.55pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Decree No.&nbsp;1,060/2017 - Development of mobile communication services networks</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.55pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This Decree, published in the Official Gazette on December&nbsp;21, 2017, provides for the facilitation of the development of mobile communication services networks, establishing, among other provisions, that the jurisdictions and agencies comprised in subsections a) and b) of Section&nbsp;8 of Law No.&nbsp;24,156 shall ensure information technology and communication services licensees and independent operators of passive infrastructure multiple or shared access, for consideration, to passive infrastructures for the deployment of networks under neutral, unbiased, transparent, fair and non-discriminatory conditions, without the possibility of granting any exclusiveness or preference whatsoever, in fact or in law, provided that such access does not compromise the continuity and security of the services provided by its holder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:19.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For the purposes of this Decree, an Independent Operator of Passive Infrastructure is any individual or legal entity that, without being an information technology and communication services provider, has aerial, ground or underground infrastructure serving as support to networks to render those services, mainly comprised of towers, masts, posts, ducts, channels, conduits, cameras, cables, easement, right of way, optic fiber laying, antennae. Independent operators of passive infrastructure will not be required to have a license, authorization or permit to lease their infrastructure, notwithstanding the obligation to notify the ENACOM of the beginning of their activities to be entered in the registry that said agency will keep to that effect and to comply with the reporting obligations, as required. These operators may not have any legal title whatsoever granting them exclusiveness or preference for the deployment of infrastructure.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Decree also provides that:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">1) The Ministry of Modernization:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">a.&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><font face="Arial">shall issue comprehensive general rules&nbsp;with supplementary regulations for infrastructure&#160; sharing;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">b.&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><font face="Arial">shall develop, within a term of 180 days, a multi-year spectrum plan in order to maximize and&#160;&#160;&#160; increase the radio electric resources for the deployment of next-generation mobile networks and mobile services and mobile communication services in order to support traffic growth and improve service quality;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">c.&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><font face="Arial">shall issue supplementary or clarifying regulations relating to Section&nbsp;29 of Law No.&nbsp;27,078, establishing efficient procedures and avoiding distortions in competition;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">d.&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><font face="Arial">shall identify radio electric spectrum frequency bands for the development of new services and wireless applications and issue regulations allowing for their shared and unauthorized use.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">38</font></b><a name="PB_38_160301_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">2) It shall substitute Section&nbsp;3 of Decree No.&nbsp;798 dated June&nbsp;21, 2016 with the following:<br> &#147;SECTION&nbsp;3.- Mobile communications service (SCM, for its Spanish acronym) is defined as wireless telecommunications service with multiple capabilities which, irrespective of its operating frequency, through the use of mobile network architectures and the use of digital access technology, supports low and high user mobility, allows for the interoperability with other fixed and mobile networks for worldwide roaming.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It comprises Mobile Telephone Service (STM), Cellular Mobile Radiocommunications Service (SRMC), Personal Communication Service (PCS), Mobile Advanced Communications Service (SCMA, for its Spanish acronym) and their technological evolution.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">3) The frequencies that are allocated and authorized to render radio electric trunking services (&#147;SRCE&#148;, for its Spanish acronym) may only be used to provide those services. The ENACOM may allocate frequencies to provide SCM and demand the return of the frequencies and migration of services pursuant to Section&nbsp;28 and 30 of Law No.&nbsp;27,078, and its regulations, or, at the request of the interested party, apply Section&nbsp;4, subsection b) of Decree No.&nbsp;1,340 dated December&nbsp;30, 2016, and its regulations, establishing an economic compensation in favor of the National Government.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">4) SBT licensees may provide this service through the use of radio electric spectrum frequencies using those allocated for the provision of 4G mobile services, notwithstanding the provision of fixed telephone service pursuant to Section&nbsp;2, subsection a) of the Personal Communications Service (PCS) General Rules&nbsp;approved as an annex to Section&nbsp;1 of Decree No.&nbsp;266 dated March&nbsp;10, 1998, through the execution of agreements with the licensees of those frequencies, which shall be reported to the ENACOM.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">5) Delegate on the Ministry of Modernization the power to issue the penalty rules&nbsp;provided under Section&nbsp;63 of Law No.&nbsp;27,078, which shall repeal the current rules&nbsp;approved under Decree No.&nbsp;1,185 dated June&nbsp;22, 1990, as amended and supplemented.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Registrations and authorizations to use the spectrum that are now held by the Company as a result of corporate reorganizations:</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.75in;"><font size="2" face="Arial" style="font-size:10.0pt;">1)</font><font size="1" face="Arial" 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; </font><font face="Arial">Telecom Personal S.A.:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;24, 2017, Telecom Argentina and Telecom Personal S.A. were served with ENACOM Resolution No.&nbsp;4,544-E/2017, whereby that agency decided:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)&nbsp;to authorize Telecom Personal to transfer in favor of Telecom Argentina the registrations of Mobile Telephone Services, Cellular Mobile Radiocommunications Services; Personal Communications Services Area I,&nbsp;II,&nbsp;III, and Mobile Advanced Communications Services, as well as the resources, permits and frequencies granted in its name;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)&nbsp;to revoke the licenses granted to Telecom Personal to render Data Transmission, Value Added and National and International Long-Distance Telephone Services;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)&nbsp;to authorize the transaction reported by Telecom whereby the controlling companies Sofora Telecomunicaciones S.A. and Nortel Inversora S.A. are dissolved without liquidation pursuant to the Bidding Terms and Conditions approved under Decree No.&nbsp;62/1990.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.75in;"><font size="2" face="Arial" style="font-size:10.0pt;">2)</font><font size="1" face="Arial" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Cablevisi&#243;n S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;22, 2017, Telecom Argentina and Cablevisi&#243;n S.A. were served with ENACOM Resolution No.&nbsp;5,644-E/2017, whereby that agency decided, among other things, to authorize Cablevisi&#243;n S.A. to transfer in favor of Telecom Argentina:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" face="Arial" 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; </font><font face="Arial">&nbsp;The Registration of physical and/or radio electric link broadcasting services, including the permits/frequencies required to provide radio electric link broadcasting services, as well as the area authorizations to provide those services (via physical and radio electric link), which may operate in Area II, defined as provided under Decree No.&nbsp;1,461/93, as amended, and the city of Rosario, Province of Santa Fe, and the city of C&#243;rdoba, Province of C&#243;rdoba, as from January&nbsp;1, 2018, as provided under Section&nbsp;5 of National Decree No.&nbsp;1,340/2016, and in the rest of the areas authorized on the dates and in the modalities provided under ENACOM Resolution No.&nbsp;5,641/2017 dated December&nbsp;20, 2017;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">39</font></b><a name="PB_39_160509_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font><font size="1" face="Arial" 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; </font><font face="Arial">&nbsp;</font><font face="Arial">The Registration of the Radio Electric Trunking Service (SRCE); and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</font><font size="1" face="Arial" 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; </font><font face="Arial">&nbsp;</font><font face="Arial">The authorizations and permits to use frequencies and allocations of numbering and sign-posting resources to provide the above-mentioned services held by Cablevisi&#243;n S.A., pursuant to effective regulations, and the agreement executed by Nextel Communications Argentina S.R.L. on April&nbsp;12, 2017 (IF-2017-08818737-APN-ENACOM#MCO), whereby Telecom Argentina, in its capacity as absorbing company of Cablevisi&#243;n S.A., shall, within a term of two years as from the date on which the merger is approved by the National Antitrust Commission and the ENACOM or any agency that may substitute them in the future, return the radio electric spectrum that exceeds the limit set under Section&nbsp;5 of Resolution No.&nbsp;171-E/17 issued by the Ministry of Communications and/or any regulation that may repeal it in the future. To those effects, the Company shall file with the ENACOM, no later than one year in advance upon the expiration of the two-year term, a proposal to conform to that limit. The ENACOM may accept the proposal, reject it and/or request a new filing with any changes it may deem appropriate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, through that Resolution, the ENACOM authorized the change of corporate control, pursuant to Section&nbsp;33 of the LGS, in Telecom Argentina once the merger became effective and the shareholders agreement dated July&nbsp;7, 2017 entered into effect, as a result of which Cablevisi&#243;n Holding S.A. became the legal controlling company of Telecom Argentina as surviving company of Cablevisi&#243;n S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Said Resolution also approved:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" face="Arial" 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; </font><font face="Arial">&nbsp;</font><font face="Arial">The relinquishment of the services registrations that are currently non-operative that had been requested by Cablevisi&#243;n S.A. (SAP, SRC, STP, SLV and SAVR) and by Telecom (SRC); and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font><font size="1" face="Arial" 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; </font><font face="Arial">&nbsp;</font><font face="Arial">The revocation of the licenses and registrations granted to Cablevisi&#243;n S.A., now held by&#160;&#160; Telecom.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the Resolution provides that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" color="#282828" face="Arial" style="color:#282828;font-size:10.0pt;">(i)</font><font size="1" face="Arial" 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; </font><font face="Arial">&nbsp;</font><font face="Arial">Telecom shall comply with Section&nbsp;95 of Law No.&nbsp;27,078, which provides for the conditions under which it may operate the physical and/or radio electric link subscription television service, transcribed below:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">a.&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">The Company shall create a business unit to provide the audiovisual communication service and manage it separately from the public utility business unit;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">b.&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">It shall keep separate accounting records and bill the licensed services separately;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">c.&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">It shall not conduct anti-competitive practices such as tie-in practices and cross subsidies with funds from public utilities to licensed services;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">d.&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">It shall provide - when requested- to the competitors in licensed services access to its own support infrastructure, especially, posts, masts and ducts under market conditions. In the absence of agreement between the parties, the ENACOM shall intervene;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">e.&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">It shall not conduct anti-competitive practices concerning the rights to broadcast contents over its networks and facilitate a growing percentage to be established by the ENACOM to the distribution of contents from independent third parties.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">f.&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">It shall respect the professional competences and job classifications of the workers in the different activities it is engaged in.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" color="#282828" face="Arial" style="color:#282828;font-size:10.0pt;">(ii)</font><font size="1" face="Arial" 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; </font><font face="Arial">&nbsp;&nbsp;</font><font face="Arial">Telecom is declared to be an operator with a significant position in the retail market of Fixed Internet Access market in the locations detailed in the Report prepared by the National Directorate for the Development of Competition in Networks and Services of the ENACOM. As a result, it decided that:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">a.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Telecom shall, within 60 days as from the date the Resolution was issued, offer the Fixed Internet Access service in those locations at a price that may not be higher than the lowest price offered by the company in Area II for that service. If a similar service is not provided in that Area, it shall apply the lowest price offered at national level by the licensee for a similar service.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">b.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Telecom shall, within 60 days as from the date the Resolution was issued, report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service. Telecom shall ensure to other providers, under transparent, non-discriminatory and cost-oriented conditions, access to its own support infrastructure, especially, posts, masts and ducts.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">All the provisions mentioned above shall be in effect for a term of 2 years as from the notice of the authorization granted by ENACOM, or until it has been verified that there is effective competition in all or in some of the locations involved. The ENACOM may extend or revoke that term.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">With regard to the provision of Quadruple Play services, Section&nbsp;7 of Decree No.&nbsp;1,340 shall apply:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">SECTION&nbsp;7 - The providers of Information Technology and Communications Services that make joint service offerings shall detail the price of each of those services, including the breakdown of those prices and discounts or benefits applied to each service or product for the above-mentioned offerings. Pursuant to Section&nbsp;2, subsection i) of Law No.&nbsp;25,156 and to Section&nbsp;1,099 of the Civil and Commercial Code of Argentina, those providers may not subject, in any way and under any condition, the purchase of any service to the purchase of another service, thus preventing the customer from purchasing any service separately or individually.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Finally, the Company shall file, within a term of 180 days, proof of the registration of the change of authorities in Cablevisi&#243;n Holding S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.55pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&#147;ENACOM Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18 &#150; New regime for Radioelectric Spectrum Fees&#148;</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.55pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;27, 2018, Resolutions Nos. 840 and 1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard. The Company is assessing the impacts and actions in this regard.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 3 &#150; Significant accounting policies</font></b><a name="Note3Significantaccountingpolici_062159"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Going concern</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The consolidated financial statements for the years ended December&nbsp;31, 2017, 2016 and 2015 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Foreign currency translation</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Items included in the financial statements of each of the Group&#146;s entities are measured using the currency of the primary economic environment in which the entity operates (&#147;the functional currency&#148;). The consolidated financial statements are presented in Argentine pesos ($), which is the functional currency of all Telecom Group&#146;s companies located in Argentina. The functional currency for the foreign subsidiaries of the Telecom Group is the respective legal currency of each country.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The financial statements of the Company&#146;s foreign subsidiaries (N&#250;cleo, Personal Env&#237;os, Telecom USA and Tuves Paraguay since June&nbsp;30, 2017) are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated statement of cash flows are translated at the average exchange rates for each year.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Foreign currency transactions</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction or valuation where items are re-measured. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Financial income/expenses as Foreign currency exchange gains or losses.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Consolidation</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements include the accounts of Telecom Argentina and its subsidiaries over which it has effective control (N&#250;cleo, Micro Sistemas, Telecom USA, Personal Env&#237;os, Tuves Paraguay &#150; only as of December&nbsp;31, 2017- and the second semester of 2017 and Telecom Personal until November&nbsp;30, 2017) as of December&nbsp;31, 2017, 2016 and 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">41</font></b><a name="PB_41_170932_7056"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Control exists when the investor (Telecom Argentina) has power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They should be deconsolidated from the date that control ceases.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated companies are consolidated on a line-by-line basis and non-controlling interests in the equity and in the profit (loss) for the year are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">All intercompany accounts and transactions have been eliminated in the preparation of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial year-end of all the subsidiaries&#146; financial statements coincides with that of the Parent and are prepared as of the same closing date and in accordance with the same accounting policies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">e) </font></b><b><font face="Arial" style="font-weight:bold;">Acquisition of the controlling interest in Tuves Paraguay</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.2pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;6, 2016 Tuves Paraguay&#146;s controlling shareholder (TU VES S.A &#150; Chile) accepted N&#250;cleo&#146;s proposal for executing the Tuves Paraguay&#146;s shares purchase option, which was subject to the approval of the Comisi&#243;n Nacional de Telecomunicaciones (&#147;CONATEL&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;11, 2017, the CONATEL&#146;s Board of Directors through Resolution No.&nbsp;460/17authorized TU VES S.A. (Chile) to transfer N&#250;cleo 350 shares of Tuves Paraguay, that represent 70% Tuves Paraguay&#146; total capital stock.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Accordingly, and pursuant to the provisions of the shares&#146; purchase agreement, on June&nbsp;30, 2017, the transaction was performed and N&#250;cleo acquired the 70% capital stock and votes of Tuves Paraguay through the payment of approximately $0.1 (35 million of Guaran&#237;es) and the partial capitalization of receivables that N&#250;cleo had at such date for approximately $147 (49,396 million of Guaran&#237;es).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Tuves Paraguay is a Paraguayan company whose main purpose is the provision of telecommunications services and also the distribution of digital audio and television signals to homes, in accordance with the license granted by CONATEL.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The acquisition of control of Tuves Paraguay was recognized in the consolidated financial statements as of June&nbsp;30, 2017, in accordance with the provisions of IFRS 3 &#147;Business Combinations&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For this purpose, the total purchase price provided by IFRS 3 of approximately $149 (50,056 million of Guaran&#237;es) was determined including the book value of the call option as of the date of the transaction, the assets and liabilities of Tuves Paraguay were measured at fair value, recognizing a higher value of PP&amp;E and identifying a customer relationship and a goodwill of approximately $2 within Intangible Assets (662 million of Guaran&#237;es), which will be annually reviewed through its impairment test.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">f) Revenues</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues are recognized to the extent that it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably. Final outcome may differ from those estimates.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues are stated net of discounts and returns.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company discloses its revenues into two groups: services and equipment. Service revenues are the main source of income for the Company and are disclosed by nature: Voice services,&nbsp;Internet services and Data transmission services. This classification of revenues is given by different commercial offers and products, type of contracts and kind of customers. Equipment sales represent a precursor of the mentioned service revenues; therefore, the Group only sells equipment to customers and, from time to time, the Management of the Company and N&#250;cleo decide to sell mobile handsets at prices lower than their respective costs in order to acquire new contracts with a minimum non-cancelable period of permanence.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Other income mainly includes penalties collected from suppliers and gains on disposal of PP&amp;E, which are realized in the ordinary course of business but are not the main business objective.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s principal sources of revenues are:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">42</font></b><a name="PB_42_171004_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Fixed telecommunication services and products</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Domestic services revenues consist of monthly basic fees, measured service, long-distance calls and monthly fees for additional services, including call forwarding, call waiting, three-way calling, itemized billing and voicemail.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues are recognized when services are rendered. Unbilled revenues from the billing cycle dating to the end of each month are calculated based on traffic and are accrued at the end of the year.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from corresponding accounts receivable. Revenues derived from other telecommunications services, principally network access, long distance and airtime usage, are recognized on a monthly basis as services are provided.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from the sale of prepaid calling cards are recognized on the basis of the minutes used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &#147;Deferred revenue on prepaid calling cards&#148; under Deferred revenues line item in the statement of financial position.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Interconnection charges represent amounts received by the Company from other local service providers and long-distance carriers for calls that are originated on their networks and transit and/or terminate on the Company&#146;s network. Revenue is recognized as services when they are provided.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Traffic revenues from interconnection and roaming are reported gross of the amounts due to other telecommunication operators.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred (as well as the related costs not in excess of the amount of revenues) over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship (approximately 8 years in the case of fixed telephony&#146;s voice services).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Reconnection fees charged to customers when resuming service after suspension are deferred and recognized ratably over the average life for those customers who are assessed a reconnection fee. Associated direct expenses are also deferred over the estimated customer relationship period up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from sales of goods, such as telephone and other equipment, are recognized when the significant risks and rewards of ownership are transferred to the buyer.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract are recognized as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenue on construction contracts recognized in the year ended December&nbsp;31, 2017 amounted to $614. The 2017 agreement provides finance within 48 months from January&nbsp;1, 2017, the date when the implementation of the project was effective. $83 and $17 are receivables as of December&nbsp;31, 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Cost on construction contracts recognized in the year ended December&nbsp;31, 2017 amounted to $429.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">No revenue or costs on construction contracts were recorded for years 2016 and 2015.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenue from international telecommunications services mainly includes voice and data services and international point-to-point leased circuits. Revenues from international long-distance service reflect payments under bilateral agreements between the Company and foreign telecommunications carriers, covering inbound international long-distance calls. Revenues are recognized as services when they are provided.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Data and Internet revenues mainly consist of fixed monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet connectivity services (dial-up and broadband). These revenues are recognized as services when they are rendered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">43</font></b><a name="PB_43_171014_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Mobile telecommunication services and products</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Group provides mobile services throughout Argentina via cellular and PCS networks. Cellular fees consist of monthly basic fees, airtime usage charges, roaming, charges for TLRD, CPP charges and additional charges for VAS, including call waiting, call forwarding, three-way calling, voicemail, SMS, GPRS, Mobile Internet and for other miscellaneous cellular services. These revenues are recognized as services when they are rendered.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from the corresponding accounts receivable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from the sale of prepaid calling cards are recognized on the basis of the traffic used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &#147;Deferred revenue on prepaid calling cards&#148; under Deferred revenues line item in the statement of financial position.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from sales of goods, such as handsets, sim cards, tablets, smartphones and other equipment are recognized when the significant risks and rewards of ownership are transferred to the buyer.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company and N&#250;cleo offer to their subscribers a customer loyalty program. Under such program the Company and N&#250;cleo grant award credits as part of the sales transactions which can be subsequently redeemed for goods or services provided by Personal and N&#250;cleo or third parties. The fair value of the award credits is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. Those revenues are classified as service or goods revenues depending on the goods or services redeemed by the customers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Applicable to both fixed telephony and mobile telephony, for offerings including separately identifiable components (as equipment and service), the Company and its subsidiaries recognize revenues related to the sale of the equipment when it is delivered to the final customer whereas service revenues are recorded when rendered. The total revenue generated by this type of transactions is assigned to the separately identifiable units of accounting based on their fair values, provided that the total amount of revenue to be recognized does not exceed the contract revenue. IFRS does not prescribe a specific method for such assignation of revenue. However, telecommunications industry practice generally applies the method known as &#147;residual method&#148;, which was used in the preparation of these consolidated financial statements. The &#147;residual method&#148; requires identifying all the components that comprise a transaction and allocating its fair value on an individual basis to each of them. Under this method, the fair value of a delivered item (which could not be individually determined) is determined as the difference between the total arrangement consideration and the sum of the fair values of those elements for which fair value can be estimated on a stand-alone basis.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">g) Financial instruments</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">g.1) <u>Financial assets</u></font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Upon acquisition, in accordance with IFRS 9, financial assets are subsequently measured at either<i> amortized cost</i>, or <i>fair value</i>, on the basis of both:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(a)&nbsp;the entity&#146;s business model for managing the financial assets; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(b)&nbsp;the contractual cash flow characteristics of the financial asset.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">A financial asset shall be measured at <i>amortized cost</i> if both of the following conditions are met:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(a)&nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(b)&nbsp;the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, for assets that met the abovementioned conditions,&nbsp;IFRS provides for an option to designate, at inception, those assets as measured at <i>fair value</i> if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an &#145;accounting mismatch&#146;) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">44</font></b><a name="PB_44_171045_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">A financial asset that is not measured at <i>amortized cost</i> according to the paragraphs above is measured at <i>fair value</i>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial assets include:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Cash and cash equivalents</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Time deposits are valued at their amortized cost.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in Lebacs are valued at fair value.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Trade and other receivables</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Investments</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2016, Telecom Argentina received in payment certain Provincial Government bonds denominated in argentine pesos (Provincia de Mendoza and Provincia de Buenos Aires) that bear interests in argentine pesos. These Provincial Government bonds are valued at amortized cost and their results are included in Financial results as investment gains.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the IRR and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Financial expenses as Foreign currency exchange gains or losses.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Likewise, Telecom Argentina and Personal acquired Government bonds. Taking into account the business model chosen to manage these financial assets, and according to the provisions of IFRS 9, these bonds are recorded at their fair value and its results were included in Financial results &#150; Other investments gains.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in Lebacs are valued at fair value.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The 2003 Telecommunications Fund is recorded at fair value.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Impairment of financial assets</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">At every annual or interim closing date, assessments are made as to whether there is any objective evidence that a financial asset or a group of financial assets may be impaired. If any such evidence exists, an impairment loss is recognized in the consolidated income statement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Certain circumstances of impairment of financial assets that the Group assesses to determine whether there is objective evidence of an impairment loss could include: delay in the payments received from customers; customers that enter bankruptcy; the disappearance of an active market for that financial asset because of financial difficulties; observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets, significant financial difficulty of the obligor, among others.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">g.2) <u>Financial liabilities</u></font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial liabilities comprise trade payables (excluding Derivatives), financial debt, salaries and social security payables (see Note 3.o) below) and certain other liabilities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial liabilities other than derivatives are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">45</font></b><a name="PB_45_171103_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">g.3) <u>Derivatives</u></font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Derivatives are used by Telecom Group to manage its exposure to exchange rate and sometimes interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">All derivative financial instruments are measured at fair value in accordance with IFRS 9.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Derivative financial instruments qualify for Hedge Accounting only when:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">a) The hedging relation consists only on hedging instruments and hedged items eligible;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">b) Since its inception the hedging relation and the purpose and risk management strategy, are formally designated and documented;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">c) the hedge is expected to fulfill the efficacy requirements described in Note 20 &#150; Hedge Accounting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">When a derivative financial instrument is designated as a cash flow hedge (the hedge of the exposure to variability in cash flows of an asset or liability, a firm commitment or a highly probable forecasted transaction) the effective portion of any gain or loss on the derivative financial instrument is recognized directly in OCI. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is recognized in the consolidated income statement immediately. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">If hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are directly recognized in the consolidated income statement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For additional information about derivatives operations during 2017 and 2016, see Note 20.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">h) Inventories</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventories are measured at the lower of cost and estimated net realizable value. Cost is determined on a weighted average cost basis. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Allowances are made for obsolete and slow-moving inventories.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">From time to time, the Management of the Company and N&#250;cleo decide to sell mobile handsets at prices lower than their respective costs. This strategy is aimed at achieving higher service revenues or at retention of high value customers by reducing customer access costs while maintaining the companies&#146; overall mobile business profitability since the customer subscribes a monthly service contract for indefinite period with a minimum period of permanence and, if the contract is abandoned in advance, the mobile company has the right to cancel, totally or partially, the bonus granted to the customer at the beginning of the contractual relationship. For the estimation of the net realizable value in these cases the Company considers the estimated selling price in normal course of business less applicable variable selling expenses plus the expected margin from the service contract signed during its minimum non-cancelable term.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">i) PP&amp;E</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">PP&amp;E is stated at acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">All other subsequent costs are recognized as expense in the period in which they are incurred, unless they are improvements. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">PP&amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized in the statement of financial position under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related tangible assets in the Depreciation and amortization item line.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">46</font></b><a name="PB_46_171136_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are annually reviewed. Changes in the above liability are recognized as an increase or decrease of the cost of the relative asset and are depreciated prospectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation of PP&amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of the assets; the ranges of the estimated useful lives of the main PP&amp;E are the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Asset</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Estimated useful<br>   life (in years)</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Buildings received from ENTel</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">35</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Buildings acquired subsequent to   11/8/90</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">50</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Improvements in third parties   buildings</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 &#150; 5</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tower and pole</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">10 &#150;   20</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Transmission equipment</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3 &#150; 20</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Wireless network access</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3 &#150; 7</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Switching equipment</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 &#150; 7</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Power equipment</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">7 &#150; 15</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">External wiring</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3 &#150; 20</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Computer equipment and software</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3 &#150; 5</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Telephony equipment and instruments</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.82%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Installations</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 &#150; 10</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the consolidated income statement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">j) Intangible assets</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets are recognized when the following conditions are met: the asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets with a finite useful life are stated at cost, less accumulated amortization and impairment losses, if any.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets with an indefinite useful life are stated at cost, less accumulated impairment losses, if any.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets comprise the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- Subscriber acquisition costs (&#147;SAC&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Direct and incremental costs incurred for the acquisition of new subscribers are capitalized when the conditions for the recognition of an intangible asset are met.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The cost of acquiring broadband customers meets the conditions established by IFRS for its recognition as intangible asset. The amount of costs deferred is limited to the non-contingent part of the revenues generated by that subscriber. The costs above revenues are expensed when incurred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Capitalized SAC related to the acquisition of broadband customers are amortized on a straight-line basis over the average period of the customer relationship.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The cost of acquiring postpaid and &#147;cuentas claras&#148; subscribers in mobile telephony meet the conditions established by IFRS for its recognition as intangible asset. In the event of early cancellation, grants the right to cancel bonuses granted at the beginning of the contractual relationship (i.e, equipment bonuses). SAC are mainly comprised of upfront commissions paid to third parties and, to a lower extent, of subsidies granted to customers on the sale of handsets.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In all other cases, subscriber acquisition costs are expensed when incurred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Capitalized SAC related to the acquisition of post-paid and &#147;cuentas claras&#148; subscribers are amortized on a straight-line basis over the term in which the customer must pay a cancellation charge, in case of early termination of the relationship.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- Service connection or habilitation costs</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Direct costs incurred for connecting customers to the network are accounted for as intangible assets and then amortized over the term of the contract with the customer if required conditions are met. For indefinite period contracts, the deferral of these costs is limited to the amount of non contingent revenue from the customer and expensed over the average period life of the customer relationship. Costs exceeding</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">47</font></b><a name="PB_47_171431_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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">that amount are expensed as incurred. Connection costs are generated mainly for the installation of fixed lines and amortized over an average period of 8 years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- 3G/4G licenses</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As described in Note 2.i, it includes 3G and 4G frequencies awarded by the SC to Personal in November&nbsp;2014 and June&nbsp;2015. In accordance with Article&nbsp;12 of the Auction Terms and Conditions they were granted for a period of 15 years as from the date of awarding notification. After this deadline, the Regulatory Authority may extend the term at Personal&#180;s request. The extension of the term, the related cost and conditions shall be defined by the Regulatory Authority.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Consequently, the Company&#146;s management has concluded that the 3G and 4G licenses have a finite useful life and therefore are amortized under the straight-line method over 180 months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of Section&nbsp;4 (d)&nbsp;of PEN Decree No.&nbsp;1,340/16, which is described in Note 2.i), the remaining useful life of the frequencies included in lot 8 of the auction was re-estimated in 4Q16. It was considered that 700 Mhz bands would be released since May&nbsp;2017 and, in compliance with the mentioned Decree, the period of 15 years from such date was computed. After that, such date was re-estimated being the effective day of release on April&nbsp;2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- PCS license (Argentina)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company, based on an analysis of all of the relevant factors, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- PCS and Band B licenses (Paraguay)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">PCS license is amortized under the straight-line method over 60 months. These licenses were successively renewed for a period of 5 years, the amortization finalized during year 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, Band B license finished its amortization during year 2012.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.2pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;2017, N&#250;cleo required the renewal of this license. Before the expiration date, CONATEL issued, according with the telecommunications law, resolutions of temporary extensions which are valid for 90 days, with the possibility of one only extension for the same term.&#160; Therefore, it is expected to have the definitive renewal en the next months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- Internet and data transmission license (Paraguay)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">N&#250;cleo&#146;s license 60 months amortization was finished in fiscal year 2016. However, on July&nbsp;2017 CONATEL granted the Company with the renewal of such licenses.&#160; Therefore, the term of the license is extended until May&nbsp;2021.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- Rights of use</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company purchases network capacity under agreements which grant the exclusive right to use a specified amount of capacity for a specified period of time. Acquisition costs are capitalized as intangible assets and amortized over the terms of the respective capacity agreements, generally 180 months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- Exclusivity agreements</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Exclusivity agreements were entered into with certain retailers and third parties relating to the promotion of the Company&#146;s services and products. Amounts capitalized are being amortized over the life of the agreements, with expiration up to financial year 2028.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">-&#160; Cubecorp &#145;s Customer relationships</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Customer relationships identified as part of the purchase price allocation performed upon the acquisition of Cubecorp Argentina S.A. (a company engaged in data center business) in financial year 2008, are being amortized over the estimated duration of the relationship for customers in the data center business (180 months).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">-&#160; Tuves Paraguay&#146;s Customer relationships</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.2pt;"><font size="2" face="Arial" style="font-size:10.0pt;">It is related to the acquisition of Tuves Paraguay (see Note 3.e). It is amortized over the term of the relationship with the acquired customers, which is estimated in 78 months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">-&#160; Goodwill</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.2pt;"><font size="2" face="Arial" style="font-size:10.0pt;">It is related to the acquisition of Tuves Paraguay (see Note 3.e) measured as the difference between the fair value of the amount transferred less the fair value of the identified net assets. The goodwill has indefinite useful life and the impairment must be analyzed at least annually.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">48</font></b><a name="PB_48_171458_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">k) Leases</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Finance leases</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. The Company recognizes finance leases as assets and liabilities in its statements of financial position at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Subsequently, minimum lease payments are apportioned between a finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents, if any, are charged as expenses in the periods in which they are incurred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The depreciation policy for depreciable leased assets is consistent with that for depreciable assets that are owned.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017 the Telecom Group hold finance leases which represents liabilities in the amount of $13. The total payable at these leases&#146; maturity amounts to $13. PP&amp;E related to these financial leases and several of the mentioned leases contracts characteristics as of December&nbsp;31, 2017 are detailed below:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Book value</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Lease term</font></b></p>    </td>
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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:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Depreciation</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PP&amp;E &#150; Computer equipment</font></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">77</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3 years</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3 years</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Accumulated depreciation</font></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(64)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" 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="1" 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="1" face="Arial" style="font-size:8.0pt;">Net carrying value as of December&nbsp;31, 2017</font></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">13</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" 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="1" 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="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Operating leases</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits under various non-cancellable operating leases that expire on various dates through 2035. Rental expenses are included under Interconnection costs and other telecommunication charges and Other operating expenses items lines in the consolidated income statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.65pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">l) Impairment of intangible assets and PP&amp;E</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">At least annually, the Company assesses whether there are any indicators of impairment of assets that are subject to amortization. Both internal and external sources of information are used for this purpose. Internal sources include, among others, obsolescence or physical damage of the asset, and significant changes in the use of the asset and the economic performance of the asset compared to estimated performance. External sources include, among others, the market value of the asset, changes in technology, markets or laws, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of the Group over market capitalization.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be recognized in the statement of income.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The recoverable value of an asset is the higher of its fair value less costs to sell and its value in use. In calculating the value in use, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs. The Company considers each legal entity of the Group as a cash-generating unit.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">When the conditions that gave rise to an impairment loss no longer exist, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, up to the carrying amount that would have been recorded if no impairment loss had been recognized. The reversal of an impairment loss is recognized as income in the consolidated income statement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets with an indefinite useful life (including intangible assets under development or not ready to use) are not subject to amortization and are tested at least annually for impairment. The only intangible asset with an indefinite useful life held by the Company as of December&nbsp;31, 2017 and 2016 is the PCS license (Argentina), which is entirely allocated to the Personal Mobile Service operating segment. Its</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">49</font></b><a name="PB_49_172235_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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years presented, the Company estimates that does not exist indicators of impairment of assets that are subject to amortization, with the exception of those related to process of modernization and replacement of its mobile network access technology in the Argentine Republic and a group of longstanding work in progress.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The net effects of the constitution and recovery of the mentioned impairments are recorded under &#147;Impairment of PP&amp;E&#148; line item. Additional information disclosed in Note 22.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">m) Other liabilities</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-21.3pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" face="Arial" 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; </font><b><font face="Arial" style="font-weight:bold;">Pension benefits</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Argentine laws provide for pension benefits to be paid to retired employees from government pension plans and/or privately managed fund plans to which employees may elect to contribute. Amounts payable to such plans are accounted for on an accrual basis. The Company does not sponsor any stock option plan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension benefits shown under Other liabilities represent benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service. There is no vested benefit obligation until the occurrence of those conditions. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The actuarial assumptions used are based on market interest rates, past experience and Management&#146;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the following rates and salary ranges:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Discount rate (1)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">4.6% - 9.2%</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">4.8% - 6.2%</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">6.5% - 8.5%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Projected increase rate in compensation (2)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">8.0% - 16.3%</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">8.0% - 22.5%</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">12.0% - 26.8%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)&nbsp;Represents estimates of real rate of interest rather than   nominal rate in $.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)&nbsp;In line with an estimated inflationary environment for the next   three financial years.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 19.85pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information on pension benefits is provided in Note 16.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-21.3pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" face="Arial" 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; </font><b><font face="Arial" style="font-weight:bold;">Legal fee</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,476 - Tax Regularization Regime (&#147;R&#233;gimen de Regularizaci&#243;n Impositiva Ley N&#186; 26,476&#148;), the Company is subject to a legal fee which shall be paid in twelve monthly consecutive installments without interest as from final judgment. It is carried at amortized cost.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">n) Deferred revenues</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred revenues include:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Deferred revenues on prepaid calling cards</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. See Note 3.f. Revenues &#150; Fixed telecommunication services and products and Mobile telecommunication services and products.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Deferred revenues on connection fees</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. See Note 3.f. Revenues &#150; Fixed telecommunication services and products and Mobile telecommunication services and products.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">50</font></b><a name="PB_50_183219_4457"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Customer Loyalty Programs</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The fair value of the award credits regarding the Company and N&#250;cleo&#146;s customer loyalty program is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. See Note 3.f. Revenues &#150; Mobile telecommunication services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Deferred revenue on sale of capacity and related services</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided. Those revenues are recorded under &#147;Data&#148; line item.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">-</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Deferred income for CONATEL&#146;s government grants</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2010 and 2011, the CONATEL awarded to N&#250;cleo public tenders for the expansion of the network infrastructure that provides a platform for access to mobile services and basic services in social interest areas in Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Government grants are recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either in the statement of financial position as deferred income or as a reduction of the carrying amount of related asset. The Company elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets were recognized at the cost incurred by N&#250;cleo in the construction of the engaged infrastructure and the government grant was accounted for as deferred income and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">o) Salaries and social security payables</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note 3.g.2) above for a description of the accounting policy regarding the measurement of financial liabilities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (<i>&#147;prejubilaciones&#148;</i>). The employee&#146;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">p) Taxes payables</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company is subject to different taxes and levies such as municipal taxes, tax on deposits to and withdrawals from bank accounts, turnover taxes, regulatory fees (including SU) and income taxes,</font><font face="Arial">  </font><font face="Arial">among others, that represent an expense for the Group. It is also subject to other taxes over its activities that generally do not represent an expense (internal taxes, VAT, ENARD tax).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The principal taxes that represent an expense for the Company are the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- Income taxes</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Income taxes are recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the year comprises current and deferred tax.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return). All income tax payments are made by each of the subsidiaries as required by the tax laws of the countries in which they operate. The Company records income taxes in accordance with IAS 12.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred taxes are recognized using the &#147;liability method&#148;. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the consolidated financial statements.&#160;&#160; A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries that generate a deferred income tax liability, where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred tax assets relating to unused tax loss carry forwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets arising from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and w</font><font face="Arial">hen future taxable income would be sufficient to apply those temporary differences.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The book value of a deferred tax asset shall be revised at the end of every reporting period. The company shall reduce the carrying amount of a deferred tax asset if it is probable that future taxable income will not be available to offset the benefits of the deferred tax asset. This reduction shall be reassessed at each reporting period and reversed if it becomes probable that future taxable income to offset the deferred tax asset will be available.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The statutory income tax rate in Argentina was 35% for all years presented. Cash dividends received from a foreign subsidiary are computed on the statutory income tax rate. As per Argentinean Tax Law, income taxes paid abroad may be recognized as tax credits.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">However, for the calculation of deferred tax as of December&nbsp;31, 2017, Law No.27.430 (issued on December&nbsp;29, 2017, see Section&nbsp;at the end of Note 3.p) was considered as a reference.&#160; This law states a decrease from 35% to 30% in the income tax rate for companies for fiscal years started from January&nbsp;1, 2018 to December&nbsp;31, 2019; and a decrease to 25% for fiscal years started from January&nbsp;1, 2020. Therefore, the company considered, following the statements of IAS 12, the periods in which temporary differences as of December&nbsp;31, 2017, will be reversed to apply the proper tax rate in the calculation of deferred tax. The effect of changes in future rates of income tax was included as &#147;Effect of changes in income tax rate&#148; in the reconciliation between the amount charged in results and pre-tax income in Note 14.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The statutory income tax rate in Paraguay was 10% for all years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5% (this is the criterion used by N&#250;cleo for the recording of its deferred tax assets and liabilities, representing an effective tax rate of 15%). However, the effect of the additional income tax rate according to the Argentine tax law in force on the undistributed profits of N&#250;cleo is fully recognized as it is considered probable that those results will flow in the form of dividends.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The statutory income tax rate in the United States was 39.50% for the years ended December&nbsp;31, 2017, 2016 and 2015.&#160; Since January&nbsp;1, 2018, a new Income Tax Law is applicable in the United States, which modifies the flat rate to 21% changing the legal income tax rate from 39.5% to 26.5%. This change in the tax rate has a similar impact in deferred tax than the explained above regarding the changes in Argentina&#146;s income tax rate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- Turnover tax</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Under Argentine tax law, the Company is subject to a tax levied on revenues and other income. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (services and equipment). Average rates resulting from the turnover tax charge over the total revenues were approximately 5.4%, 5.3% and 5.2% for the years ended December&nbsp;31, 2017, 2016 and 2015, respectively.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">- Other taxes and levies</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.h). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues, excluding the SU tax and other deductions stated by regulations. The rate is 1% of total billed revenues and adopts the &#147;pay or play&#148; mechanism for compliance with the mandatory contribution to the SU fund.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s declaration as proper taxpayer</font></u></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and comply with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March&nbsp;31, 2017.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina has already filed this request related to the payment of the tax on personal property&#150; on behalf of Shareholders. As a consequence, Telecom Argentina recorded in 2017 the reversal of the current tax credit on personal property &#150; on behalf of Shareholders and the corresponding liability that it had recorded as of December&nbsp;31, 2016 which amounted to $8 and has discontinued recording such receivables and liabilities since January&nbsp;1, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Likewise, Nortel and Sofora (companies absorbed by Telecom) filed such exemption.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Notwithstanding, it cannot be assured that in the future, Telecom Argentina can fulfill those requirements and maintain the referred exemption.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Tax reform and consensus on taxation &#150; Laws No.&nbsp;27,429, 27,430 and 27,432</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Tax reform</font></u></b><b><font face="Arial" style="font-weight:bold;">:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;29, 2017, the PEN issued Law No.&nbsp;27,430 which established a comprehensive reform of the tax system with effect beginning in fiscal year 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:39.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Among others, the law includes modifications in tax income in both corporate income tax and individual income tax, value added tax, internal taxes, social security contributions, tax procedure code and tax criminal procedure code.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The main changes with impact in corporate taxes are the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Income Tax:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Arial" style="font-style:italic;">Modification of corporate income tax and withholding tax on dividends</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Law decreases the corporate income tax rate from 35% to 30% for fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years starting January&nbsp;1, 2020 and onwards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Law also establishes a withholding tax on dividends at a 7% rate on profits accrued during fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and a 13% rate on profits accrued in fiscal years starting January&nbsp;1, 2020 and onwards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:39.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Income of fiscal years closed until December&nbsp;31, 2017 will not be subject to withholding tax at the moment of distribution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:39.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The new withholding tax rates apply to distributions made to shareholders qualifying either as resident individuals or nonresidents.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:39.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, the Law repeals the &#147;equalization tax&#148; (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) on income accrued from January&nbsp;1, 2018 and onwards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Arial" style="font-style:italic;">Results derived from transfers of shares</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The effective tax rate applicable for individuals residents and non-residents is 15% (in case of non-residents its applicable over a presumed income equivalent to 90% of the transfer price). For local companies the applicable rate is 30% for both fiscal years 2018 and 2019, and 25% onwards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">However, in the case of individuals residing in Argentina, the results derived from transfers of shares are exempted from taxes to the extent that it is a placement through public offering authorized by the Argentine Securities Commission or that the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the Argentine Securities Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The exemptions will only apply if the foreign beneficiaries do not reside in or the funds do not arise from &#147;non-cooperating&#148; jurisdictions. It also establishes an exemption for interest income and capital gains on the sale of negotiable obligations and share certificates issued abroad that represent shares issued by Argentine companies (ADRs).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Arial" style="font-style:italic;">Optional tax revaluation of assets</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The law established the revaluation of the cost of diverse assets &#150;in case of disposal- and the revaluation of the deductible depreciation for all the acquisitions or investments since January&nbsp;1, 2018 on the base of IPIM evolution from that date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, the law establishes an option to revaluate for tax purposes their assets located in Argentina that generate taxable income. The revaluation option is applicable for the Company on the assets as of December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the Law, the new tax value of the assets will be determined by applying a &#147;revaluation factor,&#148; as established in the Law, to the tax value originally determined in each year or period of the asset&#146;s acquisition or construction. In the case of immovable or movable property qualifying as fixed assets, the value may be determined by an independent appraiser under certain conditions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Law imposes a one-time special tax on the amount of the revaluation. The applicable rate will vary depending on the assets revaluated:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; Real estate (regarded as capital assets): 8%</font></p>
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; Real estate (regarded as inventories): 15%</font></p>
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; Shares, quotas and other participations in Argentine companies owned by resident individuals: 5%</font></p>
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; All other assets (except inventories and cars, which may not be revaluated): 10%.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:34.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The option must be exercised on all the taxpayer&#146;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation is updated on the base of the variation of Internal Wholesale Price Index since January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Law requires taxpayers that opt for the special revaluation regime to withdraw from any judicial or administrative process in which they are claiming, for tax purposes, an adjustment process of any kind regarding the period of the option, and those who started process in previous fiscal years must desist from making a new claim. (See Note 14 -Income tax &#150; Actions for recourse filed with the Tax Authority).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The company is currently taking actions to evaluate the convenience of exercing this option. As of the date of issuance of these consolidated financial statements, the regulations hasn&#146;t established the term in which the option can be exercised.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Internal Taxes and Tax Collection ENARD:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Law also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26%. In addition, the law provides for the repeal of the tax collection at source of the charge required by the ENARD.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, pursuant to Decree No.&nbsp;979/2017, as from November&nbsp;15, 2017, the effective internal tax rate that levies the sale of imported mobile phones and other wireless networks is reduced from 20.48% to 11.73%.&#160; Said rate, pursuant to Law No.&nbsp;27,430, will decrease gradually until its complete phase out as from January&nbsp;1, 2024. In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November&nbsp;15, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Tax on deposits to and withdrawals from bank accounts:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant Law No 27.432&nbsp;The National Executive Power may decide that the percentage of the tax that on the date of entry into force of this law is not computable as payment on account of income tax, will be progressively reduced by up to twenty percent (20%) per year as of January&nbsp;1, 2018, and also may decide that, in 2022, the tax provided for in Law 25,413 and its amendments as a payment on account of income tax will be computed in full.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Social Security:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Law gradually reduces the percentage of employers&#146; contributions to be paid by large companies from 21% to 19.5% in 2022.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">It establishes a non-taxable base for calculating employers&#146; contributions of $ 2,400 Argentine pesos for 2018, which will increase until reaching $12,000 Argentine pesos in 2022. The Law gradually phases out employers&#146; contributions creditable against VAT.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Tax Consensus</font></u></b><b><font face="Arial" style="font-weight:bold;">:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, on January&nbsp;2, 2018, Law No.&nbsp;27,429 - &#147;Tax Consensus&#148; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, the National Government, the Provinces and the Autonomous City of Buenos Aires agreed to fulfill certain commitments. Among the commitments regarding Turnover Tax undertaken by the Provinces, the most relevant are the immediate elimination of differential treatments based on the place of business or the location of the taxpayer&#146;s establishment or the location where goods are manufactured and the establishment of exemptions and application of tax rates that shall not exceed those set for each activity and period under the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease until reaching 3% in 2022, and in the case of mobile telephone 7% in 2018, which will decrease until reaching 5% in 2022.) As to stamp tax rates, for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January&nbsp;1, 2019, with a gradual decrease until its complete phase out as from January&nbsp;1, 2022 and the repeal of all payroll taxes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">q) Provisions</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Group records provisions for risks and charges when it has a present obligation, legal or constructive, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as &#147;Finance expenses&#148;. Additional information is given in Note 17.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in Note 3.i) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">r) Dividends</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends payable are reported as a change in equity in the year in which they are approved by the Shareholders&#146; Meeting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">s) Finance income and expenses</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Finance income and expenses include:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">interest accrued on the related financial assets and liabilities using the effective interest rate method;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">gains and losses on foreign exchange and financial instruments;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">other financial results.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">t) Treasury Shares Acquisition</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the Treasury Shares Acquisition Process described in Note 19 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &#147;Treasury shares acquisition cost&#148;. No profit or loss resulting from holding such instruments of own Equity shall be recognized in the income statement. If the treasury shares are sold, the account &#147;Treasury shares acquisition cost&#148; shall be recorded within Equity under the &#147;Treasury shares negotiation premium&#148; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &#147;Treasury shares negotiation discount&#148; caption.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:19.5pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">u)&#160; Cost of the increase of the share in controlled companies</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;31, 2017 the Board of Directors of Nortel approved the sale of the share in Personal (120,000 shares) to Telecom Argentina (that represented 0.008% of Telecom Personal) in an amount of $ 4, which were paid in April&nbsp;2017.&#160; As a result, Telecom Argentina reached 100% of interest in Telecom Personal.&#160; Through this transaction, the difference between the purchase value and the investment acquired valued using the Equity Method ($ 3) was recorded in &#147;Cost of the increase of the share in controlled companies&#148; in the Equity attributable to controlling interest as of December&nbsp;31, 2017, according with IFRS 10.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">v) Earnings per share</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (see Note 25).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">w) Use of estimates</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Financial statement item / area</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Accounting estimates</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Revenues</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 5.75pt .0001pt 14.15pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Revenue recognition is influenced by:</font></p>
<p style="margin:0in 5.75pt .0001pt 14.15pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&#149; the expected duration of the relationship with the   customer for deferred revenues regarding upfront connection fees;</font></p>
<p style="margin:0in 5.75pt .0001pt 14.15pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&#149; the estimation of traffic measures.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Useful lives and residual value of PP&amp;E and   Intangible assets</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">PP&amp;E and intangible assets, except for   indefinite useful life intangibles, are depreciated or amortized on a   straight-line basis over their estimated useful lives. The determination of   the depreciable amount of the assets and their useful lives involves   significant judgment. The Company periodically reviews, at least at each   financial year-end, the estimated useful lives of its PP&amp;E and   amortizable intangible assets.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Recoverability of PP&amp;E and intangible assets   with finite useful life</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">At least at every annual closing date, an assessment   is made regarding whenever events or changes in circumstances indicate that   PP&amp;E and amortizing intangible assets may be impaired.</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The recoverable amount is the higher of the fair   value (less costs to sell) and its value in use. The identification of   impairment indicators and the estimation of the value in use for assets (or   groups of assets or cash generating units) require management to make   significant judgments concerning the validation of impairment indicators,   expected cash flows and applicable discount rates. Estimated cash flows are   based on significant Management&#146;s assumptions about the key factors that   could affect future business performance such as the future market share,   competition level, capital expenditures, salary increases, foreign exchange   rates evolution, capital structure, capital cost,&nbsp;etc.</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">For the years presented the Company estimated that   there are no indicators of impairment of assets that are subject to   amortization, with the exception of those mentioned in the point l) of this   note. However, changes in our current expectations and operating assumptions,   including changes in our business strategy, technology, competition and   changes in market conditions, could significantly impact these judgments and   could require future adjustments to the recorded assets.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Intangible assets with indefinite useful life</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The Telecom Group determined that Personal&#146;s PCS   license met the definition of an indefinite-lived intangible asset for the   years presented and tests it annually for impairment. The recoverability   assessment of an indefinite-lived intangible asset such as the PCS license   and Tuves Paraguay&#146;s Goodwill requires our Management to make assumptions   about the future cash flows expected to be derived from such asset.</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Such estimated cash flows are based on significant   Management&#146;s assumptions about the key factors that could affect future   business performance such as the future market share, competition level,   capital expenditures, salary increases, foreign exchange rates evolution,   capital structure, discount rate,&nbsp;etc. The discount rate used to   determine the discounted cash flow is an annual US dollar rate of approximately   10.5%.</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Our judgments regarding future cash flows may change   due to future market conditions, business strategy, the evolution of   technology and other factors. These changes, if any, may require adjustments   to the carrying amount of the PCS license and Tuves Paraguay&#146;s Goodwill.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">56</font></b><a name="PB_56_183954_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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Financial statement item / area</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Accounting estimates</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Income taxes, recoverability assessment of deferred   tax assets and other tax receivables</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Deferred income tax measuring</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Income taxes (current and deferred) are calculated   in each company of the Telecom Group according to a reasonable interpretation   of the tax laws in effect in each jurisdiction where the companies operate.   The recoverability assessment of deferred tax assets sometimes involves   complex estimates to determine taxable income and deductible and taxable   temporary differences between the carrying amounts and the taxable amounts.   In particular, deferred tax assets are recognized to the extent that future   taxable income will be available against which they can be utilized. The   measurement of the recoverability of deferred tax assets takes into account   the estimate of future taxable income based on the Company&#146;s projections and   on conservative tax planning.</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The recoverability assessment of the tax receivable   related to the actions of recourse filed by the Company&#146;s related to income   tax inflation adjustment (Note 14) is based on the existing legal arguments   on this matter and the behavior of the National Tax Authority in revising the   actions of recourse filed by the Company.</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Since the change provided by Law No.&nbsp;27,429, the   corporate income tax rate decreases from 35% to 30% for fiscal years starting   January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years   starting January&nbsp;1, 2020 and onwards. Therefore, for the measuring of   deferred tax, the fiscal year of future reversals of temporary differences   that originate deferred tax/liability has been estimated, applying the income   tax rate of each reversal period. The actual moment of the future income and   tax deductions may differ from the estimated, and may produce impact in   future income.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Receivables and payables valued at amortized cost</font></p>    </td>
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<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Receivables and payables valued at amortized cost   are initially recorded at their fair value, which is generally determined by   using a discounted cash flow valuation method. The fair value under this   method is estimated as the present value of all future cash flows discounted   using an estimated discount rate, especially for long term receivables and   payables. The estimated discount rate used to determine the discounted cash   flow of non-current receivables is an annual rate in pesos of approximately   34% for year 2017. Additionally, a 13% annual U.S. dollars was used for   discounting long term receivables denominated in U.S. dollars during 2017 and   2016, respectively. Discount rates for accounts receivables were 9.8% in both   years and discount rates in Guaranies for loans were 8.83% and 9.42% for   years 2017 and 2016, respectively.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Provisions</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The Company is subject to proceedings, lawsuits and   other claims related to labor, civil, tax, regulatory and other matters. In   order to determine the proper level of provisions, Management assesses the   likelihood of any adverse judgments or outcomes related to these matters as   well as the range of probable losses that may result from the potential   outcomes. Internal and external legal counsels are consulted on these   matters. A determination of the amount of provisions required, if any, is   made after careful analysis of each individual issue. The determination of   the required provisions may change in the future due to new developments in   each matter, changes in jurisprudential precedents and tribunal decisions or   changes in its method of resolving such matters, such as changes in   settlement strategy.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Allowance for Doubtful Accounts</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="69%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The recoverability of trade receivables is measured   by considering the aging of the accounts receivable balances, the necessity   or request of customers unsubscribe, historical write-offs, Public Sector and   corporative customer creditworthiness and changes in the customer payment   terms. If the financial condition of the customers were to deteriorate, the   actual write-offs could be higher than expected.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In the absence of a Standard or an Interpretation that specifically applies to a particular transaction, Management carefully considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of the Group, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be completed in all material respects.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">New Standards and Interpretations issued by the IASB not in force</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As required by IAS 8, the IFRS issued by the IASB not in force as of the date of these consolidated financial statements are reported below and briefly summarized. These standards have not been adopted by the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">IFRS 15 (Revenue from Contracts with Customers)</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In May&nbsp;2014 the IASB issued IFRS 15. This IFRS applies to all revenue contracts (except for contracts that are within the scope of IAS 17, leases,&nbsp;IFRS 4,&nbsp;Insurance Contracts and IFRS 9, Financial</font><font face="Arial">  </font><font face="Arial">Instruments). IFRS 15 provides a single model for the recognition and measurement of revenues and replaces IAS 11,&nbsp;IAS 18,&nbsp;IFRIC 13,&nbsp;IFRIC 15,&nbsp;IFRIC 18 and SIC 31. It also establishes additional disclosure requirements and a 5-step model for revenue recognition, being the identified steps:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.25pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Identify the contract(s)&nbsp;with a customer;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.25pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Identify the performance obligations in the contract;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.25pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Determine the transaction price;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.25pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">4)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Allocate the transaction price to the performance obligations in the contract; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.25pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">5)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Recognize revenue when (or as) the entity satisfies a performance obligation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company will apply IFRS 15 using the modified retrospective approach, as it is permitted by that Standard.&#160; Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">57</font></b><a name="PB_57_184356_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining services and equipments. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">It is worth mentioning that in April&nbsp;2016 amendments were made to IFRS 15, without changing the underlying principles of the standard, but clarifying them. The amendment provides the way of: 1) identifying a performance obligation, 2) determining whether a company is a principal or agent, and 3) determining whether license revenues must be recognized at a point in time or over time. In addition, the standard adds the following exemptions: (i)&nbsp;extends the possibility of not applying the standard to the recognition of &#147;complete contracts&#148; to the date of transition and full contracts at the beginning of the oldest period presented; and (ii)&nbsp;</font><font color="black" face="Arial" style="color:black;">it allows to not retrospectively restate a contract in relation to the modifications that occur before the beginning of the earliest period presented, and shall instead reflect the aggregate effect, when the satisfied and unsatisfied performance obligations can be identified, and when the transaction price and its allocation can be determined</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRS 15 is effective from annual periods beginning on January&nbsp;1, 2018. Earlier application is permitted.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has concluded the analysis of the impact of the application of IFRS 15 and is currently measuring the effects. From that analysis resulted that IFRS 15 impacts are mainly related to contracts that include equipment revenues together with services in mobile services contracts (first sale of equipments or renewal of customer&#146;s equipments together with postpaid and &#147;abono fijo&#148; services charges).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company is able to offer services as well as handsets (equipment) separately or together (it means selling the plan service with the handset).&#160; Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. Currently, this kind of contracts of joint selling is recorded applying the Residual Method.&#160; This method requires firstly, the identification of all the elements that compose the transaction and allocate to each of them, its own fair value. Under this method, the fair value of a transferred element, a handset in mobile services for example (it is not possible to allocate an specific price because the company usually sells that element at different prices depending on the plan service), is calculated as the difference between the full price of the contract subscribed with the customer and the fair value of those elements that is possible to allocate a fair value on an individual basis (in our case it would be the difference between the full price of the contract and the price of the plan service to determine the price of the handset).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">However, under the application of IFRS 15 the Residual Method is not allowed. The standard requires allocating the price to each performance obligation according to its proportional standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering a service term of 24 months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">These amendments introduced by IFRS 15 will initially generate an early recognition of handset revenues that will have an impact on retained earnings (due to the partially retroactively application of the standard) with the recognition of contractual asset. Such increase is due to the fact that the discounts on</font><font face="Arial">  </font><font face="Arial">handsets will be allocated between the sale of handsets and the services. Before the application of this standard, such discount was only allocated to the sale of handsets.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In view of the above mentioned, as from January&nbsp;1, 2018, this standard will generate a reallocation of revenues, increasing equipment sales revenues and reducing the recognition of services revenues. It will cause the initial recognition of a contractual asset that will decrease to the extent service revenues are recognized, which will be fully derecognized in the 24th month (the stipulated contractual term).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect of the application of such method (determined based on the standalone selling price of each item) would generate a contractual asset of $781, which would be offset with an increase in deferred tax liabilities of $234 and an estimated increase in retained earnings as of January&nbsp;1, 2018 in the amount of approximately $547 (net of income tax.)</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">With regards to handset subsidies occasionally granted by the Company to new postpaid subscribers, Management believes that the capitalization of such costs will be discontinued under IFRS 15 in light of the interpretations of the new standard. On the other hand, Management believes that commissions paid for the acquisition of postpaid and &#147;Cuentas Claras&#148; customers in the Mobile Segment and broadband customers in the Fixed Segment will continue to be capitalized under IFRS 15, because</font></p>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">58</font></b><a name="PB_58_184433_8146"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the new standard.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The impact of not capitalizing handsets&#146; subsidies in the retained earnings as of January&nbsp;1, 2018 amounts to $48 (lower retained earnings of $68, net of income tax of $ 20).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amendments to IFRS 9 &#147;Financial Instruments&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In July&nbsp;2014, the IASB amended IFRS 9 &#147;Financial Instruments&#148;. The amendments incorporate: 1) a new classification of financial assets (valued at fair value through other comprehensive income); and 2) includes requirements related to the recognition of expected credit losses of financial assets removing the minimum requirements mentioned in IFRS 39 regarding the occurrence of events to recognize the losses and recognizing them at initial measurement if losses are expected.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Regarding the expected credit losses, according to IFRS 9 the Company must recognize such loss as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the expected credit losses of the credit.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">For other financial instruments: the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&#146;s credit risk so the lifetime expected credit losses must be recorded (expected credit losses for the full term of the financial instrument).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRS 9 is effective from annual periods beginning on January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The impact of the initial estimation of the expected credit losses related to trade receivables in retained earnings as of January&nbsp;1, 2018, amounts to $357 (lower retained earnings of $482, net of income tax of $125).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amendments to IFRS 9 (Prepayment features with negative compensation)</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;2017, the IASB amended IFRS 9.&#160; As a result, financial assets with negative compensation characteristics that could lead to reasonably negative compensation as of to the early end of a contract, can be measured at amortized cost or fair value with impact in other comprehensive income.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The new standard is effective for fiscal years beginning on January&nbsp;1, 2018. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">IFRS 16 (Leases)</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In January&nbsp;2016 IFRS 16 was issued.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">This standard replaces IAS 17,&nbsp;IFRIC 14 and SIC 15 and 27. The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated in this standard impact mainly on the lessees accounting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For a company having control of use of an identified asset it:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">a) Must have the right to obtain substantially all the economic benefits of the identified assets and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">b) Must have the right to direct the use of the identified asset.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The standard excludes short-term contracts (less than 12 months) and those in which the underlying asset has low value (as defined by the standard, low value should be defined by reference to a brand new asset rather than a used one or its net carrying amount).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The new standard is effective for fiscal years beginning on or after January&nbsp;1, 2019. Earlier application is permitted for companies that have adopted IFRS 15. During 2017 the Company continued analyzing the impact that this new standard may have on the Group&#146;s financial position, cash flows and results of operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">59</font></b><a name="PB_59_184513_7091"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">IFRIC 22 (Foreign Currency Transactions and Advance Consideration)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In December&nbsp;2016 IFRIC 22 was issued.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">IFRIC 22 analyzes the accounting providing the exchange rate to apply for transactions that include the receipt or payment of an advance consideration. The interpretation concludes that the date of transaction that determines the exchange rate in the initial recognition of an asset, income or expense (or a part of it) is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration (If there is more than one payment or receipt of the advance consideration, the date of transaction is established for each payment or receipt of such advance consideration).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRS 22 is effective from annual periods beginning on January&nbsp;1, 2018. The adoption of these amendments will not have significant impacts on the statements of financial position, results of operations or cash flows of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">IFRIC 23 (Uncertainty over Income Tax Treatments)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;2017,&nbsp;IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i)&nbsp;if uncertain tax treatments must be assessed separately; (ii)&nbsp;the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&#146;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii)&nbsp;how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment of the probability of occurrence); and (iv)&nbsp;how the changes in facts and circumstances are considered.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The new standard is effective for fiscal years beginning on January&nbsp;1, 2019. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Note 4<a name="Note4_041027"></a> &#150; Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Cash and cash equivalents and Investments</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents and investments consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:22.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31,</font></u></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Cash&nbsp;and&nbsp;cash&nbsp;equivalents</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cash</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">52</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">56</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Banks</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,312</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">878</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Time   deposits</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">105</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">898</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government   bonds at amortized cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">604</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   short-term investments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">99</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,509</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Lebacs   at fair value</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,263</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total cash and cash equivalents&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,831</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,945</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Investments</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current investments</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government   bonds at fair value</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">371</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,456</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government   bonds at fair value &#150; dollar linked</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">293</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government   bonds at amortized cost in foreign currency</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">149</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provincial   government and Municipal bonds at amortized cost &#150; dollar linked</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">30</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provincial   government and Municipal bonds at amortized cost in foreign currency</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">33</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provincial   government and Municipal bonds at amortized cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   short-term investments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,433</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">270</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Lebacs   at fair value</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">109</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total current investments&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,426</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,751</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current investments</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government   bonds at amortized cost in foreign currency</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,228</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">255</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provincial   government and Municipal bonds at amortized cost &#150; dollar linked</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">42</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">61</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provincial   government and Municipal bonds at amortized cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provincial   government and Municipal bonds at amortized cost in foreign currency</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">386</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tuves   Paraguay S.A. shares purchase option</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">22</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2003   Telecommunications Fund</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.58%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total non-current investments&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,657</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">347</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">60</font></b><a name="PB_60_160022_551"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Additional information on the consolidated statements of cash flows</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company applies the indirect method to reconcile the net income for the year with the cash flows generated by its operations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For purposes of the statements of cash flows, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (with a maturity of three months or less from the date of acquisition). Bank overdrafts are disclosed in the statement of financial position as financial debts. During 2017, 2016 and 2015 bank overdrafts have been part of the permanent short-term financing structure of Personal, so, net funds requests under that method (with maturities less than three months) are included in financing activities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information on the breakdown of the net cash flow provided by operating activities is given below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Collections</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Collections   from customers</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">71,113</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">55,928</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">41,930</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interests   from customers</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">762</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">366</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">182</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interests   from investments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">670</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">59</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">190</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mobile   operators collections</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,282</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">885</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">843</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">73,827</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">57,238</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">43,145</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Payments</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">For   the acquisition of goods and services and others</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(19,557)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(17,120)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12,784)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">For   the acquisition of inventories</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,520)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,383)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,343)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries   and social security payables and severance payments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(11,669)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,113)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,885)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">CPP   payments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,132)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(393)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(413)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Income   taxes (include tax returns and payments in advance)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,400)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,700)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,631)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   taxes and taxes and fees with the Regulatory Authority</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(13,399)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(10,731)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,775)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Foreign   currency exchange differences related to the payments to suppliers</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(818)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,433)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(502)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Inventory suppliers</font></i></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(269)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(295)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(182)</font></i></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">PP&amp;E suppliers</font></i></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(425)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(1,467)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(188)</font></i></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Other suppliers</font></i></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(119)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(144)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(31)</font></i></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">NDF</font></i></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(5)</font></i></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">473</font></i></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(101)</font></i></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(54,495)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(45,873)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(36,333)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net cash flow provided by operating activities&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">19,332</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,365</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6,812</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.0pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Changes in assets/liabilities components:</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net decrease (increase) in assets</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade   receivables</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,072)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,773)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,364)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   receivables</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(902)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">276</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(754)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Inventories</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(618)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">837</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,522)</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,592)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,660)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(4,640)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net increase (decrease) in liabilities</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade   payables</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,067</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,391)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,368</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Deferred   revenues</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">51</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(58)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(48)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries   and social security payables</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">513</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">369</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">221</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   taxes payables</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">982</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">483</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   liabilities</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">68</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">62</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">29</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provisions   (Note 17)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(360)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(174)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(163)</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,321</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,179)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,890</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.0pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Main non-cash operating transactions:</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Offsetting   of capitalized trade receivables of Tuves Paraguay acquisition</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">149</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Offsetting   of tax on personal property &#150; on behalf of Shareholders</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Income   tax offset with VAT and internal taxes</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">50</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Offsetting   of other receivables with regulatory provisions</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">27</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">VAT   offset with income tax payments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">54</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">SAC   acquisitions offset with trade receivables</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">313</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">305</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">212</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   receivables of PP&amp;E sales offset with trade payables</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">25</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">61</font></b><a name="PB_61_161155_5335"></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.0pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Most significant investing activities:</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Fixed assets acquisitions include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">CAPEX (Note 8)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,905)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,632)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,396)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Acquisition of Materials (net transfers to CAPEX, Note 8)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,433)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(474)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,062)</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Subtotal</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(11,338)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(10,106)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7,458)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Plus:</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Payments of trade payables originated in prior years   acquisitions</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,342)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,832)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,367)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Less:</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Acquisition of fixed assets through incurrence of trade   payables</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,862</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,298</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,592</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Assets retirement obligations</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">35</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">45</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">53</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mobile handsets lent to customers at no cost (i)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">56</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">54</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">32</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(10,727)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(9,541)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(5,148)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-align:justify;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Under certain circumstances, Personal and N&#250;cleo lend handsets to customers at no cost pursuant to term agreements. Handsets remain the property of the companies and customers are generally obligated to return them at the end of the respective agreements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets acquisitions include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Acquisition of licenses 3G and 4G</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,256)</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other intangible assets acquisitions (Note 9)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,238)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,754)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,448)</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Plus:</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Payments of trade payables originated in prior years   acquisitions</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(93)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(201)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(116)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">SAC acquisition offset with trade receivables</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(313)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(305)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(212)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Less:</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Acquisition of intangible assets through incurrence of   trade payables</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">673</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">462</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">466</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(971)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,798)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,310)</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table presents the cash flows from purchases, sales and maturities of securities which were not considered cash equivalents in the statement of cash flows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government bonds acquisition</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,002)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(971)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,049)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Sales of Government bonds</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,986</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,051</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government bonds collection</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">276</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">165</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">45</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other short-term investments and time deposits</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,063)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(265)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Sales of Other short-term investments</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">176</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Argentine companies notes collection</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">28</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,627)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(20)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(976)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.0pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Financing activities components:</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table presents the financing activities components of the consolidated statements of cash flows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank overdrafts</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,344</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,150</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,869</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">716</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank loans</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1 ,730</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,124</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">435</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total financial debt proceeds</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,730</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9,337</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,301</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank overdrafts</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,572)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,793)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(566)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank loans</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(848)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(143)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(31)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total payment of debt</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,986)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,936)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(31)</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:5.0pt 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank   overdrafts</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:5.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(58)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:5.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,243)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(405)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interests   on Notes and related expenses</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(340)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(205)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interests   on bank loans and related expenses</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(418)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(125)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(63)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">NDF</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(32)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total payment of interest and related expenses</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(848)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,573)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(471)</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">62</font></b><a name="PB_62_171716_7056"></a></p>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends paid by company breakdown are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended December&nbsp;31,</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N&#250;cleo to ABC Telecomunicaciones</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(38)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(45)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Telecom Argentina</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,151)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,000)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(804)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Dividends advance declared by Sofora and paid by Telecom   in December&nbsp;2017</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(4,192)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,000)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(849)</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Telecom Argentina&#146;s Dividends Distribution</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal year 2017</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Board of Directors&#146; Meeting held on December&nbsp;18, 2017, resolved in exercise of the powers delegated by the Ordinary Shareholders&#146; Meeting held on the same date, to allocate $4,150.3 (equivalent to $4.28 pesos per outstanding share) from the &#147;Voluntary reserve for future dividends payments&#148; to a cash dividend distribution that was available to shareholders as from December&nbsp;29, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal year 2016</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Board of Directors&#146; Meeting held on April&nbsp;29, 2016, resolved to allocate $2,000 (equivalent to $2.06 pesos per outstanding share) of the &#147;Voluntary Reserve for future dividends payments&#148; to a cash dividend distribution in two installments: $700 that was available to shareholders as from May&nbsp;13, 2016 and $1,300 that was available to shareholders since August&nbsp;26, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal year 2015</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Ordinary Shareholders&#146; Meeting held on April&nbsp;29, 2015, approved the payment of cash dividends of $804 (equivalent to $0.83 pesos per outstanding share), which was made available to shareholders on May&nbsp;11, 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Advance of dividends declared by Sofora and paid by Telecom</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:39.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;29, 2017, Telecom Argentina as surviving company of the merger, paid the pending advance of dividends of $2.9 declared by Sofora in its Board of Directors&#146; meeting held on November&nbsp;29, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">N&#250;cleo&#146;s Dividends Distribution</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal year 2017</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">N&#250;cleo&#146;s shareholders, at their meeting held on March&nbsp;28, 2017, approved the distribution of cash dividends for an amount equivalent to $109 (that correspond to 40,000 million of Guaran&#237;es translated to argentine pesos at the exchange rate of the approval day), with the following schedule of payments:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="82%" style="border-collapse:collapse;margin-left:.65in;">
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Month of dividends<br>   payments</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dividends<br>   corresponding to<br>   Personal</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dividends<br>   corresponding to non-<br>   controlling<br>   shareholders</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">May&nbsp;2017   (*)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">37</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">17</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">54</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">October&nbsp;2017   (**)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">37</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">18</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">55</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">74</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:26.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">35</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">109</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:42.55pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(*)</font></b><font size="1" face="Arial" style="font-size:7.0pt;"> As of the payment date, the amounts were 39 and 18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:42.55pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(**)</font></b><font size="1" face="Arial" style="font-size:7.0pt;"> As of the payment date, the amounts were 41 and 20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Fiscal year 2015</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">N&#250;cleo&#146;s shareholders, at their meeting held on March&nbsp;26, 2015, approved the distribution of cash dividends for an amount equivalent to $63 (that correspond to 35,000 million of Guaran&#237;es translated to argentine pesos at the exchange rate of the approval day), with the following schedule of payments:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Ordinary Shareholders&#146; Meeting also delegate in Nucleo&#146;s Board of Directors the possibility and opportunity of distribution of a second cash dividends for an amount of up to 35,000 million of Guaran&#237;es (equivalent to approximately $80).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">63</font></b><a name="PB_63_172559_5335"></a></p>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Finally, the Board of Directors, at their meeting held on December&nbsp;17, 2015, approved the distribution of cash dividends for an amount $80 (that correspond to 35,000 million of Guaran&#237;es translated to argentine pesos at the exchange rate of the approval day). According to this, the total dividends amount paid during 2015 was as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="82%" style="border-collapse:collapse;margin-left:.65in;">
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Month of dividends<br>   payment</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dividends<br>   corresponding to<br>   Personal</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dividends<br>   corresponding to non-<br>   controlling <br>   shareholders </font></b><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"> ABC<br>   Telecomunicaciones</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">May&nbsp;2015 (*)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">42</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">21</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">63</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">December&nbsp;2015 (**)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">54</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">26</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">80</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   &nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">96</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:31.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">47</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">143</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:42.55pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(*)</font></b><font size="1" face="Arial" style="font-size:7.0pt;"> As of the payment date, the amounts were 41 and 19, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:42.55pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(**)</font></b><font size="1" face="Arial" style="font-size:7.0pt;">As of the payment date, the amounts were 52 and 26, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Additional information required by IAS 7</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In January&nbsp;2016,&nbsp;IAS 7 was amended through the incorporation of paragraphs 44A to 44E. This amendment included additional information requirements that allow financial statements&#146; users to assess changes in liabilities generated by financing activities. Reconciliation between the opening and closing balances of liabilities generated by financing activities is disclosed below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances<br>   as of<br>   December<br>   31, 2016</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Transfers</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Cash<br>   Flows</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Accrued interests</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Exchange<br>   differences<br>   and<br>   currency<br>   translation<br>   adjustments</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances as <br>   of December<br>   31, 2017</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.2%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank overdrafts</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,707</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,572)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">135</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.2%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank loans &#150; principal</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">7,401</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,092)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">882</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">992</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">8,194</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.2%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.5pt;">Notes &#150; principal</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,650</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(57)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(566)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">131</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,158</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.2%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.5pt;">NDF</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(32)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">37</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">10</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">17</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.2%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued interests</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">152</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,149</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(816)</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">880</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">366</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,731</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:34.2%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total current financial debt   (Note 12)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">11,912</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(a)<br>   (2,104)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">928</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,499</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">12,235</font></b></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">(a)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Correspond to $1,730 of debt proceeds, $2,986 of principal payments and $848 of interest payments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 5<a name="Note5_054452"></a> &#150; Trade receivables</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:27.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current trade receivables</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fixed and mobile services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9,232</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,210</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Allowance for doubtful accounts</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(596)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(633)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,636</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,577</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current trade receivables</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fixed and mobile services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">208</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total trade receivables, net&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,648</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,785</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance for current doubtful accounts are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="83%" style="border-collapse:collapse;margin-left:36.45pt;">
<tr>
<td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.44%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="29%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:29.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.44%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the fiscal year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(633)</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(386)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions &#150;Bad debt expenses</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,113)</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,228)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,162</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">989</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Currency translation adjustments</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12)</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(8)</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.44%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(596)</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(633)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">64</font></b><a name="PB_64_175128_5796"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Note 6<a name="Note6_055137"></a>  </font></b><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font><b><font face="Arial" style="font-weight:bold;"> Other receivables</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Other receivables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current other receivables</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Prepaid expenses</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">554</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">620</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Deposit in auction&#146;s warrant to   CONATEL (Note 2.i)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">278</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Expenditure reimbursement</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">134</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">126</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tax credits</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">218</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">46</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Restricted funds</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">45</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">33</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Receivables for return of handsets   under warranty</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">29</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">PP&amp;E disposal receivables</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">20</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">18</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Guarantee deposits</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">10</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tax on personal property &#150; on behalf   of Shareholders</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">NDF (Note 20) (*)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">66</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">171</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">140</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p align="right" style="margin:0in 0in .0001pt 5.05pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,514</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,032</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Allowance for doubtful accounts</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(23)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(21)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,491</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,011</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(*) Includes 60 of Financial NDF as of December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current   other receivables</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Prepaid expenses</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">266</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">258</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Credit on SC Resolution No.&nbsp;41/07 and IDC (Note 2.m and n)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">56</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">57</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Restricted funds</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">53</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">33</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory receivables (Paraguay)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">39</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">27</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tax on personal property &#150; on behalf of Shareholders</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">18</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">18</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tax credits</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Guarantee deposits</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">21</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">12</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Credit of indemnity for Tuves Paraguay   acquisition</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">29</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial NDF (Note 20)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">19</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p align="right" style="margin:0in 0in .0001pt 5.05pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">500</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">435</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Allowance for regulatory matters (Note 2.m and n)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(56)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(57)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Allowance for tax on personal property</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(18)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(18)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Allowance for tax on other credits (i)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">419</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">360</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p align="right" style="margin:0in 0in .0001pt 5.05pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total other receivables&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,910</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,371</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(i)&nbsp;6 allocated to Taxes with the Regulatory Authority and 1 to Currency translation adjustments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowances are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current   allowance for doubtful accounts</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(21)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(25)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(23)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(21)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:25.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current allowance for regulatory matters</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(57)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(84)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Compensation of Telecom Argentina&#146;s regulatory liabilities</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">27</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(56)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(57)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current allowance for tax on personal property</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(18)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(18)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(18)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(18)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">65</font></b><a name="PB_65_180553_2897"></a></p>
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<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 7<a name="Note7_061405"></a> &#150; Inventories</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventories consist of the following:</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="88%" style="border-collapse:collapse;">
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mobile handsets and others</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,631</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,321</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fixed telephones and equipment</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">18</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Inventories for construction projects</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">252</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,901</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,332</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Allowance for obsolescence of inventories</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(47)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(54)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,854</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,278</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:42.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance for obsolescence of inventories are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="88%" style="border-collapse:collapse;">
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(54)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(86)</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions &#150; Fees for services,   maintenance and materials</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(17)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(45)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">24</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">77</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(47)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(54)</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:42.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sale and cost of equipment and handsets by business segment is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2015</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equipment   sales Fixed Services</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">663</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">91</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">61</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cost   of equipment Fixed Services</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(524)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(136)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(82)</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total equipment gain (loss) &#150; Fixed Services</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">139</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(45)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(21)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equipment   and handsets sales Mobile Services - Personal</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,446</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,535</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,796</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cost of equipment and handsets Mobile Services - Personal   (net of SAC capitalizations)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,035)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,749)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,328)</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total equipment gain &#150; Mobile   Services &#150; Personal</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,411</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,786</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,468</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equipment and handsets sales Mobile Services - N&#250;cleo</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">106</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">260</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">159</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cost of equipment and handsets </font><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:8.0pt;"> Mobile Services N&#250;cleo (net of SAC capitalizations)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(125)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(303)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(185)</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total equipment loss &#150; Mobile   Services &#150; N&#250;cleo</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(19)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(43)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(26)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total equipment and handsets sale</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8,215</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,886</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,016</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cost of equipment and handsets (net of SAC   capitalizations)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,684)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,188)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,595)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total income for sale of   equipment and handsets</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,531</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,698</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,421</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:42.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cost of equipment and handsets is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></u></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></u></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Inventories   at the beginning of the year</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,332)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,279)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(794)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Plus:</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Equipment   acquisitions</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,416)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,491)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,233)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">SAC   deferred costs (Note 3.j)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">80</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">130</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decreases   net of allowance of obsolescence</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">20</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">49</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">25</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Handsets   lent to customers at no cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">56</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">54</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">32</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decreases   not charged to cost of equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">17</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Less:</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Inventories   at the end of the year</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,901</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,332</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,279</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.16%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Cost of equipment and handsets&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(6,684)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(6,188)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(4,595)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 8<a name="Note8_065056"></a> &#150; Property, plant and equipment</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">PP&amp;E consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="74%" valign="bottom" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:24.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="bottom" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Land,   buildings and installations</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,576</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,310</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Computer   equipment and software</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,586</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,265</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Switching   and transmission equipment (i)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">6,576</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">5,614</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Mobile   network access and external wiring</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">11,256</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">9,078</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Construction   in progress</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">4,138</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,915</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Other   tangible assets</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">831</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">704</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Subtotal PP&amp;E&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">26,963</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">21,886</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Materials</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,024</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,629</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Valuation   allowance for materials and impairment of materials</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(144)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(68)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Impairment   of PP&amp;E</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(305)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(282)</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">28,538</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">23,165</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(i)&nbsp;Includes tower and pole, transmission equipment, switching equipment, power equipment, equipment lent to customers at no cost and handsets lent to customers at no cost.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">66</font></b><a name="PB_66_185445_4673"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in Materials are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="87%" style="border-collapse:collapse;">
<tr>
<td width="72%" valign="bottom" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:25.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="bottom" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,629</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,652</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Plus:</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Increase for   Tuves Paraguay acquisition</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">72</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Purchases</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,133</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,647</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Less:</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Transfers to   CAPEX</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,700)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,173)</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Disposal for   maintenance</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,125)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(507)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Currency   translation adjustments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">10</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,024</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,629</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the valuation allowance for materials and impairment of materials are as follows</font><font face="Arial">:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="82%" style="border-collapse:collapse;margin-left:21.15pt;">
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:27.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(68)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(52)</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions &#150; Fees for services,   maintenance and materials</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(94)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(16)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decrease</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">18</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(144)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(68)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the impairment of PP&amp;E are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="82%" style="border-collapse:collapse;margin-left:21.15pt;">
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:27.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(282)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(203)</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(234)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(367)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">211</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">288</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(305)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(282)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:28.35pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Details on the nature and movements during the years ended December&nbsp;31, 2017 and 2016 are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Gross<br>   value&nbsp;as<br>   of<br>   December<br>   31,&nbsp;2016</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Tuves<br>   Paraguay<br>   acquisition</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CAPEX</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Transfers&nbsp;and<br>   reclassifications</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Gross<br>   value&nbsp;as<br>   of<br>   December<br>   31,&nbsp;2017</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Land</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">151</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">153</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Building</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,877</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">12</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">103</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,992</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tower and pole</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,697</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">103</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">188</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,988</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Transmission equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,010</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">66</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">189</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,301</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(58)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,508</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile network access</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,443</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">26</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">329</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,072</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(467)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,403</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">External wiring</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,529</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,927</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,455</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Switching equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,916</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">64</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">331</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">255</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,566</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Power equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,727</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">76</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">285</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,086</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Computer equipment and systems</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,401</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">56</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">518</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,311</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(36)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,250</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Telephony equipment and   instruments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">845</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">51</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">903</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Handsets lent to customers at no   cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">543</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">171</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">56</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">97</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(50)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">817</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equipment lent to customers at no   cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">267</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">224</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(126)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">375</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Vehicles</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">429</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">130</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(23)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">545</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Furniture</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">202</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">18</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">234</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Installations</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,172</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">17</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">324</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,513</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Improvements in third parties   buildings</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">755</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">53</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">55</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">867</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Special projects</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">89</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">32</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">121</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Construction in progress</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,915</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,237</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,932)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(107)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,138</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Asset retirement obligations</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">189</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">35</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">224</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">61,157</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">171</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,905</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,775</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(870)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">72,138</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">67</font></b><a name="PB_67_191607_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Accumulated<br>   depreciation<br>   as of<br>   December&nbsp;31,<br>   2016</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Tuves<br>   Paraguay<br>   acquisition</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Depreciation</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustment</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Decrease<br>   and<br>   reclassifications</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Accumulated<br>   depreciation<br>   as of<br>   December<br>   31, 2017</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net carrying<br>   value as of<br>   December&nbsp;31,<br>   2017</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Land</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">153</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Building</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,171)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(52)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">13</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,210)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">782</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Tower and pole</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(712)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(97)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(52)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(861)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,127</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Transmission equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(5,793)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(633)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(113)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(57)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,596)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,912</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Mobile network access</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3,910)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,146)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(226)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">257</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(5,025)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,378</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">External wiring</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,984)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(593)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(7,577)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,878</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Switching equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(7,342)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(703)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(282)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">118</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(8,209)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,357</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Power equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,050)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(119)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(45)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,212)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">874</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Computer equipment and systems</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(9,136)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,112)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(450)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">34</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(10,664)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,586</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Telephony equipment and   instruments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(789)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(22)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(814)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">89</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Handsets lent to customers at no   cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(508)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(83)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(75)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(98)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">50</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(714)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">103</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Equipment lent to customers at no   cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(141)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(155)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">124</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(172)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">203</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Vehicles</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(223)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(57)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">17</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(267)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">278</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Furniture</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(146)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(15)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(9)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(170)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">64</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Installations</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(719)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(137)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(16)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(872)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">641</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Improvements in third parties   buildings</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(529)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(89)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(42)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(660)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">207</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Special projects</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(47)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(17)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(64)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">57</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Construction in progress</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">4,138</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Asset retirement obligations</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(71)</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(17)</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(88)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">136</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(39,271)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(83)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(5,039)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1,327)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">545</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(45,175)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">26,963</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Gross&nbsp;value<br>   as&nbsp;of<br>   December<br>   31,&nbsp;2015</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CAPEX</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Transfers&nbsp;and<br>   reclassifications</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Gross<br>   value<br>   as&nbsp;of<br>   December<br>   31,&nbsp;2016</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Land</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">149</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">151</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Building</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,771</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">95</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,877</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tower and pole</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,238</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">82</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">377</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,697</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Transmission equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,880</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">64</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">147</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">959</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(40)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,010</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile network access</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,242</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">128</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">250</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">3,435</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(612)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,443</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">External wiring</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,208</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">1,407</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(86)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,529</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Switching equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,791</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">75</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">272</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">830</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(52)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,916</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Power equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,449</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">60</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">220</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,727</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Computer equipment and systems</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,663</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">28</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">408</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">1,304</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,401</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Telephony equipment and   instruments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">806</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">37</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">845</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Handsets lent to customers at no   cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">505</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">54</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">99</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(115)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">543</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equipment lent to customers at no   cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">190</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">150</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">3</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(76)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">267</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Vehicles</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">380</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">56</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">429</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Furniture</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">165</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">26</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">202</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Installations</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">905</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">15</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">252</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,172</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Improvements in third parties   buildings</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">574</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">40</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">133</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">755</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Special projects</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">77</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">12</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">89</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Construction in progress</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,015</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,022</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">22</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="1" face="Arial" 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="1" face="Arial" style="font-size:8.0pt;">(9,090)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(54)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,915</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Asset retirement obligations</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">141</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">45</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">189</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">51,149</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,632</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,430</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,054)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">61,157</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">68</font></b><a name="PB_68_192921_5335"></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Accumulated<br>   depreciation<br>   as of<br>   December&nbsp;31,<br>   2015</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Depreciation</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Decreases<br>   and<br>   transfers </font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Accumulated<br>   depreciation<br>   as of<br>   December<br>   31, 2016</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net<br>   carrying<br>   value as of<br>   December<br>   31, 2016</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Land</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">151</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Building</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,134)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(41)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,171)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">706</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tower and pole</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(596)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(77)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(39)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(712)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">985</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Transmission equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,265)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(476)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(87)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">35</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,793)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,217</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile network access</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,210)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(877)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(147)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">324</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,910)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,533</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">External wiring</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,597)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(472)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">85</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,984)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,545</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Switching equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,327)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(856)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(211)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">52</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,342)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,574</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Power equipment</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(921)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(97)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(34)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,050)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">677</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Computer equipment and systems</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,778)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(997)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(363)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,136)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,265</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Telephony equipment and   instruments</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(773)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(15)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(789)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">56</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Handsets lent to customers at no   cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(475)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(50)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(98)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">115</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(508)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">35</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equipment lent to customers at no   cost</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(101)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(116)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">76</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(141)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">126</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Vehicles</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(183)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(47)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(223)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">206</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Furniture</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(128)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(146)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">56</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Installations</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(603)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(102)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(719)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">453</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Improvements in third parties   buildings</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(403)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(98)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(28)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(529)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">226</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Special projects</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(34)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(47)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">42</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Construction in progress</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,915</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Asset retirement obligations</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(55)</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13)</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3)</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(71)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">118</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(34,583)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,358)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,033)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">703</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(39,271)</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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">21,886</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Note 9<a name="Note9_073755"></a> &#150; Intangible assets</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;">
<tr>
<td width="38%" valign="bottom" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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="Arial" style="font-size:7.0pt;font-weight:bold;">Gross value<br>   as of<br>   December&nbsp;31,<br>   2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Acquisition<br>   Tuves<br>   Paraguay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CAPEX</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;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>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Decreases</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Gross value as<br>   of December<br>   31, 2017</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">SAC fixed   services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">226</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">87</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(169)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">144</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">SAC mobile   services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">2,838</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">55</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,081</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">35</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,295)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,714</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Service   connection or habilitation costs</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">222</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">50</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(30)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">242</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">3G/4G   licenses </font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">5,786</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5,786</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">PCS license   (Argentina)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">658</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">658</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">PCS and Band   B (Paraguay)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">951</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">202</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,156</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Rights of use</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">463</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">17</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(41)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">450</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Exclusivity   agreements</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">41</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">41</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Customer   relationship</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">129</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">15</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">146</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Goodwill Tuves   Paraguay</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" 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 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Software   developed for internal use</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">601</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">41</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">642</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">11,788</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">190</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,238</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">300</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1,535)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">11,981</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Accumulated<br>   amortization<br>   as&nbsp;of<br>   December&nbsp;31,<br>   2016</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Acquisition<br>   Tuves<br>   Paraguay</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Amortization</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Accumulated<br>   amortization<br>   as&nbsp;of<br>   December&nbsp;31,<br>   2017</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net<br>   carrying<br>   value&nbsp;as<br>   of<br>   December<br>   31,&nbsp;2017</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">SAC fixed services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(130)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(106)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">169</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(67)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">77</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">SAC mobile services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,411)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(47)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,385)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(26)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,295</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,574)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,140</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Service connection or habilitation   costs</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(103)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(33)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(106)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">136</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3G/4G licenses </font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(681)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(325)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,006)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,780</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PCS license (Argentina)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(70)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(70)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">588</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PCS and Band B (Paraguay)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(951)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(202)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,153)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Rights of use</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(219)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(29)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">29</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(224)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">226</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Exclusivity agreements</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(29)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(30)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Customer relationship (*)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">135</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Goodwill Tuves Paraguay</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Software developed for internal   use</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(601)</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(41)</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(642)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,196)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(49)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,889)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(272)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,523</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,883)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,098</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" 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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(*) The net carrying value as of December&nbsp;31, 2017, correspond 134 to Tuves Paraguay and 1 to Cubecorp.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">69</font></b><a name="PB_69_195322_5796"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Gross value<br>   as of<br>   December&nbsp;31,<br>   2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:10.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CAPEX</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Decreases</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Gross value as<br>   of December<br>   31, 2016</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">SAC fixed services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">234</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">137</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(145)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">226</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">SAC mobile services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,157</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,544</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(893)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,838</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Service connection or habilitation   costs</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">208</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">41</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(27)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">222</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3G/4G licenses </font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,786</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,786</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PCS license (Argentina)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">658</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">658</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PCS and Band B (Paraguay)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">774</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">177</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">951</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Rights of use</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">425</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">32</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">463</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Exclusivity agreements</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">41</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">41</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cubecorp&#146;s Customer relationship</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Software developed for internal   use</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">566</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">35</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">601</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10,851</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,754</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">248</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,065)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,788</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Accumulated<br>   amortization as<br>   of December<br>   31, 2015</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Amortization</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Decreases </font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Accumulated<br>   amortization as<br>   of December<br>   31, 2016</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net<br>   carrying<br>   value as of<br>   December<br>   31, 2016</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">SAC fixed services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(118)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(157)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">145</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(130)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">96</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">SAC mobile services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,001)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,288)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(15)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">893</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,411)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,427</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Service connection or habilitation   costs</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(101)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(29)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">27</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(103)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">119</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3G/4G licenses </font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(343)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(338)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(681)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,105</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PCS license (Argentina)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(70)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(70)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">588</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PCS and Band B (Paraguay)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(774)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(177)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(951)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Rights of use</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(190)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(27)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(219)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">244</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Exclusivity agreements</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(28)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(29)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cubecorp&#146;s Customer relationship</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Software developed for internal   use</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(566)</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(35)</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(601)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,192)</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,840)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(229)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,065</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,196)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,592</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 10<a name="Note10_080434"></a> &#150; Trade payables</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade payables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; purchase of materials and supplies;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; purchase of handsets and equipment;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; agent and retails commissions;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; procurement of services; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149; purchase of goods included in PP&amp;E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:30.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current&nbsp;trade&nbsp;payables</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;<u>2017</u></font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;<u>2016</u></font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">PP&amp;E</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,854</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,496</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other   assets and services</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,783</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,422</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Inventory</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,697</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">676</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p align="right" style="margin:0in 0in .0001pt 23.05pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal trade payables</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,334</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,594</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Agent   commissions</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">149</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">385</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,483</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,979</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current trade payables</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">PP&amp;E</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">101</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">152</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">101</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">152</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total trade payables</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,584</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9,131</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 11<a name="Note11_080651"></a> &#150; Deferred revenues</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred revenues consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 7.1pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">  </font><font face="Arial">revenues received from connection fees for fixed telephony, data and Internet, nonrefundable;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 7.1pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">  </font><font face="Arial">revenues collected by remaining traffic and packages of data from unexpired cards;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 7.1pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">  </font><font face="Arial">the value assigned to the points delivered by customer loyalty programs in the mobile telephony;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 7.1pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">  </font><font face="Arial">the advanced collection of revenues from services of international capacity;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 7.1pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">  </font><font face="Arial">the advanced collection of construction projects; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 7.1pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">  </font><font face="Arial">subsidies received for the construction of infrastructure which are deferred in the same period of amortization of the related works.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">70</font></b><a name="PB_70_200832_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-70',FILE='C:\JMS\C902547\18-5108-1\task8833985\5108-1-du.htm',USER='C902547',CD='Apr 13 07:27 2018' -->

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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:30.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current deferred revenues</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On prepaid   calling cards &#150; Fixed and Mobile Services</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">292</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">261</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On construction projects</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">48</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On connection   fees &#150; fixed services</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">36</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">35</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On capacity   rental</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">32</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">41</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On mobile   customer loyalty programs</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">95</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">87</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">From CONATEL &#150;   mobile services N&#250;cleo (Note 18.d)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">515</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">443</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current deferred   revenues</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" 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:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On capacity   rental &#150; Fixed Services</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">195</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">252</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On connection   fees &#150; Fixed services</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">82</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">87</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On mobile   customer loyalty programs</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">148</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">106</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">425</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">445</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total deferred revenues&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">940</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">888</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 12 &#150; Financial debt</font></b><a name="Note12Financialdebt_070726"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial debt consists of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:30.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current financial debt</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;</font></b><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank overdrafts &#150; principal</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">135</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,707</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank loans &#150; principal</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">182</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">839</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes &#150; principal</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,158</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">566</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">NDF (Note 20)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Accrued interest&nbsp;   and related expenses</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">711</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">152</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,194</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,266</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current financial debt</font></u></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" 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:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes</font><font size="1" face="Arial" style="font-size:9.0pt;">  </font><font size="1" face="Arial" style="font-size:9.0pt;">&#150; principal</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,084</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank loans &#150; principal</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,012</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,562</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">NDF (Note 20)</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt 23.05pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Accrued interests and related expenses</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,020</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9,041</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,646</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total financial debt&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">12,235</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,912</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Bank overdrafts</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, Telecom Argentina had bank overdrafts amounting to $135.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Bank and other financing entities loans</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-align:justify;text-indent:-36.95pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Personal</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;5, 2016, Personal had accepted an offer from the International Finance Corporation (IFC) for the assessment and transfer of funds for purposes of financing investment needs, work capital and debt refinancing for an amount of up to US$ 400 million.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;5, 2016 Personal and the IFC signed the loan agreement (&#147;IFC Loan&#148;) for an amount of US$ 400 million and for a six year period, payable in 8 equal half-yearly installments since the 30</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">th</font><font face="Arial">&#160;month, with a 6 month LIBOR rate + 400bp. This loan will be used to deploy the 4G network and refinance short-term financial liabilities. The loan terms include standard commitments and limitations for this type of financial transactions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;26, 2016 Personal received the loan proceeds for an amount of US$ 392.5 million, net of expenses of US$ 7.5 million (equivalent to $5,956 as of the date of the disbursement).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In April&nbsp;2017, Personal and the Inter-American Investment Corporation (&#147;IIC&#148;), a member of the Inter-American Development Bank (&#147;IDB&#148;) Group, signed a loan agreement (&#147;IIC Loan&#148;) for an amount of US$ 100 million maturing in September&nbsp;2022, payable in 8 equal half-yearly installments since the 24th month, with a 6 month LIBO rate + 400bp. The funds of this loan will be allocated to deploy the 4G network and for financing working capital and other financial needs. The loan terms include standard commitments and covenants for this type of financial transactions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The funds were effectively disbursed by IIC on September&nbsp;18, 2017 (approximately $1,723).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">71</font></b><a name="PB_71_201322_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-align:justify;text-indent:-36.95pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">N&#250;cleo</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table shows the outstanding loans with different local financing entities in Paraguay and their main terms as of December&nbsp;31, 2017:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="52%" style="border-collapse:collapse;margin-left:72.5pt;">
<tr>
<td width="27%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Principal&nbsp;nominal<br>   value&nbsp;(in&nbsp;million&nbsp;of<br>   Guaran&#237;es)</font></b></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Amortization<br>   term</font></b></p>    </td>
<td width="50%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:50.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Book&nbsp;value</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:24.94%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Current</font></b></p>    </td>
<td width="25%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.16%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Non-current</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80,000</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">1.9 years</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">132</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">132</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">40,000</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">1.7 years</font></p>    </td>
<td width="24%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:24.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50</font></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">83</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">120,000</font></b></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.62%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:24.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">182</font></b></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">215</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The weighted average annual rate of these loans is 8.83% in Guaran&#237;es and the weighted average amortization term of these loans is approximately 2 years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The terms and conditions of N&#250;cleo&#146;s loans provide for certain events of default which are considered standard for these kinds of operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Global Programs for the issuance of Notes</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Telecom Argentina</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders&#146; Meeting of Telecom Argentina held on December&nbsp;15, 2011, approved the creation of a Medium Term Notes Global Program for a maximum outstanding amount of US$ 500 million or its equivalent in other currencies for a term of five years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;28, 2017, Telecom Argentina held an Ordinary Shareholders&#146; Meeting that approved a Notes Global Program for a maximum outstanding amount of US$ 3,000 million or its equivalent in other currencies. The delegation of powers in the Board of Directors was also approved to determine and modify the terms and conditions of the Program as well as to establish the issuance opportunities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Personal</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders&#146; Meeting of Personal held on December&nbsp;2, 2010, had approved the creation of a Medium Term Notes Global Program for a maximum outstanding amount of US$ 500 million or its equivalent in other currencies for a term of five years. On October&nbsp;13, 2011, the CNV had authorized such Program, through Resolution No.&nbsp;16,670.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal&#146;s Ordinary Shareholders&#146; Meeting held on May&nbsp;26, 2016 authorized to extend the due date and expand the Program&#146;s maximum circulation amount up to US$ 1,000 million or its equivalent in other currencies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;20, 2016, the CNV authorized the extension and expansion of the mentioned Program through Resolution No.&nbsp;18,277. Within such Program, Personal issued notes in four series under the following conditions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Series&nbsp;II</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issuance date:</font></b><font face="Arial"> December&nbsp;10, 2015.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amount involved:</font></b><font face="Arial"> $149,000,000</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expiration Date:</font></b><font face="Arial"> 36 months from its issuance date (December&nbsp;10, 2018).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amortization:</font></b><font face="Arial"> Capital will be settled by one payment in an amount equal to 100% of total capital, payable on their maturity date (December&nbsp;10, 2018).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest rate:</font></b><font face="Arial"> Series&nbsp;II notes bear interest from its issuance date until the ninth month maturity (inclusive) at a nominal fixed annual rate equivalent to 28.75% per annum and since the beginning of the tenth month until its maturity date will bear at a floating rate equivalent to the Badlar Privada rates published by the BCRA plus 4.00% per annum.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Payment Date:</font></b><font face="Arial"> Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Series&nbsp;III</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issuance date:</font></b><font face="Arial"> November&nbsp;16, 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amount involved:</font></b><font face="Arial"> $721,969,404.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expiration Date:</font></b><font face="Arial"> 18 months from its issuance date (May&nbsp;16, 2018).</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">72</font></b><a name="PB_72_225730_5721"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amortization:</font></b><font face="Arial"> Capital will be settled by one payment in an amount equal to 100% of total capital, payable on their maturity date (May&nbsp;16, 2018).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest rate:</font></b><font face="Arial"> Series&nbsp;III notes bear interest from its issuance date until their maturity date at a nominal floating annual rate equivalent to the Badlar Privada rates published by the BCRA plus 2.90% per annum.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Payment Date:</font></b><font face="Arial"> Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Series&nbsp;IV</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issuance date:</font></b><font face="Arial"> November&nbsp;16, 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amount involved:</font></b><font face="Arial"> US$ 77,900,400 (equivalent to approximately $ 1,207 as of the issuance date).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expiration Date: </font></b><font face="Arial">24 months from its issuance date (November&nbsp;16, 2018).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amortization:</font></b><font face="Arial"> Capital will be settled by one payment in an amount equal to 100% of total capital, payable on their maturity date (November&nbsp;16, 2018).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest rate:</font></b><font face="Arial"> Series&nbsp;IV notes bear interest from its issuance date until their maturity date at a nominal fixed annual rate equivalent to</font><font face="Arial"> 4.85%.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Payment Date:</font></b><font face="Arial"> Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Use of Funds</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The funds arising from the Series&nbsp;I (already cancelled), and II notes placement were used for the partial settlement of bank overdrafts that Personal had taken to finance the acquisition of 3G and 4G frequencies bands. Funds from notes placement have been applied to &#147;debt refinancing&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The funds arising from the Series&nbsp;III and IV notes were used for local bank overdrafts cancellation (&#147;refinancing of liabilities&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Notes Rating</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The mentioned notes have a local risk rating awarded by FIX SCR S.A. of &#147;AA+(arg)&#148; with a stable outlook. National &#147;AA&#148; involves a solid credit quality with respect to other note&#146;s issuers of the country or other notes issued in the country.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Events of default</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The terms and conditions of the Notes provide for certain events of default as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">lack of payment of capital and/or interests of any of the notes at the   maturity date during the term stated in the respective contracts;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">lack of payment of capital and/or interests of any other financial debt   of Personal or its subsidiaries for an amount of at least US$&nbsp;20 million   (&#147;cross default&#148; clause), after the expiration of the agreed grace period;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">final court sentence dictamination (including seizure, executions of   property, and similar court decisions) for an amount of at least US$&nbsp;20   million;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">bankruptcy petition, presentation of reorganization proceeding, or   homologation petition of out-of-court preventive agreement of Personal or any   of its subsidiaries;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">any other situation that could cause the revocation of licenses granted   to Personal or its subsidiaries (if applicable), in the case of total or   partial license revocation that derives in negative effect on the commercial   activity, assets, financial and economic situation of Personal or its   subsidiaries (taken as a whole).</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the terms of the notes issued if any case of non-compliance is verified, the debt holders are allowed to demand the payment of the outstanding amount of capital and accrued interest at the time of non-compliance (&#147;acceleration clause&#148;). The application of this clause is generally optional for the debt holders and it is subject to compliance of certain requirements and conditions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, Telecom Group is in compliance with its respective loans agreements&#146; commitments.</font></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="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">73</font></b><a name="PB_73_230242_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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 13 &#150; Salaries and social security payables</font></b><a name="Note13Salariesandsocialsecurityp_070821"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables include unpaid salaries, vacation and bonuses and its related social security contributions and termination benefits.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the total number of employees was 15,396, of which approximately 82% were unionized. All Management and senior positions are held by non-unionized employees.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In the field of compensation policy for Directors and Managers, the Company and its subsidiaries have a scheme that includes fixed and variable components. While fixed compensation is dependent upon the level of responsibility required for the position and its market competitiveness, variable compensation is comprised of compensation driven by the goals established on an annual basis and also by compensation regarding the fulfillment of long and medium term goals.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company and its subsidiaries have no stock option plans for their employees.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" 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><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Vacation and bonuses</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,433</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,102</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Social security payables</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">499</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">383</font></p>    </td>   </tr>
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<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">119</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">125</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,051</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,610</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">160</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">144</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Bonuses</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">99</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">259</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">184</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total salaries and social   security payables&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,310</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,794</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Compensation for the Key Managers for the years ended December&nbsp;31, 2017, 2016 and 2015 is shown in Note 27.e).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Employee benefit expenses and severance payments are composed of:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;">
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.88%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="28%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:71.88%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="9%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="9%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="9%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:71.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(8,741)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,954)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,166)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:71.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Social security expenses</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,846)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,147)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,642)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:71.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Severance indemnities and termination benefits</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(944)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(521)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(319)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:71.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other employee benefits</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(187)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(178)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(126)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:71.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(12,718)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(9,800)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7,253)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 14 &#150; Income tax payables, income tax assets and deferred income tax</font></b><a name="Note14Incometaxpayablesincometax_070824"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Income tax asset and liability, net as of December&nbsp;31, 2017 and 2016 consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax payables   (a)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,437</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,091</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Withholdings and   payments in advance of income taxes</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,695)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,372)</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Law No.&nbsp;26,476 Tax Regularization Regime</font><font size="1" face="Arial" style="font-size:8.0pt;"> (b)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Current income tax   liability, net</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,748</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">724</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Law No.&nbsp;26,476 Tax Regularization Regime </font><font size="1" face="Arial" style="font-size:8.0pt;">(b)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Non-current Income tax   liability</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(a)&nbsp;Includes 3,678 for Income tax payable attributable to Telecom Personal as of November&nbsp;30, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(b)&nbsp;Tax liability valuated to its discount value at each time of valuation.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">74</font></b><a name="PB_74_232029_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The tax effects of temporary differences that give rise to significant portions of the Telecom Group&#146;s deferred tax assets and liabilities and the actions for recourse tax receivable are presented below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="84%" style="border-collapse:collapse;">
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income&nbsp;tax&nbsp;assets</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Deferred&nbsp;tax&nbsp;liabilities</font></b></p>    </td>   </tr>
<tr>
<td width="42%" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></u></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Telecom<br>   Argentina</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Telecom<br>   USA</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">N&#250;cleo</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Allowance for doubtful accounts</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">252</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">255</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Provisions</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">504</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">504</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PP&amp;E</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">33</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Inventory</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">62</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">62</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Pension and termination benefits</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">162</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">162</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">32</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">32</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other deferred tax assets, net</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   deferred tax assets&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,018</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,021</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">41</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">41</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PP&amp;E and Intangible assets</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(970)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(971)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash dividends from foreign companies</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(*) (129)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(129)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(64)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(64)</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile handsets financed sales</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(69)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(69)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tuves Paraguay&#180;s Deferred tax liabilities,   net</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(***) (25)</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(25)</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   deferred tax liabilities&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,168)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1)</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,169)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(89)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(89)</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   deferred tax (liability) asset, net&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(**) (150)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(148)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(****) (48)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(48)</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Actions for recourse tax receivable</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">774</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">774</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.96%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   income tax assets&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">624</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">626</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Include 46 recorded in Other Comprehensive Income for the year ended December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(**)Include (3)&nbsp;and (11) in Telecom Argentina y Personal, respectively, of temporary differences withdrawals related to the filing of the affidavit for the year 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(***) Originated in Tuves Paraguay acquisition.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(****) Include (2)&nbsp;related to Currency translation adjustments on initial balances.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;">
<tr>
<td width="37%" style="padding:0in 0in 0in 0in;width:37.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="3" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax assets</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="33%" colspan="3" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Deferred   tax liabilities</font></b></p>    </td>   </tr>
<tr>
<td width="37%" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31, 2016</font></u></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Telecom<br>   Argentina</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Telecom<br>   USA</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" 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:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Personal</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">N&#250;cleo</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Allowance for doubtful accounts</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">86</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">88</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">271</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">287</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Provisions</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">341</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">341</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">149</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">149</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">PP&amp;E</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">13</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">13</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Inventory</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">120</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">120</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Pension and termination benefits</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">139</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">139</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred revenues</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">85</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">85</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Other deferred tax assets, net</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">120</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">120</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   deferred tax assets</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">771</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">774</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">540</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">570</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">PP&amp;E and intangible   assets</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(560)</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(560)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(789)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(789)</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash dividends from foreign companies</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(150)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(44)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(194)</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile handsets financed sales</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(84)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(84)</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(4)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(4)</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Other deferred tax liabilities, net</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(68)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(68)</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   deferred tax liabilities</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(560)</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(560)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,095)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(44)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,139)</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total deferred   tax asset (liability), net </font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">211</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">214</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(555)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(14)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(569)</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Action for recourse   tax receivable </font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">466</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">466</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total income   tax assets </font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">677</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">680</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" 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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Income tax expense for the years ended December&nbsp;31, 2017, 2016 and 2015 consists of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="55%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:45.0%;">
<p align="center" style="margin:0in 2.9pt .0001pt 0in;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Year   ended December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2015</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.0%;">
<p align="center" style="margin:0in 2.9pt .0001pt 0in;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Profit   (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Current tax expense</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,438)</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,091)</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,721)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred tax benefit </font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">228</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">129</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(69)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Action for recourse income tax receivable </font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">308</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">368</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">98</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax expense&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,902)</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,594)</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,692)</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">75</font></b><a name="PB_75_003445_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Income tax expense for the years ended December&nbsp;31, 2017, 2016 and 2015 differed from the amounts computed by applying the Company&#146;s statutory income tax rate to pre-tax income as a result of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:37.34%;">
<p align="center" style="margin:0in 2.9pt .0001pt 0in;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">For the   years ended December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2015</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Pre-tax income</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,626</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,599</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,127</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Non taxable items </font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">738</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">79</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">12,364</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,678</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,135</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Weighted statutory income tax rate (*)</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">34.3%</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">34.3%</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">34.5%</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax expense at   weighted statutory tax rate</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,235)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,947)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,774)</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax on cash dividends of foreign companies &#150;   N&#250;cleo</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(44)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(15)</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Effect of changes in tax rate</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">69</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Other changes in tax assets and liabilities</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Actions for recourse income tax receivable </font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">308</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">368</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">98</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax expense&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,902)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,594)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,692)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for all the years presented. In Paraguay was 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for all the years presented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Income tax - Actions for recourse filed with the Tax Authority</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Article&nbsp;10 of Law No.&nbsp;23,928 and Article&nbsp;39 of Law No.24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April&nbsp;1, 1992.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accordingly, Telecom Argentina determined its income tax obligations in accordance to those provisions, without taking into account the income tax inflation adjustment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its verdict in the &#147;Candy&#148; case (07/03/2009) in which it stated that particularly for fiscal year 2002 and considering the serious state of disturbance of that year, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">More recently, the Argentine Supreme Court of Justice applied a similar criterion to the 2010, 2011 and 2012 fiscal years in the cases brought by &#147;Distribuidora Gas del Centro&#148; (10/14/2014, 06/02/2015 and 10/04/2016), enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis such as 2002.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the above-mentioned new legal background that the Company took knowledge during 2015, and after making the respective assessments, Telecom Argentina filed during 2015, 2016 and 2017 actions for recourse with the AFIP to claim the full tax overpaid for fiscal years 2009, 2010, 2011 and 2012 for a total amount of $509 plus interest, under the argument that the lack of application of the income tax inflation adjustment is confiscatory.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, the actions for recourse filed are pending of resolution by the Tax Authority. However, the Company&#146;s Management, with the assessment of its tax advisor, considers that the arguments presented in those recourse actions follow the same criteria as the one established by the Argentine Supreme Court of Justice jurisprudence mentioned above, among others, which should allow the Company to obtain a favorable resolution of actions of recourse filed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Consequently, the income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and the Company recorded a non-current tax credit of $774 as of December&nbsp;31, 2017 ($98 were recorded in fiscal year 2015, $368 in fiscal year 2016 and $308 in fiscal year 2017). For the measurement of the tax credit, the Company has estimated the amount of the tax determined in excess for all fiscal years not covered by the statute of limitation (2009-2017) weighting the likelihood of certain variables according to the jurisprudential antecedents known until such date. The Company&#146;s Management will assess Tax Authority&#146;s resolutions related to actions of recourse filed as well as the jurisprudence evolution in order to annually re-measure the tax credit recorded.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">76</font></b><a name="PB_76_003807_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 15 &#150; Other taxes payables</font></b><a name="Note15Othertaxespayables_070835"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Other taxes payables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp; VAT, net</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">564</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">360</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp; Tax withholdings</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">89</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">319</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp; Internal taxes</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">162</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">138</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp; Tax on SU (Note 2.h)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">119</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">110</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp; Regulatory fees </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">76</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">78</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp; Turnover tax</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">383</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">75</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp; Municipal taxes</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">82</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp; Retention Decree No.583/10 ENARD</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">30</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp; Tax on personal property &#150; on   behalf of Shareholders</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,505</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1,149</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 16 &#150; Other liabilities</font></b><a name="Note16Otherliabilities_070837"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Other liabilities consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">pension benefits;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">guarantees received;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">legal fees payable by adhesion to the tax regularization schemes;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">any liability not included in the other liability items.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:.1in;">
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<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Compensation for directors and   members of the Supervisory Committee</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">53</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">44</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Guarantees received</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">10</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Other</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">22</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">10</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">85</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">69</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Pension benefits (Note 3.m)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">214</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">164</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Legal fees</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Other</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">220</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">170</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total other   liabilities&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">305</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">239</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the pension benefits are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:.1in;">
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended<br>   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">164</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">95</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Service cost </font><font size="1" face="Arial" style="font-size:9.0pt;">(*)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interest cost </font><font size="1" face="Arial" style="font-size:9.0pt;">(**)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">47</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Payments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4)</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Actuarial loss /(gain) </font><font size="1" face="Arial" style="font-size:9.0pt;">(***)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">24</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">214</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">164</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Included in Employee benefit expenses and severance payments.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(**) Included in Financial expenses.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(***) Included in Other comprehensive income as required by IAS 19R.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 17 &#150; Provisions</font></b><a name="Note17Provisions_070839"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company is a party to several civil, tax, commercial, labor and regulatory proceedings and claims that have arisen in the ordinary course of business. In order to determine the proper level of provisions, Management of the Company, based on the opinion of its internal and external legal counsel, assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. A determination of the amount of provisions required, if any, is made after careful analysis of each individual case.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">77</font></b><a name="PB_77_004550_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The determination of the required provisions may change in the future due to new developments or unknown facts at the time of the evaluation of the claims or changes as a matter of law or legal interpretation. Consequently, as of December&nbsp;31, 2017, the Company has established provisions in an aggregate amount of $2,088 ($56 to cover potential losses under these claims </font><font face="Arial">for regulatory contingencies deducted from assets and $2,032 included under provisions) </font><font face="Arial">and certain amounts deposited in the Company&#146;s bank accounts have been restricted as to their use due to some judicial proceedings. As of December&nbsp;31, 2017, these restricted funds totaled $98 (included under Other receivables, net line item in the consolidated statement of financial position).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Additions/<br>   (recoveries)</font></b></p>    </td>
<td width="9%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Reclassifications</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Uses</font></b></p>    </td>
<td width="7%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances<br>   as of<br>   December<br>   31, 2016</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Additions/<br>   (recoveries)</font></b></p>    </td>
<td width="9%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Reclassifications</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Uses</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">as of<br>   December<br>   31, 2015</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Capital</font></b></p>    </td>
<td width="4%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Interest<br>   (i)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Debt<br>   recognition</font></b></p>    </td>
<td width="5%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Payments</font></b></p>    </td>
<td width="5%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Capital</font></b></p>    </td>
<td width="4%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Interest<br>   (i)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Debt<br>   recognition</font></b></p>    </td>
<td width="5%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Payments</font></b></p>    </td>
<td width="5%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">as of<br>   December<br>   31, 2017</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Provision for civil and commercial   proceedings</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">112</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">47</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(15)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(35)</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">109</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">76</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">104</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(66)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(65)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">158</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Provision for labor claims</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">51</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">159</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(27)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(92)</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">91</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">232</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(223)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">100</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="17%" height="4" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Provision for regulatory, tax and other   matters claims</font></p>    </td>
<td width="6%" height="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">44</font></b></p>    </td>
<td width="5%" height="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" height="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">72</font></p>    </td>
<td width="6%" height="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(45)</font></p>    </td>
<td width="7%" height="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">71</font></b></p>    </td>
<td width="5%" height="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1</font></p>    </td>
<td width="4%" height="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" height="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">283</font></p>    </td>
<td width="6%" height="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(140)</font></p>    </td>
<td width="5%" height="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(67)</font></p>    </td>
<td width="5%" height="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.15pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">148</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total current   provisions</font></b></p>    </td>
<td width="6%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">207</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">278</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(42)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(172)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">271</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">77</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">619</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(206)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(355)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">406</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Provision for civil and commercial proceedings</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">240</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">14</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">54</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(47)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">261</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">150</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">53</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(104)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">360</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Provision for labor claims</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">329</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">130</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">78</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(159)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">377</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">315</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">141</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(232)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">601</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Provision for regulatory, tax and other   matters claims</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">407</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">43</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">11</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(45)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">416</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">78</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">83</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(283)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">294</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Asset   retirement obligations</font></p>    </td>
<td width="6%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">189</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">47</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">64</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">298</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">35</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">43</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(5)</font></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">371</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total   non-current provisions</font></b></p>    </td>
<td width="6%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,165</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 17.0pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">234</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">207</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(251)</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,352</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 17.0pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">578</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">320</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(619)</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(5)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,626</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.48%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total   provisions</font></b></p>    </td>
<td width="6%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,372</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 17.0pt;text-align:right;text-indent:-17.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(ii)</font></b><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">234</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">207</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 17.0pt;text-align:right;text-indent:-17.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(iii)&nbsp;&nbsp;&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">27</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(43)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.48%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(174)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,623</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 17.0pt;text-align:right;text-indent:-17.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(iv)&nbsp;&nbsp;&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">655</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">320</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(206)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(360)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,032</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-align:justify;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Charged to finance costs, interest on provisions line item.</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-align:justify;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Charged 187 to Provisions, 45 to PP&amp;E (CAPEX) and 2 to currency translation adjustments.</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-align:justify;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(iii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Use of Resolution No.&nbsp;41/07 receivables.</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-align:justify;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(iv)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Charged 590 to Provisions, 35 to CAPEX, 3 to currency translation adjustments and 27 to acquisition of Tuves Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">1</font></i></b><b><font face="Arial" style="font-weight:bold;">.</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Probable Contingent liabilities</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Below is a summary of the most significant claims and legal actions for which provisions have been established:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Profit sharing bonds</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Various legal actions are brought, mainly by former employees of the Company against the Argentine government and Telecom Argentina, requesting that Decree No.&nbsp;395/92 &#150; which expressly exempted Telef&#243;nica and the Company from issuing the profit sharing bonds provided in Law No.&nbsp;23,696 &#150; be struck down as unconstitutional. The plaintiffs also claim the compensation for damages they suffered because such bonds have not been issued.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In August&nbsp;2008, the Argentine Supreme Court of Justice found Decree No.&nbsp;395/92 unconstitutional when resolving a similar case against Telef&#243;nica.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the Argentine Supreme Court of Justice&#146;s judgment on this matter, the Divisions of the Courts of Appeal ruled that Decree No.&nbsp;395/92 was unconstitutional. As a result, in the opinion of the legal counsel of the Company, there is an increased probability that the Company has to face certain contingencies, notwithstanding the right of reimbursement that attends Telecom Argentina against the National State.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Said Court decision found the abovementioned Decree unconstitutional and ordered that the proceedings be remanded back to the court of origin so that such court could decide which defendant was compelled to pay &#150;the licensee and/or the Argentine government- and the parameters that were to be taken into account in order to quantify the remedies requested (percent of profit sharing, statute of limitations criteria, distribution method between the program beneficiaries, etc). It should be mentioned that there is no uniformity of opinion in the Courts in relation to each of those concepts.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Later, in &#147;Ramollino Silvana c/Telecom Argentina S.A.&#148;, the Argentine Supreme Court of Justice, on June&nbsp;9, 2015, ruled that the profit sharing bonds do not correspond to employees who joined Telecom Argentina after November&nbsp;8, 1990 and that were not members of the PPP.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">This judicial precedent is consistent with the criteria followed by the Company for estimating provisions for these demands, based on the advice of its legal counsel, which considered remote the chances of paying compensation to employees not included in the PPP.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">78</font></b><a name="PB_78_011155_9150"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Legal action&#146;s statute of limitations criteria: Argentine Supreme Court of Justice ruling &#147;Dominguez c/ Telef&#243;nica de Argentina S.A.&#148;</font></u></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In December&nbsp;2013, the Argentine Supreme Court ruled on a similar case to the above referred legal actions, &#147;Dom&#237;nguez c/ Telef&#243;nica de Argentina S.A&#148;, overturning a lower court ruling that had barred the claim as having exceeded the applicable statute of limitations since ten years had passed since the issuance of Decree No.&nbsp;395/92.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Argentine Supreme Court of Justice ruling states that the Civil and Commercial Proceedings Court must hear the case again to consider statute of limitations arguments raised by the appellants that, in the opinion of the Argentine Supreme Court of Justice, were not considered by the lower court and are relevant to the resolution of the case.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">After the Argentine Supreme Court of Justice&#146;s ruling and until the date of issuance of these consolidated financial statements, two chambers of the Civil and Commercial Federal Proceedings Court have issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice in its ruling, acknowledging that the statute of limitations must be applied periodically &#150;as of the time of each balance sheet- but limited to five years; and Chamber III ruled, by a majority of votes, that the statute of limitations must not be applied periodically, but that instead, was exceeded ten years after the issuance of Decree No.&nbsp;395/92.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Criteria for determining the relevant profit to calculate compensation: ruling of the Civil and Commercial Federal Proceedings Court in Plenary Session &#147;Parota c/ Estado Nacional y Telef&#243;nica de Argentina S.A.&#148;</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;27, 2014, the Civil and Commercial Appeals Court issued its decision in plenary session in the case &#147;Parota, C&#233;sar c/ Estado Nacional&#148;, as a result of a complaint filed against Telef&#243;nica de Argentina S.A, ruling: <i>&#147;that the amount of profit sharing bonds the corresponding to former employees of Telef&#243;nica de Argentina S.A. should be calculated based on the taxable income of Telef&#243;nica de Argentina S.A. on which the income tax liability is to be assessed&#148;.</i></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Court explained that in order to make such determination: <i>&#147;it is necessary to clarify that &#147;taxable income&#148; (pre-tax income) means the amount of income subject to the income tax that the company must pay, which generally means gross income, including all revenue obtained during the fiscal year (including contingent or extraordinary revenue), minus all ordinary and extraordinary expenses accrued during such fiscal year&#148;.</i></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Company&#146;s Management, with the advice of its legal counsel, has recorded the provisions for contingencies that it estimates are sufficient to cover the risks associated with these legal actions, having considered the available legal background as of the date of issuance of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, on June&nbsp;3, 2013 Telecom Argentina was notified of a lawsuit filed by four unions claiming the issuance of a profit sharing bonds (hereinafter &#147;the bonds&#148;) for future periods and for periods for which the statute of limitations is not expired. To enforce this claim, the plaintiffs require that Decree No.&nbsp;395/92 should be declared unconstitutional.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">This collective lawsuit is for an unspecified amount. The plaintiffs presented the criteria that should be applied for the determination of the percentage of participation in the Company&#146;s profit. The lawsuit requiring the issuance of a profit sharing bond represents an obligation with potential future economic impact for Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2013, the Company filed its answer to the claim, arguing that the labor courts lack of jurisdiction. On October&nbsp;30, 2013, the judge rejected the lack of jurisdiction plea, established a ten year period as statute of limitation and deferred ruling on the defenses of res judicata, lis pendens and on the third party citation required after a hearing is held by the court. Telecom Argentina has appealed the judge&#146;s ruling.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;12, 2013 this hearing took place and the intervening court differed the defense of statute of limitations filed by the Company to the moment of the final ruling, among other matters. It also ordered the plaintiff to establish that they have permission to bring the case on behalf Telecom Argentina&#146;s employees included in the claim; meanwhile the trial proceeding will be suspended. The plaintiff appealed the decision and the judge deferred this issue to the time of sentencing.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, the appeal regarding lack of jurisdiction raised by the Company is pending, until the documentation requested by the court to the plaintiffs was resolved.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company, based on the advice of its legal counsel, believes that there are strong arguments to defend its rights in this claim based, among other things, in the expiration of the statute of limitations of the claim for the unconstitutionality of Decree No.&nbsp;395/92, the lack of active legal standing for collective claim for bonds issuance -due to the existence of individual claims-, among other reasons regarding lack of active legal standing.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Sales representative claims</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Former sales representatives of Personal have brought legal actions for alleged improper termination of their contracts and have submitted claims for payment of different items such as commission differences, value of the customers&#146; portfolio and lost profit, among other matters. Personal believes, based on the advice of its legal counsel, that certain items included in the claims would not be sustained while other items, if sustained, would result in significantly lower amounts than those claimed. As of the date of issuance of these consolidated financial statements, some legal actions are in the discovery phase and with expert opinions in progress.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal&#146;s Management, based on the advice of its legal counsel, has recorded provisions that it estimates are sufficient to cover the risks associated with these claims, which are considered that would not have a negative impact on Personal&#146;s results and financial position.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Regulator&#146;s Penalty Activities</font></u></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina is subject to various penalty procedures, in most cases promoted by the Regulatory Authority, for delays in the reparation and installation of service to fix-line customers. Although generally a penalty considered on an individual basis does not have a material effect on Telecom Argentina&#146;s equity, there is a significant disproportion between the amounts of the penalty imposed by the Regulatory Authority and the revenue that the affected customer has generated to Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In determining the provisions for regulatory charges and sanctions, the Telecom Argentina&#146;s Management, with the assessment of its legal counsel, determines the likelihood of such sanctions being imposed, the amount thereof based on historical information and judicial precedents, also contemplating various probable scenarios of statute of limitation for charges and sanctions received, the current levels of execution of sanctions and the eventual results of legal actions that Telecom Argentina has undertaken to demonstrate, among other things, the disproportionate sanctions imposed by the Regulatory Authority since 2013.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina has recorded certain provisions that it deems sufficient to cover the above mentioned sanctions and charges, estimating that they should not prosper in amounts individually higher than 200 thousand UT (9,380 argentine pesos) per each alleged violation against its clients in the normal course of business, in accordance with the legal and regulatory analysis performed as of December&nbsp;31, 2017. If Telecom Argentina and its legal advisors&#146; arguments do not prevail, the Management of Telecom Argentina estimates that the amount of provisions for regulatory charges and sanctions might be increased in approximately $103 as of December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Interest rate applicable to&#160; the matters under Labor Courts of the City of Buenos Aires</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;21, 2014 the National Labor Court of Appeals agreed, as a result of a divided vote, that the interest rate applicable to the matters under its jurisdiction in the City of Buenos Aires shall be the nominal annual rate for personal loans with free use of funds of the <i>Argentine National Bank</i> for a 49 to 60 month term (as of December&nbsp;31, 2015 the mentioned rate was 3% per month). The Court also resolved that in those cases that the Court sentences are still pending, this new rate shall be applied as from the date on which each amount is due.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As from 2002 the above mentioned Court had resolved to apply the interest rate resulting from the monthly average of the interest rate used by the National Bank of Argentina for the granting of loans (as of December&nbsp;31, 2015 the mentioned average rate was 2.055% per month).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.65pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This prospective criterion was sustained until the date of issuance of these consolidated financial statements as of December&nbsp;31, 2016, since Telecom Group&#146;s Management, with the assistance of its legal counsel, considered that there were strong legal grounds to challenge the retroactive application of the new rate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:30.55pt;"><font size="2" face="Arial" style="font-size:10.0pt;">However, later, the lower labor courts applied the new rate criterion retroactively as from the date that each amount is considered due. The Company has appealed these decisions, but the Labor Court of Appeals validated the criterion mentioned in recent cases and extraordinary appeals have been dismissed before the Supreme Court. For this reason, during 2017, the Company recorded additional provisions as it deemed sufficient to cover the impacts that these rulings could have.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">2</font></i></b><b><font face="Arial" style="font-weight:bold;">.</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Possible Contingencies</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to the possible contingencies related to regulatory matters described in Note 2 h)<i> SU Fund in Telecom Argentina</i> and in the last paragraph of section &#147;Regulator&#146;s Penalty Activities&#148; mentioned above, is a summary of the most significant claims and legal actions for which no provisions have been established, although it cannot be ensured the final outcome of these lawsuits:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">&#147;Consumidores Financieros Asociaci&#243;n Civil para su Defensa&#148; claim</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In November&nbsp;2011, Personal was notified of a lawsuit filed by the &#147;Consumidores Financieros Asociaci&#243;n Civil para su Defensa&#148; claiming that Personal made allegedly abusive charges to its customers by implementing per-minute billing and setting an expiration date for prepaid telecommunication cards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The plaintiff claim Personal to: i) cease such practices and bill its customers only for the exact time of telecommunication services used; ii) reimburse the amounts collected in excess in the ten years preceding the date of the lawsuit; iii) credit its customers for unused minutes on expired prepaid cards in the ten years preceding the date of the lawsuit; iv) pay an interest equal to the lending rate charged by the Banco de la Naci&#243;n Argentina; and v) pay punitive damages provided by article 52 bis of Law No.&nbsp;24,240.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal responded in a timely manner, arguing the grounds by which the lawsuit should be dismissed, with particular emphasis on the regulatory framework that explicitly endorses Personal&#146;s practices, now challenged by the plaintiff in disregard of such regulations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The plaintiffs are seeking damages for unspecified amounts. Although the Company believes there are strong defenses according to which the claim should not succeed, in the absence of jurisprudence on the matter, the Company&#146;s Management (with the advice of its legal counsel) has classified the claim as possible until a judgment is rendered.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">This claim was at a preliminary stage as of the date of issuance of these consolidated financial statements. However, the judge has ordered the accumulation of this claim with two other similar claims against Telef&#243;nica M&#243;viles Argentina S.A. and AMX Argentina S.A. So, the three legal actions will continue within the Federal Civil and Commercial Court No.&nbsp;9.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Lawsuit against Personal on changes in services prices</font></u></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2012 the consumer trade union &#147;Proconsumer&#148; filed a lawsuit against Personal claiming that the company did not provide the clients with enough information regarding the new prices for the services provided by Personal between May&nbsp;2008 and May&nbsp;2011. It demands the reimbursement of the increase in the price billed to customers for a period of two months.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management considers that Personal had </font><font face="Arial">adequately informed its clients the modifications of the terms and conditions in which the service would be provided</font><font face="Arial">, and therefore, believes that this lawsuit should not succeed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;5, 2012 the Court took notice of the lawsuit. On June&nbsp;26, 2013, the judge upheld the jurisdictional plea filed by Personal and ordered to send the lawsuit to the Administrative and Contentious court, which decided that the jurisdiction corresponded to the Commercial Court. That decision was appealed by Personal through an extraordinary motion. The extraordinary motion was denied and Personal filed a complaint with the Argentine Supreme Court of Justice, which on May&nbsp;27, 2016 provided that the demand will continue its proceedings in the commercial courts. The lawsuit is in the discovery phase and both parts are preparing the evidence required.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management considers that there are solid arguments for the favorable resolution of this lawsuit, but, in the event it is resolved unfavorably, it would not have a significant impact on Personal&#146;s results and financial position.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Proceedings related to value added services - Mobile contents</font></u></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;1, 2015 Personal was notified of a claim seeking damages for unspecified amounts initiated by consumer trade union &#147;Cruzada C&#237;vica para la defensa de los consumidores y usuarios de Servicios p&#250;blicos&#148;. The plaintiff invokes the collective representation of an undetermined number of Personal customers.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:34.55pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The </font><font face="Arial">plaintiff </font><font face="Arial">claims the way</font><font face="Arial"> that</font><font face="Arial"> content and trivia are contracted, in particular the improper billing of messages sent offering those services and their subscription. Additionally, it proposes the </font><font face="Arial">application</font><font face="Arial"> of a punitive damages to Personal.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">This </font><font face="Arial">claim</font><font face="Arial"> is substantially similar to other claims made by a </font><font face="Arial">consumer</font><font face="Arial"> association (Proconsumer) where collective representation of customers is </font><font face="Arial">also </font><font face="Arial">invoked.</font><font face="Arial"> As of the date of issuance of these consolidated financial statements, those claims are at preliminary stages.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal has answered the claims through the presentation of legal and factual defenses, subpoenaing third parties involved in the provision of VAS. Likewise, with the advice of its legal counsel, Personal believes to have strong arguments for its defense in these lawsuits. However, given the absence of jurisprudential precedents, the final outcome of these claims cannot be assured.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Claims of some Content Providers to the Company</font></u></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In the framework of the general reorganization of the content business started out by Personal in 2016, and given the expiration of agreements with content providers, some of the latter have been notified that such agreements will not be renewed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">By virtue of that communication, four of those companies initiated and obtained in court, precautionary measures against Personal, in order to avoid that the duly notified decision of not renewing the agreements be effective, and thus, forcing Personal to refrain from disconnecting or interrupting the contractual relationship on the scheduled dates.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;24, 2017, the ENACOM notified Personal the Resolution 2017-1122-APN-ENACOM # MCO (Resolution No.&nbsp;1,122), which set out that Mobile Operators providers of audiotext and mass calling Value Added Services may receive, in every respect, a percentage that should not exceed 40% of the services invoiced on behalf and to the order those provider.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the Resolution sets forth a 30-day period to file under the ENACOM the interconnection contracts or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;22, 2017, Personal&#146;s Management, with the assistance of its legal advisors and due to its solid grounds, filed an administrative appeal against Resolution No.&nbsp;1,122 before the former Ministry of Communications (MINCOM - currently the Ministry of Modernization.) In addition, Personal has brought legal actions to safeguard its rights.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.65pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, it should be noted that the Company has renewed the commercial agreements with most of the providers of these contents, which are still in force.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.65pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;29, 2017, the ENACOM notified Personal with ENACOM Resolution No.&nbsp;2,408/17, whereby it rejected the reconsideration appeals filed by Movistar and Claro against Resolution No.&nbsp;1,122, and the suspension of the effects of said resolution requested by Personal, Movistar and Claro. In addition, in the same act, it rejected the reconsideration appeal filed by Personal against ENACOM Note No.&nbsp;29/17 (in connection with the supplier MOVICLIPS). The appeal filed by Personal against Resolution No.&nbsp;1,122 with the former MINCOM is still pending resolution.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">&#147;Asociaci&#243;n por la Defensa de Usuarios y Consumidores c/Telecom Personal S.A.&#148; claim</font></u></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2008 the &#147;Asociaci&#243;n por la Defensa de Usuarios y Consumidores&#148; sued Personal, seeking damages for unspecified amounts, claiming the billing of calls to the automatic answering machine and the collection system called &#147;send to end&#148; in collective representation of an undetermined number of Personal customers. The claim is currently in evidence phase.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In the third quarter of 2015 Personal took knowledge of an adverse</font><font face="Arial"> court ruling in a similar trial, promoted by the same consumers association against other mobile operator.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:38.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management, with the advice of its legal counsel, believes that it has strong arguments for its defense, but given the new jurisprudential precedent, the outcome of this claim cannot be ensured.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Radioelectric Spectrum Fees</font></u></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In October&nbsp;2016 Personal modified the criteria used for the statement of some of its commercial plans (&#147;Abono fijo&#148;) for purposes of paying the radioelectric spectrum fees (derecho de uso de espectro radioel&#233;ctrico or &#147;DER&#148;), taking into account certain changes in such plans&#146; composition. This meant a reduction in the amount of fees paid by Personal.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In March&nbsp;2017, the ENACOM demanded Personal to rectify its statements, requiring that such plans&#146; statements continue to be prepared based on the previous criteria. Personal&#146;s Management believes that it has solid legal arguments to defend its position, which are actually confirmed by Resolution ENACOM No.&nbsp;840/18. On August&nbsp;15, 2017, Personal received a note for the differences owed, and on August&nbsp;31, 2017 presented the corresponding administrative note. Personal&#146;s Management believes that it has solid legal arguments to defend its position. However, it cannot be assured that such arguments will be accepted by the ENACOM.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The difference resulting from both sets of liquidation criteria is of approximately $403 since October&nbsp;2016, plus interests.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">3</font></i></b><b><font face="Arial" style="font-weight:bold;">.</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Remote Contingencies</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Group faces other legal proceedings, fiscal and regulatory considered normal in the development of its activities. The Company Directors and its legal advisors estimate it will not generate an adverse impact on their financial position and the result of its operations, or its liquidity. In accordance with IAS 37 provisions, not any provision has been constituted related to the resolution of these issues</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">4</font></i></b><b><font face="Arial" style="font-weight:bold;">.</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Contingency Asset</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">&#147;AFA Plus Project&#148; Claim</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;20, 2012, the Company entered into an agreement with the Argentine Football Association (&#147;AFA&#148;), for the provision of services to a system called &#147;Argentine Football System Administration&#148; (&#147;AFA Plus Project&#148;) related to the secure access to first division football stadiums whereby Telecom Argentina should provide the infrastructure and systems to enable the AFA to manage the aforementioned project. The recovery of investments and expenses incurred by Telecom Argentina and its profit margin would come from charging AFA with a referring price stated in 20% of the popular ticket price per each football fan that attend the stadiums during the term of the agreement, so the recoverability of the Company&#146;s assets related to the Project depended on AFA implementing the &#147;AFA Plus Project&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">From 2012 and in compliance with its contractual obligations, the Company made investments and incurred in expenses amounting to $182 as of December&nbsp;31, 2017, of which $143 are included in PP&amp;E for the provision and installation of equipment and the execution of civil works for improving the football stadiums, registration centers equipment, inventories and material storage and attend other expenses directly associated with AFA Plus Project.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For several specific reasons of the Project, the football environment and the country context, the AFA Plus system was not implemented by AFA, not even partially. Accordingly, Telecom Argentina has not been able to begin collecting the agreed price.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Finally, throughout the agreement, Telecom Argentina received no compensation from AFA for the services provided and the work performed. In September&nbsp;2014, AFA notified the Company of its decision to terminate the agreement with Telecom Argentina, modifying the AFA Plus Project, and also informed that it will assume the payment of the investments and expenditures incurred by the Company. Accordingly, negotiations between the parties have started.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In February&nbsp;2015, AFA made a proposal to compensate the investments and expenditures incurred by the Company through advertising exchange exclusively related to the AFA Plus Project (or the one that replaces this Project in the future), in the amount of US$ 12.5 million. The proposal considered that if the advertising compensation was not realized in one year, AFA would pay to Telecom the agreed amount. The Company analyzed the quality of the assets offered by AFA in its offer of advertising exchange, and rejected the offer as insufficient.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">New negotiations were conducted in 2015 to improve the mentioned offer (requiring a combination of cash payments and advertising) but a satisfactory agreement was not reached and negotiations were suspended for AFA internal affairs.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In October&nbsp;2015, the Company formally demanded that AFA pay the amounts due ($179.2 plus interest from its implementation). AFA rejected the claim but agreed to resume negotiations for a closing agreement which was then suspended by the AFA electoral process.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In January&nbsp;2016 both parties resumed conciliatory negotiations, while the Company reserved its right to exercise legal claims on the amounts due.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2016 the Company initiated a compulsory pre-judicial mediation procedure. The first audience, held on July&nbsp;12, 2016, was attended by both parties. A second audience was held on August&nbsp;3, 2016 and a third and the last one was held on August&nbsp;23, 2016, which resulted in no agreement between the parties.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, the Company initiated a new pre-judicial mediation procedure which was finished without agreement on February&nbsp;15, 2018, and its preparing the lawsuit against AFA in order to claim the owed amounts through the judicial system. The Company&#146;s Management with the assistance of its external advisor believes that they have solid and legal arguments for claiming and are evaluating the actions to be followed for recovering the investments and expenses made.</font></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="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">83</font></b><a name="PB_83_011954_455"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">It is worth mentioning that the impairment recorded by the Company arising from the uncertainties related to the recoverable value of assets recognized by the AFA Plus Project (Works in Progress and Materials amounting to $143 as of December&nbsp;31, 2017) have been only recorded for the purpose to comply with accounting standards and in no way involves giving up or limiting the rights given to the Company as a genuine creditor for the AFA Plus Project agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 18 &#150; Commitments</font></b><a name="Note18Commitments_070933"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(a)&nbsp;Purchase commitments</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has entered into various purchase orders amounting in the aggregate to approximately $10,590 as of December&nbsp;31, 2017 (of which $4,205 corresponds to PP&amp;E commitments), primarily related to the supply of switching equipment, external wiring, infrastructure agreements, inventory and other service agreements. This amount also includes the commitments mentioned in c).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(b)&nbsp;Investment commitments</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In August&nbsp;2003, Telecom Argentina was notified by the SC of a proposal for the creation of a $70- fund (the &#147;Complejo Industrial de las Telecomunicaciones 2003&#148; or &#147;2003 Telecommunications Fund&#148;) to be funded by the major telecommunication companies and aimed at developing the telecommunications sector in Argentina. Banco de Inversion y Comercio Exterior (&#147;BICE&#148;) was designated as Trustee of the Fund.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In November&nbsp;2003, the Company contributed $1.5 at the inception of the Fund. In addition, Management announced that it is the Company&#146;s intention to promote agreements with local suppliers which would facilitate their access to financing.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(c)&nbsp;Commitments assumed by Telecom Argentina from the sale of Publicom</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;29, 2007, Telecom Argentina&#146;s Board of Directors approved the sale of its equity interest in Publicom (a company engaged in directories&#146; publishing business) to Yell Publicidad S.A. (a company incorporated in Spain, member of the Yell Group- <i>Grupo Yell</i>), which was executed on April&nbsp;12, 2007 (the &#147;Closing Date&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On Closing Date and after the stock transfer was actually performed, Publicom accepted a proposal from Telecom Argentina. According to said proposal, Telecom Argentina:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img border="0" width="15" height="13" src="g51081dyi001.gif"></font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">engages Publicom to publish and print Telecom Argentina&#146;s directories   (&#147;white pages&#148;) for a 5-year period, which was extended annually;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img border="0" width="15" height="13" src="g51081dyi001.gif"></font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">engages Publicom to distribute Telecom Argentina&#146;s white pages&nbsp;for a   20-year period, which may be extended upon expiry date;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img border="0" width="15" height="13" src="g51081dyi001.gif"></font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">engages Publicom to maintain the Internet portal, which allows to access   the white pages&nbsp;through the web, for a 20-year period, term which may be   extended upon expiry date;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img border="0" width="15" height="13" src="g51081dyi001.gif"></font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">grants Publicom the right to lease advertising spaces on the white   pages&nbsp;for a 20-year period, which may be extended upon expiry date; and</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img border="0" width="15" height="13" src="g51081dyi001.gif"></font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">authorizes the use of certain trademarks for the distribution and/or   consultation on the Internet and/or advertising spaces agreements for the   same specified period.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina reserves the right to supervise certain matters associated with white pages&nbsp;publishing and distribution activities that allow Telecom Argentina to assure the fulfillment of its regulatory obligations during the term of the proposal. The terms and conditions of the proposal include usual provisions that allow Telecom Argentina to apply economic sanctions in the case of non-compliance, and in the case of serious non-compliance, allow Telecom Argentina to require an early termination. In the latter case, the Company could enter into an agreement with other providers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The proposal set prices for the publishing, printing and distribution of the 2007 directories, and provided clauses for the subsequent editions in order to ensure Telecom Argentina that said services will be contracted at market price.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina shall continue to include in its own invoices the amounts to be paid by its customers to Publicom for the contracted services or those that may be contracted in the future, and subsequently collect the amounts for said services on behalf and to the order of Publicom, without absorbing any delinquency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(d)&nbsp;Commitments assumed by N&#250;cleo</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2010, the CONATEL awarded N&#250;cleo a public bidding for the implementation of the expansion of the infrastructure of networks used as platform for the mobile telephony access services and the basic service in areas of public or social interest in Paraguay. The total investment was approximately of $17, of which $12 were subsidized by CONATEL.</font></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="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">84</font></b><a name="PB_84_012416_4141"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, N&#250;cleo has timely fulfilled its investments obligations and the total assets and services have been installed and are satisfactorily functioning. The CONATEL has disbursed approximately $11 related to this bidding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, in August&nbsp;2011, the CONATEL awarded N&#250;cleo a new public bidding for the implementation of the expansion of the infrastructure of networks as a platform for the mobile telephony access services and the basic service in the Department of Caaguaz&#250;. N&#250;cleo committed to install and render satisfactorily functioning all the assets and services covered by the bidding within six months from the date of signing of the contract, by means of an approximate investment of $6 of which $5 were subsidized by the CONATEL. As of the date of issuance of these consolidated financial statements, the work is finished. The CONATEL has disbursed approximately $4 related to this bidding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">CONATEL&#146;s total deferred disbursements as of December&nbsp;31, 2017 amounted to $15 and were included under &#147;Deferred revenues&#148; line item, corresponding $5 to current deferred revenues, having accrued gains for $10 since fiscal year 2011.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On August, 2017 the CONATEL started a bidding of universal service fund for the provision of internet services, data transmission services, and office equipment for the telemedicine program with the Ministry of Public Health and Social Welfare, being N&#250;cleo awarded for the provision of such goods and services for the programs of Central and Guair&#225; Departments, the subsidy amounted approximately to $19.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(e)&nbsp;Commitments assumed from the acquisition of Spectrum by Personal</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Auction Terms and Conditions convened by SC Resolution No.&nbsp;38/14 established high and demanding obligations of coverage and network deployment, which would require significant investments in PP&amp;E that were estimated at the time of submission of Personal&#180;s bid in approximately US$ 450 million over the next five years and whose failure could result in sanctions and adverse effects to Personal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Some of the obligations included in the Terms and Conditions are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Extend the SRMC, STM and PCS coverage in such a way that it reaches all locations with at least 500 inhabitants in a time period that would not exceed 60 months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Upgrade the network infrastructure in a time period that would not exceed 60 months, in such a manner that in all the network locations where mobile Internet services are offered&#160; a minimum of 1 Mbps per user be guaranteed in the downlink for SRMC, STM and PCS.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">For the SCMA (Annex III of Terms and Conditions) progressive coverage obligations in the Argentine Republic territory are established, in five differenced stages, completed in the 60-month-period with coverage in locations with more than 500 inhabitants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For further detail of the obligations involved, see SC Resolution No.37/14, No.&nbsp;38/14 and its amendments and supplementary regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Taking into account that the frequency bands of SC Resolution No.83/14 had been partially awarded, Personal requested the SC that all the mentioned deadlines were calculated from the date on which the frequency band 713-723 Mhz to 768-778 Mhz were awarded, what would complete Lot 8 award. Such requirement was satisfied by the provisions of section 4 d) of Decree No.&nbsp;1,340/16.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 19 &#150; Equity</font></b><a name="Note19Equity_070945"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity includes:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="94%" style="border-collapse:collapse;margin-left:11.7pt;">
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity attributable to Telecom Argentina   (Controlling Company)</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">23,086</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">19,336</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity attributable to non-controlling interest   (Note 1.a)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">793</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">542</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total equity (*)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">23,879</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">19,878</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Additional information is given in the consolidated statements of changes in equity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(a)&nbsp;Capital information</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017 the total capital stock of Telecom Argentina amounted to $984,380,978 pesos, represented by an equal number of ordinary shares, of $1 argentine peso of nominal value, of which 969,159,605 outstanding shares were entitled to one vote, since 15,221,373 treasury shares were acquired by the Company and are kept in the portfolio.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the Corporate reorganization described in Note 31, Telecom Argentina&#146;s breakdown of capital stock as of December&nbsp;31, 2017 is as follows:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">85</font></b><a name="PB_85_012910_8627"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr style="page-break-inside:avoid;">
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="55%" colspan="3" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Registered,   subscribed and authorized for public offering</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="45%" style="padding:0in 0in 0in 0in;width:45.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Shares</font></b></p>    </td>
<td width="17%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Outstanding   shares</font></b></p>    </td>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Treasury   shares</font></b></p>    </td>
<td width="20%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   capital stock</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ordinary shares, $1 argentine peso of nominal value   each</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   Class&nbsp;&#147;A&#148;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">340,994,852</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">340,994,852</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;page-break-inside:avoid;">
<td width="45%" height="15" valign="top" style="height:11.35pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   Class&nbsp;&#147;B&#148;</font></p>    </td>
<td width="17%" height="15" valign="top" style="height:11.35pt;padding:0in 0in 0in 0in;width:17.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">627,930,005</font></p>    </td>
<td width="16%" height="15" valign="top" style="height:11.35pt;padding:0in 0in 0in 0in;width:16.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15,221,373</font></p>    </td>
<td width="20%" height="15" valign="top" style="height:11.35pt;padding:0in 0in 0in 0in;width:20.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">643,151,378</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">234,748</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">234,748</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">969,159,605</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">15,221,373</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">984,380,978</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Each ADS represents 5 Class&nbsp;B shares and are traded on the NYSE under the ticker symbol TEO.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">All of the Company&#146;s shares as of December&nbsp;31, 2017 were authorized by the CNV, the Buenos Aires Stock Exchange (the &#147;BYMA&#148;) and the New York Stock Exchange (the &#147;NYSE&#148;) for public trading. Taking into account the particular transfer conditions of the Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;C&#148; shares, only Class&nbsp;&#147;B&#148; shares were available for public trading in the BYMA and the NYSE.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:38.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Each ADS represents 5 Class&nbsp;B shares and are traded on the NYSE under the ticker symbol TEO.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:38.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, t</font><font face="Arial">he capital stock was fully integrated and registered in IGJ.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:38.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of January&nbsp;1, 2018, due to the merger between Telecom Argentina and Cablevisi&#243;n S.A., the new breakdown of capital stock is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="18%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Shares</font></b></p>    </td>
<td width="27%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:27.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Outstanding&nbsp;shares</font></b></p>    </td>
<td width="27%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:27.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Treasury&nbsp;shares</font></b></p>    </td>
<td width="27%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:27.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total&nbsp;capital&nbsp;stock</font></b></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;A&#148;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">683,856,600</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;B&#148;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">627,930,005</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">643,151,378</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">234,748</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;D&#148;</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">841,666,658</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,153,688,011</font></b></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15,221,373</font></b></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.28%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,168,909,384</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:38.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the increase of Telecom&#146;s capital stock is the result of the merger between Telecom Argentina as absorbing company and Cablevisi&#243;n S.A. as absorbed company, according to the terms approved by the respective Shareholders Meeting, 342,861,748 Class&nbsp;&#147;A&#148; shares and 841,666,658 Class&nbsp;&#147;D&#148; shares are fully integrated and in process of registration. Additional information is given in Note 32 to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(b)&nbsp;Share Ownership Plan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In 1992, a Decree from the Argentine government, which provided for the creation of the Company upon the privatization of ENTel, established that 10% of the capital stock then represented by 98,438,098 Class&nbsp;&#147;C&#148; shares was to be included in the PPP (an employee share ownership program sponsored by the Argentine government). Pursuant to the PPP, the Class&nbsp;&#147;C&#148; shares were held by a trustee for the benefit of former employees of the state-owned company who remained employed by the Company and who elected to participate in the plan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In 1999, Decree No.&nbsp;1,623/99 of the Argentine government eliminated the restrictions on some of the Class&nbsp;&#147;C&#148; shares held by the PPP, although it excluded Class&nbsp;&#147;C&#148; shares of the Fund of Guarantee and Repurchase subject to an injunction against their use. In March&nbsp;2000, the shareholders&#146; meeting of the Company approved the conversion of up to unrestricted 52,505,360 Class&nbsp;&#147;C&#148; shares into Class&nbsp;&#147;B&#148; shares (these shares didn&#146;t belong to the Fund of Guarantee and Repurchase), most of which was sold in a secondary public offering in May&nbsp;2000.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Annual General and Extraordinary Meetings held on April&nbsp;27, 2006, approved that the power for the additional conversion of up to 41,339,464 Class&nbsp;&#147;C&#148; ordinary shares into the same amount of Class&nbsp;&#147;B&#148; ordinary shares, be delegated to the Board of Directors. As granted by the Meetings, the Board transferred the powers to convert the shares to some of the Board&#146;s members and/or the Company&#146;s executive officers. As of December&nbsp;31, 2011, all the 41,339,464 shares were converted into Class&nbsp;&#147;B&#148; ordinary shares in eleven tranches.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">86</font></b><a name="PB_86_022942_8650"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The remaining 4,593,274 Class&nbsp;&#147;C&#148; shares were affected by an injunction measure recorded in file <i><font color="black" style="color:black;font-style:italic;">&#147;Garc&#237;as de Vicchi, Amerinda y otros c/ Sindicaci&#243;n de Accionistas Clase C del Programa de Propiedad Participada s/nulidad de acto jur&#237;dico</font></i><font color="black" style="color:black;">&#148;, which was released. The General Ordinary and Extraordinary and Special Class&nbsp;&#147;C&#148; Shares Meetings held on December&nbsp;15, 2011, </font>approved that the power for the additional conversion of up to 4,593,274 Class&nbsp;&#147;C&#148; shares into the same amount of Class&nbsp;&#147;B&#148; shares in one or more tranches, be delegated to the Board of Directors. Of such amount, 4,358,526 Class&nbsp;&#147;C&#148; shares have already been converted into Class&nbsp;&#147;B&#148; shares in 10 tranches.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, 234,748 Class&nbsp;&#147;C&#148; shares are still pending to be converted into Class&nbsp;&#147;B&#148; shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(c)&nbsp;Capital Market Act - Law No.&nbsp;26,831</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;28, 2012 the new Capital Market Law (Law No.&nbsp;26,831) was published in the Official Gazette. This Law eliminates self-regulation of the capital market; grants new powers to the CNV and supersedes Law No.&nbsp;17,811 and Decree No.&nbsp;677/01, among other rules. The Law became effective on January&nbsp;28, 2013. Since that date, governs the universal scope of the Statutory Regime of Public Offer of Mandatory Acquisition, as provided the Law, which states: <i>&#147;Article&nbsp;90. &#150; Universal scope. The Statutory Regime of Public Offer of Mandatory Acquisition regulated in this chapter and the residual rules&nbsp;of participation regulated in the following chapter includes all listed companies, even those that, under the previous regime, have opted to be excluded of its application.&#148;</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(d)&nbsp;Acquisition of Treasury Shares</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Ordinary Shareholders&#146; Meeting held on April&nbsp;23, 2013, which was adjourned until May&nbsp;21, 2013, approved at its second session of deliberations, the creation of a &#147;Voluntary Reserve for Capital Investments&#148; of $1,200, granting powers to the Company&#146;s Board of Directors to decide its total or partial application, and to approve the methodology, terms and conditions of such investments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the above mentioned, on May&nbsp;22, 2013, the Board of Directors approved a Company&#146;s Treasury Shares Acquisition Program in the market in Argentine pesos (the &#147;Treasury Shares Acquisition Program&#148;) so as to avoid any possible damages to the Company and its shareholders derived from fluctuations and unbalances between the shares&#146; price and the Company&#146;s solvency, for the following maximum amount and deadline:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Arial">Maximum amount to be invested:</font></u><font face="Arial"> $1,200.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Arial">Deadline for the acquisitions:</font></u><font face="Arial"> until April&nbsp;30, 2014.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the offer made on November&nbsp;7, 2013 by Fintech for the acquisition of the controlling interest of the Telecom Italia Group in Telecom Argentina, Telecom Argentina suspended the acquisition of treasury shares and its Board of Directors considered appropriate to request the opinion of the CNV on the applicability of the new provisions contained in the rules&nbsp;issued by that entity (Title II, Chapter I, Art.13 and concurring) with respect to the continuation of the Treasury Shares Acquisition Program.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The CNV did not answer the Company&#146;s request and the Telecom Argentina&#146;s Board of Directors, at its meeting held on May&nbsp;8, 2014, decided to conclude the request considering that the Treasury Shares Acquisition Program finished on April&nbsp;30, 2014, which had been approved by Telecom Argentina&#146;s Board of Directors Meeting held on May&nbsp;22, 2013.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s Board of Directors, at its meeting held on June&nbsp;27, 2014, decided to request a new opinion from the CNV to confirm whether Telecom Argentina is obliged to refrain from acquiring treasury shares in the market under Section&nbsp;13, Chapter I, Title II of the CNV rules&nbsp;(NT 2013).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Section&nbsp;67 of Law No.&nbsp;26,831, the Company should sell its treasury shares within three years of the date of acquisition, although the Company&#180;s Shareholders&#146; Meetings provides an extension. Pursuant to Section&nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#146; Meetings. No restrictions apply to Retained Earnings as a result of the creation of a specific reserve for such purposes named &#147;Voluntary Reserve for Capital Investments&#148;, which as of December&nbsp;31, 2017 amounts to $461. The Company&#146;s Shareholders&#146; Meeting held on April&nbsp;29, 2016 approved a three year extension to the term established in Section&nbsp;67 of Law No.&nbsp;26,831 for the disposal of the treasury shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017 the Company owns 15,221,373 treasury shares, representing 1.55% of its total capital. The acquisition cost of these shares in the market amounted to $461.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">87</font></b><a name="PB_87_023200_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(e)&nbsp;Law No.&nbsp;27,260 of &#147;Historical Repair to Retired and Pensioned&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;22, 2016, Law No.&nbsp;27,260 of &#147;Historic Reparation for Retired Persons and Pensioners&#148;, abolishing Law No.&nbsp;27,181 on &#147;Declaration of public interest of the protection of the social participations of the National State that make up the investment portfolio of the &#147;Sustainability Guarantee Fund of the Argentine Pension Integrated System&#148; in its Section&nbsp;35, was published in the Official Gazette. In addition, Section&nbsp;30 of Law No.&nbsp;27,260 provides that the transfer of shares of public corporations authorized by the CNV that are part of the FGS is banned without a previous and express authorization of the Federal Congress if, as a result of such transfer, the FGS&#146;s holding of the above referred securities becomes less than 7% of the aggregate assets of the FGS. The following exceptions apply: &#147;<i>1.Tender offers addressed to all holders of such assets at a fair price authorized by the CNV, pursuant to the terms of Chapters II,&nbsp;III and IV of Title III of Law No.&nbsp;26,831. 2. Swaps of shares for other shares of the same or another corporation as a result of a merger, split or other corporate reorganization.&#148;</i></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(f)&nbsp;Decree No.&nbsp;894/2016: exercise of corporate, political and economic rights by the ANSES</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;28, 2016, Decree No.&nbsp;894/2016 was published in the Official Gazette, providing that in those corporations which shares are part of the Sustainability Guarantee Fund of the Argentine Pension Integrated System&#146; portfolio, the corporate, political and economic rights corresponding to such shares shall not be exercised by the Secretary of Economic Politics and Development Planning, but shall instead be exercised by the Federal Management of Social Security (&#147;ANSES&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, Decree No.&nbsp;894/2016 provides that the Directors appointed by ANSES shall have the functions, duties and powers provided in the LGS, the Capital Market Law No.&nbsp;26,831 and their complementary regulations, all other rules&nbsp;applicable to corporations in which they act as directors, and their bylaws and internal regulations, and that they shall be exposed to all the liabilities applicable under such rules, not being subject to the provisions of Decree No.&nbsp;1,278/2012 and No.196/2015 (the latter in connection with its delimitation of responsibility).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 20 &#150; Financial instruments</font></b><a name="Note20Financialinstruments_071054"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Categories of financial assets and financial liabilities</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The following tables set out, for financial assets and liabilities as of December&nbsp;31, 2017 and 2016, the supplementary disclosures on financial instruments required by IFRS 7 and the detail of gains and losses established by IFRS 9.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="45%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fair&nbsp;value</font></b></p>    </td>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Amortized<br>   cost</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">accounted<br>   through&nbsp;profit<br>   or&nbsp;loss</font></b></p>    </td>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">accounted<br>   through&nbsp;other<br>   comprehensive<br>   Income</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Assets</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash   and cash equivalents (1)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,469</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,362</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,831</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,169</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,913</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,082</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Trade   receivables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,648</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8,648</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other   receivables (2)&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">387</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">58</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">455</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">13,673</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,333</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">18,016</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Liabilities</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Trade   payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,584</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,584</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Loans</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">12,218</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">17</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">12,235</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Salaries   and social security payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,310</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,310</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other   liabilities (2)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">91</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">91</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">26,203</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.14%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">26,220</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)&nbsp;Includes 1,364 as of December&nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)&nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">88</font></b><a name="PB_88_023644_9621"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="45%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fair&nbsp;value</font></b></p>    </td>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2016</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Amortized<br>   cost</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">accounted<br>   through&nbsp;profit<br>   or&nbsp;loss</font></b></p>    </td>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">accounted<br>   through&nbsp;other<br>   comprehensive<br>   Income</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Assets</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash   and cash equivalents (1)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,436</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,509</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,945</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">349</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,748</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,097</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Trade   receivables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,785</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,785</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other   receivables (2)&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">333</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">335</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10,903</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,259</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,162</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Liabilities</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Trade   payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,131</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,131</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Loans</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,910</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,912</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Salaries   and social security payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,794</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,794</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other   liabilities (2)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">75</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">75</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 15.85pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">22,910</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.62%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in .35in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">22,912</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)&nbsp;Includes 934 as of December&nbsp;31, 2016, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)&nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Gains and losses by category &#150; Year 2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:.1in;">
<tr height="23" style="height:17.4pt;">
<td width="65%" height="23" valign="top" style="height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:65.22%;">
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="23" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:16.64%;">
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Net gain/(loss)</font></p>
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="3%" height="23" valign="top" style="height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="23" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Of which interest</font></p>
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial assets at amortized cost</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:16.64%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">2,211</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">947</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:65.22%;">
<p style="margin:0in 0in .0001pt 14.2pt;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial liabilities at amortized cost</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:16.64%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(3,213)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(940)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:65.22%;">
<p style="margin:0in 0in .0001pt 14.2pt;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial assets at fair value through profit or   loss (a)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:16.64%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">904</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:65.22%;">
<p style="margin:0in 0in .0001pt 14.2pt;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial liabilities at fair value through profit   or loss (b)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:16.64%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr height="12" style="height:8.8pt;">
<td width="65%" height="12" valign="top" style="height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:65.22%;">
<p style="margin:0in 0in .0001pt 14.2pt;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="16%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:16.64%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(95)</font></b></p>    </td>
<td width="3%" height="12" valign="bottom" style="height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Includes 121 corresponding to other short-term investments and 783 corresponding to Government bonds.</font></p>
<p style="margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Corresponding to NDF.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Gains and losses by category &#150; Year 2016</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:6.3pt;">
<tr height="23" style="height:17.4pt;">
<td width="65%" height="23" valign="top" style="height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:65.26%;">
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="23" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:16.6%;">
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Net&nbsp;gain/(loss)</font></p>
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="3%" height="23" valign="top" style="height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="23" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Of which interest</font></p>
<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial assets at   amortized cost</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">707</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">374</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial   liabilities at amortized cost</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3,010)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,667)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial assets at   fair value through profit or loss (a)</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">305</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial   liabilities at fair value through profit or loss (b)</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:16.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr height="12" style="height:8.8pt;">
<td width="65%" height="12" valign="top" style="height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="16%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:16.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1,999)</font></b></p>    </td>
<td width="3%" height="12" valign="bottom" style="height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:15.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1,293)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Includes 61 corresponding to other short-term investments,&#160; 6 corresponding to NDF, 11 corresponding to Tuve&#146;s share purchase option and 227 corresponding to Government bonds.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Corresponding to NDF.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fair value hierarchy and other disclosures</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRS 7 establishes a hierarchy of fair value, based on the information used to measure the financial assets and liabilities and also establishes different valuation techniques. According to IFRS 7, valuation techniques used to measure fair value shall maximize the use of observable inputs.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The measurement at fair value of the financial instruments of the Group is classified according to the three levels set out in IFRS 7. The fair value hierarchy introduces three levels of input:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Level 1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Level 2: Fair value determined based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Level 3: Fair value determined by unobservable inputs where the reporting entity is required to develop its own assumptions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial assets and liabilities recognized at fair value as of December&nbsp;31, 2017 and 2016, their inputs, valuation techniques and the level of hierarchy are listed below:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Other short-term investments:</font></b><font face="Arial"> These investments are included in Cash and cash equivalents and Investments. The Group had other short-term investments amounting to $2,532 and $1,779 as of December&nbsp;31, 2017 and 2016, respectively. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end; therefore its valuation is classified as Level 1.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Lebacs:</font></b><font face="Arial"> These investments are included in Cash and cash equivalents and Investments. The Group had Lebacs amounting to $1,372 as of December&nbsp;31, 2017. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end; therefore its valuation is classified as Level 1.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">89</font></b><a name="PB_89_030009_8715"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Government bonds:</font></b><font face="Arial"> These bonds are included in &#147;Investments&#148; in the consolidated statement of financial position. As of December&nbsp;31, 2017 and 2016 the Group has Government bonds in an amount of $371 and $1,456, respectively. The fair value was determined using information from active markets, valuing each bond to its closing year market value, so, its valuation qualifies as Level 1.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Derivative financial instruments (Forward contracts to purchase US dollars at fixed exchange rates):</font></b><font face="Arial"> The fair value of the Telecom Group&#146;s NDF contracts, disclosed below in the chapter &#147;Hedge Accounting&#148; was determined by information obtained in the most representative financial institutions in Argentina, the derivative financial instruments&#146; valuation was classified as Level 2.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2017 and 2016 there were no transfers between Levels of the fair value hierarchy.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to IFRS 7, it is also required to disclose fair value information about financial instruments whether or not recognized at fair value in the balance sheet, for which it is practicable to estimate fair value. The financial instruments which are discussed in this section include, among others, cash and cash equivalents, accounts receivable, accounts payable and other instruments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair value, the Company&#146;s fair values should not be compared to those of other companies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The methods and assumptions used to estimate the fair values of each class of financial instrument falling under the scope of IFRS 7 as of December&nbsp;31, 2017 and 2016 are as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Cash and banks</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Carrying amounts approximate its fair value.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Time deposits and National Government bonds (included in Cash and cash equivalents</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group considers as cash and cash equivalents all short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed 3 months. The carrying amount reported in the statement of financial position approximates fair value.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Investments</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in Government bonds and valued at amortized cost with its fair value at December&nbsp;31, 2017 and 2016 are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:.1in;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" colspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31, 2017</font></b></p>    </td>
<td width="23%" colspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31, 2016</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Investments</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Book value</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fair value </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(*)</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Book value</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fair value </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(*)</font></b></p>    </td>   </tr>
<tr>
<td width="50%" style="padding:0in 0in 0in 0in;width:50.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" style="padding:0in 0in 0in 0in;width:50.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Government bonds (dollar linked)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">293</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">301</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="50%" style="padding:0in 0in 0in 0in;width:50.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Government bonds in foreign currency</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,377</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,387</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">258</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">264</font></p>    </td>   </tr>
<tr>
<td width="50%" style="padding:0in 0in 0in 0in;width:50.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Provincial and Municipal government bonds currency</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">419</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">417</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="50%" style="padding:0in 0in 0in 0in;width:50.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Provincial government bonds in pesos</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">17</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">17</font></p>    </td>   </tr>
<tr>
<td width="50%" style="padding:0in 0in 0in 0in;width:50.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Provincial and Municipal government bonds (dollar linked)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">72</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">59</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">74</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">70</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;&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:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,169</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.8%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,172</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">349</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">351</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(*)</font></b><font size="1" face="Arial" style="font-size:7.0pt;"> According to IFRS selling costs are not deducted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Trade receivables</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Carrying amounts are considered to approximate fair value due to the short term nature of these accounts receivables. Noncurrent trade receivables have been recognized at their amortization cost, using the effective interest method and are not significant. All amounts that are assumed to be uncollectible within a reasonable period are written off and/or reserved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Trade payables (except for NDF)</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The carrying amount of accounts payable reported in the consolidated statement of financial position approximates its fair value due to the short term nature of these accounts payable. Noncurrent trade payables have been discounted and are not significant.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Loans</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017 loans&#146; fair value amounts to $12,262 and its carrying value amounts to $12,235. As of December&nbsp;31, 2016 loans&#146; fair value amounts to $13,988 and its carrying value amounts to $11,912.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Salaries and social security payables</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The carrying amount of Salaries and social security payables reported in the consolidated statement of financial position approximates its fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">90</font></b><a name="PB_90_033721_563"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Other receivables, net (except for NDF) and other liabilities</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The carrying amount of other receivables, net and other liabilities reported in the consolidated statement of financial position approximates its fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Hedge accounting</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In November&nbsp;2013, a new chapter was introduced in IFRS 9 on Hedge Accounting replacing the provisions contained in IAS 39. This amendment represents a major review of hedge accounting, introducing significant improvements over the previous model, basically aligning accounting and risk management as well as related disclosures. The Telecom Group believes that a hedging relationship qualifies for hedge accounting if all of the following conditions established by the rule&nbsp;are met:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The hedging relationship consists only of eligible hedging instruments and hedged items;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">b)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">At the beginning of the hedge relationship, there is a formal designation and documentation of the hedging relationship and objective and strategy for risk management of the Company for undertaking the hedge. That documentation shall include identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity assesses whether the hedging relationship meets the requirements of hedge effectiveness (including analysis of sources of hedge ineffectiveness and how to determine the hedge ratio); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">c) The hedging relationship satisfies the following requirements of hedge effectiveness:</font></p>
<p style="margin:0in 0in .0001pt 49.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)&nbsp;the economic relationship between the hedged item and the hedging instrument; <br> (ii)&nbsp;the effect of credit risk is not predominant in respect of changes of value coming from this economic relationship, and</font></p>
<p style="margin:0in 0in .0001pt 49.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)&nbsp;the coverage ratio of the hedging relationship is the same as that provided by the amount of the hedged item that really covers the entity and the amount of the hedging instrument that the entity actually used to cover that amount of the hedged item.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">During 2017</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:11.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During 1Q 2017, the Telecom Group entered into several NDF agreements to hedge the fluctuation of LIBO rate from the &#147;IFC&#148; loan amounting to US$ 400 million.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The agreements effective from March&nbsp;15, 2017 hedge an amount if US$ 300 million, while those effective from September&nbsp;15, 2017 hedge the outstanding US$ 100 million. Such NDF allow fixing the variable rate all along the loan term in a range between 2.087% and 2.4525% nominal annual rate (resulting in a weight average of 2.2258%).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Group recognized a liability of $17, which is included in loans ($8 current and $9 non-current). Likewise during year 2017 the Group recognized losses amounting to $36 related with this contracts which are included in interest on loans in financial results.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2Q 2017, the Group entered into several NDF agreements to hedge the fluctuation of the exchange rate from the &#147;IFC&#148; loan amounting to US$ 53.5 million fixing the average exchange rate in $18.30, expiring between February&nbsp;and April&nbsp;2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:16.6pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Group recognized a receivable of $59 which is included in other current receivables and holds a reserve of $6 in other comprehensive income in the equity. Consequently, during year 2017 the Group recognized gains amounting to $53 related with this contract which is included in financial results.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During 3Q 2017, the Group entered into several NDF agreements to hedge the fluctuation of LIBO rate from the &#147;IFC&#148; loan amounting to US$ 40 million. Such NDF were agreed in two tranches of US$ 20 million each one, both of them starting on March&nbsp;15, 2018 and fixing the variable rate all along the term of the loan to 2.1325% and 2.085% nominal annual rate, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Group recognized a receivable of $4, which is included in other receivables ($2 current and $2 non-current) with counterpart in other comprehensive income in the equity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:11.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, during year 2017, the Group entered into several NDF agreements to hedge the fluctuation of the exchange rate from certain commercial obligations for an amount of US$6.3 million fixing the average exchange rate in $18.94 expiring between March&nbsp;and August&nbsp;2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">91</font></b><a name="PB_91_033849_9497"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:11.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the Group recognized a receivable of $6, which is included in other current receivables. Likewise during year 2017 the Group recognized gains amounting to $6 related with this contracts which are included in foreign currency exchange rate gains in financial results.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">During 2016</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Due to the existence of commitments denominated in US Dollars as of December&nbsp;31, 2016, the Telecom Group entered into several NDF agreements during 2016 to purchase a total amount of US$ 7 million. The purpose of these NDF is to eliminate the risks associated to the fluctuation of the future exchange rate and to align the payment currency of Telecom Argentina&#146;s and Personal&#146;s commitments (hedged item) to its functional currency. As the effect of the fluctuation of the exchange rate over the hedged items is recognized in the Income Statement, changes in the fair value of NDF in 2016 (net gain of approximately $2) have also been recognized in the Income Statement, within Finance expenses &#150; Exchange Differences with counterpart in current assets (Other receivables), maturing in February&nbsp;2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2016, Personal entered into several NDF agreements for US$9 million, maturing in March&nbsp;2017 in order hedge the first interest installment of the IFC Loan. These NDF agreements were qualified as &#147;effective&#148; cash flow hedges for accounting purposes The Telecom Group recognizes the hedging instruments results, distinguishing between gains and losses of such agreements that generate assets and liabilities, as appropriate, without offsetting balances with different counterparties. As of December&nbsp;31, 2016, the Telecom Group has a current liability amounting to $2, negative deferred results amounting to $1 (before income tax) and a net loss amounting to $1 included in Finance expenses &#150; Exchange Differences related to the US$9 million outstanding NDF to such date, which will mature in March&nbsp;2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2016 Personal also settled US$ 159 million of NDF agreements in US dollars that had as of December&nbsp;31, 2015, which resulted in a gain of $2 recognized in the Income Statement, within Other operating costs. The purpose of these NDF was also to eliminate the risks associated to the fluctuation of the future exchange rate and to align the payment currency of Personal&#146;s commercial commitments (hedged item) to its functional currency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-10.9pt;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Offsetting of financial assets and financial liabilities</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The information required by the amendment to IFRS 7 as of December&nbsp;31, 2017 and 2016 is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   receivables</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;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="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   receivables<br>   (1)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   liabilities<br>   (1)</font></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.72%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Current   and noncurrent assets (liabilities) - Gross value</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,155</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">488</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13,091)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.92%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(124)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.72%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Offsetting</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,507)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(33)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,507</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.72%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Current and noncurrent assets (liabilities) &#150; Booked value</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8,648</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">455</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(11,584)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(91)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1)</font></b><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;Includes financial assets and financial liabilities according to IFRS 7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2016</font></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   receivables</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   receivables<br>   (1)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   liabilities<br>   (1)</font></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.72%;">
<p style="margin:0in 0in .0001pt .1in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Current and noncurrent assets (liabilities) - Gross value</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,196</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">357</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,542)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.92%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(97)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.72%;">
<p style="margin:0in 0in .0001pt .1in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Offsetting</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,411)</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(22)</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,411</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.72%;">
<p style="margin:0in 0in .0001pt .1in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Current and noncurrent assets   (liabilities) &#150; Booked value</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,785</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">335</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(9,131)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(75)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1)</font></b><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;Includes financial assets and financial liabilities according to IFRS 7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group offsets the financial assets and liabilities to the extent that such offsetting is provided by offsetting agreements and provided that the Group has the intention to make such offsetting, in accordance with requirements established in IAS 32. The main financial assets and liabilities offset correspond to transactions with other national and foreign operators (including interconnection, CPP and Roaming), being offsetting a standard practice in the telecommunications industry at the international level that the Telecom Group applies regularly. Offsetting is also applied to transactions with agents.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">92</font></b><a name="PB_92_034505_3641"></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 21 &#150; Revenues</font></b><a name="Note21Revenues_071142"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues and other income include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:.75pt;">
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="44%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:44.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Services</font></u></i></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Voice</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,505</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,010</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,338</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Internet</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,715</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,994</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,557</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Data</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,577</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,919</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,780</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal Fixed Services</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">19,797</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14,923</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">10,675</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Outbound</font></u></i></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Postpaid</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,380</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,951</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,401</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Abono   Fijo</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13,241</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">10,365</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,919</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Prepaid</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,359</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,548</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,345</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total outbound</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">29,980</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">24,864</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">19,665</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Inbound</font></u></i></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">From   Fixed Services &#150; CPP</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,012</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">779</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">624</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">From   Mobile Services &#150; TLRD</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,698</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">932</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">924</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total inbound</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,710</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,711</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,548</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,599</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,474</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,045</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal Personal Mobile Services&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">34,289</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">28,049</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22,258</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Outbound</font></u></i></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Postpaid</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">81</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">62</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Abono   Fijo</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">999</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">766</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">458</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Prepaid</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,445</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,134</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">742</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total outbound</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,525</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,962</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,236</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">From   Fixed Services &#150; Interconnection</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">From   Mobile Services &#150; TLRD</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">133</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">118</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">80</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt 1.45pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total inbound</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">141</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">127</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">89</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">219</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">293</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">222</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal N&#250;cleo Mobile Services</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,885</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,382</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,547</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total service revenues (a)</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">56,971</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">45,354</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">34,480</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Equipment</font></u></i></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fixed   Services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">663</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">91</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">61</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Personal   Mobile Services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,446</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,535</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,796</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N&#250;cleo   Mobile Services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">106</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">260</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">159</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total equipment revenues (b)</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,215</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,886</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6,016</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total revenues (a)&nbsp;+ (b)</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">65,186</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">53,240</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">40,496</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Other income</font></u></i></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fixed   Services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">71</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">66</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Personal   Mobile Services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">62</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">16</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Nucleo   Mobile Services</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total other income (c)</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(*) 133</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(*) &nbsp;83</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">44</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:55.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total revenues and other income (a)+(b)+(c)</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">65,319</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">53,323</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">40,540</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">(*) Includes 21 y 17 of PP&amp;E disposal of years 2017 and 2016, respectively.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">93</font></b><a name="PB_93_040235_2706"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 22 &#150; Operating expenses</font></b><a name="Note22Operatingexpenses_071152"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating expenses disclosed by nature of expense amounted to $ 53,207, $45,480 and $34,311 for the years ended December&nbsp;31, 2017, 2016 and 2015, respectively. The breakdown of Employee benefit expenses and severance payments, Cost of equipments and handsets, Provisions and Bad debt expenses are disclosed in Notes 13, 7, 17 and 5, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The main components of the remaining operating expenses are the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Interconnection costs and other telecommunication charges</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fixed telephony   interconnection costs</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(486)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(445)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(327)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cost of   international outbound calls</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(272)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(268)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(192)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Lease of circuits   and use of public network</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(490)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(461)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(336)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mobile Services -   charges for roaming</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(348)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(414)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(374)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mobile Services -   charges for TLRD</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,552)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(965)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(941)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,148)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,553)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,170)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Fees for services, maintenance, materials and supplies</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Maintenance of   hardware and software</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(671)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(546)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(331)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Technical   maintenance</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,393)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,329)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(854)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Service connection   fees for fixed lines and Internet lines</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(600)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(267)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(224)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Service connection   fees capitalized as SAC (Note 3.j)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">23</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">14</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">14</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Service connection   fees capitalized as Intangible assets (Note 3.j) </font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">50</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">41</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other maintenance   costs</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(716)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(524)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(396)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Obsolescence of   inventories &#150; Mobile Services (Note 7)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(17)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(45)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(38)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Call center fees</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,999)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,428)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,297)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other fees for services</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,211)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(862)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(793)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Directors and   Supervisory Committee&#146;s fees</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(66)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(60)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(36)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(6,600)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(5,006)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,919)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Taxes and fees with the Regulatory Authority</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Turnover tax</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,528)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,817)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,122)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Taxes with the   Regulatory Authority</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,049)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,078)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(917)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tax on deposits to   and withdrawals from bank accounts</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(626)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(539)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(403)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Municipal taxes</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(531)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(395)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(289)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other taxes</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(373)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(296)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(212)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(6,107)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(5,125)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,943)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Commissions</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Agent commissions </font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,602)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,078)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,659)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Agent commissions   capitalized as SAC (Note 3.j)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">986</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,403</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,172</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Distribution of   prepaid cards commissions</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(842)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(763)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(635)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Collection   commissions</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,147)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,295)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(983)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other commissions</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(26)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(116)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(88)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,631)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,849)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,193)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Advertising</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Media advertising</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(769)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(527)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(524)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fairs and   exhibitions</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(264)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(176)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(137)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other advertising   costs</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(185)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(171)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(153)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,218)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(874)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(814)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Cost of VAS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cost of mobile   value added services</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(829)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,446)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,218)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cost of fixed value   added services</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(45)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(53)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(38)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(874)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,499)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,256)</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt 59.55pt;text-align:center;text-indent:-59.55pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">94</font></b><a name="PB_94_041113_5250"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other operating expenses</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Transportation,   freight and travel expenses</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(927)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(961)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(768)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Delivery costs   capitalized as SAC </font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">79</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">134</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">85</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Rental expense</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,069)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(765)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(540)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Energy, water and   others</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,117)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(783)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(429)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">International and   satellite connectivity</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(246)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(215)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(202)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,280)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,590)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,854)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">D&amp;A</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Depreciation of   PP&amp;E </font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,039)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,358)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,046)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Amortization of SAC   and service connection costs</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,524)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,474)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,045)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Amortization of   3G/4G licenses</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(325)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(338)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(324)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Amortization of   other intangible assets</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(40)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(28)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(23)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(6,928)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(6,198)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(4,438)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Disposals and impairment of   PP&amp;E</font></u></b></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gain on disposal   and impairment of PP&amp;E (*)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">31</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Impairment of   PP&amp;E &#150; Fixed services</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(116)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Impairment of PP&amp;E &#150; Mobile services</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(229)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(369)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(114)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decrease of PP&amp;E &#150; Fixed services</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(16)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decrease of PP&amp;E &#150; Mobile services</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(66)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(15)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(316)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(383)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(199)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Since 2016 these results are included in Other Income.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating expenses, disclosed per function are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Operating costs</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(32,287)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(27,628)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(20,578)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Administration costs</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,306)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,453)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,827)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Commercialization costs</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(16,708)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(14,829)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(11,594)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other expenses &#150; provisions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(590)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(187)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(113)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gain on disposal of PP&amp;E and impairment of   PP&amp;E</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(316)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(383)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(199)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(53,207)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(45,480)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(34,311)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Operating leases</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Future minimum lease payments from of non cancellable operating lease agreements as of December&nbsp;31, 2017, 2016 and 2015 are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="51%" style="border-collapse:collapse;">
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Less than 1<br>   year</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1-5 years</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">More than 5<br>   years</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">436</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">890</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">31</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.6%;">
<p align="right" style="margin:0in 4.0pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,357</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">636</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,169</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">74</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.6%;">
<p align="right" style="margin:0in 4.0pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,879</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">681</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,185</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">143</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.6%;">
<p align="right" style="margin:0in 4.0pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,009</font></b></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Further information is provided in Note 3.k) to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 23 &#150; Operating income</font></b><a name="Note23Operatingincome_071157"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income from services   and other income</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Revenues and other income</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">57,104</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">45,437</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">34,524</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Operating expenses</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(39,279)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(32,711)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(25,079)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating   income before depreciation and amortization (a)&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">17,825</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,726</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">9,445</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">D&amp;A </font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,928)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,198)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,438)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Disposals and impairment of PP&amp;E</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(316)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(383)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(199)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating   income from services and other income&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:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">10,581</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,145</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">4,808</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income (loss) from   equipment sales</font></u></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Revenues</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">8,215</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7,886</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,016</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Cost of equipments and handsets</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,684)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,188)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,595)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating   income (loss) from equipment sales (b)&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:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,531</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,698</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,421</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;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:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total   operating income&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,112</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7,843</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,229</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Consolidated net income</font></u></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income before   depreciation and amortization (a)&nbsp;+ (b)</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">19,356</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">14,424</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">10,866</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">D&amp;A</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,928)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,198)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,438)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Disposals and impairment of PP&amp;E</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(316)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(383)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(199)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total   operating income&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,112</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7,843</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,229</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">95</font></b><a name="PB_95_042943_7672"></a></p>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The breakdown of Operating income by segment is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2017</font></u></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Fixed<br>   services</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Mobile<br>   services</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total<br>   consolidated</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Services revenues and other   income</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in .1in .0001pt 0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">19,868</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">37,236</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">57,104</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Intersegment revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,421</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">316</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,737</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party operating expenses</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(18,262)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(21,017)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(39,279)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Intersegment operating expenses</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(316)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,421)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,737)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 15.85pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Subtotal   income for services revenues and other (1)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,711</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">14,114</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">17,825</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Equipments revenues</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">663</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7,552</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">8,215</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party operating expenses</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(524)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,160)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,684)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 15.85pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Subtotal   income (loss) from equipments revenues (2)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">139</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,392</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,531</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 15.85pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total   operating income before depreciation and amortization (3)=(1)+(2)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,850</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">15,506</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">19,356</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">D&amp;A (4)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,236)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,692)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,928)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Disposals and impairment of PP&amp;E (5)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(21)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(295)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(316)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 15.85pt;text-align:right;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating   income (6)=(3)+(4)+(5)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,593</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">10,519</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,112</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net effect of the intersegment   eliminations (7)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,105)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,105</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net segment contribution to the   Operating income before D&amp;A (8)=(3)+(7)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,745</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">17,611</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">19,356</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net segment contribution to the   Operating income (9)=(6)+(7)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(512)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,624</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,112</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:.25pt;">
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2016</font></u></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Fixed<br>   services</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Mobile<br>   services</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total<br>   consolidated</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Services revenues and other income</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">14,989</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">30,448</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">45,437</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Intersegment revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,947</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">158</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,105</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party operating expenses</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(13,464)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(19,247)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(32,711)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Intersegment operating expenses</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(158)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,947)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,105)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Subtotal income for services   revenues and other (1)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,314</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">9,412</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,726</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Equipments revenues</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">91</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7,795</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7,886</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party operating expenses</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(136)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,052)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,188)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Subtotal income (loss) from   equipments revenues (2)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(45)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,743</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,698</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total operating income before depreciation   and amortization (3)=(1)+(2)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,269</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">11,155</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">14,424</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">D&amp;A   (4)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,897)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,301)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,198)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Disposals   and impairment of PP&amp;E (5)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(384)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(383)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income   (6)=(3)+(4)+(5)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,373</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,470</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7,843</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net effect of the intersegment eliminations   (7)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,789)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,789</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net segment contribution to the Operating income before D&amp;A   (8)=(3)+(7)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,480</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12,944</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">14,424</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net segment contribution to the Operating income (9)=(6)+(7)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(416)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">8,259</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7,843</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:.5pt;">
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2015</font></u></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Fixed<br>   services</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Mobile<br>   services</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total<br>   consolidated</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Services revenues and other income</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">10,714</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">23,810</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">34,524</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Intersegment revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,834</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">137</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,971</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party operating expenses</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(9,863)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(15,216)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(25,079)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Intersegment operating expenses</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(137)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,834)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,971)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Subtotal income for services   revenues and other (1)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,548</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,897</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">9,445</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Equipments revenues</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party revenues</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">61</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5,955</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6,016</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Third party operating expenses</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(82)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,513)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,595)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Subtotal income (loss) from   equipments revenues (2)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(21)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,442</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,421</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total operating income before   D&amp;A for services and other income (3)=(1)+(2)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,527</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">8,339</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">10,866</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">D&amp;A   (4)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,526)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,912)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,438)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Disposals   and impairment of PP&amp;E (5)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(91)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(108)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(199)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income   (6)=(3)+(4)+(5)&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">910</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,319</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,229</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net effect of the intersegment   eliminations (7)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,697)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,697</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net segment contribution to the Operating income before D&amp;A   (8)=(3)+(7)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">830</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">10,036</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">10,866</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net segment contribution to the Operating income (9)=(6)+(7)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(787)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7,016</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,229</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">96</font></b><a name="PB_96_052516_2983"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-96',FILE='C:\JMS\109929\18-5108-1\task8838743\5108-1-ec.htm',USER='109929',CD='Apr 17 07:14 2018' -->

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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 24 &#150; Finance income and expenses</font></b><a name="Note24Financeincomeandexpenses_071203"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="32%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interest on cash equivalents</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gains on other short-term investments</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">121</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">61</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">169</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gains on investments (Argentine companies   notes and Governments bonds)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">979</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">287</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">432</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interest on receivables</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">763</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">373</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">183</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Foreign currency exchange gains</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,217</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">273</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">316</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">TUVES share purchase option</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">30</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p align="right" style="margin:0in 0in .0001pt 12.25pt;text-align:right;text-indent:-12.25pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   finance income&nbsp;&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,115</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,006</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,130</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interest on loans</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(928)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,613)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(566)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interest on salaries and social security   payable, other taxes payables and accounts payable</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(49)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(37)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(26)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interest on provisions (Note 17)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(320)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(207)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(137)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Loss on discounting of salaries and social   security payables, other taxes payable and other liabilities</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(15)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Foreign currency exchange losses (*)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,224)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,328)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,456)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">TUVES share purchase option</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(24)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interest on pension benefits (Note 16)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(47)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(38)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(28)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p style="margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3)</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(10)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p align="right" style="margin:0in 0in .0001pt 12.25pt;text-align:right;text-indent:-12.25pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   finance expenses&nbsp;&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,601)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,250)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,232)</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.02%;">
<p align="right" style="margin:0in 0in .0001pt 12.25pt;text-align:right;text-indent:-12.25pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   finance income, net&nbsp;&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(486)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,244)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,102)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes 40, 5 and 432 of foreign currency exchange gains (losses), net generated by NDF for the years ended on December&nbsp;31, 2017, 2016 and 2015, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 25 &#150; Earnings per share</font></b><a name="Note25Earningspershare_071205"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company computes net income per common share by dividing net income for the year attributable to Telecom Argentina (Controlling Company) by the weighted average number of common shares outstanding during the year. Diluted net income per share is computed by dividing the net income for the year by the weighted average number of common and dilutive potential common shares then outstanding during the year. Since the Company has no dilutive potential common stock outstanding, there are no dilutive earnings per share amounts.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For financial years ended December&nbsp;31, 2017, 2016 and 2015 the weighted average number of shares outstanding amounted to 969,159,605 due to the changes caused by the Treasury Shares Acquisition Process that began in May&nbsp;2013, as described in Note 19.d) to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 26 &#150; Financial risk management</font></b><a name="Note26Financialriskmanagement_071207"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Financial risk factors</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Group is exposed to the following financial risks in the ordinary course of its business operations:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">market risk: stemming from changes in exchange rates and interest rates in connection with financial assets that have been originated and financial liabilities that have been assumed.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">credit risk: representing the risk of the non-fulfillment of the obligations undertaken by the counterpart with regard to the liquidity investments of the Group;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">liquidity risk: connected with the need to meet short-term financial commitments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">These financial risks are managed by:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">the definition of guidelines for directing operations;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">the activity of the Board of Directors and Management which monitors the level of exposure to market risks consistently with prefixed general objectives;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">the identification of the most suitable financial instruments, including derivatives, to reach prefixed objectives;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">the monitoring of the results achieved;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The policies to manage and the sensitivity analyses of the above financial risks by Telecom Group are described below.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">97</font></b><a name="PB_97_052053_5926"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 38.25pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#216;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color="black" face="Arial" style="color:black;font-weight:bold;">Market risk</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The main Telecom Group&#146;s market risks are its exposure to changes in foreign currency exchange rates in the markets in which it operates principally Argentina and Paraguay. As regards to changes in interest rates, as of December&nbsp;31, 2017 the Telecom Group has mainly outstanding floating rate borrowings (see Note 12).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Foreign currency risk is the risk that the future fair values or cash flows of a financial instrument may fluctuate due to exchange rate changes. Telecom Group&#146;s exposure to exchange variation risks is related mainly to its operating activities (when income, expenses and investments are denominated in a currency other than the Telecom Group&#146;s functional currency).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group have part of its commercial debt nominated in </font><font face="Arial">US$ </font><font face="Arial">and euro. Additionally, holds part of its financial debt is denominated in US$ at variable rate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The financial risk management policies of the Group are directed towards diversifying market risks by the acquisition of goods and services in the functional currency and minimizing interest rate exposure by an appropriate diversification of the portfolio. This may also be achieved by using carefully selected derivative financial instruments to mitigate long-term positions in foreign currency and/or adjustable by variable interest rates (See Note 20).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, the Telecom Group has cash and cash equivalents and investments denominated in US$ and euro (approximately 66% of these items) that are also sensitive to changes in peso/dollar exchange rates and contribute to reduce the exposure to trade payables in foreign currency. On the other hand the Telecom Group holds investments adjustable to the variation of the US$/$ exchange rate (&#147;dollar linked&#148;). They are also sensitive to variations in exchange rates and contribute to reduce the exposure of the commercial and financial commitments in foreign currency. Dollar linked investments and represent approximately 4% of total cash and cash equivalent and investments of Telecom Group as of December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table shows a breakdown of Telecom Argentina&#146;s net assessed financial position exposure to currency risk as of December&nbsp;31, 2017 and 2016:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="60%" style="border:none;border-collapse:collapse;margin-left:113.3pt;">
<tr>
<td width="100%" colspan="9" valign="top" style="border:double windowtext 2.25pt;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12.31.17</font></b></p>    </td>   </tr>
<tr>
<td width="45%" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 2.25pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:45.72%;">
<p align="center" style="margin:0in 0in .0001pt 19.5pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Amount   of foreign currency (i)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Exchange rate</font></b></p>    </td>
<td width="0%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Amount in local currency   (ii)</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Assets</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">US$</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">372</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">18.549</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(iii)</font></b><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; 7,094</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">G</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">120,029</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.003</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">399</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">EURO</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">22.283</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">70</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total assets</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7,563</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Liabilities</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">US$</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(939)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">18.649</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(17,568)</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">G</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(233,891)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.003</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(773)</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">EURO</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(11)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">22.450</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(259)</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total liabilities</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(18,600)</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:double windowtext 2.25pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net liabilities</font></b></p>    </td>
<td width="0%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(11,037)</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-21.25pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">US$ = United States dollar; G= Guaran&#237;es.</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-21.25pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-21.25pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(iii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Includes 371 corresponding to Government bonds at fair value (equivalent to US$ 12 million).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to partially reduce this net liability position in foreign currency, the Telecom Group, as of December&nbsp;31, 2017, hold dollar linked investments by $365. According to this, the Telecom Group&#146;s net liability position in foreign currency amounts to $10,672 as of December&nbsp;31, 2017, equivalent to approximately US$ 578 million. Additionally, the Group entered into several NDF contracts as of December&nbsp;31, 2017 amounting to US$ 60 million, so, the portion of the net liability position in foreign currency not covered by these instruments amounted to US$ 518 million as of December&nbsp;31, 2017.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="60%" style="border:none;border-collapse:collapse;margin-left:113.3pt;">
<tr>
<td width="100%" colspan="9" valign="top" style="border:double windowtext 2.25pt;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">12.31.16</font></b></p>    </td>   </tr>
<tr>
<td width="45%" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 2.25pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:45.72%;">
<p align="center" style="margin:0in 0in .0001pt 19.5pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Amount   of foreign currency (i)</font></b></p>    </td>
<td width="0%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Exchange rate</font></b></p>    </td>
<td width="0%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Amount in local currency   (ii)</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Assets</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">US$</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">241</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">15.790</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(iii)</font></b><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; 4,067</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">G</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">250,865</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.003</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">684</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">EURO</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">16.625</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">124</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total assets</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">4,875</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Liabilities</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">US$</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(859)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">15.890</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(13,648)</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">G</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(311,279)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.003</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(848)</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">EURO</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(9)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">16.770</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(158)</font></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border:none;border-left:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total liabilities</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(14,654)</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:double windowtext 2.25pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net liabilities</font></b></p>    </td>
<td width="0%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:32.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(9,779)</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-21.25pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">US$ = United States dollar; G= Guaran&#237;es.</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-21.25pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-21.25pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(iii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Includes 735 corresponding to Government bonds at fair value (equivalent to US$ 45 million).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">98</font></b><a name="PB_98_052446_4688"></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to partially reduce this net liability position in foreign currency, the Telecom Group, as of December&nbsp;31, 2016, hold dollar linked investments by $74. According to this, the Telecom Group&#146;s net liability position in foreign currency amounted to $9,705, as of December&nbsp;31, 2016, equivalent to approximately US$ 611 million. Additionally, the Group entered into several NDF contracts as of December&nbsp;31, 2016 amounting to US$ 16 million, so, the portion of the net liability position in foreign currency not covered by these instruments amounted to US$ 595 million as of December&nbsp;31, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The exposure to the various market risks can be measured by sensitivity analyses, as set forth in IFRS 7. These analyses illustrate the effects produced by a given and assumed change in the levels of the relevant variables in the various markets (exchange rates, interest rates and prices) on finance income and expenses and, at times, directly on Other comprehensive income. A description on the sensitivity analysis of exchange rate and interest rate risks is given below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Exchange rate risk &#150; Sensitivity analysis</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Based on the composition of the consolidated statement of financial position as of December&nbsp;31, 2017, which is a net liability position in foreign currency of $11,037 equivalent to US$592 million, Management estimates that every variation in the exchange rate of $0.10 pesos against the U.S. dollar and proportional variations for euro and guaran&#237;es against the Argentine peso, plus or minus, would result in a variation of approximately $59 of the consolidated amounts of foreign currency position.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">If we consider only the portion not covered by derivative financial instruments and other assets adjusted by the variation of the U.S. dollar, the net liability position totaled $9,559 equivalent to approximately US$518 million, and a variation of the exchange rate of $ 0.10 pesos as described in the previous paragraph, would generate a variation of approximately $52 in the consolidated financial position in foreign currency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This analysis is based on the assumption that this variation of the Argentine peso occurred at the same time against all other currencies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This sensitivity analysis provides only a limited, point-in-time view of the market risk sensitivity of certain of the financial instruments. The actual impact of market foreign exchange rate changes on the financial instruments may differ significantly from the impact shown in the sensitivity analysis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Interest rate risk &#150; Sensitivity analysis</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Within its structure of financial debt, the Telecom Group has bank overdrafts denominated in argentine pesos accruing interest at rates that are reset at maturity, notes that bear interest at a mixed rate (fixed rate and floating rate) and fixed rate and foreign bank loans denominated in U.S. dollar and guaran&#237;es that bear interest at a floating rate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management believes that any variation of 10 bps in the agreed interest rates would become in the following results:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Financial   debt</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Financial   debt<br>   currency</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Amount<br>   (in millions)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Effect<br>   (in millions)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Bank overdrafts</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">$</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">135</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">0.1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">$</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">871</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">0.9</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">US$</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">78</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1.4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Bank loans</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">US$</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">500</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9.3</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This analysis is based on the assumption that this change in interest rates occurs at the same time and for the same periods.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This sensitivity analysis provides only a limited point of view of the sensitivity to market risk of certain financial instruments. The actual impact of changes in interest rates of financial instruments may differ significantly from this estimate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 38.15pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#216;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color="black" face="Arial" style="color:black;font-weight:bold;">Credit risk</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit risk represents Telecom Group&#146;s exposure to possible losses arising from the failure of commercial or financial counterparts to fulfill their assumed obligations. Such risk stems principally from economic and financial factors, or from the possibility that a default situation of a counterpart could arise or from factors more strictly technical, commercial or administrative.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Group&#146;s maximum theoretical exposure to credit risk is represented by the carrying amount of the financial assets and trade receivables, net recorded in the consolidated statement of financial position.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">99</font></b><a name="PB_99_071928_6182"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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 style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></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>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Date due</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Banks and cash<br>   equivalents</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></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;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Investments</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></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;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   receivables, net</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.16%;">
<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;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   receivables,<br>   net</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:11.64%;">
<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;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.58%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total due</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,807</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,807</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.58%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total not due</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,831</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,082</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,841</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">455</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">16,209</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.58%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total as of   December&nbsp;31, 2017</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,831</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,082</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8,648</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">455</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">18,016</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The accruals to the allowance for doubtful accounts are recorded: (i)&nbsp;for an exact amount on credit positions that present an element of individual risk (bankruptcy, customers under legal proceedings with the Company); (ii)&nbsp;on credit positions that do not present such characteristics, by customer segment considering the aging of the accounts receivable balances, customer creditworthiness and changes in the customer payment terms. Total overdue balances not covered by the allowance for doubtful accounts amount to $1,807 as of December&nbsp;31, 2017 ($1,738 as of December&nbsp;31, 2016).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Regarding the credit risk relating to the asset included in the &#147;Net financial debt or asset&#148;, it should be noted that the Telecom Group evaluates the outstanding credit of the counterparty and the levels of investment, based, among others, on their credit rating and the equity size of the counterparty. Deposits are made with leading high-credit-quality banking and financial institutions and generally for periods of less than three months.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group serves a wide range of customers, including residential customers, businesses and governmental agencies. As such, the Telecom Group&#146;s account receivables are not subject to significant concentration of credit risk.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to minimize credit risk, the Group also pursues a diversification policy for its investments of liquidity and allocation of its credit positions among different first-class financial entities. Consequently, there are no significant positions with any one single counterpart.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 38.15pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#216;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color="black" face="Arial" style="color:black;font-weight:bold;">Liquidity risk</font></b></p>
<p style="margin:0in 0in .0001pt 38.15pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquidity risk represents the risk that the Telecom Group has no funds to accomplish its obligations of any nature (labor, commercial, fiscal and financial, among others).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Group&#146;s working capital breakdown and its main variations are disclosed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:9.0pt;">
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Variation</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Trade receivables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">8,636</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">7,577</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,059</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other receivables (not considering financial NDF)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,431</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,011</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">420</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Inventories</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,854</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,278</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">576</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current liabilities (not considering financial debt)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(18,793)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(13,245)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(5,548)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Operative working capital -   negative</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6,872)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(3,379)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(3,493)</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:7.5pt;font-style:italic;">Over revenues</font></i></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:7.5pt;font-style:italic;">(10.5)%</font></i></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:7.5pt;font-style:italic;">(6.4)%</font></i></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,831</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">3,945</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,114)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Financial NDF</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">60</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">60</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Investments</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">3,426</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,751</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,675</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current financial debt</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(3,194)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(3,266)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">72</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net Current financial asset</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,123</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,430</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">693</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Negative operating working capital (current assets &#150; current   liabilities)</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(3,749)</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(949)</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(2,800)</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Liquidity rate</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.83</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.94</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(0.11)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group has a typical working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially PP&amp;E) for longer terms than those it provides to its customers. According to this, the negative operating working capital amounted to $6,872 as of December&nbsp;31, 2017 (increasing $3,493 vs. December&nbsp;31, 2016) showing higher levels of suppliers financing (10.5% of consolidated revenues as of December&nbsp;31, 2017 vs. 6.4% of consolidated revenues as of December&nbsp;31, 2016).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2017 the Telecom Group continued demanding funds to the financial market in Argentina (See Notes 12 and 33.d), what has allowed financing the Group&#146;s growth in PP&amp;E and intangible assets at very reasonable rates. The Group has an excellent credit rating (the Company&#146;s notes have been qualified &#147;AA + (arg)&#148; by FIX SCR S.A) related to the Group&#146;s operating cash flow record and low leverage (net financial debt ratio over company market value amounts only 2%). All the above mentioned generates that the total working capital (current assets - current liabilities) amounted to a net debt of $3,749 as of December&nbsp;31, 2017, resulting from an increase in negative operating working capital amounting to $3,493&#160; partially offsetted by an increase in net current financial asset of $693.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Group has several financing sources and several offers from first-class international institutions to diversify its current short-term funding structure, which includes accessing to domestic and international capital market and obtaining competitive bank loans in what relates to terms and financial costs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">100</font></b><a name="PB_100_073829_7056"></a></p>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The low financial debt of the Group and the merge by absorption with Cablevisi&#243;n S.A. since January&nbsp;1, 2018, make possible to obtain financial resources for longer terms at a reasonable cost. The Group&#146;s management evaluates the national and international macroeconomic context to take advantage of market opportunities that allows it preserving its financial health for the benefit of its investors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group manages its cash and cash equivalents and its financial assets trying to match the term of investments with those of its obligations. The average term of its investments should not exceed the average term of its obligations. Cash and cash equivalents position is invested in highly-liquid short-term instruments through first-class financial entities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group maintains a liquidity policy that results into a significant volume of available cash through its normal course of business as it is shown in the consolidated statement of cash flows. The Telecom Group has consolidated cash and cash equivalents amounting to $2,831 (equivalent to US$ 153 million) as of December&nbsp;31, 2017 (in 2016, $3,945, equivalent to US$ 250 million).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group has bank credits and a program of Notes that allow to finance its short-term obligations and an investment plan in addition to the operative cash flow for the next years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below contains a breakdown of financial liabilities into relevant maturity groups based on the remaining period at the date of the consolidated statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="85%" style="border:none;border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="46%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:46.34%;">
<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="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.84%;">
<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="8%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.5%;">
<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="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.78%;">
<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="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.78%;">
<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="46%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.34%;">
<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;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Maturity Date</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.84%;">
<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;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.5%;">
<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;</font></b></p>
<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;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Debt</font></b></p>    </td>
<td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Salaries and<br>   social<br>   security<br>   payables</font></b></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.78%;">
<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;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   liabilities</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:9.78%;">
<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;</font></b></p>
<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;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Due</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">319</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">319</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">January&nbsp;2018   thru December&nbsp;2018</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,164</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,389</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,055</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">70</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">16,678</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">January&nbsp;2019   thru December&nbsp;2019</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">66</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,043</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">187</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">21</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,317</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">January&nbsp;2020   thru December&nbsp;2020</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">45</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,687</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">56</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,788</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">January&nbsp;2021   and thereafter</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,984</font></p>    </td>
<td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">47</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:9.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,036</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,599</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,103</font></b></p>    </td>
<td width="13%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,345</font></b></p>    </td>
<td width="11%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">91</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:9.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">28,138</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Capital management</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The primary objective of the Group&#146;s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Group manages its capital structure and makes adjustments considering the business evolution and changes in the macreoeconomic conditions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders and the level of indebtedness.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">No changes were made in the objectives, policies or processes for managing capital during the years ended December&nbsp;31, 2017 and 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group does not have to comply with regulatory capital adequacy requirements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Note 27 &#150; Related party balances and transactions</font></b><a name="Note27Relatedpartybalancesandtra_114008"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(a)&nbsp;Controlling group</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Until November&nbsp;30, 2017 Nortel was the holder of the 54.74% stake in the Company, meaning that exercised control of the Company in the terms of Section&nbsp;33 of LGS. As of that date, Nortel owned all of the Class&nbsp;&#147;A&#148; Preferred shares (51% of total shares of the Company) and 7.64% of the Class&nbsp;&#147;B&#148; Preferred shares (3.74% of total shares of the Company).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of the Company&#146;s Treasury Shares Acquisition Process described in Note 19.d), Nortel&#146;s equity interest in Telecom Argentina amounted to 55.60% of the Company&#146;s outstanding shares as of November&nbsp;30, 2017. Pursuant to Section&nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#146; Meetings.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">All of the common shares of Nortel belonged to Sofora. As of November&nbsp;30, 2017 these shares represented 78.38% of the capital stock of Nortel.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Sofora&#146;s capital stock consisted of common stock shares, with a par value of $1 argentine peso each and one vote per share. As of November&nbsp;30, 2017, Sofora&#146;s total shares were held by Fintech, as a result of the total amortization of the Sofora&#146;s shares held by WAI during the fiscal year 2017 (see Note 31.1).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">101</font></b><a name="PB_101_074711_5335"></a></p>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, after the effect of the Corporate reorganization of the Telecom Group and its controlling companies (Note 31), Fintech is the direct controller of Telecom Argentina with a share of 39.5% of Telecom Argentina&#146;s capital stock. Before such reorganization, Fintech was the indirect controller since the acquisition of Sofora&#146;s control to Telecom Italia on March&nbsp;8, 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Fintech, a Delaware (United States) limited liability company, is a wholly-owned direct subsidiary of Fintech Advisory Inc. and its primary purpose is to hold, directly and indirectly, the securities of Telecom Argentina. Fintech Advisory Inc., a Delaware (United States) company, is directly controlled by Mr.&nbsp;David Mart&#237;nez. Fintech Advisory Inc. is an investor and investment manager in equity and debt securities of sovereign and private entities primarily in emerging markets.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the Shareholders&#146; Agreement entered into by the Telecom Italia Group and WAI, through which Fintech acquired all the rights and obligations of the Telecom Italia Group, it was no longer into effect with respect to (i)&nbsp;the political rights therein provided, on May&nbsp;23, 2017, when 17% of Sofora&#146;s shares were amortized; and (ii)&nbsp;the rest of its provisions, on June&nbsp;22, 2017, when 15% of Sofora&#146;s shares were amortized (see Note 31.1).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:39.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, Cablevisi&#243;n Holding S.A. is the legal controlling company of Telecom Argentina as a result of becoming effective on January&nbsp;1, 2018 the Merger described in Note 32 and the shareholders agreement signed on July&nbsp;7, 2017, also mentioned in such note. The change of control was authorized by Resolution ENACOM No.&nbsp;5644-E/2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(b)&nbsp;Related parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For the purposes of these consolidated financial statements, related parties are those individuals or legal entities which are related (in terms of IAS 24) to Fintech, ABC Telecomunicaciones S.A. (non-controlling shareholder of N&#250;cleo) and TU VES S.A &#150;Chile (non-controlling shareholder of Tuves Paraguay), except companies under sect. 33 of the LGS.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years presented, the Telecom Group has not conducted any transactions with Key Managers and/or persons related to them, except the mentioned in e) below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(c)&nbsp;Balances with related parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;">
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Type of   related party</font></b></p>    </td>
<td width="18%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">As of December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2016</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Cash and cash equivalents</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Banco Atlas S.A.(a)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total cash and cash   equivalents</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade receivables</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Editorial Azeta S.A. (a)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;">
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade payables</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p style="margin:0in 2.9pt .0001pt 0in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Experta ART S.A. (b)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Haras El Capricho S.A. (b)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Telteco S.A. (c)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Penta S.A (a)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total trade payables</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">21</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Financial Debt &#150; Notes (current and non-current)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">La Estrella Sociedad An&#243;nima de   Seguros de Retiro (b)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">172</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Experta ART S.A. (b)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">151</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">323</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(d)&nbsp;Transactions with related parties and companies under sect. 33 of the LGS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Companies under sect. 33 of the LGS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
<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:2.5%;">
<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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction&nbsp;description</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.58%;">
<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="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Type&nbsp;of&nbsp;related&nbsp;party</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<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="27%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&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="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Other income</font></u></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="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&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="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&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="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Nortel</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="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Rental revenues</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Direct parent   Company</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="35%" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" colspan="2" style="padding:0in 0in 0in 0in;width:18.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total other income</font></b></p>    </td>
<td width="7%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="2%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1</font></b></p>    </td>
<td width="2%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Related parties</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction description</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Type of   related party</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Years ended December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.08%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services rendered</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.76%;">
<p align="center" style="margin:0in 0in .0001pt 35.4pt;text-align:center;text-indent:-35.4pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Editorial Azeta S.A. (a)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Voice retail</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 0in .0001pt 35.4pt;text-align:right;text-indent:-35.4pt;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Banco Atlas S.A. (a)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Voice retail</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 0in .0001pt 35.4pt;text-align:right;text-indent:-35.4pt;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Penta S.A. (a)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Voice retail</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 0in .0001pt 35.4pt;text-align:right;text-indent:-35.4pt;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="29%" style="padding:0in 0in 0in 0in;width:29.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" style="padding:0in 0in 0in 0in;width:22.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" colspan="2" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total   services rendered</font></b></p>    </td>
<td width="6%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6</font></b></p>    </td>
<td width="2%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 0in .0001pt 35.4pt;text-align:right;text-indent:-35.4pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="2%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">4</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">102</font></b><a name="PB_102_074930_5796"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction description</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Type of   related party</font></b></p>    </td>
<td width="26%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services received</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Editorial Azeta S.A. (a)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Advertising</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Penta S.A. (a)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Rental</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Other related party</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.06%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total services received</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(6)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(5)</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.06%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">(a)</font><font size="1" face="Arial" style="font-size:7.0pt;">&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Such companies relate to ABC Telecommunications Group of Paraguay (Non-controlling shareholders&#146; of N&#250;cleo).</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">(b)</font><font size="1" face="Arial" style="font-size:7.0pt;">&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Such companies relate to W de Argentina &#150; Inversiones S.A. until May&nbsp;23, 2017.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">(c)</font><font size="1" face="Arial" style="font-size:7.0pt;">&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Such company relates to a member of the Board of Directors appointed by W de Argentina &#150; Inversiones S.A. until May&nbsp;23, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The transactions discussed above were made on terms no less favorable to the Telecom Group than would have been obtained from unaffiliated third parties. The Board of Directors approved transactions representing more than 1% of the total shareholders&#146; equity of the Company, after being approved by the Audit Committee in compliance with Law No.&nbsp;26,831.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the change of control explained, on March&nbsp;8, 2016, Fintech acquired 51% of Sofora&#146;s shares from the Telecom Italia Group. As a result, since January&nbsp;1, 2016 until such date (in which the Telecom Italia Group ceased to be a related party of the Telecom Group), the transactions carried out with the Group amounted to $111 for services rendered, $72 for services received and $18 for purchase of PP&amp;E for the year ended December&nbsp;31, 2016; and amounted to $564 for services rendered, $352 for services received and $103 for purchase of PP&amp;E for the year ended December&nbsp;31, 2015. It should be mentioned that no transactions with related parties of Fintech were identified since March&nbsp;8, 2016 according to IAS 24.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, with the first trance amortization of Sofora&#146;s ordinary shares owned by WAI (see Note 31.1 to these consolidated financial statements), as of May&nbsp;23, 2017 WAI ceased to be a related party of the Telecom Group. The operations carried out with the aforementioned Group since January&nbsp;1, 2017 until such date amounted to $7 for services rendered, $72 for services received and $34 for financial costs related to loans. Operations carried out in the year ended December&nbsp;31, 2016 amounted to $7 for services rendered, $153 for services received, $1 for PP&amp;E acquisition, and $55 for financial costs related to loans. While amounted to $120 services rendered and $4 for purchase of PP&amp;E in the year ended December&nbsp;31, 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(e)&nbsp;Key Managers</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Compensation for Directors and Key Managers, including social security contribution, amounted to $323, $200 and $106 for the years ended December&nbsp;31, 2017, 2016 and 2015, respectively, and was recorded as expenses under the line item &#147;Employee benefits expenses and severance payments&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="38%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Salaries </font><font size="1" face="Arial" style="font-size:7.0pt;">(*)</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">81</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">54</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Variable compensation (</font><font size="1" face="Arial" style="font-size:7.0pt;">*) </font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">121</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">53</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Social security contributions </font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">58</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">30</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">18</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Hiring benefits</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Termination benefits</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">63</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">58</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">323</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">200</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">106</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 7.1pt;text-align:justify;text-indent:28.35pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Gross compensation. Social security contributions and income tax retentions that are deducted from the gross compensation are in charge of the employee.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017 and 2016, respectively, an amount of $45 and $66 remained unpaid.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The estimated compensation of Telecom Argentina&#146;s Board of Directors for fiscal year 2017 is approximately $49.8. The compensation of Telecom Argentina&#146;s Board of Directors approved by the General Shareholders Meetings of the years 2016 and 2015 were $ 34.6 and $20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The members and alternate members of the Board of Directors do not hold executive positions in the Company or Company&#146;s subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Note 28 &#150; Segment information</font></b><a name="Note28Segmentinformation_113927"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Until 2016, the Telecom Group carried out its activities through six companies grouped in operating segments. While the segment information as of December&nbsp;31, 2017, includes additionally Tuves Paraguay&#146;s operations corresponding to 2&#176;semester of 2017, which were included in &#147;Mobile Services &#150; N&#250;cleo&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;1, 2018, the Corporate Reorganization described in Note 31 was effective. Although Personal&#146;s operations were absorbed by Telecom, since that date the Management keeps a separate assessment of the operations carried out by Personal.&#160; As a consequence, the segment information for year 2017 shows the operations of Mobile Services &#150; Personal as an independent reportable segment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">103</font></b><a name="PB_103_103258_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-103',FILE='C:\JMS\109929\18-5108-1\task8838743\5108-1-ee.htm',USER='109929',CD='Apr 17 07:32 2018' -->

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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></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="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Telecom Group has combined the operating segments into three reportable segments: &#147;Fixed Services&#148;, &#147;Personal Mobile Services&#148; and &#147;N&#250;cleo Mobile Services&#148; based on the nature of products provided by the entities and taking into account the regulatory and economic framework in which each entity operates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Segment financial information for the years 2017, 2016 and 2015 was as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="90%" style="border:none;border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="100%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">For the year ended   December&nbsp;31, 2017</font></i></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:9.0pt;">q</font><font size="1" face="Arial" style="font-size:9.0pt;">&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Income statement information</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="46%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:46.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Fixed</font></b></p>    </td>
<td width="26%" colspan="3" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:26.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Mobile Services</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Services</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Personal</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">N&#250;cleo</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total revenues and other income   (1)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">22,952</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">42,128</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2,997</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">45,125</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,758)</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">65,319</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Employee benefit expenses and severance   payments</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(9,625)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,876)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(217)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,093)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(12,718)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Interconnection costs and other   telecommunication charges</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,200)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,537)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(220)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,757)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,809</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,148)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fees for services, maintenance,   materials and supplies</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,546)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,384)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(280)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,664)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">610</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(6,600)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Taxes and fees with the Regulatory   Authority</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,581)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(4,413)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(113)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(4,526)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(6,107)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Commissions</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(417)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,965)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(344)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,309)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">95</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,631)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cost of equipments and handsets</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(524)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(6,035)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(125)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(6,160)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(6,684)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Advertising</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(194)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(915)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(109)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,024)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,218)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cost of VAS</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(45)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(614)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(215)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(829)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(874)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(183)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(406)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(407)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(590)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Bad debt expenses</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(193)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(844)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(76)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(920)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,113)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other operating expenses</font></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,594)</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,740)</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(190)</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,930)</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">244</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,280)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Operating income before D&amp;A</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3,850</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">14,399</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,107</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">15,506</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">19,356</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Depreciation of PP&amp;E</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,072)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,325)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(642)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,967)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(5,039)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Amortization of intangible assets</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(164)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,636)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(89)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,725)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,889)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Disposals and impairment of PP&amp;E</font></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(21)</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(295)</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(295)</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(316)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,593</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">10,143</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">376</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">10,519</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">12,112</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Financial results, net</font></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(486)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Income before income tax   expense</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">11,626</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Income tax expense, net</font></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,902)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">7,724</font></b></p>    </td>   </tr>
<tr>
<td width="92%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="92%" colspan="6" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net income attributable to   Telecom Argentina </font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,630</font></b></p>    </td>   </tr>
<tr>
<td width="92%" colspan="6" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net income attributable to   non-controlling interest</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">94</font></b></p>    </td>   </tr>
<tr>
<td width="92%" colspan="6" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,724</font></b></p>    </td>   </tr>
<tr>
<td width="100%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 2.15pt .0001pt 2.9pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="100%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 2.15pt .0001pt 2.9pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Service revenues</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">19,797</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">34,289</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2,885</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">37,174</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">56,971</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Equipment sales</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">663</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7,446</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">106</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">7,552</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">8,215</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other income</font></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">71</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">62</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">62</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">133</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Subtotal   third party revenues and other income</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">20,531</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">41,797</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2,991</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">44,788</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">65,319</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Intersegment revenues</font></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2,421</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">331</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">6</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">337</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,758)</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total   revenues and other income</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">22,952</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">42,128</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2,997</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">45,125</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,758)</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">65,319</font></b></p>    </td>   </tr>
<tr>
<td width="100%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 2.15pt .0001pt 35.3pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 2.15pt .0001pt 35.3pt;"><font size="1" face="Wingdings" style="font-size:9.0pt;">q</font><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Balance sheet information</font></u></i></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PP&amp;E,&nbsp;net</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">15,039</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,901</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,598</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">13,499</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">28,538</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Intangible assets, net</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">406</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,482</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">211</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,693</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,098</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Capital expenditures on PP&amp;E (a)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,254</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,161</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">490</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,651</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,905</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Capital expenditures on intangible assets (b)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">153</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,032</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">53</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,085</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,238</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total capital expenditures in PP&amp;E and   intangible assets (a)+ (b)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,407</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,193</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">543</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,736</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,143</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total additions on PP&amp;E and intangible   assets</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,886</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,173</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">517</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,690</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">12,576</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net financial debt</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,260)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:9.0pt;">q</font><font size="1" face="Arial" style="font-size:9.0pt;">&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Geographic information</font></u></i></b></p>
<table border="1" cellspacing="0" cellpadding="0" width="99%" style="border:none;border-collapse:collapse;margin-left:1.0pt;">
<tr>
<td width="46%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:46.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:30.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total revenues and other   income</font></b></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total non-current assets</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Breakdown by<br>   location of<br>   operations</font></b></p>    </td>
<td width="18%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Breakdown by<br>   location of the<br>   Group&#180;s customers</font></b></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Breakdown by</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">location of operations</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.98%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Argentina</font></i></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.34%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">62,012</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.26%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">61,696</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">36,429</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.98%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Abroad</font></i></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.34%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,307</font></p>    </td>
<td width="18%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.26%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,623</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,921</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:46.98%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Total</font></i></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.34%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">65,319</font></b></p>    </td>
<td width="18%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.26%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">65,319</font></b></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">39,350</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">104</font></b><a name="PB_104_104854_3020"></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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" 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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="90%" style="border:none;border-collapse:collapse;margin-left:.25in;">
<tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">For   the year ended December&nbsp;31, 2016</font></i></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:9.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Income statement information</font></u></i></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Fixed</font></b></p>    </td>
<td width="25%" colspan="3" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Mobile   Services</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Services</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Personal</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">N&#250;cleo</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total revenues and other income   (1)</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">17,027</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">35,766</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2,649</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">38,415</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,119)</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">53,323</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Employee benefit expenses and severance payments</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(7,220)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,381)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(199)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,580)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(9,800)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Interconnection costs and other   telecommunication charges</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(961)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,721)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(200)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,921)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,329</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,553)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fees for services, maintenance,   materials and supplies</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,311)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,975)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(229)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,204)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">509</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(5,006)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Taxes and fees with the Regulatory   Authority</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,118)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,925)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(82)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(4,007)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(5,125)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Commissions</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(327)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,286)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(295)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,581)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">59</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,849)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cost of equipments and handsets</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(136)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(5,749)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(303)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(6,052)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(6,188)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Advertising</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(126)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(644)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(104)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(748)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(874)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cost of VAS</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(53)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,329)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(117)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,446)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,499)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(78)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(109)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(109)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(187)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Bad debt expenses</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(152)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(951)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(125)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,076)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,228)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other operating expenses</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,276)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,378)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(158)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,536)</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">222</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,590)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Operating income before D&amp;A</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3,269</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">10,318</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">837</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">11,155</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">14,424</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Depreciation of PP&amp;E</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,686)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,088)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(584)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,672)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(4,358)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Amortization of intangible assets</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(211)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,526)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(103)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,629)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,840)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Disposals and impairment of PP&amp;E</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(384)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(384)</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(383)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,373</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">6,320</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">150</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">6,470</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">7,843</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Financial results, net</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,244)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Income before income tax   expense</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5,599</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Income tax expense, net</font></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,594)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">4,005</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net income attributable to   Telecom Argentina</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,975</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net income attributable to   non-controlling interest</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">30</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,005</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(1)</font></b></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Service revenues</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">14,923</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">28,049</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2,382</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">30,431</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">45,354</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Equipment sales</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">91</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7,535</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">260</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">7,795</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">7,886</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other income</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">66</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">16</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">83</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Subtotal   third party revenues and other income</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">15,080</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">35,600</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2,643</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">38,243</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">53,323</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Intersegment revenues</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,947</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">166</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">6</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">172</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,119)</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total   revenues and other income</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">17,027</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">35,766</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2,649</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">38,415</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,119)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">53,323</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:9.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Balance sheet information</font></u></i></b></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:47.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PP&amp;E, net</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,468</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,541</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,156</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,697</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">23,165</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Intangible assets, net</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">429</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,086</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">78</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,164</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,592</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Capital expenditures on PP&amp;E (a)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,820</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,249</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">563</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,812</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,632</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Capital expenditures on intangible assets (b)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">197</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,481</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">76</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,557</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,754</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,017</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,730</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">639</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,369</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,386</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total additions on PP&amp;E and intangible assets</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,525</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,708</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">627</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,335</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,860</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net financial debt</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(5,892)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:9.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Geographic information</font></u></i></b></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="31%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:31.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total revenues and other   income</font></b></p>    </td>
<td width="20%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.74%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   non-current assets</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Breakdown by<br>   location of<br>   operations</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Breakdown by<br>   location of the<br>   Group&#180;s customers</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.74%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Breakdown   by<br>   location of operations</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Argentina</font></i></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">50,406</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">49,958</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">29,832</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Abroad</font></i></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,917</font></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,365</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,520</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Total</font></i></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">53,323</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">53,323</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">32,352</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">105</font></b><a name="PB_105_114715_7077"></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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="90%" style="border:none;border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="100%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.5pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">For   the year ended December&nbsp;31, 2015</font></i></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:9.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Income statement information</font></u></i></b></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Fixed</font></b></p>    </td>
<td width="25%" colspan="3" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Mobile   Services</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Services</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Personal</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">N&#250;cleo</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total revenues and other income   (1)</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">12,609</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">28,203</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,717</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">29,920</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,989)</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">40,540</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Employee benefit expenses and severance   payments</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(5,268)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,856)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(129)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,985)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(7,253)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Interconnection costs and other   telecommunication charges</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(719)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,686)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(154)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,840)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,389</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,170)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fees for services, maintenance,   materials and supplies</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,769)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,417)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(152)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,569)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">419</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,919)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Taxes and fees with the Regulatory   Authority</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(818)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,071)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(54)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,125)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,943)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Commissions</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(268)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,774)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(199)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,973)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">48</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,193)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cost of equipments and handsets</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(82)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(4,328)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(185)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(4,513)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(4,595)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Advertising</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(108)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(628)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(78)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(706)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(814)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cost of VAS</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(38)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,136)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(82)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,218)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,256)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(17)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(96)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(96)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(113)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Bad debt expenses</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(79)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(462)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(23)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(485)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(564)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other operating expenses</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(934)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(960)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(93)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,053)</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">133</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,854)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Operating income before D&amp;A</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2,509</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">7,789</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">568</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">8,357</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">10,866</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Depreciation of PP&amp;E</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,341)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,379)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(326)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,705)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,046)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Amortization of intangible assets</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(185)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,141)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(66)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,207)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,392)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Disposals and impairment of PP&amp;E</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(91)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(109)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(108)</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(199)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">892</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5,160</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">177</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5,337</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">6,229</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Financial results, net</font></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,102)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Income before income tax   expense</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5,127</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Income tax expense, net</font></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,692)</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3,435</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net income attributable to   Telecom Argentina </font></b></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,403</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net income attributable to   non-controlling interest</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">32</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,435</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1)</font></b></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Service revenues</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">10,675</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">22,258</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,547</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">23,805</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">34,480</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Equipment sales</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">61</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">5,796</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">159</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5,955</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">6,016</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other income</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">39</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">5</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">44</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Subtotal   third party revenues and other income</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">10,775</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">28,059</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,706</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">29,765</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">40,540</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Intersegment revenues</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,834</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">144</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">11</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">155</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,989)</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total   revenues and other income</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">12,609</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">28,203</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,717</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">29,920</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,989)</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">40,540</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:9.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Balance sheet information</font></u></i></b></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:47.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PP&amp;E, net</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,280</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,899</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,784</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8,683</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">17,963</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Intangible assets, net</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">443</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,131</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">86</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,217</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,659</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Capital expenditures on PP&amp;E (a)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,846</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,157</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">393</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,550</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,396</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Capital expenditures on intangible assets (b)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">233</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,395</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">76</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,471</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,704</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,079</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,552</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">469</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,021</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10,100</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total additions on PP&amp;E and intangible assets</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,514</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,158</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">490</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,648</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,162</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net financial asset (debt)</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(2,277)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:9.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Geographic information</font></u></i></b></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="31%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:31.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total revenues and other   income</font></b></p>    </td>
<td width="20%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.74%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   non-current assets</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Breakdown by<br>   location of<br>   operations</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Breakdown by<br>   location of the<br>   Group&#180;s customers</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.74%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Breakdown   by<br>   location of operations</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Argentina</font></i></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">38,677</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">38,388</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">24,844</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Abroad</font></i></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,863</font></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,152</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,129</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.36%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Total</font></i></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">40,540</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">40,540</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">26,973</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">106</font></b><a name="PB_106_115302_7056"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note </font></b><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">29 &#150; Quarterly consolidated information (unaudited information)</font></b><a name="Note29Quarterlyconsolidatedinfor_122417"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="30%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Quarter</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="12%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0.375pt 0in;width:12.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Operating<br>   income before<br>   D&amp;A</font></b></p>    </td>
<td width="11%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating<br>   income</font></b></p>    </td>
<td width="14%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Financial   Results,<br>   net (loss) gain</font></b></p>    </td>
<td width="8%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0.375pt 0in;width:8.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net<br>   income</font></b></p>    </td>
<td width="11%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net   income<br>   attributable<br>   to Telecom<br>   Argentina</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fiscal year 2015:</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">March&nbsp;31</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,872</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,634</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,680</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(89)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,041</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,028</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">June&nbsp;30</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,624</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,501</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,468</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(30)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">937</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">928</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,094</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,529</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,311</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(73)</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">800</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">801</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,906</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,202</font></p>    </td>
<td width="11%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,770</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(910)</font></p>    </td>
<td width="8%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">657</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">646</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">40,496</font></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10,866</font></b></p>    </td>
<td width="11%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,229</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,102)</font></b></p>    </td>
<td width="8%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,435</font></b></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,403</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fiscal year 2016:</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">March&nbsp;31</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">12,455</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,402</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,997</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(557)</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">935</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">925</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">June&nbsp;30</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">12,951</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,362</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,724</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(489)</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">802</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">800</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,412</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,446</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,802</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(636)</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">758</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">746</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">14,422</font></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,214</font></p>    </td>
<td width="11%" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,320</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(562)</font></p>    </td>
<td width="8%" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,510</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,504</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">53,240</font></b></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,424</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,843</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,244)</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,005</font></b></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,975</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fiscal year 2017:</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">March&nbsp;31</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">14,726</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,638</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,893</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">124</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,966</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,955</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">June&nbsp;30</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">15,818</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,706</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,958</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(384)</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,673</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,660</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">16,719</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,902</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,167</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(16)</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,056</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,026</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">17,923</font></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,110</font></p>    </td>
<td width="11%" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,094</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(210)</font></p>    </td>
<td width="8%" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,029</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,989</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.98%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" 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:10.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">65,186</font></b></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:12.78%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">19,356</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 1pt 0in;width:11.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">12,112</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(486)</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 1pt 0in;width:8.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,724</font></b></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,630</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 30 &#150; Restrictions on distribution of profits and dividends</font></b><a name="Note30Restrictionsondistribution_122422"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(a)&nbsp;Restrictions on distribution of profits</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the LGS, the by-laws of the Company and rules&nbsp;and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses, if any, must be appropriated by resolution of the shareholders to a legal reserve until such reserve reaches 20% of the outstanding capital (common stock plus inflation adjustment of common stock). On May&nbsp;21, 2014, Telecom Argentina reached the maximum amount of its Legal Reserve according to LGS and CNV provisions previously disclosed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(b)&nbsp;Dividends</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company is able to distribute dividends up to the limit of retained earnings determined under the LGS, and reserves constituted to such purpose. Retained earnings as of December&nbsp;31, 2017 are positive and amounted to $7,630, while Voluntary reserve for future dividends payment amounted to $9,730 (See dividends distribution approved by the Board of Directors on January&nbsp;31, 2018 in Note 33).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" 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="Arial" style="font-size:7.5pt;font-weight:bold;">2017</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2016</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2015</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Dividends declared and paid by Telecom   Argentina during the year<br> &nbsp;($&nbsp;4.28, $2.06, and $0.83 </font><font size="1" face="Arial" style="font-size:7.5pt;">peso per share, respectively)</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(*)&nbsp; </font></b><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,151</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(*)&nbsp; </font></b><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,000</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">804</font></b></p>    </td>   </tr>
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<td width="79%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:79.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Proposed for approval at the Annual   General Meeting (not recognized as a liability as of December&nbsp;31)</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">(**)</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:6.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(*) </font></b><font size="1" face="Arial" style="font-size:7.5pt;">By reversal of the Voluntary reserve for future dividends payments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(**) </font></b><font size="1" face="Arial" style="font-size:7.5pt;">The Company&#146;s Board of Directors has proposed to the Shareholder&#146;s Meeting the confirmation of the dividends&#146; distribution in advance (Note 33.b) and the allocation of the outstanding retained earnings ($1,989) to the constitution of a &#147;Voluntary reserve for future dividends payments&#148;, with delegation to the Board of Directors its subsequent reversal and availability.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">107</font></b><a name="PB_107_121528_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 31 &#150; Corporate Reorganization of the Telecom Group and its controlling companies</font></b><a name="Note31CorporateReorganizationoft_122426"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1) Amortization of Sofora shares</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In March&nbsp;2017, WAI offered to Sofora and Sofora accepted, with the consent of Fintech (the controlling shareholder of Sofora), an offer to amortize in two tranches all of the 140,704,640 shares issued by Sofora and owned by WAI, according to the provisions of Sections 223 and 228 of the LGS. As a result of the amortization, Sofora agreed to pay WAI an amount equal to the par value of WAI&#146;s shares of capital stock issued by Sofora, such amount being equivalent to $140,704,640</font><font face="Arial">  </font><font face="Arial">pesos, and issue in the name of WAI one or more dividend certificates (Class&nbsp;&#147;A&#148; &#147;Bono de Goce&#148;) evidencing WAI&#146;s rights to dividends up to an aggregate amount of US$ 470 million minus the amounts paid to amortize the shares of Sofora owned by WAI (equivalent to US$ 8,683,596).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;23, 2017 the first tranche of the ordinary shares of Sofora owned by WAI (74,749,340 ordinary shares), representing 17% of Sofora&#146;s capital stock was amortized. As a result of the mentioned amortization:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">i.</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; </font><font face="Arial">Sofora paid $74,749,340 </font><font face="Arial">pesos</font><font face="Arial"> to WAI and issued a Class&nbsp;&#147;A&#148; Bono de Goce on behalf of WAI which granted them the right to dividends in the amount of US$ 245,036,017, and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The members and alternate members of the Board of Directors and of the Supervisory Committee of Telecom Argentina, Personal, Nortel and Sofora appointed by WAI presented their resignations. In the case of Telecom Argentina, the General Ordinary and Extraordinary Shareholders&#146; Meeting held on May&nbsp;23, 2017, in its second tranche of deliberations held on June&nbsp;6, 2017, appointed two directors, two alternate directors, one member of the Supervisory Committee and one alternate member of the Supervisory Committee to complete the term of duties of the resigning members and alternate members of the Board of Directors and of the Supervisory Committee of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of obtaining one of the authorizations of ENACOM in the context of the Reorganization of the Telecom Group mentioned in 2) of this Note, on June&nbsp;22, 2017, the second tranche of the ordinary shares of Sofora owned by WAI (65,955,300 shares) representing 15 % of Sofora&#146;s capital stock before the first tranche of ordinary shares amortization, was amortized. As a result of this amortization, Sofora paid $65,955,300 pesos to WAI and issued an additional Class&nbsp;&#147;A&#148; Bono de Goce on behalf of WAI which granted them the right to dividends in the amount of US$ 216,280,387.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The principal terms and conditions of each Bono de Goce provide that: (i)&nbsp;dividend payments of up to the maximum amount under the Bono de Goce will be made only if and when Sofora resolves to pay a dividend, (ii)&nbsp;dividend payments made by Sofora shall be paid to the holder of the Bono de Goce with priority over all other shareholders of Sofora, (iii)&nbsp;all dividends to be paid under the Bono de Goce will be paid by Sofora with liquid and realized profits, (iv)&nbsp;the maximum amount of dividends to be collected under the Bono de Goce shall accrete every year on June&nbsp;1 on the amount of dividends that remain unpaid by Sofora as of May&nbsp;31 of the relevant year at a 2% annually, (v)&nbsp;Sofora has a right to redeem the Bono de Goce at any time after the later of 36 months from the date of issuance or the payment of 60% of the maximum amount of dividends under the Bono de Goce and, whatever occur at last (vi)&nbsp;in the event that Sofora is absorbed by another continuing company of Sofora&#146;s activities, the preference of the Class&nbsp;&#147;A&#148; Bono de Goce will remain only in respect of those shares of the continuing company that Sofora&#146;s shareholders receive according to the expected exchange ratio of the Reorganization, so that this preference does not affect the other shareholders of the absorbing company, meaning that, in the case of the reorganization mentioned in this Note (the &#147;Telecom Group&#146;s Reorganization&#148;), the preference for the Class&nbsp;&#147;A&#148; Bono de Goce will only be verified with respect to the Class&nbsp;&#147;A&#148; Shares of Telecom Argentina that receives Fintech and will not affect the Class&nbsp;&#147;B&#148; Shares or Class&nbsp;&#147;C&#148; Shares of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Considering that the Reorganization of the Telecom Group is consummated, Telecom Argentina assumed all the rights and obligations of Sofora as issuer of the Class&nbsp;&#147;A&#148; Bonos de Goce. In no event shall the dividend rights under the Class&nbsp;&#147;A&#148; Bonos de Goce affect the dividend rights of holders of Telecom Argentina Class&nbsp;&#147;B&#148; or Class&nbsp;&#147;C&#148; Shares or any other class of shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2) The Telecom Group&#146;s Reorganization</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;31, 2017, each of the Board of Directors of Sofora, Personal and Nortel and Telecom Argentina approved a preliminary reorganization agreement (the &#147;Preliminary Reorganization Agreement&#148;). Under the terms of the Preliminary Reorganization Agreement, Telecom Argentina will absorb Nortel, Sofora and Personal according to the provisions of sections 82 and 83 of the LGS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">108</font></b><a name="PB_108_121609_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s and Personal&#146;s General Ordinary and Extraordinary Shareholders&#146; Meetings held on May&nbsp;23, 2017, and Nortel&#146;s and Sofora&#146;s General Extraordinary Shareholders&#146; Meeting held on May&nbsp;22, 2017 approved the Telecom Group&#146;s Reorganization jointly with the following documents:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">i.</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; </font><font face="Arial">Special-purpose unconsolidated financial statements of their respective companies as of December&nbsp;31, 2016;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Special-purpose combined financial statements of Sofora, Nortel, Telecom Argentina y Telecom Personal as of December&nbsp;31, 2016;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">iii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The corresponding preliminary reorganization agreement approved on March&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, the mentioned Telecom Argentina&#146;s General Ordinary and Extraordinary Shareholders&#146; Meeting approved:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">i.</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; </font><font face="Arial">the conversion of up to 161,039,447 Class&nbsp;A Ordinary Shares, par value $1 entitled to one vote per share into equal Class&nbsp;B Ordinary Shares, par value $1 and entitled to one vote per share to be delivered to Nortel&#146;s Preferred Class&nbsp;&#147;B&#148; Shares holders, as explained in Section&nbsp;4th of the related preliminary reorganization agreement (the conversion was effective on December&nbsp;15, 2017); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the amendment of the following sections of the Bylaws:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" 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; </font><font face="Arial">Section&nbsp;4&#176;: to establish a dynamic conversion procedure for the shares representing capital stock from one Class&nbsp;to the other with equal political and equity rights; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" 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; </font><font face="Arial">Section&nbsp;5&#176;: to allow the total or partial amortization of integrated shares according to the provisions of Section&nbsp;223 of LGS and allow the issuance of Bonos de Goce according to the provisions of Section&nbsp;228 on the mentioned Law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">iii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The removal of Section&nbsp;9&#176; of the Bylaws, which includes limitations for transferring Class&nbsp;&#147;A&#148;&#160; Shares,&#160;&#160; which is effective since the authorization of the ENACOM of the Nortel&#146;s dissolution related to the Reorganization of the Telecom Group and the distribution to holders of Nortel&#146;s Class&nbsp;&#147;B&#148; Preferred Shares of a portion of Class&nbsp;&#147;A&#148; Shares of Telecom Argentina through its conversion to Class&nbsp;&#147;B&#148; Shares in accordance to the provisions of the corresponding preliminary reorganization agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, the amendment of the bylaws mentioned in items ii) and iii) above is in process of registration.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At least, Personal&#146;s, Nortel&#146;s and Sofora&#146;s Shareholders&#146; Meeting approved the dissolution without liquidation of such companies in accordance with Section&nbsp;94, item 7 of the LGS as a consequence of their incorporation to Telecom Argentina through the Telecom Group&#146;s Reorganization.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The companies involved requested ENACOM the following authorizations provided for in the previous reorganization agreement:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">a) ENACOM authorization for releasing the shares that comprised the second amortization tranche of Sofora&#146;s ordinary shares (owned by WAI representing 15% of Sofora&#146;s capital stock) of the allocation to the main core of shares of the investment consortium for the acquisition, in the process of privatization of ENTel, of the Sociedad Licenciataria Norte (currently Telecom Argentina) pursuant to the provisions of Decree No.&nbsp;62/90 issued on January&nbsp;5, 1990 and the terms of such privatization and Resolution No.&nbsp;111/03 issued by the SC on December&nbsp;10, 2003.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">b) ENACOM authorization for the dissolution of Nortel as a result of the Reorganization of the Telecom Group and the distribution to the holders of Nortel&#146;s Class&nbsp;&#147;B&#148; Preferred Shares of a portion of Telecom Argentina&#146;s Class&nbsp;&#147;A&#148; Shares through Its conversion to Telecom Argentina&#146;s Class&nbsp;&#147;B&#148; Shares pursuant to the corresponding reorganization agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">c) ENACOM authorization for the transfer to Telecom Argentina, as a result of the Reorganization of the Telecom Group, of all licenses for the provision of ICT Services and the records of ICT Services, together with the corresponding permissions for the use of frequencies, which were granted or awarded to Personal.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;16, 2017, the ENACOM Authorization referred to in a) above was granted by Resolution No.&nbsp;RESOL-2017-5120-APN-ENACOM # MCO, allowing the amortization of the second tranche of Sofora&#146;s ordinary shares, described in 1).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Being approved the Reorganization of the Telecom Group </font><font face="Arial">by General and Special shareholders&#146; meetings, and having expired the term for the opposition of creditors in accordance with the applicable rules,</font><font face="Arial"> on November&nbsp;13, 2017, </font><font face="Arial">Telecom Argentina, Nortel, Sofora, and Telecom Personal subscribed </font><font face="Arial">the Final </font><font face="Arial">Reorganization Agreement which was filed to the regulatory authorities according with the respective applicable bylaws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;24, 2017, the Company, Personal, Nortel and Sofora were notified through Resolution No.&nbsp;2017-4545-APN-ENACOM#MM, by which ENCAOM granted the authorizations mentioned in sections b) and c) mentioned above.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:30.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">T</font><font face="Arial">he Reorganization Effective Date was at 00.00 am December&nbsp;1, 2017, date on which the Chairmen of the Boards of Directors of the companies that were part of the Telecom Group subscribed the Transfer of Operations Record whereby the following was put on record: (i)&nbsp;Telecom Argentina prepared its technical and operational systems with the capacity to absorb the operations of Personal, Nortel and Sofora, and ii) the effective transfer of the operations and activities of the absorbed companies to Telecom Argentina being satisfied all the following conditions to which the Reorganization of the Telecom Group was subject:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><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><font face="Arial">approval of the Reorganization on the terms and conditions set forth in the Preliminary Reorganization Agreement by special shareholders&#146; meetings in the case of Nortel;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><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><font face="Arial">the execution of the Final Reorganization Agreement;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><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><font face="Arial">the receipt of certain regulatory approvals by ENACOM;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><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><font face="Arial">Telecom Argentina preparing its technical and operational systems with the capacity to absorb the operations of Personal, Nortel and Sofora.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the reorganization and with effect as of the date thereof: (i)&nbsp;the total equities of the absorbed companies were transferred to Telecom Argentina at the book values of such items in the respective special-purpose unconsolidated financial statements. According to this, Telecom Argentina will acquire all rights, obligations and responsibilities of any nature of Personal, Sofora and Nortel; (ii)&nbsp;Telecom Argentina is the continuing company of all Personal, Sofora and Nortel activities; (iii)&nbsp;Personal, Sofora and Nortel were dissolved without liquidation. As of the date of issuance of these consolidated financial statements, the corresponding inscription is pending.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the Reorganization:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 92.9pt;text-align:justify;text-indent:-.8in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">A portion of Class&nbsp;&#147;A&#148; Shares issued by Telecom Argentina was distributed to Fintech as the only holder of Sofora Common Shares,</font></p>
<p style="margin:0in 0in .0001pt 92.9pt;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 92.9pt;text-align:justify;text-indent:-.8in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The remaining Class&nbsp;&#147;A&#148; issued by Telecom Argentina were converted to Telecom Argentina Class&nbsp;&#147;B&#148; Shares,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 92.9pt;text-align:justify;text-indent:-.8in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">All Class&nbsp;&#147;B&#148; Shares issued by Telecom Argentina owned by Nortel (including Class&nbsp;&#147;B&#148; Shares as a result of the conversion mentioned above were distributed to the holders of Nortel Preferred Shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina didn&#146;t issue any new Class&nbsp;&#147;B&#148; Shares or Class&nbsp;&#147;A&#148; Shares in connection with the Reorganization.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, the effectiveness of the administrative procedures of the Reorganization of the Telecom Group is subject to the following conditions, among others: (i)&nbsp;to obtain the administrative approval of the CNV regarding the Reorganization of the Telecom Group, which was obtained on January&nbsp;4, 2018, (ii)&nbsp;the registration of the &#147;Final Reorganization Agreement&#148; in IGJ (which is in process), and (iii)&nbsp;to obtain any other authorization that could be required from other regulatory authority (SEC, among others).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Note 32 &#150; Merger by absorption between Telecom Argentina and Cablevisi&#243;n S.A.</font></b><a name="Note32MergerbyabsorptionbetweenT_070540"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;30, 2017 the Board of Directors of Telecom Argentina and Cablevisi&#243;n S.A. approved a preliminary merger agreement by which they agree that Telecom Argentina absorbed by merger Cablevisi&#243;n S.A., which was dissolved without liquidation as of the merger effective date, in accordance with the provisions of Sections 82 and 83 of the LGS, and ad referendum of the corporate and regulatory approvals (the &#147;Merger&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The purpose of the Merger is to enable the surviving company by merger to efficiently offer, in line with the trend both at a national and international level, technological convergence products between media and telecommunications services, in a separate or independent basis, to provide voice, data, sound and image services, both fixed and wireless, in a single product or groups of products for the self benefit and the benefit of consumers of such multiple individual services. Likewise, both companies considered that their respective operational 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.</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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Merger Effective Date was since 0:00 hours of the date in which the Chairmen of the Boards of Directors of Telecom Argentina and Cablevisi&#243;n S.A. subscribed an operations transfer minute stating that: (i)&nbsp;Telecom Argentina has adapted its operational- technical systems to assume the operations and activities of Cablevisi&#243;n S.A., and (ii)&nbsp;that on such Merger Effective Date the transfer of the activities and operations of Cablevisi&#243;n S.A. to Telecom Argentina was finalized as the following conditions to which the Merger was subject were accomplished:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">i.</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; </font><font face="Arial">the subscription of the definitive merger agreement (which was subscribed on October&nbsp;31, 2017, <i>ad refer&#233;ndum </i>of the ENACOM authorizations under Decree No.&nbsp;267/15), and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the ENACOM operation authorization (this authorization was issued by Res. ENACOM No.&nbsp;5644-E/2017, which was notified on December&nbsp;22, 2017). The </font><font face="Arial">operations transfer minute mentioned above was subscribed on January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the Merger, and to the provisions of Section&nbsp;83, item c) of the LGS, the following distribution rate was settled: one ordinary share of Cablevisi&#243;n S.A. (both, Class&nbsp;&#147;A&#148; and &#147;B&#148; shares) for every 9,871.07005 new ordinary shares of Telecom Argentina (the &#147;Distribution Ratio&#148;). The determined Distribution Ratio was considered fair from a financial perspective by the independent valuation experts JPMorgan Securities LLC and Lion Tree Advisors LLC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders&#146; Meeting of Telecom Argentina and Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n S.A., respectively, which both were held on August&nbsp;31, 2017 approved the preliminary merger agreement and, relating Cablevisi&#243;n S.A., its dissolution as of the Merger Effective Date and, relating Telecom Argentina, the Bylaws amendment and the increase of its capital stock. As of the date of issuance of these consolidated financial statements, the amendment of the bylaws is in process of registration</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;7, 2017, Cablevisi&#243;n Holding S.A. accepted an offer of call option granted by Fintech Advisory Inc. and its subsidiaries Fintech Telecom LLC and Fintech Media LLC, for the acquisition of&#160; 13.51% equity interest in Telecom Argentina (representing a participation of approximately 6% of Telecom Argentina after the merger) in the amount of US$ 634,275,282 (the &#147;Option&#148;). The Option can be executed during one year since July&nbsp;7, 2017. Likewise, Cablevisi&#243;n Holding S.A. should pay to Fintech Advisory Inc. within thirty days since July&nbsp;7, 2017, a share premium amounting to US$ 3,000,000, which was paid on July&nbsp;2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;5, 2017, Cablevisi&#243;n Holding S.A. paid in advance the full Option price of US$ 634,275,282.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;27, 2017 Cablevisi&#243;n Holding S.A. executed the Option, therefore, as of the merger effective date, received an additional VLG Argentina LLC&#146; share of 21.55% (representing an indirect share of approximately 6% in Telecom after the merger). Likewise, in the scope of the call option contract, the price was established in US$ 628,008,363. As a consequence, Fintech Media LLC became the owner of 28.45% of VLG Argentina LLC stock and Cablevision Holding S.A. became the owner of the remaining 71.55% of VLG Argentina LLC stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;6, 2017 Telecom Argentina S.A. and Cablevisi&#243;n S.A. entered a presentation before the ENACOM requesting authorization for:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.0pt;text-align:justify;text-indent:-17.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The transfer and incorporation of the &#147;Licencia Unica Argentina Digital&#148; (Digital Argentina Sole License) owned by Telecom Argentina S.A., of the records, resources, assignments, and ratings owned by Cablevisi&#243;n S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.0pt;text-align:justify;text-indent:-17.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The transfer in favor of Telecom Argentina S.A. of the authorizations of usage and the resources assigned for the provision of the services registered under the ownership of Cablevisi&#243;n S.A. and / or the companies absorbed by the latter.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.0pt;text-align:justify;text-indent:-17.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The change of corporate control that will take place in Telecom Argentina S.A. once the aforementioned ENACOM authorization has been obtained, the Merger becomes effective and the shareholder agreement of July&nbsp;7, 2017 becomes effective, as a result of which Cablevisi&#243;n Holding S.A. will be the legal controlling company of Telecom Argentina S.A. as the surviving company of Cablevisi&#243;n S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:19.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;31, 2017, the </font><font face="Arial">definitive merger agreement was subscribed pursuant art. 83 section 4) of LGS, <i>ad refer&#233;ndum </i>of the ENACOM authorizations that may correspond.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:19.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Being satisfied all the conditions to which the Merger was subject according with art. 7&#176; of the </font><font face="Arial">Preliminary Merger Agreement and the Final Merger Agreement</font><font face="Arial">, on January&nbsp;1, 2018, the Transfer of Operations Record from the absorbed company to the absorbing company was subscribed.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:19.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence, and according with </font><font face="Arial">the Preliminary Merger Agreement and the Final Merger Agreement, since 00.00 am January&nbsp;1, 2018 the Merger is effective and, consequently, the composition of the Board of Directors was changed which was notified on December&nbsp;28, 2017; and also, the change of the controlling </font><font face="Arial">company to Cablevisi&#243;n Holding S.A. since January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the Preliminary Merger Agreement and the Final Merger Agreement and the notification received from Fintech Telecom and Fintech Media LLC (&#147;Fintech Media&#148;) on December&nbsp;29, 2017 informing of a corporate reorganization process by which Fintech Telecom absorbs by merger Fintech Media and VLG Argentina Escindida LLC (a spin-off of VLG Argentina LLC) with effect on the Merger Effectiveness Date.&#160; The shares issued by Telecom as decided by the Board of Directores were delivered as follows: i) to Fintech Telecom LLC: 342,861,748 Class&nbsp;A shares; ii) to Cablevisi&#243;n Holding S.A.: 406,757,183 Class&nbsp;D shares; and iii) to VLG Argentina LLC: 434,909,475 Class&nbsp;D shares. Such exchange of shares occurred on January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s breakdown of capital stock as of January&nbsp;1, 2018 is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="94%" style="border-collapse:collapse;">
<tr>
<td width="26%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:23.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Outstanding shares</font></b></p>    </td>
<td width="24%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:24.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Treasury shares</font></b></p>    </td>
<td width="24%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:24.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total capital stock</font></b></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Shares</font></u></b></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;A&#148;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">683,856,600</font></b></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;B&#148;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">627,930,005</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">643,151,378</font></b></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">234,748</font></b></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;D&#148;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">841,666,658</font></b></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,153,688,011</font></b></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15,221,373</font></b></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,168,909,384</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:38.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fintech Telecom LLC, controlling company of Telecom Argentina until December&nbsp;31, 2017, is a Delaware (United States) limited liability company, wholly-owned direct subsidiary of Fintech Advisory Inc. and its primary purpose is to hold, directly and indirectly, the securities of Telecom Argentina. Fintech Advisory Inc., a Delaware (United States) corporation, is directly controlled by Mr.&nbsp;David Mart&#237;nez. Fintech Advisory Inc. is an investor and investment manager in equity and debt securities of sovereign and private entities primarily in emerging markets.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A., legal controlling company of Telecom Argentina since January&nbsp;1, 2018, is an argentine corporation and its primary purpose is to hold capital stock in corporations whose object and purpose is to provide Information and Communication Technology Services (ICT Services) and to provide Audiovisual Communication Services (ICT Services). Its controlling shareholder is GC Dominio S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the Merger Effective Date, (i)&nbsp;the whole assets and liabilities (including registered assets, licenses, rights and obligations) belonging to Cablevisi&#243;n S.A. will be incorporated to Telecom Argentina&#146;s equity, (ii)&nbsp;Telecom Argentina will continue the operations of Cablevisi&#243;n S.A., generating the corresponding operational, accounting and tax effects, (iii)&nbsp;the administration and representation of Cablevisi&#243;n S.A. will be in charge of the administration and representations boards of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Merger was accounted for effective January&nbsp;1, 2018, using the acquisition method, as outlined by IFRS 3.&nbsp; IFRS 3 requires, in a business combination effected through an exchange of equity interests, all relevant facts and circumstances to be considered when identifying the acquirer.&nbsp; Based on the terms of the preliminary merger agreement, Cablevisi&#243;n S.A. (the legally absorbed entity) is to be considered the accounting acquirer and Telecom Argentina (the surviving entity) is to be considered the accounting acquiree, which qualifies the transaction as a &#147;reverse acquisition&#148; in accordance with IFRS.&nbsp; The factors that were relied upon to determine that Cablevisi&#243;n S.A. should be treated as the accounting acquirer in the Merger were:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" 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><font face="Arial">the relative voting rights in the surviving entity (55% for the shareholders of Cablevisi&#243;n S.A. before the Merger Effective Date, and 45% for the shareholders of Telecom Argentina, before the Merger Effective Date, both percents previous to the Merger Effective Date);</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" 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><font face="Arial">the composition of the board of directors in the surviving entity and other committees (Audit, Supervisory and Executive),</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" 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; </font><font face="Arial">the relative fair value assigned to Telecom Argentina and Cablevisi&#243;n S.A. and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" 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; </font><font face="Arial">the composition of the key management of the surviving entity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accordingly, the assets and liabilities of Cablevisi&#243;n S.A. were recognized and measured in the consolidated financial statements at their pre-Merger carrying amounts, while the identifiable assets and liabilities of Telecom Argentina will be recognized at fair value as of the Merger Effective Date (January&nbsp;1, 2018). Goodwill resulting from the application of the acquisition method was measured as the excess of the fair value of the consideration paid over the net fair value of Telecom Argentina&#146;s identifiable assets and liabilities. The retained earnings and other equity balances recognized in the consolidated financial statements of the combined entity are the sum of the respective amounts of the individual financial statements of Telecom Argentina and Cablevisi&#243;n S.A. immediately before the Merger.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Business Combinations Reporting required under IFRS 3</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRS 3 &#147;Business Combinations&#148; in its paragraphs 59 to 63 establishes that for a significant business combination occurred between the end of the reporting and the issuance date of the financial statements, certain information regarding the transaction must be included. The merger by absorption of Telecom Argentina and Cablevisi&#243;n S.A., which was produced on January&nbsp;1, 2018, qualifies as a Business Combination according to IFRS 3, therefore, in compliance of this standard the following information is disclosed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The information disclosed below represents the best estimation of the Company with the information available as of the date of issuance of these consolidated financial statements, therefore, in case the Company obtains new information about the events and circumstances existing on the date of acquisition, the amounts will be updated re-estimating the fair value of the identified net assets, and/or recognizing additional assets or liabilities during the measurement period, which shall not exceed one year as from the acquisition date, according to paragraph 45 of IFRS 3.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Due to the fact that the merger between Telecom and Cablevisi&#243;n S.A. is a business combination carried out through an exchange of interests in equity, the consideration is based on the fair value of the shares of Telecom on the Merger Effective Date. Such amount is $132 billion, determined based on the market value of Telecom&#146;s ADR in the NYSE as of the transaction date (January&nbsp;1, 2018).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to IFRS 3, the net identifiable assets acquired were valued at fair value, amounting to an estimated of $74 billion. In that respect, it&#146;s important to highlight the following: Property, Plant and Equipment, which estimated fair value reached $63 billion, and Intangible Assets, which estimated fair value reached $40 billion (includes the recognition of the Customer Relationship for $10 billion, Trademarks for $9 billion, and Licenses for $21 billion). Additionally, a deferred income tax liability was recognized due to the higher value assigned to net identifiable assets, that added to the book value as of the Merger Effective Date, amounts to $17 billion.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, a non-controlling interest estimated in $1 billion is recognized, determined as the proportionate share of the Company&#146;s net identifiable assets. As a consequence of the allocation of the purchase price to the acquired assets, a goodwill estimated in $59 billion was generated.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill represents the future economic benefits that are not individually identified or recognized separately. It represents the excess of the consideration and non-controlling interest over the fair value of the net identifiable assets acquired under the business combination. Goodwill is not amortized. It shall be tested for impairment at least once a year as required under IAS 38.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shareholders&#146; Agreement: Fintech - CVH</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective as of May&nbsp;23, 2017, W de Argentina Inversiones and Fintech as shareholders at that time of Sofora, left without effect the political rights of the shareholders agreement that bounded them. As of June&nbsp;22, 2017, the lattest ceased to be a shareholder of Sofora. As a result, the shareholders&#146; agreement that linked the Sofora shareholders was entirely left without effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On July&nbsp;7, 2017</font><font face="Arial"> Cablevisi&#243;n Holding S.A., VLG Argentina LLC, Fintech Media LLC, Fintech Advisory Inc., GC Dominio S.A. (all of them direct or indirect shareholders of Cablevisi&#243;n S.A.) and Fintech Telecom LLC (then controlling shareholder of Telecom Argentina)</font><font color="black" face="Arial" style="color:black;"> entered into a shareholders agreement that governs the exercise of their rights as shareholders of Telecom Argentina as from the Merger Effective Date (January&nbsp;1, 2018) (the &#147;Shareholders&#180; Agreement&#148;).</font></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="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">113</font></b><a name="PB_113_122034_7608"></a></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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Shareholders&#180; Agreement establishes basically:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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><font color="black" face="Arial" style="color:black;">the representation in the corporate bodies, provided that subject to the fulfillment of certain conditions and as long as CVH holds a certain percentage of Telecom Shares, CVH shall be entitled to designate the majority of the directors, alternate directors, members of the Supervisory Committee, Executive Committee, Audit Committee, CEO and any other Key Employee (other than the CFO and the Internal Auditor, who shall be designated by Fintech).</font><font face="Arial"> CVH shall also be entitled to nominate the Chairman of the Board of Directors and Fintech to nom&#237;nate de Vicechairman of the Board of Directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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><font color="black" face="Arial" style="color:black;">a scheme of supermajorities and required votes for the approval by the Shareholders&#180;Meetings or Board of Directors&#180; Meetings, respectively, of certain matters such as: i) the approval of the Business Plan and the Annual Budget of Telecom Argentina; ii) amendments of the bylaws, iii) changes in Independent Auditors, iv) the creation of committees of the Board of Directors, v) hiring of Key Employees as defined in the Shareholders&#180; Agreement; vi) mergers, vii) acquisitions, viii) sale of assets, ix) capital increases; x) incurrence of indebtedness over certain limits, xi) capital investments in infrastructure, plant and equipment above certain amounts; xii) related party transactions, xiii) contracts that may impose restrictions to the distribution of dividends; xiv) new lines of business or discontinuing existing lines of business; xv) contracting for significant amounts not contemplated in the Business Plan and the Annual Budget, among others.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Note 33 &#150; Subsequent events to December&nbsp;31, 2017</font></b><a name="Note33SubsequenteventstoDecember_122753"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">a)</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Decisions issued by the shareholders of Telecom Argentina at the General Ordinary Shareholders&#146; Meeting</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 14.15pt;text-align:justify;text-indent:24.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;31, 2018, the shareholders of Telecom Argentina held a General Ordinary Shareholders&#146; Meeting at which they approved the changes in the composition of the Board of Directors and the delegation of the powers vested on the Board of Directors to decide on the total or partial reversal of the &#147;Voluntary Reserve for future dividends payments&#148; of Telecom Argentina as of December&nbsp;31, 2017 and the distribution of the amount of cash dividends under said reversal in the amounts and on the dates to be established by the Board of Directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">b)</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Reversal of the Reserve for future cash dividends and distribution of dividends</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:19.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;31, 2018, the Board of Directors of Telecom Argentina approved:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" 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><font face="Arial">Pursuant to the powers delegated by the shareholders at the General Ordinary Shareholders&#146; Meeting mentioned in item a) above, the reversal of $9,729,418,019 Argentine pesos of the &#147;Voluntary Reserve for future dividends payments&#148; of Telecom Argentina as of December&nbsp;31, 2017, and its distribution as cash dividends in two installments: i) $2,863,000,000 Argentine pesos on February&nbsp;15, 2018 and ii) $6,866,418,019 Argentine pesos on April&nbsp;30, 2018, being the Board empowered to make such payment on an earlier date if it deems it convenient in the future. Later, the Board of Directors approved on March&nbsp;7, 2018 the anticipation of the availability for March&nbsp;27, 2018 or in a previous date that the President of the Company may decide.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" 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><font face="Arial">The distribution of $5,640,728,444 Argentine pesos as interim cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the General Associations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Telecom Argentina as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" 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; </font><font face="Arial">The distribution of $4,502,777,155 Argentine pesos as distribution of interim cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the General Associations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Cablevisi&#243;n S.A.-absorbed by Telecom Argentina- as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;15, 2018, the Company paid dividends for a total of $13,006,505,599 Argentine pesos (equivalent to $6.04 dividends per outstanding share), corresponding to the above-mentioned distributions.</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="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">c)</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Payment by Telecom of the dividends declared by Cablevisi&#243;n S.A.</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:30.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;8, 2018, Telecom Argentina, as surviving company of Cablevisi&#243;n S.A. paid the dividends declared by Cablevisi&#243;n S.A. on December&nbsp;18, 2017 for $4,077,790,056 Argentine pesos.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">d)</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Syndicated Loan</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:30.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At its meeting held on January&nbsp;31, 2018, the Board of Directors of Telecom Argentina approved the execution of a syndicated loan agreement with several banks for up to a total of US$ 1,000 million which will accrue compensatory interest at an annual rate equal to LIBOR for each period of interest accrual plus an applicable margin (ranging from 1.25 to 2.25 percentage points), payable on a quarterly or semi-annual basis at the choice of Telecom Argentina. The term shall be of 12 months and principal shall be repaid in full at maturity. The funds from the loan will be used by Telecom Argentina for increasing its working capital in Argentina, investing in physical assets in Argentina and for other corporate purposes. In case Telecom subsequently applies for a loan or issues debt for a term of 3 years for more than US$ 500 million, the day after it receives the funds it shall repay in full the syndicated Loan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;2, 2018, Telecom Argentina notified its intention to request a disbursement under the loan for US$ 650 million, which was received on February&nbsp;9, 2018.</font></p>
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<TYPE>EX-8.1
<SEQUENCE>2
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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;8.1</font></b><a name="Exhibit8_1_074405"></a></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;">Telecom Argentina S.A.<br> Subsidiaries</font></b></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;">Name</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;">Jurisdiction&nbsp;of&nbsp;Incorporation</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;">N&#250;cleo S.A.</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;">Paraguay</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;">Personal Env&#237;os S.A. (1)</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;">Paraguay</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;">Tuves Paraguay (1)</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;">Paraguay</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;">Micro Sistemas S.A. (2)</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;">Argentina</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;">Telecom Argentina USA,&nbsp;Inc.</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;">Delaware, United States</font></p>    </td>   </tr>  </table>
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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; </font>Interest held indirectly through N&#250;cleo S.A.</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;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Dormant subsidiary as of December&nbsp;31, 2017.</p>
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<TYPE>EX-12.1
<SEQUENCE>3
<FILENAME>a18-5108_1ex12d1.htm
<DESCRIPTION>EX-12.1
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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;12.1</font></b><a name="Exhibit12_1_074445"></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;">CERTIFICATION</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Carlos Moltini, certify that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-35.0pt;"><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; </font>I have reviewed this Annual Report on Form&nbsp;20-F of Telecom Argentina S.A.;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-34.85pt;"><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; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-34.85pt;"><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; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-34.85pt;"><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; </font>The Company&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the Company and have:</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-34.85pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-34.85pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-34.85pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>evaluated the effectiveness of the Company&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-34.85pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>disclosed in this report any change in the Company&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</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; </font>The Company&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company&#146;s auditors and the Audit Committee of the Company&#146;s Board of Directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-34.85pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize and report financial information; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-34.85pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any fraud, whether or not material, that involves Management or other employees who have a significant role in the Company&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">Date:&#160;&#160;&#160;&#160;&#160; April&nbsp;20, 2018</font></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;">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/ CARLOS MOLTINI</font></p>    </td>   </tr>
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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: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;">Name:</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;">Carlos Moltini</font></p>    </td>   </tr>
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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;">Title:</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;">Chief Executive Officer</font></p>    </td>   </tr>  </table>
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<TYPE>EX-12.2
<SEQUENCE>4
<FILENAME>a18-5108_1ex12d2.htm
<DESCRIPTION>EX-12.2
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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;12.2</font></b><a name="Exhibit12_2_074418"></a></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;">CERTIFICATION</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Gabriel Blasi, certify that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-35.0pt;"><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; </font>I have reviewed this Annual Report on Form&nbsp;20-F of Telecom Argentina S.A.;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-35.0pt;"><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; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-35.0pt;"><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; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-35.0pt;"><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; </font>The Company&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the Company and have:</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-35.0pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-35.0pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-35.0pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>evaluated the effectiveness of the Company&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-35.0pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>disclosed in this report any change in the Company&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</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; </font>The Company&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company&#146;s auditors and the Audit Committee of the Company&#146;s Board of Directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-35.0pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize and report financial information; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 70.0pt;text-align:justify;text-indent:-35.0pt;"><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any fraud, whether or not material, that involves Management or other employees who have a significant role in the Company&#146;s internal control over financial reporting.</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;">Date:</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>April&nbsp;20, 2018</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>
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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>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ GABRIEL BLASI</font></p>    </td>   </tr>
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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>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<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:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel Blasi</font></p>    </td>   </tr>
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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>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<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:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</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;">Chief Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 16.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-13.1
<SEQUENCE>5
<FILENAME>a18-5108_1ex13d1.htm
<DESCRIPTION>EX-13.1
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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;13.1</font></b><a name="Exhibit13_1_074416"></a></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;">CERTIFICATION</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;20, 2018</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;">Securities and Exchange Commission<br> 100 F Street, N.E.<br> Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The certification set forth below is being submitted to the Securities and Exchange Commission solely for the purpose of complying with Rule&nbsp;13a-14(b)&nbsp;or Rule&nbsp;15d-14(b)&nbsp;of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) and Section&nbsp;1350 of Chapter 63 of Title 18 of the United States Code.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos Moltini, the Chief Executive Officer and Gabriel Blasi, the Chief Financial Officer of Telecom Argentina S.A. (&#147;Telecom&#148;) each certifies that, to the best of their knowledge:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.0pt;text-align:justify;text-indent:-17.0pt;"><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>this Annual Report on Form&nbsp;20-F (the &#147;Report&#148;) fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 35.3pt;text-align:justify;text-indent:-17.3pt;"><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 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Telecom.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">&nbsp;</font></p>
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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>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ CARLOS MOLTINI</font></p>    </td>   </tr>
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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>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos Moltini</font></p>    </td>   </tr>
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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>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</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;">&nbsp;</font></p>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ GABRIEL BLASI</font></p>    </td>   </tr>
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<td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.16%;">
<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:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel Blasi</font></p>    </td>   </tr>
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<td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.16%;">
<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;">Title:</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;">Chief Financial Officer</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>
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<TYPE>EX-15.4
<SEQUENCE>6
<FILENAME>a18-5108_1ex15d4.htm
<DESCRIPTION>EX-15.4
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit 15.4<a name="Exhibit15_915_12_062023"></a></font></b></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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">February&nbsp;2, 2018</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="3" face="Times New Roman" style="font-size:12.0pt;">Citigroup Global Markets Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial and Commercial Bank of China Limited</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Santander, 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 style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial and Commercial Bank of China Limited</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Santander, 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 style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</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="3" face="Times New Roman" style="font-size:12.0pt;">The branch of Citibank, N.A. established in the Republic of Argentina</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Onshore Custody Agent</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="3" face="Times New Roman" style="font-size:12.0pt;">Re: <b>Offer Telecom No.&nbsp;1/2018</b></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="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs,</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-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), hereby irrevocably offers to (i)&nbsp;Citibank, N.A., </font><font size="3" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited,</font><font size="3" style="font-size:12.0pt;"> JPMorgan Chase Bank, N.A. and Banco Santander, S.A. (the &#147;<b>Lenders</b>&#148;), (ii)&nbsp;Citigroup Global Markets Inc., </font><font size="3" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited,</font><font size="3" style="font-size:12.0pt;"> JPMorgan Chase Bank, N.A. and </font><font size="3" style="font-size:12.0pt;">Banco Santander, S.A.</font><font size="3" style="font-size:12.0pt;"> (the &#147;<b>Joint Bookrunners and Lead Arrangers</b>&#148;) (iii)&nbsp;Citibank, N.A., as administrative agent (the &#147;<b>Administrative Agent</b>&#148;) and (iv)&nbsp;</font><font size="3" style="font-size:12.0pt;">the branch of Citibank, N.A. established in the Republic of Argentina as onshore custody agent (the &#147;<b>Onshore Custody Agent</b>&#148;</font><font size="3" style="font-size:12.0pt;">, and collectively with the Borrower and the Lenders, the &#147;<b>Parties</b>&#148;, and each individually, a &#147;<b>Party</b>&#148;), to enter into a loan agreement in the form attached hereto as Annex I (including all exhibits and schedules thereto) (the &#147;<b>Offer</b>&#148;, and once accepted pursuant to the terms hereof, the &#147;<b>Agreement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be open for acceptance in writing by the Lenders, the Onshore Custody Agent and the Administrative Agent until February&nbsp;2, 2018, unless extended in writing for an additional period of time by the Borrower (the &#147;<b>Expiration Date</b>&#148;); forthwith after the Expiration Date, this Offer shall automatically lose all force and effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Upon written acceptance of the Offer on or before the Expiration Date, the Agreement shall become in full force and effect subject to the terms and conditions set forth in <u>Annex I</u> as if</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the Parties had executed and delivered the same and shall be legally binding upon, and enforceable against, each and all of the Parties, and each and all of them shall become parties to the Agreement. The Agreement shall be deemed entered into as of the date of the acceptance of Lenders, the Onshore Custody Agent and Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be governed by, and interpreted in accordance with, the law of the State of New York (without regard to conflicts of law principles other than sections 5-1401 and 5-1402 of the New York general obligations law).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We hereby agree that the delivery of the acceptance notice and service of all notices, writs, process and summons in any suit, action or proceeding brought in connection with this Offer may be made upon us by service to the address, and in the manner, set forth in&nbsp;<u>Section&nbsp;9.2</u> of <u>Annex I</u> hereto.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><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;">2<a name="PB_2_002111_141"></a></p>
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<p style="margin:0in 0in .0001pt;text-indent:3.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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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="3" face="Times New Roman" style="font-size:12.0pt;">Sincerely,</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>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<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="3" face="Times New Roman" style="font-size:12.0pt;">TELECOM ARGENTINA 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="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<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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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By: </font></p>    </td>
<td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.26%;">
<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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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>   </tr>
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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>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" 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="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>   </tr>  </table>
<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="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="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature Page to Loan Agreement Offer Letter</i>]</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>
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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>
<div style="border:none;border-top:solid windowtext 2.25pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><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;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">U.S.$1,000,000,000</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="3" face="Times New Roman" style="font-size:12.0pt;">TERM LOAN AGREEMENT</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="3" face="Times New Roman" style="font-size:12.0pt;">among</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><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b><font size="3" style="font-size:12.0pt;">,</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;">as Borrower,</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><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CITIBANK, N.A.</font></b><font size="3" style="font-size:12.0pt;">,</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;">as Administrative Agent,</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>
<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="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="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THE BRANCH OF CITIBANK, N.A. ESTABLISHED IN THE REPUBLIC OF ARGENTINA</font></b><font size="3" style="font-size:12.0pt;">,</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;">as Onshore Custody Agent,</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>
<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="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="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and <b>THE LENDERS NAMED HEREIN</b>,</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;">as Lenders</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>
<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="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CITIGROUP GLOBAL MARKETS INC.</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">HSBC M&#201;XICO, S.A.,&nbsp;INSTITUCI&#211;N DE BANCA M&#218;LTIPLE, GRUPO FINANCIERO HSBC</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">JPMORGAN CHASE BANK, N.A.</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;">and</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">BANCO SANTANDER, S.A.</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;">as Joint Bookrunners and Lead Arrangers</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><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;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">i</font><a name="PB_i_002111_7608"></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="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ANNEX I</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TERMS AND CONDITIONS OF THE 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>
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<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;I   DEFINITIONS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.1</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Defined   Terms</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.2</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Other   Definitional Provisions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">15</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.3</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accounting   Terms</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;II   AMOUNT AND TERMS OF LOANS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.1</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amount   and Terms of Loans</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.2</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Repayment   of Loans; Evidence of Debt</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">17</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.3</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Procedure   for each Borrowing Date</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">18</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.4</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fees</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">18</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.5</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Optional   Prepayments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">19</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.6</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mandatory   Prepayments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">19</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.7</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest   Rates and Payment Dates</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">20</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.8</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Change   in Conditions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.9</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pro   Rata Treatment and Payments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">21</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.10</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Illegality</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.11</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Increased   Costs</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.12</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Taxes</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">23</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.13</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Breakage   Indemnity</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.14</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mitigation;   Prepayment</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.15</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Currency   Indemnity; Indemnity Separate</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.16</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Check</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">28</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;III   CONDITIONS PRECEDENT</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">29</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.1</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Conditions   Precedent to the Loans and the Borrowing Date</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">29</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.2</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Conditions   Precedent to All Borrowing Date</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">31</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.3</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Documents</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;IV   REPRESENTATIONS AND WARRANTIES</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.1</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Status</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.2</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Powers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.3</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Authorization   and Consents</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.4</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Non-Violation   of Laws,&nbsp;etc.</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</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="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">ii</font><a name="PB_ii_002111_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.5</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Governmental   Approvals</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">33</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.6</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Obligations   Binding</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">33</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.7</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Non-Violation   of Other Agreements</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">33</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.8</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mergers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">33</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.9</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Default</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">33</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.10</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Borrower&#146;s   Financial Statements</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">33</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.11</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Cablevision&#146;s   Financial Statements</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">34</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.12</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pro-forma   Financial Statements</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">34</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.13</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Material Adverse Effect</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">34</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.14</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Litigation</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">34</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.15</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Labor   Relations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">34</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.16</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Disclosure</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">35</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.17</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Taxes</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.18</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Purpose   of the Loans</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.19</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Foreign   Exchange Regulations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">35</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.20</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ownership;   Subsidiaries</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">36</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.21</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Solvency</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">36</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.22</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Investment   Company Act</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.23</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Immunity</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.24</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">OFAC   and Anti-Money Laundering</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.25</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">FCPA</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.26</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Environmental   Compliance</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">37</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.27</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Legal   Form</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.28</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">FATCA   Status</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.29</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Intellectual   Property</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.30</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Insurance   Matters</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.31</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ranking:   Priority</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.32</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">International   Banking Facility</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;V   COVENANTS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.1</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Information</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.2</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ranking   of Obligations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.3</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Negative   Pledge</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.4</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Limitations   on Investments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">iii</font><a name="PB_iii_002111_7091"></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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.5</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Maintenance   of Existence and Payment of Obligations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.6</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Compliance   With Laws; Authorizations; Contracts; Reporting</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.7</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Maintenance   of Property; Insurance</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.8</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Inspection   of Property; Books and Records</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.9</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accounting   Changes</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.10</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Limitation   on Fundamental Changes</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.11</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lines   of Business</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.12</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Transactions   with Affiliates</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.13</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Derivatives   Obligations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.14</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Use   of Proceeds</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.15</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Restricted   Payments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.16</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Check   Account</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.17</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Compliance   with Sanctions, Anti-Terrorism Laws, OFAC Rules&nbsp;and Regulations and   Anti-Corruption Laws</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.18</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sanctions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">44</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;VI   EVENTS OF DEFAULT</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">44</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.1</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Events   of Default</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">44</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;VII   THE ADMINISTRATIVE AGENT</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.1</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Appointment</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.2</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Delegation   of Duties</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.3</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exculpatory   Provisions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.4</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reliance   by Administrative Agent</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">49</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.5</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notice   of Events of Default</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">49</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.6</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Non-Reliance   on Administrative Agent and Other Lenders</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.7</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Indemnification</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.8</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Successor   Administrative Agent</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.9</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Joint   Bookrunners and Lead Arrangers,&nbsp;etc.</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.10</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The   Administrative Agent and the Onshore Custody Agent</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;VIII   THE ONSHORE CUSTODY AGENT</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.1</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Appointment</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.2</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Delegation   of Duties</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.3</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exculpatory   Provisions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.4</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reliance   by Onshore Custody Agent</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</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="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">iv</font><a name="PB_iv_002111_455"></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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.5</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Indemnification</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.6</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Resignation   and Removal of the Onshore Custody Agent</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.7</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Liabilities</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;IX   MISCELLANEOUS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.1</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amendments   and Waivers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.2</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notices</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.3</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Waiver; Cumulative Remedies</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">57</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.4</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Survival   of Representations and Warranties</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">58</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.5</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Payment   of Expenses and Taxes; Indemnity</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">58</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.6</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Successors   and Assigns; Participations and Assignments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.7</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Adjustments;   Set-off</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">62</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.8</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Counterparts;   Effectiveness</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.9</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Severability</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.10</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Integration</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.11</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">GOVERNING   LAW</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.12</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Submission   To Jurisdiction; Waivers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.13</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledgments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">64</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.14</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WAIVERS   OF JURY TRIAL</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.15</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Confidentiality</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.16</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Financial   Crime Risk Management Activity</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.17</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lending   Offices</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">66</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.18</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">USA   Patriot Act</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">66</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.19</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Judgment   Currency</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">66</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.92%;">
<p style="margin:6.0pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.20</font></p>    </td>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledgement   and Consent to Bail-In of EEA Financial Institutions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">66</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="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">v</font><a name="PB_v_002111_4141"></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;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">SCHEDULES AND EXHIBITS</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;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 2.1(a)</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Commitments</font></p>    </td>   </tr>
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<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.3(a)</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Existing Security</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.13</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Transaction with   Affiliates</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;A</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Assignment   and Acceptance</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;B</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Notice of   Borrowing</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;C</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Selection   Notice</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;D</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Officer&#146;s   Certificate of the Borrower</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;E</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Check</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;F</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Legal Opinion   of Errecondo, Gonz&#225;lez&nbsp;&amp; Funes, special Argentine counsel to the   Borrower</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;G</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Legal Opinion   of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special New York counsel to   the Borrower</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>
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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="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PRELIMINARY STATEMENTS</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower has requested that the Lenders extend credit in the form of Loans (as defined below) on the Closing Date (as defined below), in an aggregate principal amount not in excess of $1,000,000,000.&#160; The proceeds of the Loans are to be used to finance capital expenditures, working capital and other general corporate purposes and to pay the fees and expenses incurred in connection with the Loans. The Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accordingly, in consideration of the mutual covenants and agreements set forth herein, upon acceptance by each Lender and the Administrative Agent of the Offer Telecom No.1/2018, the Parties hereto shall be bound by 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;I</font></b></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="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">DEFINITIONS</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;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;1.1</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Defined Terms</font></u><font size="3" style="font-size:12.0pt;">.&#160; As used in this Agreement, unless otherwise specified herein, the following terms shall have the following meanings:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Administrative Agent</b>&#148;:&#160; has the meaning set forth in the Offer.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Administrative Agent&#146;s Account</b>&#148;:&#160; the following account (or any other </font><font size="3" style="font-size:12.0pt;">account designated from time to time by the Administrative Agent by notice to the applicable Lenders and the Borrower):</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 1.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Bank Name:</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;&#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><font size="3" style="font-size:12.0pt;">Citibank, N.A.<br> ABA/Routing No.:</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; </font><font size="3" style="font-size:12.0pt;">021-00-0089<br> Account Name:</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;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Agency Medium Term Finance</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Account No.:</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">36852248<br> Attention:</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;&#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;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Global Loans/Agency</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Administrative Agent&#146;s Questionnaire</b>&#148;: with respect to each Lender, an administrative questionnaire in a form supplied by the Administrative Agent and submitted to the Administrative Agent duly completed by such Lender.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b><font style="font-weight:bold;">Administrative Agent&#146;s </font>Responsible Officer</b>&#148;:&#160; any officer within the department of the Administrative Agent administering this matter, including any vice president, assistant vice president, senior associate, assistant secretary, assistant treasurer, trust officer or any other officer of the Administrative Agent who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any such matter is referred because of such person&#146;s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Affiliate</b>&#148;:&#160; with respect to any specified Person, any other Person that Controls, or is Controlled by or is under direct or indirect common Control with, such specified Person.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>AFIP</b>&#148;:&#160; the <i>Administraci&#243;n Federal de Ingresos P&#250;blicos</i> of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Agency</b>&#148;:&#160; as to a state, any agency, authority, central bank, department, government, legislature, minister, ministry, official or public or statutory Person (whether autonomous or not) of, or of the government of, such state.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Agreement</b>&#148;:&#160; has the meaning set forth in the Offer.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Anti-Money Laundering Laws</b>&#148;:&#160; </font><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;">any Requirement of Law related to money laundering or financing terrorism including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act </font><font size="3" style="font-size:12.0pt;">(the &#147;<b>USA Patriot Act</b>&#148;) </font><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;">of 2001 (Title III of Pub. L. 107-56) and The Currency and Foreign Transactions Reporting Act (also known as the </font><font size="3" style="font-size:12.0pt;">&#147;</font><b><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;font-weight:bold;">Bank Secrecy Act</font></b><font size="3" style="font-size:12.0pt;">&#148;</font><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;">, 31 U.S.C. &#167;&#167; 5311-5330 and 12 U.S.C. &#167;&#167; 1818(s), 1820(b)&nbsp;and 1951-1959) and Argentina&#146;s Anti-Money Laundering Law No.&nbsp;25,246, as amended, and applicable Resolutions issued by the Argentine Financial Information Unit (<i>Unidad de Informaci&#243;n Financiera</i>) (including but not limited to, Resolutions Nos. 229/2011, as amended, 4/2017, 30/2017).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Applicable Law</b>&#148;: any applicable statute, treaty, law, regulation, ordinance, rule, judgment, code, rule&nbsp;of common law, order (including consent order), decree, approval (including any Governmental Approval), concession, grant, franchise, license, agreement, directive, guideline, policy, requirement or other governmental restriction or any similar form of decision of, or determination by (or any interpretation or administration of any of the foregoing by) any Governmental Authority, in each case whether in effect as of the date hereof or hereafter.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Applicable Margin</b>&#148;: with respect to the Loans, the rate per annum by reference to the following table:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="58%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:58.0%;">
<p style="margin:3.0pt .05in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Period</font></b></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:42.0%;">
<p style="margin:3.0pt .05in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Applicable   Margin (per cent. per annum)</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:58.0%;">
<p style="margin:3.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For   the period from and including the Borrowing Date to and excluding the date   that is four (4)&nbsp;months after the Borrowing Date:</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.25</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:58.0%;">
<p style="margin:3.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For   the period from and including the date that is four (4)&nbsp;months after the   Borrowing Date to and excluding the date that is six (6)&nbsp;months after   the Borrowing Date:</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.50</font></p>    </td>   </tr>
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<td width="58%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:58.0%;">
<p style="margin:3.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For   the period from and including the date that is six (6)&nbsp;months after the   Borrowing Date to and excluding the date that is nine (9)&nbsp;months after   the Borrowing Date:</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.75</font></p>    </td>   </tr>
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<td width="58%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:58.0%;">
<p style="margin:3.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For   the period from and including the date that is nine (9)&nbsp;months after the   Borrowing Date to the Maturity Date:</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.25</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="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">2</font><a name="PB_2_002350_5967"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentina</b>&#148;: the Republic of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Bankruptcy Law</b>&#148;: means the Argentine Bankruptcy law No.&nbsp;24,522, as amended, supplemented or otherwise modified from time to time.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Income Tax Act</b>&#148;: the <i>Ley de Impuesto a las Ganancias</i>, ordered text by Law No.&nbsp;20,628, as amended and supplemented from time to time.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Assets</b>&#148;: as to any Person at any time, any asset appearing on the statement of financial position of such Person.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Assignee</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.6(c)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Assignment and Acceptance</b>&#148;:</font><font size="3" style="font-size:12.0pt;">&#160; an assignment and acceptance entered into by a Lender and an Assignee (with the consent of any party whose consent is required by <u>Section&nbsp;9.6(c)</u>), and acknowledged by the Administrative Agent, substantially in the form of <u>Exhibit&nbsp;A</u> or any other form approved by the Administrative Agent (at the direction of the Majority Lenders).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Availability Period</b>&#148;: the period from and including the Closing Date to and including the date that is ninety (90) Business Days after the Closing Date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bail-In Action</b>&#148;: the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bail-In Legislation</b>&#148;: with respect to any EEA Member Country implementing Article&nbsp;55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Basel III</b>&#148;:&#160; (a)&nbsp;</font><font size="3" style="font-size:12.0pt;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in &#147;Basel III: A global regulatory framework for more resilient banks and banking systems&#148;, &#147;Basel III: International framework for liquidity risk measurement, standards and monitoring&#148; and &#147;Guidance for national authorities operating the countercyclical capital buffer&#148; published by the Basel Committee on Banking Supervision in December&nbsp;2010, each as amended, supplemented or restated; (b)&nbsp;the rules&nbsp;for global systemically important banks contained in &#147;Global systemically important banks: assessment methodology and the additional loss absorbency requirement &#150; Rules&nbsp;text&#148; published by the Basel Committee on Banking Supervision in November&nbsp;2011, as amended, supplemented or restated; and (c)&nbsp;any further guidance or standards published by the Basel Committee on Banking Supervision relating to &#147;Basel III&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Basel Bank</b>&#148;: means a Foreign Bank organized under the laws of a country, the central bank or similar governmental authority of which has adopted the International Supervision Banking Standards established by the Basel Committee on Banking Regulations and Supervisory Practices.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><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-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bankruptcy&nbsp;Code</b>&#148;: means Title&nbsp;11 of the United States Code entitled &#147;Bankruptcy,&#148; as now and hereafter in effect, or any successor statute.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Benefited Lender</font></b><font size="3" style="font-size:12.0pt;">&#148;: has the meaning set forth in <u>Section&nbsp;9.7(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&#147;Borrower&#148;</font></b><font size="3" style="font-size:12.0pt;">: has the meaning set forth in the Offer.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Borrowing</b>&#148;: the borrowing of a Loan on a Borrowing Date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Borrowing Date</b>&#148;: the Business Day specified in a Notice of Borrowing delivered by the Borrower requesting a Borrowing pursuant to <u>Section&nbsp;2.3</u> as the date on which the Borrower requests that the Lenders make the Loans requested as part of such Borrowing; <i>provided</i> that (a)&nbsp;all of the conditions precedent set forth in <u>Section&nbsp;3.1</u> shall have been satisfied or waived on or prior to the Borrowing Date and (b)&nbsp;the Borrowing Date shall occur during the Availability Period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Business Day</b>&#148;:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">a day other than a Saturday or a Sunday on which (i)&nbsp;commercial banks are open in New York City, Buenos Aires, Mexico City, Beijing and Madrid, and (ii)&nbsp;solely for purposes of determining the LIBO Rate, which is also a day where Dollar deposits may be dealt in on the London interbank market; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">solely for purposes of providing a Notice of Borrowing to the Administrative Agent pursuant to <u>Section&nbsp;2.3</u>, a day other than a Saturday or a Sunday on which commercial banks are open in New York City, Mexico City, Beijing and Madrid.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Cablevision</b>&#148;:&#160; Cablevisi&#243;n S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Capital Lease Obligations</b>&#148;: of any Person means obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required under IFRS to be classified and accounted for as capital leases on a balance sheet of such Person; provided that any amounts due under operating leases that are required to be recognized on the statement of financial position of such Person shall be excluded. The amount of such obligations will be the capitalized amount thereof determined in accordance with IFRS.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Central Bank</b>&#148;: Banco Central de la Rep&#250;blica de Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Change of Control</b>&#148;: the failure of the Borrower to be Controlled by one or more of the Permitted Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Check</b>&#148;: has the meaning provided in <u>Section&nbsp;2.16</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Check Account</b>&#148;: means account No.&nbsp;00000158600 opened in Banco Santander Rio S.A., in the name of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><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-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Chief Financial Officer</b>&#148;: of any Person means such Person&#146;s chief financial officer or such other natural Person who is principally responsible for such Person&#146;s financial matters.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Closing Date</b>&#148;: the Business Day on which the Administrative Agent shall have received this </font><font size="3" style="font-size:12.0pt;">Agreement</font><font size="3" style="font-size:12.0pt;"> duly </font><font size="3" style="font-size:12.0pt;">executed</font><font size="3" style="font-size:12.0pt;"> and delivered by each Lender, the Administrative Agent and the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Code</b>&#148;: the United States Internal Revenue Code of 1986, as amended.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Commitment</b>&#148;: as to any Lender, the obligation of such Lender to make a Loan to the Borrower hereunder in a principal amount equal to the amount set forth opposite such Lender&#146;s name in the applicable column of </font><u><font size="3" style="font-size:12.0pt;">Schedule 2.1(a)</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Connection Income Taxes</b>&#148; means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consent</b>&#148;: an approval, authorization, consent, exemption, filing, license, order, permission, recording or registration (and references to obtaining Consents shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consolidated</b>&#148;: the consolidation of the financial statements of the Borrower and its Subsidiaries in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consolidated Net Tangible Assets</b>&#148;: means, at any time, the total of all assets appearing on a consolidated balance sheet of the Borrower and its Subsidiaries, net of all applicable reserves and deductions, but excluding goodwill, trade names, trademarks, patents, unamortized debt discount and all other like intangible assets, less the aggregate of the current liabilities of the Borrower and its Subsidiaries appearing on such balance sheet as determined in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Contractual Obligation</b>&#148;: means, as applied to any Person, any provision of any security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Control</b>&#148; or &#147;<b>Controlled</b>&#148;: with respect to any Person, the power (whether directly or indirectly and whether through the ownership of Voting Shares of such Person, by contract or otherwise) to appoint and/or remove all or a majority of the members of the board of directors or other governing body of such Person and to direct or cause the direction of the management of such Person.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>CRD IV</b>&#148;:&#160; (a)&nbsp;Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June&nbsp;2013 on prudential requirements for credit institutions and investment firms; and (b)&nbsp;Directive 2013/36/EU of the European Parliament and of the Council of 26 June&nbsp;2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Debtor Relief Laws</b>&#148;: means the Bankruptcy Code, the Argentine Bankruptcy Law and all other liquidation, conservatorship, bankruptcy, <i>concurso</i>, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, restructuring, winding-up or composition or readjustment of debts or similar debtor relief Laws of the United States, Argentina or any other applicable jurisdictions from time to time in effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Derivatives Obligations</b>&#148; of any Person:&#160; all obligations of such Person in respect of any Hedge Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Designated Jurisdiction</b>&#148;: any country or territory to the extent that such country or territory is itself the subject of any Sanction (as of the date hereof, the Crimea region, Cuba,&nbsp;Iran, North Korea and Syria.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Directive</b>&#148;:&#160; any present or future directive, regulation, requirement or rule&nbsp;of any Agency of any relevant state or self-regulating organization (but, if not having the force of law, only if compliance with the Directive is in accordance with the general practice of the Person to whom the Directive is intended to apply).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Dollars</b>&#148; and &#147;<b>$</b>&#148;:&#160; refer to lawful money of the United States of America.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EEA Financial Institution</b>&#148;: (a)&nbsp;any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in clause (a)&nbsp;of this definition, or (c)&nbsp;any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a)&nbsp;or (b)&nbsp;of this definition and is subject to consolidated supervision with its parent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EEA Member Country</b>&#148;: any of the member states of the European Union,&nbsp;Iceland, Liechtenstein, and Norway.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EEA Resolution Authority</b>&#148;: any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Electronic Means</b>&#148;: S.W.I.F.T., e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Administrative Agent, or another method or system specified by the Administrative Agent as available for use in connection with its services hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Eligible Assignee</b>&#148; means any Person other than a natural person that is (i)&nbsp;a Lender or an Affiliate of any Lender or a funding vehicle established and managed (or the assets of which are serviced or managed) by a Lender or an Affiliate of any Lender, (ii)&nbsp;a Qualifying Bank, or (iii)&nbsp;an Affiliate of the Borrower.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EU Bail-In Legislation Schedule</b>&#148;:&#160; the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Event of Default</b>&#148;:&#160; any of the events specified in <u>ARTICLE&nbsp;VI</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Exchange Rate</font></b><font size="3" style="font-size:12.0pt;">&#148;: means, for any day, the exchange rate for Pesos to Dollars published under the Central Bank&#146;s Communication &#147;A&#148; 3500 for such day or, if on such day such rates are not quoted, at the last day on which such rates were offered preceding such day.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Excluded Taxes</b>&#148; means any of the following Taxes imposed on or with respect to the Administrative Agent or a Lender or required to be withheld or deducted from a payment to the Administrative Agent or a Lender: (a)&nbsp;Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i)&nbsp;imposed as a result of the Administrative Agent or such Lender being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii)&nbsp;that are Other Connection Taxes, (b)&nbsp;Taxes attributable to the Administrative Agent or such Lender&#146;s failure to comply with Section&nbsp;2.12(f)&nbsp;or Section&nbsp;2.12(g), (c)&nbsp;any withholding Taxes imposed under FATCA</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Executive Order</b>&#148;:&#160; U.S. Executive Order No.&nbsp;13224 of September&nbsp;23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>FATCA</b>&#148;</font><font size="3" style="font-size:12.0pt;"> means</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Sections 1471 through 1474 of the Code (</font><font color="black" style="color:black;">or any amended or successor version</font><font size="3" color="black" style="color:black;font-size:12.0pt;">) and </font><font color="black" style="color:black;">any current or future regulations or official interpretations thereof,</font><font size="3" color="black" style="color:black;font-size:12.0pt;">;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a)&nbsp;above; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">any </font><font size="3" style="font-size:12.0pt;">agreement,</font> fiscal or regulatory legislation, rules&nbsp;or practices adopted <font size="3" style="font-size:12.0pt;">pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a)&nbsp;or (b)&nbsp;above with the U.S. Internal Revenue Service, the government of the United States or any governmental or taxation authority in any other jurisdiction</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>FCPA</b>&#148;:&#160; the </font><font size="3" style="font-size:12.0pt;">Foreign Corrupt Practices Act of 1977, and the rules&nbsp;and regulations thereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Federal Funds Rate</b>&#148;: for any period, a fluctuating interest rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the U.S. Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Fee Letters</b>&#148;: (a)&nbsp;that certain offer of Fee Letter delivered by the Joint Bookrunners and Lead Arrangers to the Borrower and accepted pursuant to the acceptance letter in respect thereof delivered by the Borrower to the Joint Bookrunners and Lead Arrangers, each dated as of the date hereof, and (b)&nbsp;that certain offer of Fee Letter delivered by the Administrative Agent to the Borrower and accepted pursuant to the acceptance letter in respect thereof delivered by the Borrower to the Administrative Agent, each dated as of the date hereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Financial Crime</b>&#148;:&#160; means money laundering, terrorist financing, bribery, <i>cohecho</i>, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/or violations, or attempts to circumvent or violate any Anti-Money Laundering Laws or Applicable Laws relating to these matters.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Foreign Bank</b>&#148;: means a Lender that makes and maintains its Loan through a Lending Office located outside Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Foreign Exchange Regulations</b>&#148;: any foreign exchange regulation issued by the Argentine Congress, the Executive Branch of the Argentine government, the Argentine Ministry of Treasury, the Argentine Ministry of Finances, the Central Bank or any other applicable Argentine Governmental Authority related to payments in foreign currency, the dealings in foreign exchange and the import and export of currency, currency control and/or foreign indebtedness and, in each case, applicable to the Loan Documents.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Governmental Approval</b>&#148;: any action, order, authorization, consent, approval, license, lease, ruling, permit, tariff, rate, certification, exemption, filing, or registration from, by or with any Governmental Authority.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Governmental Authority</b>&#148;: any branch of power (whether executive, legislative or judicial) of any state, nation, government, supranational entity (e.g., the European Union), any provincial or other political subdivision thereof and any agency, authority, court, regulatory body, self-regulating entity or other entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining to government, including any central bank.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Group</b>&#148;:&#160; at any particular time, the Borrower and all its Consolidated Subsidiaries (and &#147;<b>member of the Group</b>&#148; shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Guarantee</b>&#148;:&#160; a guarantee and any other obligation (whatever called), direct or indirect, contingent or otherwise, of any Person to pay, purchase, provide funds (whether by the advance of money, the purchase of or subscription for shares or other securities, the purchase of Assets or services, or otherwise) for the payment of, indemnify against the consequences of default in the payment of, or otherwise be responsible for, any Indebtedness of any other Person (and &#147;guaranteed&#148; and &#147;guarantor&#148; shall be construed accordingly); <i>provided</i> that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Hedge Agreement</b>&#148;:&#160; any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction,</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, futures or any other similar transaction (including any option with respect to any of the foregoing transactions) or any combination of the foregoing transactions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>IFRS</b>&#148;:&#160; the International Financial Reporting Standards in effect from time to time.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indebtedness</b>&#148; of any Person:&#160; (a)&nbsp;all indebtedness of such Person for or in connection with money borrowed or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b)&nbsp;all obligations of such Person evidenced by bonds (other than insurance, surety, appeal or performance bonds), debentures, notes or other similar instruments, (c)&nbsp;all Capital Lease Obligations of such Person, (d)&nbsp;all Derivatives Obligations of such Person to the extent required to be reflected on the statement of financial position of such Person (the amount of which at any time shall be deemed to be equal to the net termination value, if any, that would be owing by such Person at such time upon close-out or termination at such time, giving effect to enforceable netting arrangements with respect thereto), (e)&nbsp;all Guarantees of such Person in respect of all indebtedness of the type described in clauses (a)&nbsp;trough (d)&nbsp;above (which amount of Indebtedness for purpose of this clause shall be deemed to be equal to the lesser of (x)&nbsp;the aggregate unpaid amount of the Indebtedness so secured and (y)&nbsp;the stated maximum amount (if any) of such Guarantee) and (f)&nbsp;all indebtedness of other Persons referred to in clause (a)&nbsp;or clause (b)&nbsp;above secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Security on Assets of such Person.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indemnified Liabilities</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.5</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indemnified Taxes</b>&#148; means (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b)&nbsp;to the extent not otherwise described in&nbsp;(a), Other Taxes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Initial Borrowing Date</b>&#148;:&#160; the date occurring on or after the Closing Date, in any event within the Availability Period, on which the initial Borrowing of Loans occurs.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Instructions</b>&#148;:&#160; has the meaning set forth in </font><u><font size="3" style="font-size:12.0pt;">Section&nbsp;9.2</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Interest Period</b>&#148;:&#160; with respect to each Loan, the period commencing on the Borrowing Date and ending three or six months thereafter, at the election of the Borrower pursuant to the applicable Notice of Borrowing, and thereafter, each period commencing on the last day of the preceding Interest Period and ending one, three or six months thereafter, at the election of the Borrower pursuant to a Selection Notice; <i>provided </i>that, in each case, the foregoing provision relating to Interest Periods is subject to the following:&#160; (a)&nbsp;any Interest Period that would otherwise extend beyond the Maturity Date shall end on the Maturity Date; (b)&nbsp;if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such Business Day falls into another calendar month, in which case such Interest Period shall end on the next preceding Business Day, and such extension or reduction of time shall in such cases be included in the</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">computation of payment of interest; and (c)&nbsp;if any Interest Period commences on the last day in a calendar month, such Interest Period shall end on the last Business Day in the month that is three months, as the case may be, after the month in which such Interest Period commences.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Investment</b>&#148;: with respect to any Person, any direct or indirect advance, loan (other than advances to customers or suppliers in the ordinary course of business that are recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the applicable lender) or other extension of credit (including by way of guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of capital stock,&nbsp;Indebtedness or other similar instruments issued by, such Person.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Joint Bookrunners and Lead Arrangers</b>&#148;:&#160; Citigroup Global Markets Inc., </font><font size="3" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font><font size="3" style="font-size:12.0pt;">,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and </font><font size="3" style="font-size:12.0pt;">Banco Santander, S.A.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Lender</b>&#148;:&#160; each of the Persons that shall hold Loans in the aggregate principal amounts set forth opposite such Person&#146;s name in the applicable column of <u>Schedule 2.1(a)</u>, including any Person that shall have purchased a Loan and become a party hereto pursuant to an Assignment and Acceptance, other than any Lender or any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Lending Office</b>&#148;:&#160; with respect to any Lender, the office or affiliate or subsidiary of such Lender designated as such in such Lender&#146;s Administrative Agent Questionnaire or such other office or affiliate or subsidiary as to which such Lender may from time to time notify, in writing, the Administrative Agent and the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>LIBO Rate</b>&#148;:&#160; with respect to each day during each Interest Period pertaining to a Loan, the rate of interest per annum equal to the London Interbank Offered Rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) displayed on pages&nbsp;&#147;LIBOR01&#148; or &#147;LIBOR02&#148; of the Reuters screen (or any replacement Reuters page&nbsp;which displays that rate) or on the appropriate page&nbsp;of such other information service which publishes that rate from time to time in place of Reuters (in each case, the &#147;<b>Screen Rate</b>&#148;), for deposits in dollars at approximately 11:00 a.m.&nbsp;(London time) two (2)&nbsp;Business Days prior to the first day of such Interest Period with a term equivalent to such Interest Period; <i>provided</i> that if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.&#160; If, for any reason, the LIBO Rate cannot be determined as described above on the second Business Day prior to the first day of such Interest Period, the London Interbank Offered Rate for such Interest Period shall be the rate determined by the Reference Banks (provided that the Administrative Agent shall maintain as confidential the individual rate provided to the Administrative Agent by each such Reference Bank) to be the average offered quotation rate by major banks in the London interbank market for dollar deposits for such Interest Period so long as such quotation rates are available to the Reference Banks for two or more such banks, in each case as of 11:00 a.m.&nbsp;(London time) two (2)&nbsp;Business Days prior to the first day of such Interest Period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Loan</b>&#148;:&#160; the loans by the Lenders to the Borrower under <u>ARTICLE&nbsp;II</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Loan Documents</b>&#148;:&#160; this Agreement, the Checks and the Fee Letters.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Majority Lenders</b>&#148;:&#160; at any time, Lenders having Commitments representing at least 51% of the aggregate Commitments hereunder or Lenders holdings at least 51% of the then aggregate unpaid principal amount of the Loans owing to the Lenders hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Material Adverse Effect</b>&#148;:&#160; a material adverse effect on (a)&nbsp;the business, condition (financial or otherwise), operations, properties or prospects of the Borrower and its Subsidiaries, taken as a whole, (b)&nbsp;the Borrower&#146;s ability to perform its obligations under this Agreement or any other Loan Document or (c)&nbsp;the rights and remedies of the Lenders or the Administrative Agent under this Agreement or any other Loan Document; <i>provided</i> that, for the avoidance of doubt, no Material Adverse Effect under <u>Section&nbsp;6.1(j)</u>&nbsp;of this Agreement shall result from the failure by Borrower to obtain the </font><font size="3" style="font-size:12.0pt;">pending approval of the<i> Comisi&#243;n Nacional de Defensa de la Competencia (CNDC) </i>and the registration before the <i>Inspecci&#243;n General de Justicia</i> in connection with the Mergers</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Maturity Date</b>&#148;:&#160; the date that is twelve months after the Closing Date; <i>provided</i> that, if such date is not a Business Day, the Maturity Date shall be the immediately succeeding Business Day unless such Business Day falls into another calendar month, in which case the Maturity Date shall be the immediately preceding Business Day.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Mergers</b>&#148;:&#160; the Telecom Internal Merger and the Telecom/CV Merger.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Net Available Proceeds</b>&#148;:&#160; with respect to any Qualified Transaction, the gross proceeds from such Qualified Transaction, net of (i)&nbsp;underwriting discounts and commissions, (ii)&nbsp;provisions for taxes as a result of such Qualified Transaction (if any), and (iii)&nbsp;other costs and expenses associated therewith, including legal and accountants&#146; fees and expenses.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Nortel</b>&#148;: Nortel Inversora S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Notice of Borrowing</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;2.3</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>OFAC</b>&#148;:&#160; the Office of Foreign Assets Control of the United States Department of the Treasury.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>OFAC List</b>&#148;:&#160; means any list of Restricted Parties issued by Executive Order or any similar list issued by OFAC including, without limitation, the Specially Designated Nationals and blocked persons list maintained by OFAC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Original Currency</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.19</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Other Connection Taxes</b>&#148;: means, with respect to the Administrative Agent or a Lender, Taxes imposed as a result of a</font><font size="3" style="font-size:12.0pt;"> present or former connection between the Administrative Agent or such Lender and the jurisdiction imposing such Tax (other than connections arising from an Administrative Agent or such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan Document).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">11</font><a name="PB_11_002448_7672"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Other Currency</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.19</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Other Taxes</font></b><font size="3" style="font-size:12.0pt;">&#148;:&#160; all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an Assignment and Acceptance (other than an assignment made pursuant to <u>Section&nbsp;2.14</u>).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Participants</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.6(b)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Pesos</b>&#148;:&#160; the lawful currency of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Permitted Holders</b>&#148;:&#160; (a)&nbsp;Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc., Fintech Telecom LLC and any of their respective successors and Affiliates, any limited partnership of which any of them or their successors or Affiliates is the general partner and any investment fund controlled or managed by any of them or their successors or Affiliates, and (b)&nbsp;any of (i)&nbsp;Hector Horacio Magnetto, Jos&#233; Antonio Aranda, Lucio Rafael Pagliaro, (ii)&nbsp;the heirs of each of Ernestina Laura Herrera de Noble, H&#233;ctor Horacio Magnetto, Jos&#233; Antonio Aranda, Lucio Rafael Pagliaro, (iii)&nbsp;any Privileged Relatives of any of the individuals set forth in subclauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition, (iv)&nbsp;any trust the beneficiaries of which are any of the individuals set forth in subclauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition and/or any Privileged Relatives of any of such noted individuals, and (v)&nbsp;any Person (other than an individual) directly or indirectly majority owned and controlled by one or more individuals set forth in subclauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition and/or any Privileged Relatives of any Permitted Holder or any one or more trustees of any trust set forth in clause (b)(iv)&nbsp;of this definition acting in such capacity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Person</b>&#148;:&#160; any individual, company, corporation, firm, partnership, limited liability company, joint venture, association, organization, trust, state or Agency of a state (in such case, whether or not having separate legal personality).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Potential Event of Default</b>&#148;:&#160; any event or circumstance that, if it continued after the giving of any notice, the expiry of any grace period and/or (as the case may be) the making of any determination by the Majority Lenders, would become an Event of Default.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Prepayment Event</b>&#148;:&#160; means any of the events described in <u>Section&nbsp;2.6.</u></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Principal Subsidiary</b>&#148;:&#160; each Subsidiary that is a &#147;significant subsidiary&#148; as such term is defined in Regulation&nbsp;S-X of the U.S. Securities and Exchange Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Privileged Relative</b>&#148;: means, in relation to an individual, his or her spouse and any relative of such individual with a common ancestor up to the fourth degree (including adopted children who have been adopted during their minority and step-children who have acquired that relationship with such individual or with any such relative during their minority) and any spouse of any such relative.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Pro-forma Financial Statements</b>&#148;:&#160; Nortel&#146;s unaudited pro forma consolidated statement of financial position as of June&nbsp;30, 2017 and Nortel&#146;s unaudited pro forma consolidated statement of income for the six-month period ended June&nbsp;30, 2017; and Nortel&#146;s unaudited pro forma consolidated income statement for the year ended December&nbsp;31, 2016, in each case reflecting the Telecom/CV Merger, together with notes thereto, as submitted by Nortel on Form&nbsp;6-K to the SEC on September&nbsp;11, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Process Agent</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.12(c)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Qualified Transaction</b>&#148;:&#160; any (i)&nbsp;bilateral or syndicated bank financing in excess of $500,000,000, or (ii)&nbsp;underwritten offering or private placement of any non-Peso denominated debt securities of the Borrower governed by a law other than the laws of Argentina with a tenor of at least three years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Qualifying Bank</b>&#148;:&#160; a bank that is entitled to the reduced rate of withholding tax set forth in Section&nbsp;93(c)(1)&nbsp;of the Argentine Income Tax Act (which currently is 15.05%), as certified by the applicable assigning Lender pursuant to an assignment in accordance with <u>Section&nbsp;9.6(c)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Reference Banks</b>&#148;: two or more of the four major banks in the London interbank market reasonably selected as such by the Administrative Agent (as directed by the Majority Lenders).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Refinancing</b>&#148;: means with respect to any Indebtedness, the refinancing, renewal, extension, replacement, defeasance or refunding thereof; provided, that (a)&nbsp;any such Refinancing is in an aggregate principal amount not greater than the aggregate principal amount of the Indebtedness being renewed or refinanced, and (b)&nbsp;such Refinancing has a later or equal final maturity and longer or equal weighted average life than the Indebtedness being renewed or refinanced.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Register</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.6(d)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Repayment Date</b>&#148;: has the meaning set forth in <u>Section&nbsp;2.1(c)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Requirement of Law</b>&#148;:&#160; as to any Person, the organizational or governing documents of such Person, and any law, treaty, rule&nbsp;or regulation or Directive or determination of an arbitrator or a court or other Agency, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Restricted Party</b>&#148;:&#160; means, a Person that is (a)&nbsp;designated on any Sanctions List, directly or by operation of law, or (b)&nbsp;to the knowledge of the Borrower, otherwise a Person with whom dealings are restricted or prohibited by any Sanctions, including by reason of any direct or indirect relationship of ownership or control with a person described in (a).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sanction</b>&#148;:&#160; any international economic sanction administered or enforced by any of the Sanctions Authorities.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sanctions Authority</b>&#148;:&#160; means </font><font size="3" style="font-size:12.0pt;">(i)&nbsp;the United States of America, (ii)&nbsp;the United Nations, (iii)&nbsp;the European Union, (iv)&nbsp;the United Kingdom and the member states of the European Union, (v)&nbsp;Mexico, and (vi)&nbsp;the respective Governmental Authorities of any of the foregoing, including without limitation, OFAC, the United States of America Department of State and the British Treasury.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sanctions List</b>&#148;:&#160; means the OFAC List, and any similar list maintained by, or public announcement of Sanctions designation made by any Sanction Authority.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>SEC</b>&#148;:&#160; the Securities and Exchange Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Security</b>&#148;:&#160; any mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance (and &#147;secured&#148; shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Selection Notice</b>&#148;: means a notice substantially in the form set out in Exhibit&nbsp;C given in accordance with <u>Section&nbsp;2.3(b)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Solvent</b>&#148;:&#160; </font><font size="3" style="font-size:12.0pt;">with respect to any Person on a particular date, means that (a)&nbsp;the fair value of the Assets of such Person and its Subsidiaries on a consolidated basis is greater than the total amount of liabilities (including contingent liabilities) of such Person and its Subsidiaries on a consolidated basis, (b)&nbsp;the present fair saleable value of the Assets of such Person and its Subsidiaries on a consolidated basis is not less than the amount that will be required to pay the probable liability of such Person and its Subsidiaries on their respective debts as determined on a consolidated basis as they become absolute and matured, (c)&nbsp;such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person&#146;s ability to pay as such debts and liabilities mature and (d)&nbsp;such Person is not engaged in a business and is not about to engage in a business for which such Person&#146;s Assets would constitute an unreasonably small capital.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Subsidiary</b>&#148;:&#160; with respect to a Person at any particular time, any Person that is then directly or indirectly Controlled, or more than 50% of the Voting Shares of such Person is then beneficially owned, by such first Person and/or one or more of such first Person&#146;s Subsidiaries.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Taxes</b>&#148;:</font><font size="3" style="font-size:12.0pt;"> means </font><font size="3" style="font-size:12.0pt;">all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding and value-added tax), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Telecom Internal Merger</b>&#148;:&#160; the merger process between the Borrower, Sofora Telecomunicaciones S.A., Nortel Inversora S.A. and Telecom Personal, and any step or action thereunder or related thereto.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Telecom/CV Merger</b>&#148;:&#160; the merger process between the Borrower and Cablevisi&#243;n, and any step or action thereunder or related thereto.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Transferee</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.6(f)</u>.</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="3" style="font-size:12.0pt;">14</font><a name="PB_14_002617_5926"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>USA Patriot Act</b>&#148;:&#160; has the meaning set forth in the definition of Anti-Money Laundering Laws.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Voting Shares</b>&#148;:&#160; at any time, as to any Person, the outstanding securities of such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Winding-up</b>&#148;:&#160; as to a Person, any involuntary case or proceeding under any Debtor Relief Laws against such Person seeking the assignment for the benefit of creditors, bankruptcy, winding-up, dissolution, liquidation, reorganization, receivership or conservatorship, or any other similar procedure under such Debtor Relief Laws (and &#147;<b>Wind-up</b>&#148; shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Write-Down and Conversion Powers</b>&#148;: with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;1.2</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Other Definitional Provisions</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the applicable other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">As used herein and in the applicable other Loan Documents and any certificate or other document made or delivered pursuant hereto or thereto, accounting terms relating to the Borrower and its Subsidiaries not defined in <u>Section&nbsp;1.1</u> and accounting terms partly defined in <u>Section&nbsp;1.1</u>, to the extent not defined in <u>Section&nbsp;1.1</u>, shall have the respective meanings given to them under <font color="black" style="color:black;">IFRS</font>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">The words &#147;hereof&#148;, &#147;herein&#148; and &#147;hereunder&#148; and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, Schedule and Exhibit&nbsp;references are to this Agreement unless otherwise specified.&#160; The words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by (depending on the context) the phrase &#147;but not limited to&#148; or &#147;without limitation&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Unless the context requires otherwise (i)&nbsp;any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii)&nbsp;any reference herein to any person shall be construed to include such person&#146;s successors and permitted assigns, and (iii)&nbsp; any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time.</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="3" style="font-size:12.0pt;">15</font><a name="PB_15_002620_4688"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;1.3</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Accounting Terms</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data required to be submitted pursuant to this Agreement shall be prepared in conformity with,&nbsp;IFRS applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in <u>Section&nbsp;5.1</u>, except as otherwise specifically prescribed herein.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If at any time any change in IFRS would affect the computation of any requirement set forth in any Loan Document, and either that the Borrower or the Lenders shall so request, the Borrower and the Majority Lenders shall negotiate in good faith to amend such requirement to preserve the original intent thereof in light of such change in IFRS.</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><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;II</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">AMOUNT AND TERMS OF LOANS</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;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.1</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Amount and Terms of Loans</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Subject to and upon the terms and conditions set forth herein, each Lender severally agrees to make the Loans to the Borrower in Dollars in a principal amount up to the amount of such Lender&#146;s Commitment with respect to a Loan as set forth opposite such Lender&#146;s name in the applicable column of <u>Schedule 2.1(a)</u>&nbsp;and, as to all Lenders, up to $1,000,000,000 in the aggregate.&#160; Amounts of any Loan that are repaid or prepaid may not be reborrowed.&#160; During the Availability Period, the Borrower shall be entitled to make not more than two (2)&nbsp;Borrowings hereunder.&#160; The Lenders&#146; Commitments shall terminate immediately and without further action upon the earlier of (i)&nbsp;the occurrence of the last Borrowing Date and (ii)&nbsp;the expiration of the Availability Period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">On and as of each Borrowing Date, after giving effect to the making of the Loans on such Borrowing Date, each Lender shall hold a Loan in an equivalent principal amount and in all cases not more than the aggregate principal amount up to the aggregate principal amount set forth opposite such Lender&#146;s name in the applicable column of <u>Schedule 2.1(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Unless the Administrative Agent shall have received notice from a Lender prior to a Borrowing Date that such Lender will not make available to the Administrative Agent the amount of such Lender&#146;s Commitment with respect to the Loans, the Administrative Agent may assume that such Lender has made the amount of its Commitment with respect to the Loans available to the Administrative Agent on such Borrowing Date in accordance with <u>Section&nbsp;2.1(a)</u>&nbsp;and on such date the Administrative Agent may (but shall be under no obligation to), in reliance upon such assumption, make available to the Borrower an amount that corresponds to such Lender&#146;s Loan.&#160; If and to the extent that such Lender shall not have made the amount of its Commitment with respect to the Loans available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from such Borrowing Date until the date such amount is repaid to the Administrative Agent (the&nbsp;&#147;<b>Repayment Date</b>&#148;), at the Federal Funds Rate (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as</font></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;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the case may be).&#160; If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender&#146;s Loan for purposes of this Agreement.&#160; If such Lender does not make such corresponding amount available to the Administrative Agent within four (4)&nbsp;Business Days of such Borrowing Date, the Administrative Agent shall be entitled to receive from the Borrower all amounts corresponding to such Lender&#146;s Loan that such Lender did not repay to the Administrative Agent together with interest thereon, for each day from such Borrowing Date until the Repayment Date, at the interest rate applicable at the time to such Loan.&#160; Nothing in this <u>Section&nbsp;2.1(c)</u>&nbsp;shall be deemed to relieve any Lender of its obligation to make a Loan under this Agreement or prejudice any rights which the Borrower may have against any Lender as a result of any failure by such Lender to make a Loan under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">The Lenders shall be under no obligation to make available any loan or extend credit in any other form to the Borrower, except as expressly contemplated herein.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.2</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Repayment of Loans; Evidence of Debt</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower agrees to repay to the Administrative Agent for the account of each </font><font size="3" style="font-size:12.0pt;">Lender<font color="black" style="color:black;"> the full principal amount of the Loan of such Lender on the Maturity Date.&#160; The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the Borrowing Date until payment in full thereof at the rates per annum, and on the dates, set forth in <u>Section&nbsp;2.7</u>.</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from the Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may (but shall be under no obligation to), in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due to such Lender.&#160; If and to the extent the Borrower shall not have made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender, together with interest thereon for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal Funds Rate (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Subject to <u>Section&nbsp;2.5</u> and <u>Section&nbsp;2.6</u>, all amounts owed hereunder with respect to the Loans shall be paid in full no later than the Maturity Date.</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="3" style="font-size:12.0pt;">17</font><a name="PB_17_002630_6228"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.3</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Procedure for each Borrowing Date</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">When the Borrower desires the Lenders to make the Loans to it pursuant to Section&nbsp;2.1(a), the Borrower shall provide the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 2:00&nbsp;p.m.&nbsp;(New York City time) five (5)&nbsp;Business Days prior to a Borrowing Date) specifying the amount of Loans to be borrowed (which shall be equal to or less than the aggregate amount of the Commitments with respect to the Loans), the Borrowing Date (which shall be a Business Day), substantially in the form of Exhibit&nbsp;B (the &#147;<b>Notice of Borrowing</b>&#148;).&#160; On the Business Day that the Notice of Borrowing is provided by the Borrower, the Administrative Agent shall promptly notify each Lender thereof.&#160; Each Lender will make the amount of its pro rata share of the Commitments available to the Administrative Agent by wire transfer of immediately available funds by 10:00&nbsp;a.m.&nbsp;(New York City time) on such Borrowing Date, to the Administrative Agent&#146;s Account.&#160; The proceeds of such Commitments will then be made available to the Borrower by the Administrative Agent on the Borrowing Date by wire transfer, in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower, subject to the conditions set forth in <u>ARTICLE&nbsp;III</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Interest Periods.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower may select an Interest Period for the Loans in the Notice of Borrowing for that Loan or (if the Loan has already been disbursed) in a Selection Notice.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each Selection Notice for the Loans is irrevocable, unconditional and must be delivered to the Administrative Agent by the Borrower not later than two (2)&nbsp;Business Days prior to the first day of the relevant Interest Period, except in the case it is included in the Borrowing Notice.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;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><font size="3" color="black" style="color:black;font-size:12.0pt;">If the Borrower fails to deliver a Selection Notice to the Administrative Agent in accordance with paragraph (ii)&nbsp;above, the relevant Interest Period will be three month.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.4</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Fees</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Duration Fee</font></i><font size="3" style="font-size:12.0pt;">.&#160; The Borrower shall pay to the Administrative Agent for the account of the Lenders pro rata to their Loans a fee computed at the rate of 0.20 per cent. of the outstanding principal amounts of the Loans on the date that is seven (7)&nbsp;months after the Initial Borrowing Date; <i>provided</i>, <i>however</i>, that, for the avoidance of doubt, that this fee shall only be earned on such date and Borrower shall have no obligation to pay such fee or any portion thereof with respect to any principal amount of the Loan repaid or prepaid on or prior to such date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Commitment Fee</font></i><font size="3" style="font-size:12.0pt;">. The Borrower shall pay to the Administrative Agent for the account of the Lenders pro rata to their Commitments a fee computed at the rate of 33 per cent. of the Applicable Margin per annum then in effect calculated on the average of the daily difference during the Availability Period between (1)&nbsp;the Commitments and (2)&nbsp;the aggregate principal amount of all outstanding Loans (the &#147;<u>Commitment Fee</u>&#148;). The accrued Commitment Fee shall be payable on the last day of each successive period of one month which ends during the Availability Period, on the last day of the Availability Period and, if such Commitments are</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">18</font><a name="PB_18_002634_6479"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">cancelled in full, on the cancelled amount of the relevant Lender&#146;s Commitment at the time such cancellation is effective.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Other Fees. </font></i><font size="3" style="font-size:12.0pt;">The Borrower shall pay to the Administrative Agent for the account of the other Persons entitled thereto the relevant fees separately agreed to with the Borrower in writing pursuant to the Fee Letters.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.5</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Optional Prepayments</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower may, from time to time, prepay the Loans, in whole or in part, without premium or penalty, but without prejudice to <u>Section&nbsp;2.13</u>, upon at least five (5)&nbsp;Business Days&#146; notice to the Administrative Agent, specifying the date and amount of prepayment, provided that a notice of prepayment delivered by Borrower may state that such notice is conditioned upon the effectiveness of another credit facility or the closing of a securities offering (other than a Qualified Transaction, which shall be subject to <u>Section&nbsp;2.6(a)</u>, in which case such notice may be revoked by Borrower (by notice to the Administrative Agent on or prior to the specified prepayment date) if such condition is not satisfied.&#160; Upon receipt of any such notice, the Administrative Agent shall promptly notify each Lender thereof.&#160; If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid.&#160; Partial prepayments shall be in a minimum aggregate principal amount equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.6</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Mandatory Prepayments</font></u><i><font size="3" style="font-size:12.0pt;font-style:italic;">.</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Qualified Transaction.</font></i><font size="3" style="font-size:12.0pt;">&#160; No later than one Business Day following the receipt by the Borrower of any Net Available Proceeds from any Qualified Transaction, the Borrower shall prepay the Loans, all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in an amount equal to 100% of such Net Available Proceeds.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Change of Control.&#160; </font></i><font size="3" style="font-size:12.0pt;">Upon the occurrence of a Change of Control, the Borrower shall notify the Administrative Agent as soon as possible before, and in any event promptly upon, the occurrence of such an event.&#160; Upon receipt of notice of a Change of Control, the Administrative Agent shall promptly provide a copy of such notice to the Lenders. Each Lender shall promptly notify the Administrative Agent if it intends to cancel its Commitment, and upon receipt of notice from any Lender that it intends to cancel its Commitments, the Administrative Agent shall by not less than five (5)&nbsp;Business Days prior notice to the Borrower, declare such Lender&#146;s Loan, all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in relation to such Lender&#146;s Loan to be immediately due and payable, whereupon they shall become so due and payable on that date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">If the Borrower is required to make a prepayment of Loans in accordance with <u>Section&nbsp;2.6(a)</u>, it shall give the Administrative Agent notice of the occurrence of any event described in <u>Section&nbsp;2.6(a)</u>, as applicable, not later than&nbsp;11:00 a.m.&nbsp;(New York City time) no later than three (3)&nbsp;Business Days prior to the date of expected receipt of the Net Available Proceeds.&#160; Each such notice shall specify the date and the amount that is subject to prepayment.&#160; The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and, if applicable of the amount of Net Available Proceeds.&#160; The prepayments required in clauses</font></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;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)&nbsp;and (b)&nbsp;of this <u>Section&nbsp;2.6</u> shall be due and payable on the date set forth in each such clause.&#160; Each prepayment shall be accompanied by all accrued interest on the amount prepaid and any amounts owing under <u>Section&nbsp;2.13</u>, if any.&#160; Any amounts prepaid pursuant to this <u>Section&nbsp;2.6(a)</u>&nbsp;and (b)&nbsp;may not be reborrowed.&#160; Each prepayment of the outstanding Loans pursuant to <u>Section&nbsp;2.6(a)</u>&nbsp;shall be paid to the Lenders in accordance with their respective <i>pro rata</i> share of the Commitments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.7</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Interest Rates and Payment Dates</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower agrees to pay interest on the unpaid principal amount of the Loans as follows.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">The Loans shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the LIBO Rate determined for such Interest Period plus the Applicable Margin, computed on the basis of a 360-day year, and paid for the actual number of days elapsed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">If all or a portion of (i)&nbsp;the principal amount of any Loan, (ii)&nbsp;any interest payable thereon or (iii)&nbsp;any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the LIBO Rate for the Interest Period in effect (or most-recently in effect, as the case may be) for such Loan <u>plus</u> the Applicable Margin <u>plus</u> 2.0% per annum, in each case from the date of such non-payment until such amount is paid in full (after as well as before judgment).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Interest on each Loan shall be payable in arrears on the last day of each Interest Period with respect thereto; <i>provided </i>that interest accruing on overdue amounts shall be payable from time to time on demand.&#160; The Administrative Agent shall as soon as practicable prior to the end of the then effective Interest Period notify the Borrower and the Lenders of each determination of a LIBO Rate for each Interest Period.&#160; Each determination of an interest rate by the Administrative Agent made in accordance with this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error.&#160; Interest for each Interest Period shall accrue from and including the first day of such Interest Period to but excluding the last day of such Interest Period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.8</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Change in Conditions</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">If in relation to any Interest Period:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">for any reason, the LIBO Rate cannot be determined as described in the definition of LIBO Rate; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent is notified by the Majority Lenders that they are unable to obtain matching deposits in the London Interbank Market at or about 11:00&nbsp;a.m.&nbsp;on the rate fixing day for that Interest Period in sufficient amounts to fund their respective shares of the Loans during that Interest Period, then</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall promptly notify the Borrower and the Lenders, and the following provisions shall apply:</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="3" style="font-size:12.0pt;">20</font><a name="PB_20_002640_2794"></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 .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">if any Loan was to have been made at the beginning of such Interest Period, it shall not be made unless and until an alternative basis for calculating interest has been agreed upon pursuant to this <u>Section&nbsp;2.8(b)</u>;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">if any Loan was to be maintained during such Interest Period, the interest rate for such Interest Period shall be calculated using the alternative basis agreed upon pursuant to this <u>Section&nbsp;2.8(b)</u>;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;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><font size="3" color="black" style="color:black;font-size:12.0pt;">the Lenders shall then negotiate in good faith with the Borrower with a view to agreeing upon an alternative basis for calculating the interest payable on and/or for maintaining and/or funding the Loans in that Interest Period, and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(1)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any alternative basis agreed in writing by the Majority Lenders and the Borrower (with written notice to the Administrative Agent) within thirty (30) days of the Administrative Agent&#146;s notification to the Borrower and the Lenders of the event in question shall take effect in accordance with its terms; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(2)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">if an alternative basis is not so agreed, then the unpaid principal amount of the Loans shall become due and payable on the date that is five (5)&nbsp;Business Days following the last day of such thirty (30) day period together with all interest thereon and all other amounts payable hereunder;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iv)</font><font size="1" color="black" style="color:black;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><font size="3" color="black" style="color:black;font-size:12.0pt;">each Lender&#146;s Loan (provided that the Lenders treat the Borrower the same as all borrowers in similar circumstances under comparable provisions of other credit facilities) shall, during that Interest Period, bear interest at the rate per annum equal to the sum of (1)&nbsp;the Applicable Margin and (2)&nbsp;the cost to it (expressed as a percentage rate per annum) of funding its Loan during that Interest Period by whatever means it determines in good faith to be appropriate; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(v)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">each Lender shall certify such cost to the Borrower no later than one Business Day after the end of that thirty (30) day period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.9</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Pro Rata Treatment and Payments</font></u><font size="3" style="font-size:12.0pt;">.</font><font size="3" style="font-size:12.0pt;">&#160; Except as otherwise provided in <u>Section&nbsp;2.14(b)</u>, each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans shall be allocated pro rata according to the respective outstanding principal amounts of the Loans then held by the Lenders.&#160; All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00&nbsp;noon (New York City time) on the due date therefor to the Administrative Agent by wire transfer in immediately available funds, for the account of the Lenders, to the Administrative Agent&#146;s Account.&#160; The Administrative Agent shall distribute the applicable portion of such payment to the Lenders promptly upon receipt in like funds as received.&#160; If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day (unless, in the case of any payment of principal of or interest on the Loan, the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day), and,</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="3" style="font-size:12.0pt;">21</font><a name="PB_21_002643_8299"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Illegality</font></u><font size="3" style="font-size:12.0pt;">.&#160; If at any time any Lender determines in good faith that, as a result of the adoption of, or any change in, any Requirement of Law occurring after the date of this Agreement, it has become unlawful for it to make, fund or allow to remain outstanding all or part of its Loan, then</font><font size="3" style="font-size:12.0pt;"> such Lender shall promptly give written notice to Borrower and Administrative Agent of such determination (which notice Administrative Agent shall promptly transmit to each other Lender).&#160; If the Administrative Agent receives a notice from any Lender pursuant to the preceding sentence, </font><font size="3" style="font-size:12.0pt;">the commitment of such Lender hereunder to make or continue such Loan shall forthwith be cancelled and the Borrower shall prepay such Loan on the last day of the then current Interest Period or on such earlier date (if any) as such Lender shall certify to be necessary to comply with the relevant Requirement of Law with accrued interest thereon and any other sum then due to such Lender under <u>Section&nbsp;2.13</u> or any other provision of this Agreement (unless actions taken pursuant to <u>Section&nbsp;2.14</u> shall make such prepayment unnecessary).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Increased Costs</font></u><font size="3" style="font-size:12.0pt;">.&#160; If the Administrative Agent or any Lender determines in good faith that, as a result of (i)&nbsp;the introduction or implementation of, any change in, or any change in the interpretation or application of or compliance with, any Requirement of Law occurring after the date of this Agreement (and, for purposes of this Agreement, (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith and (y)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or non-U.S. regulatory authorities, in each case pursuant to Basel&nbsp;III or CRD IV, or any law or norm implementing, applying or interpreting Basel III or CRD IV, are deemed to have gone into effect and been adopted after the date of this Agreement) or (ii)&nbsp;compliance by it with any future Directive:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">there is imposed, modified or deemed applicable any reserve (including any mandatory deposits to be made with the Central Bank in connection with the Loan Documents, and any costs associated with any other requirements of the Central Bank), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; and/or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any Lender becomes subject to any Taxes (other than (A)&nbsp;Indemnified Taxes, (B)&nbsp;Taxes described in clauses (b)&nbsp;through (d)&nbsp;of the definition of Excluded Taxes and (C)&nbsp;Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; and/or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">there is imposed on any Lender or the London interbank Eurodollar market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or participation therein;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and the result of any of the foregoing shall be to increase the cost to such Lender or such other recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to reduce the amount of any sum received or receivable by</font></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;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">such Lender or other recipient hereunder (whether of principal, interest or any other amount),</font><i><font size="3" style="font-size:12.0pt;font-style:italic;"> then</font></i><font size="3" style="font-size:12.0pt;"> the Borrower shall, within forty-five (45) days after demand therefor and receipt of the certificate provided for in this <u>Section&nbsp;2.11</u>, indemnify the Administrative Agent or such Lender against such cost, reduction, payment or forgone interest or other amount and, accordingly, shall pay to the Administrative Agent or such Lender the amount certified by it to be necessary so to indemnify it, such certificate to set out in reasonable detail the basis for the determination of such amount, unless actions taken pursuant to <u>Section&nbsp;2.14</u> shall make such payment unnecessary; <i>provided</i>,<i> however</i>, that the Borrower shall not be required to pay any amount with respect to any such cost, reduction, payment or forgone interest or other amount to the extent the Administrative Agent or such Lender has not provided notice and the certificate provided for in this <u>Section&nbsp;2.11</u> to the Borrower within ninety (90) days after the date that the Administrative Agent or such Lender becomes aware of the occurrence of such event or circumstance giving rise to such amount.&#160; If the Administrative Agent or any Lender becomes entitled to claim any additional amounts pursuant to this <u>Section&nbsp;2.11</u>, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled; <i>provided</i> that the failure by the Administrative Agent or such Lender to provide such notice to the Borrower shall not affect the Administrative Agent or such Lender&#146;s entitlement to claim such additional amounts, but only to the extent that such Lender timely delivers to the Borrower the certificate provided for in this <u>Section&nbsp;2.11</u>.&#160; A certificate as to any additional amounts payable pursuant to this <u>Section&nbsp;2.11</u> showing calculations of such amounts in reasonable detail submitted by the Administrative Agent or such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error.&#160; The covenants in this <u>Section&nbsp;2.11</u> shall survive the termination of this Agreement and all other amounts payable hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notwithstanding the foregoing, no Lender shall demand compensation for any increased costs or reduction pursuant to this <u>Section&nbsp;2.11</u> in connection with the introduction of, any change in, or any change in the interpretation or application of, any Requirement of Law related to (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith or (y)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or non-U.S. regulatory authorities, in each case pursuant to Basel III, unless such Lender certifies to the Borrower that it is demanding compensation for increased costs or reduction in connection with the introduction of, the same change in, or the same change in the interpretation or application of, such Requirement of Law from other borrowers under provisions of other credit agreements which permit such Lender to demand such compensation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Taxes</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Any and all payments by the Borrower hereunder shall be made, in accordance with <u>Section&nbsp;2.9</u>, free and clear of and without deduction for any Tax (except to the extent required by law).&#160; If the Borrower or the Administrative Agent shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder, (i)&nbsp;<font color="black" style="color:black;">if and to the extent such Tax is an Indemnified Tax,</font> the sum payable shall be increased by the Borrower as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this <u>Section&nbsp;2.12</u>) such Lender or the Administrative Agent (as</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii)&nbsp;the Borrower shall make such deductions and (iii)&nbsp;the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with Applicable Law; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">provided, however, </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">that the Borrower shall not be obligated to pay any additional amount for or on account of any Tax required to be deducted or withheld on behalf of any Lender or the Administrative Agent to the extent it exceeds the amount of any deduction, withholding or payment that would apply to such Lender if it were a Basel Bank and otherwise met the requirements of Section&nbsp;93 paragraph (c)&nbsp;of the Argentine Income Tax Law, even if such Lender&#146;s assignor was entitled to receive payments under the Loan Documents subject to a lower rate of withholding or deduction</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">In addition, the Borrower shall <font color="black" style="color:black;">timely pay all Other Taxes to the relevant Governmental Authorities in accordance with Applicable Law. The</font></font><font size="3" color="black" style="color:black;font-size:12.0pt;"> Borrower shall, if requested by the Administrative Agent, deliver to the Administrative Agent official receipts or other evidence of such payment reasonably satisfactory to the Administrative Agent in respect of any Other Taxes payable hereunder promptly after payment of such Other Taxes</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">The Borrower shall indemnify each Lender and the Administrative Agent for and hold each of them harmless against the full amount of Indemnified Taxes and Other Taxes that the Borrower is required to pay pursuant to this <u>Section&nbsp;2.12</u> imposed on or paid by such Lender or the Administrative Agent (as the case may be) and any reasonable expenses arising therefrom or with respect thereto.&#160; This indemnification shall be made within thirty (30) days from the date such Lender or the Administrative Agent (as the case may be) makes written demand therefor.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each Lender shall severally indemnify the Administrative Agent, upon demand therefor, against (i)&nbsp;any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), and (ii)&nbsp;any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.&#160; A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.&#160; Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document or otherwise payable by the Administrative Agent to any Lender from any other source against any amount due to the Administrative Agent under this paragraph (d).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Within forty-five (45) days after the date of any payment of Indemnified Taxes or Other Taxes, the Borrower shall furnish to the Administrative Agent, at its address referred to in <u>Section&nbsp;9.2</u>, the original or a certified copy of a receipt evidencing such payment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Each Lender shall upon written request by the Borrower or the Administrative Agent provide the Borrower and the Administrative Agent, on a timely basis, with two copies of any form, document or other certification, appropriately completed, necessary for such Lender to be exempt from, or entitled to a reduced rate of, Taxes on payments pursuant</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">24</font><a name="PB_24_002802_5893"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">to this Agreement; <i>provided</i> that no Lender shall have any obligation to provide such form, document or other certification if, in the reasonable judgment of such Lender, the provision of such form, document or other certification would contravene any Applicable Law or would require such Lender to disclose any confidential information or would impose a material regulatory burden or material cost on such Lender that is not reimbursed by the Borrower.&#160; To the extent that any such form, document or certification becomes obsolete, a Lender shall upon written request by the Borrower or the Administrative Agent (subject to the proviso above) provide an updated or successor form, document or certification to the Borrower and the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">If any payment made to a Lender hereunder would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b)&nbsp;or 1472(b)&nbsp;of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i)&nbsp;of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notwithstanding anything herein to the contrary, the Borrower hereby agrees that the Administrative Agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with FATCA for which the Administrative Agent shall not have liability.&#160; The Borrower agrees to indemnify and hold harmless the Administrative Agent for any losses it may suffer due to actions it takes to comply with FATCA.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each party&#146;s obligations under this <u>Section&nbsp;2.12</u> shall survive the termination of this Agreement and the resignation or removal of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Breakage Indemnity</font></u><i><font size="3" style="font-size:12.0pt;font-style:italic;">.&#160; </font></i><font size="3" style="font-size:12.0pt;">Within five (5)&nbsp;Business Days after the written request of any Lender (with a copy to the Administrative Agent) from time to time, setting forth in reasonable detail the basis for calculating such compensation, the Borrower shall indemnify each Lender and hold each Lender harmless from any loss or expense in connection with the liquidation or re-employment of such funds (including reasonable and documented administrative expenses, but excluding loss of margin over the LIBO Rate for the remainder of the relevant Interest Period or other loss of anticipated profits) that such Lender may sustain or incur as a consequence of (a)&nbsp;the Borrower&#146;s failure to borrow hereunder for any reason (other than a default by any Lender) on the date specified in the Notice of Borrowing delivered pursuant to </font><u><font size="3" style="font-size:12.0pt;">Section&nbsp;2.3</font></u><font size="3" style="font-size:12.0pt;">, (b)&nbsp;default by the Borrower in making any prepayment after the Borrower has given notice thereof in accordance with this Agreement, (c)&nbsp;the making of a prepayment of any Loan on a day that is not the last day of an Interest Period, (d)&nbsp;default by the Borrower in payment when due of the principal of or interest on any Loan or (e)&nbsp;the failure of a</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">condition precedent referred to in <u>ARTICLE&nbsp;III</u> to be satisfied or waived after the Borrower has given the Notice of Borrowing pursuant to <u>Section&nbsp;2.3</u>.&#160; This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Mitigation; Prepayment</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">If any circumstances arise which result, or would on the giving of notice (or the like) result, in the Borrower having to make a payment to or for the account of the Administrative Agent or any Lender under <u>Section&nbsp;2.10</u>, <u>Section&nbsp;2.11</u> or <u>Section&nbsp;2.12</u> (excluding Other Taxes), then without in any way limiting, reducing or otherwise qualifying any of the obligations of the Borrower under <u>Section&nbsp;2.10</u>, <u>Section&nbsp;2.11</u> and <u>Section&nbsp;2.12</u>:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">as promptly as practicable after an officer of the Administrative Agent or an officer of such Lender with responsibility for its participation in this Agreement becomes aware of the relevant circumstances and their results, such Lender shall notify the Borrower and the Administrative Agent; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">in consultation with the Borrower and the Administrative Agent, such Lender shall take such steps as it determines are reasonably available to it and are acceptable to the Borrower and the Administrative Agent to mitigate the effect of those circumstances (such as changing its Lending Office, and/or assigning some or all of its rights or obligations under this Agreement at par to another Person acceptable to the Borrower and the Administrative Agent and willing to take that assignment), if such Lender can do so without material cost or expense to such Lender;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided </font></i><font size="3" style="font-size:12.0pt;">that no Lender shall be obliged to take any such steps that in its sole opinion, arrived at in good faith, would or might have an adverse effect on that Lender.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">If (i)&nbsp;the Borrower becomes obliged to pay any Taxes for the account of any Lender under <u>Section&nbsp;2.12</u> (excluding Other Taxes) or any amount under <u>Section&nbsp;2.11</u> and (ii)&nbsp;the Borrower gives to such Lender not less than fourteen (14) days&#146; notice of the date of prepayment, the Borrower may prepay all (but not part only) of such Lender&#146;s Loan without premium or penalty at any time.&#160; Any such prepayment must be accompanied by accrued interest on such Loan and by any other sum then due to such Lender under <u>Section&nbsp;2.13</u> or any other provision of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Notwithstanding any other provision of this <u>Section&nbsp;2.14</u>, no Lender shall demand compensation for any increased or other cost or reduction pursuant to this <u>Section&nbsp;2.14</u> if it shall not at the time be the general policy or practice of such Lender to demand such compensation in similar circumstances under comparable provisions of other credit facilities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Currency Indemnity; Indemnity Separate</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">The Dollar is the sole currency of account and payment for all sums payable by the Borrower under or in connection with this Agreement, including damages for any breach of this Agreement.</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="3" style="font-size:12.0pt;">26</font><a name="PB_26_002808_9111"></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-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower fully understands that the transactions (a)&nbsp;described in this Agreement are part of a cross-border financing and any disbursements made by any Lender will be made in Dollars and, therefore, it is of the essence of this Agreement and the Loan Documents that any and all payments made by the Borrower (or any other entity on its behalf) hereunder or thereunder is made exclusively in Dollars. Thus, the Borrower hereby expressly, unconditionally and irrevocably waives any right (including without limitation any right under Section&nbsp;765 of the Argentine Civil and Commercial Code (if applicable)) it may have in any jurisdiction to pay any amount under the Loan Documents in a currency other than Dollars.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower irrevocably and unconditionally waives the right to invoke any defense in relation to its obligations of paying any amounts due under the Loan Documents, including without limitation, defenses of impossibility, impracticability or frustration of purpose set forth in Section&nbsp;1091 of the Argentine Civil and Commercial Code, force majeure or act of God set forth in Sections 955, 1031, 1032 or 1730 of the Argentine Civil and Commercial Code, impossibility to comply with the obligations set forth in Section&nbsp;1732 of the Argentine Civil and Commercial Code, or &#147;<i>onerosidad sobreviniente</i>&#148;, &#147;<i>lesion enorme</i>&#148; or &#147;<i>abuso del derecho</i>&#148; set forth in Section&nbsp;10 of the Argentine Civil and Commercial Code.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Any amount received or recovered in a currency other than Dollars (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the Winding-up of the Borrower or otherwise) by the Administrative Agent or any Lender in respect of any sum expressed to be due to it from the Borrower under this Agreement shall constitute a discharge to the Borrower only to the extent of the Dollar amount that the recipient is able, in accordance with its usual practice, to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so).&#160; If that Dollar amount is less than the Dollar amount expressed to be due to the recipient under this Agreement, the Borrower shall pay such additional amount in Dollars as may be necessary to compensate the recipient for such shortfall.&#160; In any event, the Borrower shall indemnify the recipient against the reasonable cost of making any such purchase.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">If at the time when any payment by the Borrower in connection with the Agreement is due hereunder or under any other Loan Document there is any restriction or prohibition on access to the Argentine exchange market or a requirement to have prior authorization of the Central Bank or any other Governmental Authority and such authorization is not available on the date when payment is due, to the fullest extent permitted by law, the Borrower shall, at its own expense, obtain the required amount of Dollars to pay such amount due under the Loan Documents, through: (i)&nbsp;the purchase with Pesos of any Dollar-denominated public or private bond or tradable debt or equity security listed in Argentina and the subsequent transfer and sale thereof outside of Argentina for Dollars; (ii)&nbsp;the purchase of Dollars in any market in which Dollars may be purchased, with any legal tender; or (iii)&nbsp;any other lawful mechanism for the acquisition of Dollars in the Argentine exchange market. The Borrower shall be liable for and shall pay all taxes, costs, fees and expenses payable in connection with the transactions referred to herein for the purchase of Dollars to effect payment of any amount due and owing hereunder. Interest shall continue to accrue as specified in this Agreement on any amounts that are not paid on the due date therefor as a result of the Borrower&#146;s entering into or consummating any transaction to obtain Dollars to make any required payment hereunder or any</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">27</font><a name="PB_27_002812_2270"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">other Loan Document and such shall continue to accrue until full payment of such amount due is made to the Administrative Agent or the Lenders, as the case may be, in accordance with this Agreement and the other Loan Documents. Notwithstanding anything to the contrary contained in this Agreement or in any obligation of the Borrower to any other Person, nothing shall be construed to relieve or otherwise affect the unconditional obligation of the Borrower to satisfy all payment and other obligations under this Agreement on or prior to the due dates thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Each of the indemnities in this Agreement constitutes a separate and independent obligation from the other obligations in this Agreement, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Administrative Agent and/or any Lender and shall continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Agreement or any other judgment or order.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Check</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower&#146;s obligation to pay the principal of, and interest on, the Loans made by any Lender shall also be evidenced by one payment check for deposit (<i>cheque de pago diferido no a la orden y </i>cruzado), substantially in the form of Exhibit&nbsp;E, issued in Pesos against the Check Account in accordance with Section&nbsp;54 of Law No.&nbsp;24,452, as amended and supplemented from time to time (the&nbsp;&#147;<b>Argentine Check Law</b>&#148;), and registered in accordance with Section&nbsp;55 of the Argentine Check Law (a &#147;<b>Check</b>&#148;), duly executed on the each Borrowing Date in favor of the Administrative Agent and delivered to the Onshore Custody Agent, in respect of the Loans and payable in each case ninety (90) days after its issue date.&#160; The Check shall be issued in Pesos for an amount equal to the aggregate outstanding principal amount of the Loans made on the each Borrowing Date, converted at the Exchange Rate on the Business Day prior to its issuance.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower shall be obliged to replace the Check one Business Day prior to the date such Check becomes payable, unless instructed in writing by the Onshore Custody Agent (acting upon the instructions of the Majority Lenders), that such replacement will not be required, and such replacement Check shall be (i)&nbsp;for an amount in Pesos equal to (a)&nbsp;the aggregate outstanding principal amount of Loans on the date of issuance of such Check, converted at the Exchange Rate on the Business Day prior to its issuance, plus (b)&nbsp;10% of such principal amount to cover foreign exchange variation, and (ii)&nbsp;issued against the Check Account or any other bank mutually acceptable to Borrower and Administrative Agent (acting on the instructions of the Majority Lenders).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each Check and each replacement of the foregoing shall be delivered by Borrower to the Onshore Custody Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">By receipt of each Check, the Administrative Agent and the Onshore Custody Agent shall be deemed to have agreed (on behalf of the Lenders) to: (i)&nbsp;receive such Check solely as further guaranty of the Borrower&#146; obligation to pay the Loans in full when due and to hold such Check in custody for the benefit of Lenders; (ii)&nbsp;refrain from endorsing or otherwise transferring or assigning such Check, and (iii)&nbsp;deposit such Check only after the outstanding principal amount under the Loans has become immediately due and payable</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">pursuant to <u>ARTICLE&nbsp;VI</u> hereof. The mechanism for the issuance of a Check has been structured and agreed with the Administrative Agent, the Onshore Custody Agent and the Lenders exclusively for the purpose of giving them a right to initiate legal proceedings for the collection of Pesos in Argentina through a summary executive proceeding (<i>acci&#243;n ejecutiva</i>), following a payment default on any principal on the Loans or any other amount due hereunder. In addition, the Administrative Agent, the Onshore Custody Agent and each Lender hereby represents and agrees that the fact of not having sufficient available funds to pay for the Check at the time each Check becomes payable, will not be used by the Lenders, the Administrative Agent or the Onshore Custody Agent (and the Lenders will not direct the Administrative Agent or the Onshore Custody Agent) to pursue, in a criminal court, actions arguing a ploy, scheme, deception, deceit, criminal plan or any other related concept, against the Borrower, the members of its board of Directors, or any officer of the Borrower. Furthermore, the Lenders agree to refrain from the use of criminal courts or criminal prosecutions in any jurisdiction to supplement, improve or implement their bargaining power or position under the Loans in case of a payment default on any principal on the Loans or any other amount due hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Upon any prepayment pursuant to <u>ARTICLE&nbsp;II</u> hereof, Borrower shall be entitled to replace any Check held by the Onshore Custody Agent to reflect such prepayment.&#160; Any replacement Check issued pursuant to this <u>Section&nbsp;2.16(e)</u>&nbsp;shall be for an amount in Pesos equal to the aggregate outstanding principal amount of Loans made on the date of issuance of such Check, converted at the Exchange Rate on the Business Day prior to its issuance.</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><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;III</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CONDITIONS PRECEDENT</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;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;3.1</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Conditions Precedent to the Loans and the Borrowing Date</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement shall become effective upon, and the agreement of the Lenders to make the Loans is subject to, the satisfaction of each Lender or waiver by each Lender on or prior to the Initial Borrowing Date of the following conditions precedent:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received this Agreement, executed and delivered by a duly authorized officer of the Borrower and each Lender;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the Lenders shall have received a certificate from the Borrower, dated as of the Initial Borrowing Date, substantially in the form set out in <u>Exhibit&nbsp;D</u>, duly executed by the Chief Executive Officer, the Chief Financial Officer, the General Counsel or other high ranking officer of the Borrower, (i)&nbsp;attaching a copy of the organizational documents of the Borrower, as amended to date, (ii)&nbsp;attaching a copy of the actions of the board of directors of the Borrower authorizing the execution, delivery and performance of this Agreement and the Loan Documents, and (iii)&nbsp;in respect of the incumbency and authority, containing a specimen signature of each person who is authorized to sign this Agreement and the Loan Documents on its behalf;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received a certificate from the Borrower, dated as of the Initial Borrowing Date, duly executed by the Chief Executive Officer or the Chief Financial Officer of the Borrower to the effect that the financial statements set forth below (x)&nbsp;have been prepared, examined and approved in accordance with IFRS and in</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="3" style="font-size:12.0pt;">29</font><a name="PB_29_002818_9801"></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-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">accordance with the Borrower&#146;s or Cablevision&#146;s constitutive laws and regulations, as applicable, and (y)&nbsp;fairly present the consolidated financial condition and operations of the Borrower and Cablevision, as applicable, and its respective Consolidated Subsidiaries as at that date:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Borrower&#146;s annual consolidated financial statements (including income statements, balance sheets and cash flow statements) of the Borrower and its Subsidiaries for the fiscal year ended December&nbsp;31, 2016,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Cablevision&#146;s annual consolidated financial statements (including income statements, balance sheets and cash flow statements) of Cablevision and its Subsidiaries for the fiscal year ended December&nbsp;31, 2016;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;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><font size="3" color="black" style="color:black;font-size:12.0pt;">the Borrower&#146;s unaudited condensed consolidated financial statements as of September&nbsp;30, 2017, and for the nine months then ended,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iv)</font><font size="1" color="black" style="color:black;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><font size="3" color="black" style="color:black;font-size:12.0pt;">Cablevision&#146;s unaudited condensed consolidated financial statements as of September&nbsp;30, 2017, and for the nine months then ended; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received a Notice of Borrowing executed by the Borrower in accordance with <u><font color="black" style="color:black;">Section&nbsp;2.3</font></u>;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the Onshore Custody Agent shall have received the Check duly signed by the Borrower in accordance with <u>Section&nbsp;2.16</u> in a principal amount equal to the Loans outstanding as of such date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received the executed legal opinions, addressed to the Administrative Agent and each Lender, dated on or after the date of this Agreement, from:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Errecondo, Gonz&#225;lez&nbsp;&amp; Funes,</font><font size="3" style="font-size:12.0pt;"> special Argentine counsel to the Borrower, substantially in the form set out in <u>Exhibit&nbsp;F</u>;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special New York counsel to the Borrower, substantially in the form set out in <u>Exhibit&nbsp;G</u>;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;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><font size="3" style="font-size:12.0pt;">Bruchou Fern&#225;ndez Madero&nbsp;&amp; Lombardi, special Argentine counsel to the Lenders and the Joint Bookrunners and Lead Arrangers, in form and substance satisfactory to the Lenders; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iv)</font><font size="1" color="black" style="color:black;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><font size="3" style="font-size:12.0pt;">Linklaters LLP, special New York counsel to the Lenders and the Joint Bookrunners and Lead Arrangers, in form and substance satisfactory to the Lenders;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received the fees with respect to the Loans payable in accordance with <u>Section&nbsp;2.4(c)</u>;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">since September&nbsp;30, 2017, there shall have been no circumstance, event or condition which has or would reasonably be expected to have a Material Adverse Effect;</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="3" style="font-size:12.0pt;">30</font><a name="PB_30_002821_2440"></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-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received evidence of payment by the Borrower of all agreed upon accrued fees and expenses of legal counsel (including fees and expenses of (i)&nbsp;Bruchou Fern&#225;ndez Madero&nbsp;&amp; Lombardi, special Argentine counsel to the Lenders and the Joint Bookrunners and Lead Arrangers, (ii)&nbsp;Linklaters LLP, special New&nbsp;York counsel to the Lenders and the Joint Bookrunners and Lead Arrangers<font color="black" style="color:black;"> and (iii)&nbsp;Hinckley Allen&nbsp;&amp; Snyder LLP, special New York counsel to the Administrative Agent</font>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">all corporate and other proceedings and all documents, instruments and other legal matters in connection with the transactions contemplated by this Agreement and the Loan Documents shall be reasonably satisfactory in form and substance to each Lender, and the Administrative Agent and each Lender shall have received such other documents in respect of any aspect or consequence of the transactions contemplated hereby or thereby as they shall reasonably request;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">all documentation and other information of the Borrower required by regulatory authorities under applicable &#147;know your customer&#148; and anti-money laundering rules&nbsp;and regulations, including the USA Patriot Act, shall have been provided to the Lenders in form and substance satisfactory to each Lender;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(l)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received written confirmation of the appointment by the Borrower of the Process Agent through the Maturity Date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(m)</font><font size="1" color="black" style="color:black;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><font size="3" style="font-size:12.0pt;">as of the Initial Borrowing Date, each of the representations and warranties made by the Borrower in this Agreement shall be: (i)&nbsp;if such representation or warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect, true and correct to the extent of such qualification on and as of the Initial Borrowing Date as if made on such date (except for such representations and warranties which are expressly stated to have been made as of a specific date, which shall be true and correct to the extent of such qualification as of such specific date); or (ii)&nbsp;if such representation or warranty is not so qualified, true and correct in all material respects on and as of the Initial Borrowing Date, as if made on such date (except for such representations and warranties which are expressly stated to have been made as of a specific date, which shall be true and correct in all material respects as of such date); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(n)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">no Potential Event of Default, Event of Default or Prepayment Event shall have occurred and be continuing on the Initial Borrowing Date or would result from the making of the Loans on such date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;3.2</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Conditions Precedent to All Borrowing Date</font></u><u><font size="3" style="font-size:12.0pt;">s</font></u><font size="3" style="font-size:12.0pt;">.&#160; The obligation of each Lender to make Loans (including Loans made on the Initial Borrowing Date), is subject, at the time of each such Borrowing (except as hereafter indicated), to the satisfaction of each Lender of the following conditions:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">at the time of each such Borrowing and also after giving effect thereto (i)&nbsp;there shall exist no Potential Event of Default or Event of Default and (ii)&nbsp;all representations and warranties contained herein and in the other Loan Documents shall be true and correct in all</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="3" style="font-size:12.0pt;">31</font><a name="PB_31_002824_5340"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">material respects with the same effect as though such representations and warranties had been made on the date of such Borrowing; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">prior to the making of each Loan, the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of <u>Section&nbsp;2.3</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;3.3</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Documents</font></u><font size="3" style="font-size:12.0pt;">.&#160; All documents submitted to the Administrative Agent or the Onshore Custody Agent, as applicable, pursuant to this Agreement (other than the Check) shall be in the English language or accompanied by an English translation certified by a duly appointed officer of the Borrower.</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><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;IV</font></b></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="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REPRESENTATIONS AND WARRANTIES</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;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans, the Borrower represents and warrants to the Administrative Agent and each Lender, on the date hereof and on the each Borrowing Date, that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.1</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Status</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is a <i>sociedad an&#243;nima</i> duly incorporated and validly existing under the laws of Argentina and has the corporate power and authority to own its Assets and to conduct the business that it conducts and/or proposes to conduct as presently conducted and is in compliance in all material respects with all Applicable Law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.2</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Powers</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower has the corporate power and authority to execute, deliver and perform this Agreement and the other Loan Documents and to borrow hereunder, and has taken all necessary corporate action to authorize the borrowings on the terms and conditions of this Agreement, and to authorize the execution, delivery and performance of this Agreement and the other Loan Documents.&#160; Each Loan Document has been, and when delivered, will be, duly executed and delivered by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.3</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Authorization and Consents</font></u><font size="3" style="font-size:12.0pt;">.&#160; No action, condition, approval or authorization is required by the laws of Argentina in order (a)&nbsp;to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under this Agreement or any other Loan Document, (b)&nbsp;to ensure that those obligations are valid, legally binding and enforceable, or (c)&nbsp;to ensure that those obligations rank and will at all times rank in accordance with <u>Section&nbsp;5.2</u>, notwithstanding the Borrower&#146;s compliance of the periodic information regime pursuant to Communication &#147;A&#148; 6401 (as amended and supplemented from time to time) of the Central Bank.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.4</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Non-Violation of Laws,&nbsp;etc.</font></u><font size="3" style="font-size:12.0pt;">.&#160; The execution, delivery and performance of this Agreement and the consummation of the Loans contemplated hereby and thereby will not conflict with or violate (a)&nbsp;the Borrower&#146;s organizational documents or (b)&nbsp;any other Requirement of Law to which the Borrower is subject that would not reasonably be expected to have a Material Adverse Effect.</font></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;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.5</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Governmental Approvals</font></u><font size="3" style="font-size:12.0pt;">.&#160; All material Governmental Approvals necessary for conduct the business, trade and ordinary activities of the Borrower and each of the Subsidiaries have been obtained or effected and are in full force and effect, except for the approvals of the<i> Comisi&#243;n Nacional de Defensa de la Competencia (CNDC) </i>and a registration before the <i>Inspecci&#243;n General de Justicia</i>, in connection with the Mergers), which are still pending.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.6</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Obligations Binding</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement and each other Loan Documents (each when duly executed and delivered) constitutes a legal, valid and binding obligation of the Borrower, enforceable against it in accordance with their respective terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting enforcement of creditors&#146; rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or in law).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.7</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Non-Violation of Other Agreements</font></u><font size="3" style="font-size:12.0pt;">.&#160; The execution, delivery and performance of this Agreement and the other Loan Documents and the disbursement of the Loans contemplated hereby will not conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of the Borrower or any of its Subsidiaries, except such obligations as to which Borrower has obtained a waiver prior to the each Borrowing Date and except for such conflicts or breaches that would not reasonably be expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.8</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Mergers</font></u><font size="3" style="font-size:12.0pt;">.&#160; All necessary corporate action and approvals to authorize the Mergers has been taken and all regulatory approvals and registrations required for the effectiveness of the Mergers (including the approval of the <i>Ente Nacional de Comunicaciones (ENACOM)</i>) have been obtained, except for approvals of the<i> Comisi&#243;n Nacional de Defensa de la Competencia (CNDC) </i>and a registration before the <i>Inspecci&#243;n General de Justicia</i>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.9</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">No Default</font></u><font size="3" style="font-size:12.0pt;">.&#160; No Event of Default and no Potential Event of Default has occurred and is continuing, or will occur as a result of the disbursement of the Loans contemplated hereby, other than any waived in accordance with <u>Section&nbsp;9.1</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Borrower&#146;s Financial Statements</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower&#146;s audited consolidated financial statements as of December&nbsp;31, 2016 and for the fiscal year then ended, together with notes thereto, and the Borrower&#146;s unaudited condensed consolidated financial statements as of September&nbsp;30, 2017 and the nine-month period then ended, together with notes thereto, and in each case as delivered to the Administrative Agent (with copies of the related reports and approvals referred to in clause (a)&nbsp;below):</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">include such financial information as are required under Applicable Law and were prepared, examined, reported on and audited and/or approved, as applicable, in accordance with <font color="black" style="color:black;">IFRS</font> and in accordance with the Applicable Law and the Borrower&#146;s constitutive documents;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">fairly present the consolidated financial condition and operations of the Borrower and its Consolidated Subsidiaries as at that date and for the respective period then ended; and</font></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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">to the extent required by <font color="black" style="color:black;">IFRS</font>, disclose or reserve against all liabilities (contingent or otherwise) of the relevant Person(s)&nbsp;as of that date any and all material unrealized or anticipated losses from any commitment entered into by the relevant Person(s)&nbsp;and which existed as of the respective dates thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Cablevision&#146;s Financial Statements</font></u><font size="3" style="font-size:12.0pt;">.&#160; Cablevision&#146;s audited consolidated financial statements as of December&nbsp;31, 2016 and for the fiscal year then ended, together with notes thereto, and the Cablevision&#146;s unaudited condensed consolidated financial statements as of September&nbsp;30, 2017 and the nine-month period then ended, together with notes thereto, and in each case as delivered to the Administrative Agent (with copies of the related reports and approvals referred to in clause (a)&nbsp;below):</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">include such financial information as are required under Applicable Law and were prepared, examined, reported on and audited and/or approved, as applicable, in accordance with <font color="black" style="color:black;">IFRS</font> and in accordance with the Applicable Law and the Cablevision&#146;s constitutive documents;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">fairly present the consolidated financial condition and operations of Cablevision and its Consolidated Subsidiaries as at that date and for the respective period then ended; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">to the extent required by <font color="black" style="color:black;">IFRS</font>, disclose or reserve against all liabilities (contingent or otherwise) of the relevant Person(s)&nbsp;as of that date any and all material unrealized or anticipated losses from any commitment entered into by the relevant Person(s)&nbsp;and which existed as of the respective dates thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Pro-forma Financial Statements</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Pro-forma Financial Statements, together with notes thereto, and in each case as delivered to the Administrative Agent, fairly represent on a pro forma basis the estimated financial condition of the Borrower after giving effect to the Telecom/CV Merger as of the relevant date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">No Material Adverse Effect</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)&nbsp;On the first Borrowing Date, no event or circumstance or combination thereof has had a Material Adverse Effect since the Closing Date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)&nbsp;On the second Borrowing Date, no event or circumstance or combination thereof has had a Material Adverse Effect since the first Borrowing Date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Litigation</font></u><font size="3" style="font-size:12.0pt;">.&#160; No litigation, arbitration or administrative proceeding against the Borrower or any of its Subsidiaries is currently pending or, to the knowledge of the Borrower or any of its Subsidiaries, threatened in writing (a)&nbsp;to reasonably likely to be adversely determined and, if so determined, is reasonably likely to prevent the performance by the Borrower of its obligations under this Agreement or any other Loan Document, or (b)&nbsp;which has or would reasonably be expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Labor Relations</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is not engaged in any unfair labor practice that would be reasonably likely to, individually or in the aggregate, have a Material Adverse Effect.&#160; There is (a)&nbsp;no unfair labor practice complaint pending against the Borrower or, to the knowledge of the Borrower, threatened in writing against the Borrower, before any</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Governmental Authority with responsibility, authority or jurisdiction for such matters, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement is so pending against the Borrower or, to the knowledge of the Borrower, threatened in writing against the Borrower, (b)&nbsp;no strike, labor dispute, slowdown or stoppage&nbsp;pending against the Borrower or, to the knowledge of the Borrower, threatened in writing against the Borrower and (c)&nbsp;to the knowledge of the Borrower, no union organizing activities taking place, except (with respect to any matter specified in clause (a), (b)&nbsp;or (c)&nbsp;above, either individually or in the aggregate) such as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Disclosure</font></u><font size="3" style="font-size:12.0pt;">.&#160; No representation or warranty of the Borrower contained in any Loan Document or in any other documents, certificates or written statements furnished to the Administrative Agent or Lender by or on behalf of the Borrower for use in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact (known to Borrower, in the case of any document not furnished by it) necessary in order to make the statements contained herein or therein, when taken as a whole, not misleading in light of the circumstances in which the same were made.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.17</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Taxes</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">The Borrower and each of its Subsidiaries have filed all material tax returns required to be filed and paid all material taxes shown to be due thereon except such as are being contested in good faith by appropriate proceedings, for which the Borrower has made adequate reserves as required under <font color="black" style="color:black;">IFRS</font>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">As of the date hereof, all payments of interest under this Agreement by the Borrower to a Lender located outside Argentina are subject to withholding of Argentine income tax at: (i)&nbsp;a rate of 15.05% on the amount of each such interest payment with respect to any Qualifying Bank, (ii)&nbsp;a lower rate which may be applicable in accordance with tax treaties for the avoidance of double taxation to Lenders located in countries that have such tax treaties in force with Argentina; or (iii)&nbsp;a rate of 35.0% if neither of the conditions indicated in clauses (i)&nbsp;and (ii)&nbsp;above are met; <i>provided</i> that nothing in this clause (b)&nbsp;shall be deemed to limit or otherwise diminish or reduce any of the parties&#146; respective obligations otherwise set forth in this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.18</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Purpose of the Loans</font></u><font size="3" style="font-size:12.0pt;">.&#160; The proceeds of the Loans shall be used by the Borrower solely to fund capital expenditures, working capital, other general corporate purposes and to pay the fees and expenses incurred in connection with the Loans. None of the proceeds of the Loans will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any &#147;margin stock&#148; within the meaning of Regulation U of the Board of Governors of the Federal Reserve System of the United States of America or of extending credit to others for the purpose of buying or carrying any &#147;margin stock&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.19</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Foreign Exchange Regulations</font></u><font size="3" style="font-size:12.0pt;">.&#160; On the Initial Borrowing Date, the Borrower shall have complied in all material respects with all Foreign Exchange Regulations, if any, and shall have made all necessary filings, the failure of which might affect any payment to be made under this Agreement, and, to the best of the Borrower&#146;s knowledge, there are no</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">foreign exchange restrictions in effect in Argentina that would adversely affect any payment to be made under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.20</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Ownership; Subsidiaries</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each of the Borrower&#146;s Subsidiaries is a Person duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has the power (corporate or otherwise) and authority to own its Assets and conduct the business that it conducts and/or proposes to conduct.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.21</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Solvency</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is, and upon giving effect to the Loans and the use of proceeds thereof, will be, on a Consolidated basis, Solvent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.22</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Investment Company Act</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is not required to register as an&#148;investment company&#148; under the Investment Company Act of 1940, as amended.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.23</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">No Immunity</font></u><font size="3" style="font-size:12.0pt;">.&#160; Under the laws of Argentina, with respect to the execution, delivery and performance of this Agreement and the other Loan Documents, the Borrower is subject to private commercial law and to suit, and neither it nor its Assets, to the extent located in Argentina, has any immunity from the jurisdiction of any court or any legal process (whether through service of notice, attachment prior to notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) except for such Assets used for the performance of a public service.&#160; Neither the defense of sovereign immunity nor any similar defense is available to the Borrower against (a)&nbsp;any service of process by the Administrative Agent or any Lender in any suit, action or proceeding relating to or arising out of any of the obligations of the Borrower under this Agreement, any Loan Document or any other documents executed in connection with any Loan Document, (b)&nbsp;any claim of jurisdiction over the Borrower in any court of competent jurisdiction in connection with any such suit, action or proceeding, (c)&nbsp;any judgment that could otherwise be obtained against the Borrower as a result of any such suit, action or proceeding or (d)&nbsp;the enforcement of any such judgment against the Borrower or any of its Assets, except for such Assets used for the performance of a public service.&#160; The Borrower has full power and authority to waive immunity and any similar defense as provided in <u>Section&nbsp;9.12</u>, and such waiver is effective, legal, valid and enforceable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.24</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">OFAC and Anti-Money Laundering</font></u><font size="3" style="font-size:12.0pt;">.&#160; None of the Borrower, any of its Subsidiaries or, to the knowledge of the Borrower, any director, officer or Controlled Affiliate of the Borrower or any of its Subsidiaries or Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC, is currently (a)&nbsp;a Person with whom dealings are restricted or prohibited by, or are sanctionable under any Sanction, or (b)&nbsp;located, organized or residing in any Designated Jurisdiction.&#160; The Borrower has not been notified by any relevant Agency that it or any of its Subsidiaries is currently the subject of investigation for violations of any Anti-Money Laundering Laws.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.25</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">FCPA</font></u><font size="3" style="font-size:12.0pt;">.&#160; Neither the Borrower nor, to the knowledge of the Borrower, (i)&nbsp;any Controlled Affiliate of the Borrower or any of its Subsidiaries, (ii)&nbsp;solely in connection with the Telecom/CV Merger, (x)&nbsp;Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC or (y)&nbsp;any director, officer or employee acting on behalf of Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC, or (iii)&nbsp;any director, officer or employee acting on behalf of the Borrower, any Controlled Affiliate of the Borrower or any of its</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Subsidiaries, has violated the FCPA or made a material violation of any other applicable anti-corruption law.&#160; No part of the proceeds of the Loans shall be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or any other Person acting in an official capacity, in each case in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA by the Borrower, any Controlled Affiliate of the Borrower or any of its Subsidiaries or, solely in connection with the Telecom/CV Merger, Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.26</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Environmental Compliance</font></u><font size="3" style="font-size:12.0pt;">. The Borrower conducts in the ordinary course of business a review of (a)&nbsp;the effect of environmental laws in force in Argentina, Paraguay and Uruguay and (b)&nbsp;claims alleging potential liability or responsibility for violation of any environmental law in force in Argentina, Paraguay and Uruguay, in each case, with respect to its business, operations and properties, and as a result thereof, the Borrower has reasonably concluded that, to the best of its knowledge, the effect of such environmental laws or any such claims would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.27</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Legal Form</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement is in proper legal form for the enforcement thereof against the Borrower under the laws of Argentina, provided that such enforcement shall be subject to (i)&nbsp;compliance with the requirements of Sections 517 and 519 of Law No.&nbsp;17,454, as amended by Law No.&nbsp;22,434 (Argentine Civil and Commercial Procedures Code) relating to the execution of foreign judgments; (ii)&nbsp;limitations arising from bankruptcy, insolvency, reorganization (including quiebra, concurso preventivo and acuerdo preventivo extrajudicial), fraudulent conveyance, moratorium or similar laws relating to, or affecting enforcement of creditors&#146; rights; (iii)&nbsp;general principles of law, including reasonableness, good faith, fair dealing and regular exercise of rights; (iv)&nbsp;pursuant to Laws No.&nbsp;24,573 and 26,589, the regulatory Decree No.&nbsp;1,467/2011 (as amended and supplemented by Decree No.&nbsp;2,536/2015) and other ancillary regulations (as amended and supplemented), certain mediation procedures must be exhausted prior to the initiation of lawsuits in Argentina, with the exception, among others, of bankruptcy and summarized foreclosure proceedings (which include the enforcement of foreign judgments), in which cases mediation remains optional for the plaintiff; (v)&nbsp;the limitations to floreclosure of property which is determined by law or the courts of Argentina for the validity and enforceability of each of the Loan Documents (including any necessary registration, recording or filing with any court or other authority in Argentina) have been accomplished, and no other Taxes are required to be paid to Argentina, or to any political subdivision thereof or therein (other than any applicable court tax (<i>tasa de justicia</i>), if necessary); and (vi)&nbsp;a translation by a public translator into the Spanish language of any document written in a different language shall be required, for the admissibility in evidence in an Argentine court of any such document.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.28</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">FATCA Status</font></u><font size="3" style="font-size:12.0pt;">. The Borrower is not</font><font size="3" style="font-size:12.0pt;">, as of the date of this Agreement, and shall use commercially reasonable efforts to avoid becoming either: (i)&nbsp;a &#147;United States person&#148; as that term is defined in Section&nbsp;7701(a)(30) of the Code or (ii)&nbsp;a person some or all of whose payments under the Loan Documents are from sources within the United States for US federal income tax purposes, as of the date of this Agreement</font><font size="3" style="font-size:12.0pt;">; and accordingly, payment of interest and gross proceeds under this Agreement would not be a &#147;withholdable payment&#148; as that term is defined in FATCA as in effect on the date of this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.29</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Intellectual Property</font></u><font size="3" style="font-size:12.0pt;">. The Borrower owns, or is licensed to use or validly and lawfully has the right to use, without restrictions or other obligations, all trademarks, tradenames, copyrights, patents, service marks, licenses and other intellectual property material to its business, and the use thereof by the Borrower does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not be reasonably expected to result in a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.30</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Insurance Matters</font></u><font size="3" style="font-size:12.0pt;">. The Borrower and its Subsidiaries maintain insurance against losses, liabilities or damages (including damage to persons and third-party property) as may customarily be carried or maintained under similar circumstances by Persons engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons, where failure to do so would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.31</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Ranking: Priority</font></u><font size="3" style="font-size:12.0pt;">. The obligations of the Borrower under this Agreement and the other Loan Documents rank in priority of payment at least <i>pari passu</i> with all its other present or future unsecured and unsubordinated Indebtedness, except for Indebtedness having priority by operation of law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.32</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">International Banking Facility</font></u><font size="3" style="font-size:12.0pt;">. The Borrower, an entity located outside the United States, understands that it is the policy of the Board of Governors of the U.S. Federal Reserve System that extensions of credit by international banking facilities, such as the Loans hereunder, may be used to finance the non-U.S. operations of the Borrower located outside the United States, and has consequently applied the proceeds of the Loans as described in Section&nbsp;4.18.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;V</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">COVENANTS</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;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower agrees that, so long as any Loan remains outstanding and unpaid or any other amount is owing to any Lender or the Administrative Agent hereunder:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.1</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Information</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower undertakes that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Preparation of Financial Statements.&#160; </font></i><font size="3" style="font-size:12.0pt;">It will ensure that all financial statements to be delivered by it under this Agreement are prepared in such manner that clauses (a)&nbsp;through (c)&nbsp;of <u>Section&nbsp;4.10</u> would be complied with.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Annual Financial Statements.&#160; </font></i><font size="3" style="font-size:12.0pt;">Only if the Borrower terminates its reporting obligations with the SEC or fails to comply with any of its obligations with the SEC or the New York Stock Exchange<i>, </i>as soon as available and in any event within one hundred twenty (120) days after the end of each of its fiscal years, it will deliver to the Administrative Agent a copy for distribution to the Lenders of its independently audited annual financial statements accounts, prepared on a Consolidated basis in accordance with <font color="black" style="color:black;">IFRS</font>, as at the end of and for that</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="3" style="font-size:12.0pt;">38</font><a name="PB_38_003023_1002"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">fiscal year, together with copies of the related reports and approvals referred to in <u>Section&nbsp;4.10(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Quarterly Information.&#160; </font></i><font size="3" style="font-size:12.0pt;">Only if the Borrower terminates its reporting obligations with the SEC or fails to comply with any of its obligations with the SEC or the New York Stock Exchange<i>, </i>as soon as available and in any event within sixty (60)&nbsp;days after the end of each of the first three quarters of each of its fiscal years, it will deliver to the Administrative Agent a copy for distribution to the Lenders of its unaudited financial statements, which will be prepared on a Consolidated basis in accordance with <font color="black" style="color:black;">IFRS</font>, as at the end of and for that quarter and that may or may not be condensed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Litigation.&#160; </font></i><font size="3" style="font-size:12.0pt;">It will promptly deliver to the Administrative Agent for distribution to the Lenders details of any litigation, arbitration or administrative proceeding that, if current, pending or threatened in writing at the date of this Agreement, would have rendered the representation and warranty in <u>Section&nbsp;4.14</u> incorrect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Events of Default.&#160; </font></i><font size="3" style="font-size:12.0pt;">It will notify the Administrative Agent of the occurrence of any Event of Default or Potential Event of Default (and of any action taken or proposed to be taken to remedy it) promptly after becoming aware of it.&#160; With each financial statement delivered by it pursuant to <u>Section&nbsp;5.1(b)</u>&nbsp;or <u>Section&nbsp;5.1(c)</u>, and promptly after any request made by the Administrative Agent (acting at the written direction of the Majority Lenders) from time to time (but no more frequently than once in any ninety-day period), it will deliver to the Administrative Agent a certificate signed on its behalf by the Chief Financial Officer or such other Person as may be acceptable to the Majority Lenders for that purpose confirming that, so far as it is aware and (if applicable) except as previously notified to the Administrative Agent or waived in accordance with <u>Section&nbsp;9.1</u>, no Event of Default or Potential Event of Default has occurred and is continuing or (as the case may be) setting out details of any which has occurred and is continuing and has not been so notified and of which it is aware and of any action taken or proposed to be taken to remedy it.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Notices.&#160; </font></i><font size="3" style="font-size:12.0pt;">It will promptly give notice to the Administrative Agent for distribution to the Lenders of (i)&nbsp;any changes known to the Borrower in taxes, duties or other fees of Argentina or any political subdivision or taxing authority thereof, or any change known to the Borrower in any Applicable Law, in each case that could reasonably be expected to adversely affect any payment due under this Agreement, (ii)&nbsp;any development or event that has had or would reasonably be expected to have a Material Adverse Effect and (iii)&nbsp;the occurrence of a Change of Control.</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-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.2</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Ranking of Obligations</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font><font size="3" style="font-size:12.0pt;">&#160; The Borrower will cause that its payment obligations under this Agreement and the other Loan Documents rank and will at all times rank at least equally and ratably in all respects with all its other senior unsecured Indebtedness except for such Indebtedness as would, by virtue only of Applicable Law, be preferred in the event of its Winding-up.</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-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.3</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Negative Pledge</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will ensure that none of the Principal Subsidiaries will, incur or suffer to exist any Security for any Person&#146;s Indebtedness on or over their respective Assets, except for:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Security existing on the date of this Agreement listed in <u>Schedule 5.3(a)</u>;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">any Security existing at the time of acquisition on or over any Asset acquired by it (other than from a member of the Group) after the date of this Agreement and not created in contemplation of or in connection with that acquisition and any renewal or extension of any such Security that is limited to the original Assets covered thereby;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">in the case of any Person that becomes a Principal Subsidiary after the date of this Agreement, any Security existing on or over its Assets when it becomes a Principal Subsidiary and not created in contemplation of or in connection with its becoming a Principal Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">any Security created for the purpose of financing the acquisition, construction or development of any Asset or Assets if (i)&nbsp;such Security encumbers only such Asset or Assets then being acquired, constructed or developed (including any stock or other interest in any company created for purposes of acquisition, construction, development and holding of such Asset or Assets); and (ii)&nbsp;such Security attaches to such Asset or Assets concurrently or within one hundred and eighty (180) days after the acquisition, or completion of construction or development, thereof;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">any Security on any Asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower or a Principal Subsidiary and not created in contemplation of or in connection with such event;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Security securing reimbursement obligations with respect to letters of credit that encumber documents and other property relating to such letters of credit and the proceeds thereof;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Security securing Indebtedness or other obligations of the Borrower or of a Subsidiary to the Borrower or to another Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Security securing Hedge Agreements so long as such Hedge Agreements relate to Indebtedness for borrowed money that is, and is permitted to be under this Agreement, secured by a Security on the same property securing such Hedge Agreements;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">extensions, renewals or replacements of any Security referred to in clauses (a), (d)&nbsp;and (e)&nbsp;in connection with the Refinancing of the obligations secured thereby;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">any Security arising from any Tax or other Security arising by operation of law, in each case if the obligation underlying any such Security is not yet due or, if due, is being contested in good faith by appropriate proceedings so long as the Borrower has set aside adequate reserves in accordance with IFRS;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Security created or deposits made in the ordinary course of business (i)&nbsp;in connection with workers&#146; compensation, unemployment insurance and other types of social security, including any Security securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or (ii)&nbsp;to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, purchase, construction or sales</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="3" style="font-size:12.0pt;">40</font><a name="PB_40_003029_7990"></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-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">contracts, leases, government performance and return-of-money bonds and other similar obligations (other than obligations for the payment of borrowed money), so long as the Security does not interfere with the carrying on of the business or operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(l)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Security created in the ordinary course of business upon specific items of inventory or other goods and proceeds of any Person securing such Person&#146;s obligations in respect of bankers&#146; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods, so long as the Security does not interfere in any material respect with the carrying of the business or operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(m)</font><font size="1" color="black" style="color:black;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><font size="3" style="font-size:12.0pt;">Security arising from judgments, decrees, awards or attachments in&#160; circumstances not constituting an Event of Default;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(n)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Easements, rights-of-way, restrictions, encroachments and other similar charges or encumbrances, and minor title deficiencies, in each case not securing Indebtedness and not interfering in any material respect with the conduct of the business and operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(o)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">the designation of lessors, construction companies and other counterparties as loss payees under insurance policies in the ordinary course of business as required by customary contractual requirements, other than in connection with or in anticipation of the incurrence of Indebtedness;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(p)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">Security created in connection with any sale and leaseback transaction;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(q)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">any Security arising out of title retention provisions in a supplier&#146;s standard conditions of supply of goods acquired by the relevant Person in the ordinary course of its business; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(r)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">any other Security securing Indebtedness, or created or outstanding on or over Assets, of the Borrower or its Principal Subsidiaries; provided that the aggregate outstanding principal amount of Indebtedness secured by all Security securing Indebtedness, or created or outstanding on or over Assets, of the Borrower and its Principal Subsidiaries under this clause (r)&nbsp;shall not at any time exceed the greater of $200,000,000 (or its equivalent in any other currency) and 7% of Consolidated Net Tangible Assets;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">unless the benefit of the relevant Security, or of alternative Security reasonably satisfactory to the Majority Lenders, is at the same time and in a manner reasonably satisfactory to the Majority Lenders extended equally and ratably to the Loans and all other sums payable by the Borrower under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.4</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Limitations on Investments</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower and its Principal Subsidiaries will not make, hold or acquire any Investment, if, prior to or immediately after the making of such Investment an Event of Default shall have occurred and be continuing.</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="3" style="font-size:12.0pt;">41</font><a name="PB_41_003032_2846"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.5</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Maintenance of Existence and Payment of Obligations</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Principal Subsidiaries to, (a)&nbsp;subject to <u>Section&nbsp;5.10</u>, preserve, renew and keep in full force and effect its corporate existence, (b)&nbsp;take all reasonable action to maintain all material rights, privileges and franchises necessary or desirable in the normal conduct of its business and (c)&nbsp;pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all material taxes and other material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with the IFRS with respect thereto have been provided on the books of the Borrower or its Principal Subsidiaries, as the case may be; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">provided</font></i><font size="3" style="font-size:12.0pt;"> neither Borrower (other than with respect to existence) nor any of its Principal Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if Borrower&#146;s board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the business of Borrower, and that the loss thereof would not reasonably be expected to have a Material Adverse Effect</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.6</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Compliance With Laws; Authorizations; Contracts; Reporting</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Subsidiaries to, (a)&nbsp;comply in all material respects with all provisions of Applicable Law and contractual obligations and (b)&nbsp;obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorizations, approvals, licenses and consents required in or by Applicable Law to the extent necessary (i)&nbsp;to enable the Borrower lawfully to enter into and perform its obligations under this Agreement and the other Loan Documents, (ii)&nbsp;to ensure the legality, validity, enforceability or admissibility in evidence in Argentina of this Agreement and the other Loan Documents, and (iii)&nbsp;to conduct its business, trade and ordinary activities,</font><font size="3" style="font-size:12.0pt;"> where failure to do so has or is reasonably likely to have a Material Adverse Effect</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.7</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Maintenance of Property; Insurance</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Principal Subsidiaries to, keep all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted, and maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks as are currently maintained by it and as are customary for its type of business, where failure to do so would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.8</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Inspection of Property; Books and Records</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Principal Subsidiaries to, keep proper books of records and account in which full, true and correct entries in conformity in all material respects with IFRS shall be made of all dealings and transactions in relation to its business and activities, and; <i>provided</i> that reasonable prior notice has been given, permit representatives of any Lender, at such Lender&#146;s own cost (other than at any time when an Event of Default has occurred and is continuing, in which case the Borrower shall pay all reasonable costs and expenses of such Lender of any such visit and inspection), to visit and inspect any of its properties and examine and make abstracts from any of its books and records at such reasonable times during normal business hours and as often as may reasonably be requested.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.9</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Accounting Changes</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not cause to change the date on which its fiscal year and fiscal quarter will end, provided that the Borrower may make such</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">change if such change shall be required by Applicable Law or as a result of any change in IFRS or the rules&nbsp;or regulations of any Governmental Authority.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Limitation on Fundamental Changes</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will cause each of its Principal Subsidiaries not to, enter into any transaction of merger, consolidation or amalgamation (other than the Mergers and any other merger of any Subsidiary of the Borrower with and into the Borrower so long as the Borrower shall be the surviving corporation) or liquidate, Wind-up or dissolve itself (or suffer any liquidation, Winding-up or dissolution).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Lines of Business</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will not permit any of its Principal Subsidiaries to, make any material change (in the reasonable judgment of the Majority Lenders) in the nature or conduct of its business as conducted on the date hereof other than any change to its business which is the result of the consummation of the Mergers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Transactions with Affiliates</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will not permit any Subsidiary to, directly or indirectly participate in or effect any transaction with, or for the account of, any Affiliate on terms that are less favorable to Borrower or such Subsidiary than those that might be obtained at the time from a Person who is not an Affiliate;<i> provided</i> that the foregoing restriction shall not apply to (a)&nbsp;reasonable and customary fees paid to members of the board of directors (or similar governing body) of the Borrower; (b)&nbsp;compensation arrangements for officers and other employees of the Borrower entered into in the ordinary course of business; and (c)&nbsp;transactions described in Schedule 5.13.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Derivatives Obligations</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Derivatives Obligations other than bona fide Derivatives Obligations in the ordinary course of business to hedge risks and, in any event, not for speculative purposes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Use of Proceeds</font></u><font size="3" style="font-size:12.0pt;">. The Borrower will use the Loans solely to fund capital expenditures, working capital, other general corporate purposes and to pay the fees and expenses incurred in connection with the Loans, in each case not in contravention of any Requirement of Law or of any Loan Document. The Borrower will not use the proceeds of the Loans, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System of the United States).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Restricted Payments</font></u><font size="3" style="font-size:12.0pt;">. &#160;The Borrower will not pay any dividend on, or repurchase or redeem, any of the shares of its capital stock, if at the time thereof or immediately after giving effect thereto any Event of Default shall have occurred and be continuing or would result therefrom.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Check Account</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower shall not close the Check Account.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.17</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Compliance with Sanctions, Anti-Terrorism Laws, OFAC Rules&nbsp;and Regulations and Anti-Corruption Laws</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower will, and will cause its Subsidiaries to, remain in compliance with OFAC rules&nbsp;and regulations and any other Sanctions, except where the failure to do so would not comprise a material violation of such OFAC rules, regulations or Sanctions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower and its Subsidiaries will comply with the FCPA, and </font><font size="3" style="font-size:12.0pt;">the Borrower will and it will cause each of its Subsidiaries to remain in compliance with all other Anti-Corruption Laws except where the failure to do so would not comprise a material violation of such other Anti-Corruption Laws.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">The Borrower shall promptly notify the Administrative Agent if its senior officers have knowledge that the Borrower or any of its Subsidiaries becomes a Restricted Party, has violated any Sanctions or is convicted on, pleads <i>nolo contendere </i>to, is indicted on or is arraigned and held over on charges involving, money laundering or predicate crimes to money laundering.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.18</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Sanctions</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; The Borrower shall not:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">become, or will permit any of its Subsidiaries to become, a Restricted Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">directly or knowingly indirectly fund all or part of any repayment or prepayment of the Loans or discharge any obligation due or owing to a Party under this Agreement out of proceeds derived from: (i)&nbsp;any activity or dealing with a Restricted Party; or (ii)&nbsp;any other action or status, in each case as would cause any Party or any of the Borrower&#146;s Subsidiaries to be in breach of, any Sanctions; or</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">directly or indirectly use permit all or any part of the proceeds of the Loans, or other transactions contemplated by this Agreement, or lend, contribute or otherwise make available such proceeds to an Affiliate, joint venture partner or other Person, (i)&nbsp;to fund any trade, business or other activities of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, a country, territory or Person with whom dealings are restricted or prohibited by any Sanctions or (ii)&nbsp;in any other manner, in each case, that would result in a violation of Sanctions by any Person participating in the Loans, whether as underwriter, advisor, investor or otherwise<font color="black" style="color:black;">.</font></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;VI</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EVENTS OF DEFAULT</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;6.1</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Events of Default</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; The following are Events of Default:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Non-Payment:&#160; </font></i><font size="3" style="font-size:12.0pt;">The Borrower does not pay as provided in this Agreement any principal on the Loans when due, or does not pay any other amount due hereunder within three (3)&nbsp;Business Days after such amount is due.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Breach of Representation or Warranty:&#160; </font></i><font size="3" style="font-size:12.0pt;">Any representation warranty or statement by the Borrower in this Agreement, any Loan Document or in any statement or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">certificate at any time given by Borrower in writing pursuant hereto or thereto proves to be incorrect in any material respect when made or deemed to have been made.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Breach of Certain Covenants:&#160; </font></i><font size="3" style="font-size:12.0pt;">Any agreement contained in <u>Section&nbsp;5.1(e)</u>, <u>Section&nbsp;5.2</u>, <u>Section&nbsp;5.3</u>, <u>Section&nbsp;5.4</u>, <u>Section&nbsp;5.5(a)</u>, Section&nbsp;5.6, <u>Section&nbsp;5.10</u>, <u>Section&nbsp;5.13</u>, <u>Section&nbsp;5.14</u>, <u>Section&nbsp;5.15</u>, <u>Section&nbsp;5.16</u>, <u>Section&nbsp;5.17</u> or <u>Section&nbsp;5.18</u> is not complied with;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Breach of Check Replacement</font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">. The Borrower does not replace and deliver any Check as provided in <u>Section&nbsp;2.16(b)</u>&nbsp;within five (5)&nbsp;Business Days of </font><font size="3" style="font-size:12.0pt;">the date that is ninety (90) days following the issue date of each such Check;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Breach of Other Obligation:&#160; </font></i><font size="3" style="font-size:12.0pt;">The Borrower does not comply in any material respect with any one or more of its covenants or obligations under this Agreement other than those referred to in paragraphs (a), (b), (c)&nbsp;and (d)&nbsp;above and that default is not remedied or waived within forty-five (45) days after notice of the non-compliance has been given to the Borrower by the Administrative Agent at the written direction of the Majority Lenders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Cross Default:&#160; </font></i><font size="3" style="font-size:12.0pt;">The Borrower or any Principal Subsidiary (i)&nbsp;does not make one or more payments, when due after giving effect to any applicable grace period, in respect of (A)&nbsp;any payment or collateralization obligations with respect to any Indebtedness (other than Indebtedness owing to another member of the Group); or (ii)&nbsp;defaults in the observance or performance of any other agreement relating to Indebtedness and such Indebtedness is declared to be, or is capable of being rendered, due and payable before its stated maturity by reason of that default or any other event of default or the like (however described).&#160; Notwithstanding the foregoing, no Event of Default will occur under this clause (f)&nbsp;unless and until the aggregate amount of the obligations with respect to the Indebtedness, in respect of which one or more of the events mentioned above in this clause (f)&nbsp;has/have occurred, equals or exceeds, $100,000,000 or its equivalent in any other currency (as reasonably determined by the Administrative Agent (acting at the written direction of the Majority Lenders)</font><font size="3" style="font-size:12.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Insolvency:&#160; </font></i><font size="3" style="font-size:12.0pt;">The Borrower or any Principal Subsidiary shall commence a <i>concurso preventivo</i>, file a <i>acuerdo preventivo extrajudicial</i> with a court of competent jurisdiction or commence any other voluntary case concerning itself under the Argentine Bankruptcy Law or under any bankruptcy Law of any other jurisdiction, as applicable, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Borrower or any Principal Subsidiary shall make any assignment or arrangement or composition with or for the benefit of creditors or a moratorium is agreed or declared in respect of, or effecting all or a material part of the Indebtedness of the Borrower or any Subsidiary or any similar event occurs that, under the law of the relevant jurisdiction, has an analogous or equivalent effect to any of the foregoing.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Enforcement Proceedings:&#160; </font></i><font size="3" style="font-size:12.0pt;">An warrant of attachment, execution or similar legal process shall have been issued against a substantial part of the Assets of the Borrower or any Principal Subsidiary and such event shall continue for ninety (90) days without having been dismissed, bonded or discharged.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Winding-up:&#160; </font></i><font size="3" style="font-size:12.0pt;">Any involuntary case shall be commenced by or against the Borrower or any Principal Subsidiary, or a court of a competent jurisdiction shall enter into a decree or order, seeking the Winding-Up of the Borrower or any Principal Subsidiary and any such event shall continue for sixty (60) days without having been dismissed, bonded or discharged.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Governmental Approvals.</font></i><font size="3" style="font-size:12.0pt;">&#160; Any Governmental Approval at any time necessary to enable the Borrower to comply with any of its obligations under the Loans Documents or to carry on its business as being conducted on the date hereof shall be permanently revoked, withdrawn or withheld or shall be modified or amended and any of the foregoing actions would be reasonably expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Illegality:&#160; </font></i><font size="3" style="font-size:12.0pt;">It is or will become unlawful for the Borrower to perform or comply with any one or more of its material obligations under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(l)</font><font size="1" color="black" style="color:black;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; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Judgments:&#160; </font></i><font size="3" style="font-size:12.0pt;">Any final judgment or order which is not subject to appeal or nullity (<i>recurso de nulidad</i>) for the payment of money in excess of $100,000,000 in the aggregate (or the equivalent thereof in any currency) (to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against the Borrower or any Principal Subsidiary and such judgment or order shall remain undischarged, unvacated, unbonded or unstayed for a period of ninety (90) days.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(m)</font><font size="1" color="black" style="color:black;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><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Expropriation Event</font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">: any Governmental Authority takes any action to condemn, seize, nationalize, expropriate or appropriate all or any substantial part of the Assets of the Borrower and its Principal Subsidiaries taken as a whole(either with or without payment of compensation).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If at any time and for any reason (and whether within or beyond the control of any party to this Agreement) any Event of Default has occurred and is continuing, (A)&nbsp;if such event is an Event of Default specified in clauses (g)&nbsp;or (i)&nbsp;above with respect to the Borrower or any Principal Subsidiary, the Commitments shall, automatically, terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement shall, automatically, become due and payable in full and (B)&nbsp;if such event is any other Event of Default, the Administrative Agent, if so directed, in writing, by the Majority Lenders, may, by notice to the Borrower, cancel the Commitments and/or declare the Loans, all unpaid accrued interest or fees and any other sum then payable under this Agreement to be immediately due and payable, whereupon they shall become so due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;VII</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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THE ADMINISTRATIVE AGENT</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.1</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Appointment</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the Loan Documents, and each Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the Loan Documents</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">46</font><a name="PB_46_001627_7906"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">to which it is a party and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the Loan Documents to which it is a party, together with such other powers and discretion as are reasonably incidental thereto.&#160; Notwithstanding any provision to the contrary elsewhere in this Agreement or the Loan Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or therein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any Loan Documents or otherwise exist against the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.2</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Delegation of Duties</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorneys-in-fact that it selects as long as such selection was made with due care.&#160; The Administrative Agent may consult with legal counsel (including counsel for the Borrower or any of its Subsidiaries), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.3</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Exculpatory Provisions</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; (a)&nbsp;Neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i)&nbsp;liable for any action taken or omitted to be taken by it or such Person under or in connection with this Agreement or any Loan Document (except for its or such Person&#146;s own gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final, non-appealable order) or (ii)&nbsp;responsible in any manner to any of the Lenders for (and makes no representation or warranty to any Lender regarding) any recitals, statements, representations or warranties (whether written or oral) made by the Borrower or any officer thereof contained in this Agreement or any Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any Loan Document, or for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any Loan Document or for any failure of the Borrower to perform its obligations hereunder or thereunder.&#160; The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any Loan Document or to inspect the properties, books or records of the Borrower or any of its Subsidiaries.&#160; As to any matters not expressly provided for by this Agreement, the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Majority Lenders, and such instructions shall be binding upon all Lenders; <i>provided </i>that the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to this Agreement or Applicable Law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be responsible for (i)&nbsp;perfecting, maintaining, monitoring, preserving or protecting the security interest or lien granted under this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, (ii)&nbsp;the filing, re-filing, recording, re-recording or continuing or any document, financing statement, mortgage, assignment, notice, instrument of further assurance or other</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">instrument in any public office at any time or times or (iii)&nbsp;providing, maintaining, monitoring or preserving insurance on or the payment of taxes with respect to any collateral, to the extent applicable.&#160; The actions described in items (i)&nbsp;through (iii)&nbsp;shall be the sole responsibility of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent has accepted and is bound by this Agreement and the other Loan Documents executed by the Administrative Agent as of the date of this Agreement and, as directed in writing by the Majority Lenders, the Administrative Agent shall execute additional Loan Documents delivered to it after the date of this Agreement; <i>provided</i>, <i>however</i>, that such additional Loan Documents do not adversely affect the rights, privileges, benefits and immunities of the Administrative Agent.&#160; The Administrative Agent will not otherwise be bound by, or be held obligated by, the provisions of any loan agreement, indenture or other agreement governing the Loans (other than this Agreement and the other Loan Documents to which the Administrative Agent is a party).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be liable for any error of judgment made in good faith by an Administrative Agent Responsible Officer of the Administrative Agent unless it shall be proved that the Administrative Agent was grossly negligent in ascertaining the pertinent facts.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be required to qualify in any jurisdiction in which it is not presently qualified to perform its obligations as Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be required to take any enforcement action against the Borrower or any other obligor outside of the United States.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">No written direction given to the Administrative Agent by the Majority Lenders or the Borrower that in the sole judgment of the Administrative Agent imposes, purports to impose or might reasonably be expected to impose upon such Agent any obligation or liability not set forth in or arising under this Agreement and the other Loan Documents will be binding upon the Administrative Agent unless the Administrative Agent elects, at its sole option, to accept such direction.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Delivery of any reports, information and documents to the Administrative Agent is for informational purposes only and the Administrative Agent&#146;s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Borrower&#146;s compliance with any of its covenants hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement or the other Loan Documents arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; business interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">In no event shall the Administrative Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Administrative Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.4</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Reliance by Administrative Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent shall be entitled to rely conclusively, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation (including by way of e-mail, telephone or facsimile) believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower or any of its Subsidiaries), accountants of the Borrower, independent accountants, if any, and other experts selected by the Administrative Agent.&#160; The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless the Administrative Agent shall first receive such advice or concurrence of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances provided herein) and until such instructions are received, such Agent shall act, or refrain from acting, as it deems advisable.&#160; If the Administrative Agent so requests, it shall first be indemnified to its satisfaction by the Lenders or Majority Lenders, as applicable, against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.&#160; The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Majority Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders.&#160; No provision of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby shall require the Administrative Agent to: (i)&nbsp;expend or risk its own funds or provide indemnities in the performance of any of its duties hereunder or the exercise of any of its rights or power or (ii)&nbsp;otherwise incur any financial liability in the performance of its duties or the exercise of any of its rights or powers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.5</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Notice of Events of Default</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Potential Event of Default or Event of Default hereunder other than non-payment of principal of or interest on the Loans unless an Administrative Agent Responsible Officer of the Administrative Agent has received written notice from a Lender or the Borrower specifying such Potential Event of Default or Event of Default and stating that such notice is a &#147;notice of default&#148;.&#160; In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders and the Borrower; <i>provided</i>,<i> however</i>, that the failure of the Administrative Agent to provide such notice to the Borrower shall not give the Borrower any cause of action or right to damages or any other remedy against the Administrative Agent or any Lender.&#160; The Administrative Agent shall take such action with respect to such Potential Event of Default or Event of Default as shall be reasonably directed by the Majority Lenders; <i>provided </i>that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Potential Event of Default or Event of Default as it shall deem advisable in the best interests of the Lenders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">49</font><a name="PB_49_002121_8715"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.6</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Non-Reliance on Administrative Agent and Other Lenders</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender.&#160; Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, condition (financial or otherwise) and creditworthiness of the Borrower and its Subsidiaries and made its own decision to make its Loan hereunder and enter into this Agreement.&#160; Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and to make such investigation as it deems necessary to inform itself as to the business, operations, property, condition (financial or otherwise) and creditworthiness of the Borrower and its Subsidiaries.&#160; Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrower or any of its Subsidiaries which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.7</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Indemnification</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Lenders agree to indemnify the Administrative Agent in its capacity as such upon demand (and, with respect to any EEA Financial Institution, such amounts shall be deemed due and payable no later than six (6)&nbsp;days after demand therefor) (to the extent reimbursable by but not reimbursed by the Borrower upon the Administrative Agent&#146;s demand for such reimbursement by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective principal amount of the Loans then held by each of them, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever (including reasonable legal fees and expenses) which may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of, the Commitments, this Agreement, the Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; <i>provided </i>that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent they arise from the Administrative Agent&#146;s gross negligence or willful misconduct, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; The Borrower also agrees not to assert any claim against the Administrative Agent, any Lender, any of their affiliates, or any of their respective directors, officers, employees, attorneys or agents, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the transactions contemplated hereby or the actual or proposed use of the proceeds of the Loans.&#160; The agreements in this <u>Section&nbsp;7.7</u> shall survive</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">50</font><a name="PB_50_002130_563"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">termination of the Commitments, this Agreement and the Loan Documents, the payment of all amounts payable hereunder, the resignation or removal of the Administrative Agent and the exercise of Write-Down and Conversion Powers by an EEA Resolution Authority with respect to any Lender that is an EEA Financial Institution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.8</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Successor Administrative Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrower, and the Administrative Agent may be removed at any time with or without cause by the Majority Lenders.&#160; Upon any such resignation or removal, the Majority Lenders shall have the right to appoint (subject, so long as no Potential Event of Default, Event of Default or Prepayment Event has occurred and is continuing, to the prior written consent of the Borrower, which consent shall not be unreasonably withheld or delayed) a successor Administrative Agent.&#160; If no successor Administrative Agent shall have been so appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent&#146;s giving of notice of resignation or the Majority Lenders&#146; removal of the retiring Administrative Agent, then the existing Administrative Agent&#146;s resignation or removal shall nevertheless thereupon become effective and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Majority Lenders appoint a successor administrative agent as provided for above.&#160; Upon the acceptance of any appointment as an Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder.&#160; After any retiring Administrative Agent&#146;s resignation or removal hereunder as Administrative Agent, the provisions of this <u>ARTICLE&nbsp;VII</u> shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.9</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Joint Bookrunners and Lead Arrangers</font></u><u><font size="3" style="font-size:12.0pt;">,&nbsp;etc.</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Joint Bookrunners and Lead Arrangers, in their capacity as such, shall have no obligations, duties or liabilities whatsoever under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent and the Onshore Custody Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent shall not be responsible or liable for any action taken or omitted by the Onshore Custody Agent.&#160; The Onshore Custody Agent shall not be responsible for any action taken or omitted by the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;VIII</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THE ONSHORE CUSTODY AGENT</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;8.1</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Appointment</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender hereby irrevocably designates and appoints the Onshore Custody Agent as the agent of such Lender under and in connection with the terms of this Agreement and the Loan Documents, and each Lender irrevocably authorizes the Onshore Custody Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the Loan Documents to which it is a party and to exercise such powers and perform such duties as are expressly delegated to the Onshore Custody Agent by the terms of this Agreement and any other Loan Documents to which it is a party, together with such other</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">51</font><a name="PB_51_002138_9497"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">powers and discretion as are reasonably incidental thereto.&#160; Each of the Lenders agrees that it will cooperate in good faith and in a commercially reasonable manner with the other Lenders and the Onshore Custody Agent in any enforcement of rights or any exercise of remedies with respect to any Check or other rights or remedies under the Loan Documents.&#160; Notwithstanding any provision to the contrary elsewhere in this Agreement or the Loan Documents, the Onshore Custody Agent shall not have any duties or responsibilities, except those expressly set forth herein or therein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any Loan Document or otherwise exist against the Onshore Custody Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.2&#160;&#160;&#160;&#160;&#160; <u>Delegation of Duties</u></font><font size="3" style="font-size:12.0pt;">.&#160; The Onshore Custody Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys in fact and shall not be responsible for the negligence or misconduct of any agent or attorneys-in-fact that it selects as long as such selection was made with due care.&#160; The Onshore Custody Agent may consult with legal counsel (including counsel for the Borrower or any of its Subsidiaries), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.3&#160;&#160;&#160;&#160;&#160; <u>Exculpatory Provisions</u></font><font size="3" style="font-size:12.0pt;">.&#160; Neither the Onshore Custody Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i)&nbsp;liable for any action taken or omitted to be taken by it or such Person under or in connection with this Agreement or any Loan Document (except for its or such Person&#146;s own gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final, non-appealable order), or (ii)&nbsp;responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Administrative Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.4&#160;&#160;&#160;&#160;&#160; <u>Reliance by Onshore Custody Agent</u></font><font size="3" style="font-size:12.0pt;">.&#160; The Onshore Custody Agent shall be entitled to rely conclusively, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation (including by way of e-mail, telephone or facsimile) believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower or any of their Subsidiaries), accountants of the Borrower, independent accountants, if any, and other experts selected by the Onshore Custody Agent.&#160; The Onshore Custody Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless the Onshore Custody Agent shall first receive such advice or concurrence of the Majority Lenders (acting through the Administrative Agent, if applicable) (or such other number or percentage of the Lenders as shall be necessary under the circumstances provided herein) and until such instructions are received, the Onshore Custody Agent shall act, or refrain from acting, as it deems advisable.&#160; If the Onshore Custody Agent so requests, it shall first be indemnified to its satisfaction by the Lenders, as applicable, against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.&#160; The Onshore Custody Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">request or consent of the Majority Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders.&#160; No provision of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby shall require the Onshore Custody Agent to: (i)&nbsp;expend or risk its own funds or provide indemnities in the performance of any of its duties hereunder or the exercise of any of its rights or power or (ii)&nbsp;otherwise incur any financial liability in the performance of its duties or the exercise of any of its rights or powers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.5&#160;&#160;&#160;&#160;&#160; <u>Indemnification</u></font><font size="3" style="font-size:12.0pt;">.&#160; The Lenders agree to indemnify the Onshore Custody Agent in its capacity as such upon demand (to the extent reimbursable by but not reimbursed by the Borrower upon the Onshore Custody Agent&#146;s demand for such reimbursement by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective principal amount of the Loans from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever (including reasonable legal fees and expenses) which may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Onshore Custody Agent in any way relating to or arising out of, the Commitments, this Agreement, the Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Onshore Custody Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent they arise from the Onshore Custody Agent&#146;s gross negligence or willful misconduct, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; The Borrower also agrees not to assert any claim against the Onshore Custody Agent, any Lender, any of their affiliates, or any of their respective directors, officers, employees, attorneys or agents, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the transactions contemplated hereby or the actual or proposed use of the proceeds of the Loans.&#160; The agreements in this <u>Section&nbsp;8.5</u> shall survive termination of the Commitments, this Agreement and the Loan Documents, the payment of all amounts payable hereunder, the resignation or removal of the Onshore Custody Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.6&#160;&#160;&#160;&#160;&#160; <u>Resignation and Removal of the Onshore Custody Agent</u></font><font size="3" style="font-size:12.0pt;">.&#160; The Onshore Custody Agent may resign at any time by giving notice thereof to the Lenders, the Borrower and the Administrative Agent, and the Onshore Custody Agent may be removed at any time with or without cause by the Majority Lenders.&#160; Upon any such resignation or removal, the Majority Lenders shall have the right to appoint (subject, so long as no Potential Event of Default, Event of Default or Prepayment Event has occurred and is continuing, to the prior written consent of the Borrower, which consent shall not be unreasonably withheld or delayed) a successor Onshore Custody Agent.&#160; If no successor Onshore Custody Agent shall have been so appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days after the retiring Onshore Custody Agent&#146;s giving of notice of resignation or the Majority Lenders&#146; removal of the retiring Onshore Custody Agent, then the existing Onshore Custody Agent&#146;s resignation or removal shall nevertheless thereupon become effective and the Lenders shall assume and perform all of the duties of the Onshore Custody Agent hereunder until such time, if any, as the Majority Lenders appoint a successor onshore custody agent as provided for above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">53</font><a name="PB_53_002446_3641"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Upon the acceptance of any appointment as an Onshore Custody Agent hereunder by a successor Onshore Custody Agent, such successor Onshore Custody Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Onshore Custody Agent, and the retiring Onshore Custody Agent shall be discharged from its duties and obligations hereunder.&#160; After any retiring Onshore Custody Agent&#146;s resignation or removal hereunder as Onshore Custody Agent, the provisions of this <u>ARTICLE&nbsp;VIII</u> shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Onshore Custody Agent.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.7&#160;&#160;&#160;&#160;&#160; <u>Liabilities</u></font><font size="3" style="font-size:12.0pt;">.&#160; The Onshore Custody Agent shall not be liable for failure to perform any of its obligations under this Agreement or any of the other Loan Documents where such failure is due to any of the following: restrictions on transfer and/or conversion of the relevant currency, confiscation, expropriation, nationalization, acts of war, civil riot or insurrection, acts by any governmental or similar agency (de jure or de facto), or other cases of force majeure or circumstances beyond Onshore Custody Agent&#180;s control. Only the assets of Onshore Custody Agent shall be used for the purpose of meeting its obligations under this Agreement and the other Loan Documents. No office or branch of Citibank, N.A. (including its head office in the United States) other than the branch of Citibank N.A. established in the Republic of Argentina, and no entity or Person affiliated and/or related to Citibank N.A., shall be liable for performance of the obligations of Onshore Custody Agent under this Agreement and the other Loan Documents. Accordingly, Borrower, each of the Lenders, Administrative Agent and Offshore Custody Agent hereby expressly waive any right to look to or seek payment from or at any office, branch or affiliate of Citibank, N.A. outside of Argentina.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;IX</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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">MISCELLANEOUS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.1&#160;&#160;&#160;&#160;&#160; <u>Amendments and Waivers</u></font><font size="3" style="font-size:12.0pt;">.&#160; Neither this Agreement nor any terms hereof may be amended, supplemented or modified except in accordance with the provisions of this <u>Section&nbsp;9.1</u>.&#160; The Majority Lenders may, or, with the written consent of the Majority Lenders, the Administrative Agent may, from time to time, (a)&nbsp;enter into with the Borrower written amendments, supplements or modifications hereto and to the Loan Documents for the purpose of adding any provisions to this Agreement or the Loan Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (b)&nbsp;waive, on such terms and conditions as the Majority Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or any Prepayment Event, Potential Event of Default or Event of Default and its consequences; <i>provided, however, </i>that no such waiver and no such amendment, supplement or modification shall (i)&nbsp;reduce the amount or extend the scheduled maturity of the principal of any Loan, or reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender&#146;s Commitment or modify the first sentence of <u>Section&nbsp;2.9</u>, in each case, without the consent of each Lender affected thereby or (ii)&nbsp;waive any condition precedent set forth in <u>Section&nbsp;3.1</u> without the consent of each Lender or (iii)&nbsp;amend, modify or waive any provision of this <u>Section&nbsp;9.1</u>, <u>Section&nbsp;2.15</u> or <u>Section&nbsp;9.7(a)</u>&nbsp;or reduce the percentage specified in the definition of Majority Lenders, or consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">54</font><a name="PB_54_002455_5250"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">in each case without the written consent of each Lender, or (iv)&nbsp;amend, modify or waive any provision of <u>ARTICLE&nbsp;VII</u> or otherwise affect the rights or duties of the Administrative Agent under this Agreement without the written consent of the Administrative Agent.&#160; Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Borrower, the Lenders, the Administrative Agent and each of their respective successors and permitted assigns.&#160; In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder, and any Prepayment Event, Potential Event of Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Prepayment Event, Potential Event of Default or Event of Default, or impair any right consequent thereon.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.2&#160;&#160;&#160;&#160;&#160; <u>Notices</u></font><font size="3" style="font-size:12.0pt;">.&#160; All notices, requests and demands to or upon the respective parties hereto to be effective shall be either (a)&nbsp;in writing (including by telecopy, encrypted or unencrypted, or by e-mail) or (b)&nbsp;as and to the extent set forth in the proviso to this <u>Section&nbsp;9.2</u>, and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered or, in the case of telecopy or e-mail notice, when received, addressed as follows in the case of the Borrower, the Administrative Agent and the Onshore Custody Agent, and as set forth in the applicable Administrative Agent Questionnaire in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto:</font></p>
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<p style="margin:0in 0in .0001pt .75in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The   Borrower:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina 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:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Avenida Alicia Moreau de   Justo 50</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Ciudad Aut&#243;noma de Buenos   Aires</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Argentina, C1107AAB</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Marcelo   Iribarne</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Email:   miribarne@teco.com.ar</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>   </tr>
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<p style="margin:0in 0in .0001pt .75in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The   Administrative Agent:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.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:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">388 Greenwich Street</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10013</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Jenny Cheng,   Vice President</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Email:   jenny.cheng@citi.com</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>   </tr>
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<p style="margin:0in 0in .0001pt .75in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The   Onshore Custody Agent:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Branch of Citibank NA   established in the Republic of Argentina</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Bartolom&#233; Mitre 530, 4</font><font size="1" style="font-size:9.0pt;position:relative;top:-3.0pt;">th</font><font size="3" style="font-size:12.0pt;">&nbsp;floor</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Ciudad Aut&#243;noma de Buenos   Aires</font></p>    </td>   </tr>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Argentina, C1036AAJ</font></p>    </td>   </tr>
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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>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.88%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Manuel Tristany   / Tom&#225;s Servente</font></p>    </td>   </tr>
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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>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.88%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Email:   manuel.tristany@citi.com ; tomas.servente@citi.com</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided </font></i><font size="3" style="font-size:12.0pt;">that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to <u>Section&nbsp;2.3</u> or <u>Section&nbsp;2.5</u> shall not be effective until received.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">55</font><a name="PB_55_002522_7672"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Administrative Agent shall have the right to accept and act upon instructions, including funds transfer instructions (&#147;<b>Instructions</b>&#148;) given pursuant to this Agreement and delivered using Electronic Means; provided, however, that the Borrower shall provide to the Administrative Agent an incumbency certificate listing authorized officers and containing specimen signatures of such authorized officers, which incumbency certificate shall be amended by the Borrower whenever a person is to be added or deleted from the listing.&#160; If the Borrower elects to give the Administrative Agent Instructions using Electronic Means and the Administrative Agent in its discretion elects to act upon such Instructions, the Administrative Agent&#146;s understanding of such Instructions shall be deemed controlling.&#160; The Borrower understands and agrees that the Administrative Agent cannot determine the identity of the actual sender of such Instructions and that the Administrative Agent shall conclusively presume that directions that purport to have been sent by an authorized officer listed on the incumbency certificate provided to the Administrative Agent have been sent by such authorized officer.&#160; The Borrower shall be responsible for ensuring that only authorized officers transmit such Instructions to the Administrative Agent and that the Borrower and all authorized officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Borrower.&#160; The Administrative Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Administrative Agent&#146;s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction.&#160; The Borrower agrees: (i)&nbsp;to assume all risks arising out of the use of Electronic Means to submit Instructions to the Administrative Agent, including without limitation the risk of the Administrative Agent acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii)&nbsp;that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Administrative Agent and that there may be more secure methods of transmitting Instructions than the method(s)&nbsp;selected by the Borrower; (iii)&nbsp;that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv)&nbsp;to notify the Administrative Agent immediately upon learning of any compromise or unauthorized use of the security procedures.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower may provide to the Administrative Agent all information, documents and other materials that they are obligated to furnish to the Administrative Agent pursuant to this Agreement and the Loan Documents, including all notices, requests, financial statements, financial and other reports, certificates and other information materials (all such communications being referred to collectively, as &#147;<b>Communications</b>&#148;), by transmitting the Communications to the Administrative Agent&#146;s electronic mail address: jenny.cheng@citi.com, <i>provided</i> that the foregoing shall not apply to notices to the Administrative Agent or any Lender pursuant to <u>ARTICLE&nbsp;II</u> and <u>ARTICLE&nbsp;III</u> if such Person has notified the Administrative Agent and the Borrower in writing that it is incapable of receiving notices under such Articles by electronic communication.&#160; In addition, each of the Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it.&#160; The Borrower further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on Debt Domain or a substantially similar electronic transmission system (the &#147;<b>Platform</b>&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THE PLATFORM&nbsp;IS PROVIDED &#147;AS IS&#148; AND &#147;AS AVAILABLE.&#148;&#160; THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM&nbsp;AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS.&#160; NO WARRANTY OF ANY KIND, EXPRESS,&nbsp;IMPLIED OR STATUTORY,&nbsp;INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS,&nbsp;IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM.&#160; IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, &#147;<b>AGENT PARTIES</b>&#148;) HAVE ANY LIABILITY, TO ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND,&nbsp;INCLUDING DIRECT OR INDIRECT, SPECIAL,&nbsp;INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE ADMINISTRATIVE AGENT&#146;S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH AGENT PARTY&#146;S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. EACH OF THE BORROWER AND THE LENDERS UNDERSTANDS THAT THE DISTRIBUTION OF MATERIALS AND OTHER COMMUNICATIONS THROUGH AN ELECTRONIC MEDIUM IS NOT NECESSARILY SECURE AND THAT THERE ARE CONFIDENTIALITY AND OTHER RISKS ASSOCIATED WITH SUCH DISTRIBUTION AND AGREES AND ASSUMES THE RISKS ASSOCIATED WITH SUCH ELECTRONIC DISTRIBUTION.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.&#160; Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender&#146;s email address to which the foregoing notice may be sent by electronic transmission and that the foregoing notice may be sent to such email address.&#160; Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.3&#160;&#160;&#160;&#160;&#160; <u>No Waiver; Cumulative Remedies</u></font><font size="3" style="font-size:12.0pt;">.&#160; No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.&#160; The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.4&#160;&#160;&#160;&#160;&#160; <u>Survival of Representations and Warranties</u></font><font size="3" style="font-size:12.0pt;">.&#160; All representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the Loan Documents and the making of the Loans hereunder.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.5&#160;&#160;&#160;&#160;&#160; <u>Payment of Expenses and Taxes; Indemnity</u></font><font size="3" style="font-size:12.0pt;">.&#160; The Borrower agrees (a)&nbsp;to pay or reimburse the Administrative Agent, the Onshore Custody Agent and the Lenders for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the Loan Documents, including reasonable fees and disbursements of counsel to the Administrative Agent, the Onshore Custody Agent and the Lenders; <i>provided, however, </i>that the obligation of the Borrower to pay or reimburse the expenses covered by this clause (a)&nbsp;shall not exceed the amount previously agreed in writing with the Joint Bookrunners and Lead Arrangers, the Administrative Agent, the Onshore Custody Agent and the Borrower, (b)&nbsp;to pay or reimburse the Administrative Agent, the Onshore Custody Agent and the Lenders for all their reasonable and documented out-of-pocket costs and expenses in connection with any amendment, supplement or modification to this Agreement and the Loan Documents, including the reasonable fees and disbursements of counsel to the Administrative Agent, the Onshore Custody Agent and the Lenders, (c)&nbsp;to pay or reimburse each Lender and the Administrative Agent and the Onshore Custody Agent for all the reasonable and documented costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the Loan Documents and any such other documents, including the fees and disbursements of counsel to each Lender and of counsel to the Administrative Agent and the Onshore Custody Agent, and (d)&nbsp;to pay, indemnify, and hold each Lender, each Joint Bookrunner and Lead Arranger, the Administrative Agent and the Onshore Custody Agent harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed to such Lender, Joint Bookrunner and Lead Arranger, such Administrative Agent or such Onshore Custody Agent arising from this Agreement or the actual or proposed use of the proceeds of the Loans or with respect to the enforcement of this Agreement and any such other documents (all the foregoing in this clause (d), collectively, the &#147;<b>Indemnified Liabilities</b>&#148;);<i> provided </i>that the Borrower shall have no obligation hereunder to the Administrative Agent, the Onshore Custody Agent, any Lender or any Joint Bookrunner and Lead Arranger with respect to any Indemnified Liabilities arising from the gross negligence or willful misconduct of the Administrative Agent, the Onshore Custody Agent, such Lender or such Joint Bookrunner and Lead Arranger, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; To the extent permitted by Applicable Law, no Party hereto shall assert, and each such Party hereby waives, any claim against any other Party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, any Loan or the use of the proceeds thereof; provided that, nothing in this <u>Section&nbsp;9.5</u> shall relieve the Borrower of any obligation it may have to indemnify a Lender, Joint Bookrunner and Lead Arranger, the Administrative Agent or the Onshore Custody Agent against special, indirect, consequential or punitive damages asserted against such Lender, Joint Bookrunner and lead Arranger or Administrative Agent by a third party except, in respect of such indemnification obligation, where such damages arise from the gross negligence or willful misconduct of such Lender, such Joint Bookrunner and Lead Arranger, the Administrative Agent</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">or the Onshore Custody Agent, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction</font><font size="3" style="font-size:12.0pt;">.</font><font size="3" style="font-size:12.0pt;">&#160; This </font><u><font size="3" style="font-size:12.0pt;">Section&nbsp;9.5</font></u><font size="3" style="font-size:12.0pt;"> shall not apply with respect to any Taxes other than any Taxes that represent losses, claims, charges,&nbsp;etc. arising from any non-Tax claim.&#160; </font><font size="3" style="font-size:12.0pt;">The agreements in this <u>Section&nbsp;9.5</u> shall survive the resignation and removal of the Administrative Agent or the Onshore Custody Agent and the repayment of the Loans and all other amounts payable hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.6&#160;&#160;&#160;&#160;&#160; <u>Successors and Assigns; Participations and Assignments</u></font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Administrative Agent, the Onshore Custody Agent and their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent and each Lender. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any Lender, in the ordinary course of its commercial banking business and in accordance with applicable law, may at any time sell to one or more banks or other entities (&#147;<b>Participants</b>&#148;) participating interests in any portion of the Loan owing to such Lender, the Commitment of such Lender or any other interest of such Lender hereunder.&#160; Each Lender that sells a participation pursuant to this Section&nbsp;shall, acting solely for U.S. federal income tax purposes as a non-fiduciary agent of the Borrower, maintain a register on which it records the name and address of each participant and the principal amounts (and stated interest) of each participant&#146;s participation interest with respect to the Loans (each, a <b>&#147;Participant Register&#148;</b>); </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">provided</font></i><font size="3" style="font-size:12.0pt;"> that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant&#146;s interest in any Commitment, Loans or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section&nbsp;5f.103-1(c)&nbsp;of the United States Treasury Regulations</font><font size="3" style="font-size:12.0pt;">.&#160; Any such recordation shall be conclusive and binding on Borrower and each Lender, absent manifest error; </font><font size="3" style="font-size:12.0pt;">provided that failure to make any such recordation, or any error in such recordation, shall not affect Borrower&#146;s Obligations in respect of any Loan</font><font size="3" style="font-size:12.0pt;">.&#160; The entries in the Participant Register shall be <i>prima facie</i> evidence of, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of, a participation with respect to the Loans for all purposes under this Agreement, notwithstanding any notice to the contrary. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender&#146;s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under this Agreement.&#160; Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain sole right and responsibility to enforce the obligations of the Borrower hereunder, including the right to approve any amendment, modification or waiver of any provision of this</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Agreement; <i>provided </i>that such participation agreement may provide that such Lender will not agree to any amendment, modification or waiver described in <u>Section&nbsp;9.1(b)(i)</u>&nbsp;or <u>(b)(ii)</u>&nbsp;without the consent of the Participant.&#160; The Borrower agrees that if amounts outstanding under this Agreement are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of a Prepayment Event or an Event of Default, each Participant shall, to the maximum extent permitted by Applicable Law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; <i>provided </i>that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in <u>Section&nbsp;9.7(a)</u>&nbsp;as fully as if it were a Lender hereunder.&#160; Any Participant exercising such right of setoff shall promptly provide notice to the Borrower and the Administrative Agent of such setoff; <i>provided</i>, <i>however</i>, that the failure by any Participant to provide such notice to the Borrower or the Administrative Agent shall not give the Borrower any cause of action or right to damages or any other remedy against such Participant, any Lender or the Administrative Agent, except as otherwise provided by law.&#160; The Borrower agrees that each Participant shall be entitled to the benefits of <u>Section&nbsp;2.11</u>, <u>Section&nbsp;2.12</u> and <u>Section&nbsp;2.13</u> with respect to its participation in the Commitments and the Loans outstanding from time to time as if it were a Lender; <i>provided </i>that (x)&nbsp;no Participant shall be entitled to receive any greater </font><font size="3" style="font-size:12.0pt;">payment under <u>Section&nbsp;2.11</u> and <u>Section&nbsp;2.12</u>, with respect to any participation, than its participating Lender would have been entitled to receive, (y)&nbsp;such Participant shall not be entitled to any benefit under <u>Section&nbsp;2.12</u> unless Borrower is notified of the participation sold to such Participant and such Participant agrees to comply with the obligations in <u>Section&nbsp;2.12(f)</u>&nbsp;and <u>Section&nbsp;2.12(g)</u>&nbsp;and (z)&nbsp;such Participant agrees to be subject to the provisions of <u>Section&nbsp;2.14</u> as if it were an Assignee</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time and from time to time assign to any other existing Lender or an Affiliate, Subsidiary or successor of an existing Lender that is a bank or a financial institution or to another bank or financial institution all or any part of its rights and obligations under this Agreement and the other Loan Documents to (i)&nbsp;any Person meeting the criteria of clause (i)&nbsp;of the definition of the term &#147;Eligible Assignee&#148; upon five Business Days&#146; advanced written notice to the Administrative Agent, and (ii)&nbsp;any Person meeting the criteria of clause (ii)&nbsp;or clause (iii)&nbsp;of the definition of the term &#147;Eligible Assignee&#148; upon ten Business Days&#146; advanced written notice to Borrower and Administrative Agent and, with respect to this clause (ii), with the prior written consent of each of the Borrower (such consent not to be (x)&nbsp;unreasonably withheld or delayed, <i>provided </i>that<i>  </i>if the Borrower has not notified the assigning Lender and the Administrative Agent of its consent of such assignment within ten (10)&nbsp;Business Days from receipt of a request for consent from the assigning Lender or the Administrative Agent, the Borrower shall be deemed to have given its consent to the proposed assignment, or, (y)&nbsp;required at any time an Event of Default shall have occurred and then be continuing) (each Person under (i)&nbsp;or (ii), an &#147;<b>Assignee</b>&#148;); <i>provided </i>that each such assignment pursuant to (i)&nbsp;shall be in an aggregate amount of not less than (A)&nbsp;$10,000,000, (B)&nbsp;such lesser amount as agreed to by Borrower and Administrative Agent (acting upon the direction of the Majority Lenders), or (C)&nbsp;the aggregate outstanding amount of the Loans of the assigning Lender.&#160; Any assignment of all or any part of a Lender&#146;s rights and obligations under this Agreement and the other Loan Documents shall be made pursuant to an Assignment and Acceptance.&#160; Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Assignment and Acceptance, (x)&nbsp;the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights, benefits and obligations of a Lender hereunder as set forth therein; <i>provided </i>that no Assignee shall be entitled to receive any greater amount pursuant to <u>Section&nbsp;2.11</u>, <u>Section&nbsp;2.12</u> and <u>Section&nbsp;2.13</u> than the Lender assigning such rights and obligations would have been entitled to receive in respect of the rights and obligations assigned to such Assignee had no such assignment occurred (unless, in the case of <u>Section&nbsp;2.11</u> or <u>Section&nbsp;2.13</u>, the Borrower has consented to such assignment), unless such assignment was made at a time when the circumstances giving rise to such increased cost did not exist; <i>provided further that</i>, no Assignee shall be entitled to receive any greater amount pursuant to <u>Section&nbsp;2.12</u> than the amount payable under <u>Section&nbsp;2.12</u> to an Assignee as to which interest payments hereunder would be subject to tax at the then-applicable rate to a Qualifying Bank<u>,</u> (y)&nbsp;the assigning Lender thereunder shall, solely to the extent that its rights and obligations hereunder have been assigned to the assignee, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender&#146;s rights and obligations under this Agreement, such assigning Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Section&nbsp;2.11</u>, <u>Section&nbsp;2.12</u>, <u>Section&nbsp;2.13</u> and <u>Section&nbsp;9.5</u> with respect to facts and circumstances occurring prior to the effective date determined pursuant to such Assignment and Acceptance)</font><font size="3" style="font-size:12.0pt;"> and </font><font size="3" style="font-size:12.0pt;">(z)&nbsp;the commitments of the Lenders hereunder shall be modified to reflect any commitment of such Assignee and any commitment of such assigning Lender, if any.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; The Administrative Agent</font><font size="3" style="font-size:12.0pt;">, acting solely for this purpose as a non-fiduciary agent of the Borrower,</font><font size="3" style="font-size:12.0pt;"> shall maintain at its address referred to in <u>Section&nbsp;9.2</u> a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the &#147;<b>Register</b>&#148;).&#160; The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement,.&#160; The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and, when required by <u>Section&nbsp;9.6(c)</u>, acknowledged by the Administrative Agent and consented by the Borrower), any required forms and certificates regarding tax matters, and any fees payable in connection with such assignment and payment by the assigning Lender to the Administrative Agent of a registration and processing fee of $3,500 (which registration and processing fee the Administrative Agent may, in its sole discretion, elect to waive), the Administrative Agent shall (i)&nbsp;promptly acknowledge such Assignment and Acceptance and (ii)&nbsp;on the effective date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Borrower. Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding commitments or Loans; <i>provided</i> that any Assignee that is then a Lender or an Affiliate, subsidiary or successor of an existing Lender that is a bank or a financial institution shall not be required to pay the registration and processing fee set forth in this Section.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">The Borrower authorizes each Lender to disclose to any Participant or Assignee (each, a &#147;<b>Transferee</b>&#148;) and any prospective Transferee that has agreed in writing to comply with the restrictions set forth in <u>Section&nbsp;9.15</u> any and all financial information in such Lender&#146;s possession concerning the Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender&#146;s credit evaluation of the Borrower and its respective Affiliates prior to becoming a party to this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">The parties to this Agreement acknowledge that the provisions of this <u>Section&nbsp;9.6</u> concerning assignments of the Loans relate only to absolute assignments and that such provisions do not prohibit pledging and/or granting a security interest in all or any portion of its Loans, the other obligations owed by or to such Lender to secure obligations of such Lender to any Federal Reserve Bank as collateral security pursuant to Regulation&nbsp;A of the Board of Governors and any operating circular issued by such Federal Reserve Bank; <i>provided</i> that no Lender, as between Borrower and such Lender or between the Administrative Agent and such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and <i>provided further</i> that in no event shall the applicable Federal Reserve Bank be considered to be a &#147;Lender&#148; or be entitled to require the assigning Lender to take or omit to take any action hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.7</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Adjustments; Set-off</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">If any Lender (a &#147;<b>Benefited Lender</b>&#148;) shall at any time receive any payment of all or part of its Loan, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by setoff, pursuant to events or proceedings of the nature referred to in clause (g), (h)&nbsp;or (i)&nbsp;of <u>ARTICLE&nbsp;VI</u> or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender&#146;s portion of the Loan, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender&#146;s Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the other Lenders; <i>provided, however, </i>that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" style="font-size:12.0pt;">In addition to any rights and remedies of the Lenders provided by law, if any amount becoming due and payable by the Borrower hereunder or under the Loan Documents (whether at the stated maturity, by acceleration or otherwise) is not paid when due, each Lender shall have the right, <font color="black" style="color:black;">without prior notice to the Borrower, any such notice being expressly</font> waived by the Borrower, to the extent permitted by applicable law, to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Borrower, against any and all of the obligations of the Borrower then existing and matured under this Agreement to such Lender.&#160; Upon exercising such right of set-off, each Lender shall</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">promptly provide notice to the Borrower and the Administrative Agent of such set-off; <i>provided, however,</i> that the failure by any Lender to provide such notice to the Borrower or the Administrative Agent shall not give the Borrower any cause of action or right to damages or any other remedy against such Lender, any other Lender or the Administrative Agent, nor affect the validity of such set-off and application.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.8</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Counterparts; Effectiveness</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy or e-mail transmission of a .pdf copy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.&#160; A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.9</font><font size="1" color="black" style="color:black;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; </font><u><font size="3" style="font-size:12.0pt;">Severability</font></u><font size="3" style="font-size:12.0pt;">.&#160; Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Integration</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement and the writings referred to in <u>Section&nbsp;2.4</u> represent the entire agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Borrower, the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">GOVERNING LAW</font></u><b><font size="3" style="font-size:12.0pt;font-weight:bold;">.&#160; THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Submission To Jurisdiction; Waivers</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower hereby irrevocably and unconditionally:&#160; (a)&nbsp;submits for itself and its Assets in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the general jurisdiction of any federal court of the United States of America sitting in the Borough of Manhattan or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New Nork; (b)&nbsp;consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (c)&nbsp;agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to CT Corporation System (the &#147;<b>Process Agent</b>&#148;), as the Borrower&#146;s agent in New York City for service of process at its address currently at 111 Eighth Avenue &#150; 13th Floor, New York, New York 10011, or at such other address in New York, New York of which the Administrative Agent shall have been notified in writing by the Borrower; (d)&nbsp;agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">right to sue in any other jurisdiction; (e)&nbsp;waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section&nbsp;9.12</u> any special, exemplary, punitive or consequential damages; and (f)&nbsp;agrees that, to the extent that it or any of its Assets has or hereafter may acquire any right of immunity related to or arising from the transactions contemplated by this Agreement or the Loan Documents, whether characterized as sovereign immunity or otherwise, from any legal proceedings, whether in the United States of America, Argentina or elsewhere, to enforce or collect upon the Loans, the Loan Documents or any other liability or obligation of the Borrower related to or arising from the transactions contemplated by this Agreement or the Loan Documents, including immunity from service of process, immunity from jurisdiction or judgment of any court or tribunal, immunity from execution of a judgment, and immunity of any of its Assets from attachment prior to any entry of judgment, or from attachment in aid of execution upon a judgment, the Borrower hereby expressly and irrevocably waives any such immunity and agrees not to assert any such right or claim in any such proceeding, whether in the United States of America or Argentina or elsewhere, except for the immunity referred to in <u>Section&nbsp;4.23</u> in respect of Assets used for the performance of a public service.&#160; The appointment of the Process Agent in clause (c)&nbsp;above shall be irrevocable, except that if for any reason the Process Agent appointed in said clause (c)&nbsp;ceases to be able to act as such, the Borrower will, by an instrument reasonably satisfactory to the Administrative Agent, appoint another Person in the Borough of Manhattan as such Process Agent subject to the approval (which approval will not be unreasonably withheld or delayed) of the Administrative Agent (acting at the written direction of the Majority Lenders).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To the extent that the Borrower may, in any action, suit or proceeding brought in any of the courts referred to in this <u>Section&nbsp;9.12</u> or a court of Argentina or elsewhere arising out of or in connection with this Agreement or any of the other Loan Documents, be entitled to the benefit of any provision of applicable law requiring any Lender in such action, suit or proceeding to post security for the costs of the Borrower, or to post a bond or take similar action (<i>caution judicatum solvi </i>or <i>excepci&#243;n de arraigo</i>), the Borrower hereby irrevocably waives such benefit, in each case to the fullest extent now or in the future permitted under the laws of Argentina or, as the case may be, such other jurisdictions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Acknowledgments</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower hereby acknowledges that:&#160; (a)&nbsp;it has been advised by counsel in the negotiation, execution and delivery of this Agreement, (b)&nbsp;none of the Administrative Agent or the Lenders has any fiduciary relationship to the Borrower under this Agreement, and the relationship between the Lenders, on the one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of creditor and debtor; (c)&nbsp;the Administrative Agent and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent nor any Lender has any obligation to disclose any of such interests to the Borrower or any of its Affiliates; and (d)&nbsp;it is the policy of the Board of Governors of the Federal Reserve System of the United States of America that extensions of credit by international banking facilities, such as the Loans, may be used only to finance operations outside the United States of America of the Borrower or its Affiliates.&#160; To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">WAIVERS OF JURY TRIAL</font></u><b><font size="3" style="font-size:12.0pt;font-weight:bold;">.&#160; EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).&#160; EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,&nbsp;IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Confidentiality</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent and each Lender agrees that it will hold in confidence, in accordance with the customary practices of such Person, any confidential information provided to such Person pursuant to this Agreement; <i>provided </i>that nothing in this <u>Section&nbsp;9.15</u> shall be deemed to prevent the disclosure by the Administrative Agent or any Lender of any such information (a)&nbsp;to any Affiliate, employee, officer, director, accountant, attorney or consultant of such Person, or any auditor, examiner or other Agency, so long as such disclosure is deemed necessary in the reasonable determination of the Administrative Agent or such Lender, as the case may be, for proper administration and/or enforcement of this Agreement or any Loan Document, or in order to comply with any law or regulation or request of an auditor, examiner or other Agency, (b)&nbsp;that has been or is made public by the Borrower or any of its Subsidiaries or affiliates or by any third party without breach of this Agreement or that otherwise becomes generally available to the public other than as a result of a disclosure in violation of this <u>Section&nbsp;9.15</u>, (c)&nbsp;that is or becomes available to any such Person from a third party not known to such person to be subject to confidentiality obligations to the Borrower, (d)&nbsp;that is required to be disclosed by any Requirement of Law, including to any bank examiners or regulatory authorities, (e)&nbsp;that is required to be disclosed by any court, agency, arbitrator or legislative body or (f)&nbsp;subject to the provisions of <u>Section&nbsp;9.6(f)</u>, to any Transferee or proposed Transferee.&#160; Notwithstanding the foregoing and any other provision herein, the Borrower and any Lender (and each employee, representative or other agent of the Borrower and any Lender) may disclose to any and all Persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure, if any, of the transactions contemplated by this Agreement, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Financial Crime Risk Management Activity</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower hereby agrees and acknowledges that the Lenders may be required to and may take any reasonable action to the extent permitted by Applicable Law, to meet their compliance obligations in connection with the detection, investigation and prevention of Financial Crime (the &#147;<b>Financial Crime Risk Management Activity</b>&#148;).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">65</font><font size="3"><a name="PB_65_001810_5796"></a></font></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-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Lenders may also, subject to the limitations set forth under Applicable Laws, cooperate with local and foreign authorities, through the appropriate channels allowable under Applicable Laws, with respect to Financial Crime Risk Management Activities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower hereby acknowledges and agrees that, to the extent permissible by law, neither the Lenders nor any other their Affiliates shall be liable to the Borrower or any third party in respect of any damage or loss whether incurred by the Borrower or a third party in connection with the delaying, blocking, suspension or cancelation of any payment or the provision of all or part of the obligations under the Loan Documents, or otherwise required by Applicable Law relating to Financial Crime Risk Management Activity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.17</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Lending Offices</font></u><font size="3" style="font-size:12.0pt;">.&#160; Any Lender may at any time change its Lending Office in relation to all or a specified part of its Loan by notifying the Administrative Agent and the Borrower of the fax number, telex number and address of its new Lending Office; <i>provided </i>that such change does not oblige the Borrower to pay any additional amount, cost or expense pursuant to this Agreement, in excess of such additional amount, cost or expense, as the case may be, that the Borrower would otherwise have been obliged to pay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.18</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">USA Patriot Act</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the USA Patriot Act.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.19</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Judgment Currency</font></u><font size="3" style="font-size:12.0pt;">.&#160; To the fullest extent permitted by law: (a)&nbsp;if, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder from a currency (the &#147;<b>Original Currency</b>&#148; into another currency (the &#147;<b>Other Currency</b>&#148;), the parties hereto agree, to the fullest extent that they may effectively do so, such conversion shall be done at the exchange rate used on the Business Day preceding that day on which final judgment is given and (b)&nbsp;the obligations of the Borrower in respect of any sum due from it to the Administrative Agent or the Lenders shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or the Lenders of any sum adjudged to be due hereunder in the Other Currency the Administrative Agent or the Lenders may in accordance with normal banking procedures purchase and transfer the Original Currency to New York City with the amount of the Other Currency so adjudged to be due, and the Borrower agrees, as a separate obligations and notwithstanding any such judgment, to indemnify the Administrative Agent and the Lenders against, and to pay the Administrative Agent and the Lenders on demand, in the Original Currency, the amount (if any) by which the sum originally due to the Administrative Agent and the Lenders in the Original Currency hereunder exceeds the amount of the Original Currency so purchased and transferred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.20</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Acknowledgement and Consent to Bail-In of EEA Financial Institutions</font></u><font size="3" style="font-size:12.0pt;">.&#160; Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such</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="3" style="font-size:12.0pt;">66</font><font size="3"><a name="PB_66_001820_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the applicable of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;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; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the effects of any Bail-In Action on any such liability, including, if applicable:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</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; </font><font size="3" style="font-size:12.0pt;">a reduction in full or in part or cancellation of any such liability;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</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; </font><font size="3" style="font-size:12.0pt;">a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</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; </font><font size="3" style="font-size:12.0pt;">the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.</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="3" style="font-size:12.0pt;">67</font><font size="3"><a name="PB_67_001835_3020"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 2.1.(a)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Commitments</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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<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="38%" valign="top" bgcolor="silver" style="background:silver;border-bottom:none;border-left:none;border-right:double windowtext 4.5pt;border-top:double windowtext 4.5pt;padding:0in 0in 0in 0in;width:38.4%;">
<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>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Lender</font></b></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="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="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" bgcolor="silver" style="background:silver;border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 4.5pt;border-top:none;padding:0in 0in 0in 0in;width:38.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Commitment</font></b></p>    </td>   </tr>
<tr>
<td width="61%" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 4.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:61.6%;">
<p style="margin:8.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank,   N.A.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="38%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 4.5pt;border-top:none;padding:0in 0in 0in 0in;width:38.4%;">
<p style="margin:8.0pt 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$200,000,000</font></p>    </td>   </tr>
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<td width="61%" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 4.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:61.6%;">
<p style="margin:8.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC   M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="38%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 4.5pt;border-top:none;padding:0in 0in 0in 0in;width:38.4%;">
<p style="margin:8.0pt 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$200,000,000</font></p>    </td>   </tr>
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<td width="61%" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 4.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:61.6%;">
<p style="margin:8.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial   and Commercial Bank of China Limited</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="38%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 4.5pt;border-top:none;padding:0in 0in 0in 0in;width:38.4%;">
<p style="margin:8.0pt 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$200,000,000</font></p>    </td>   </tr>
<tr>
<td width="61%" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 4.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:61.6%;">
<p style="margin:8.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan   Chase Bank, N.A.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="38%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 4.5pt;border-top:none;padding:0in 0in 0in 0in;width:38.4%;">
<p style="margin:8.0pt 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$200,000,000</font></p>    </td>   </tr>
<tr>
<td width="61%" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 4.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:61.6%;">
<p style="margin:8.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco   Santander, S.A.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="38%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 4.5pt;border-top:none;padding:0in 0in 0in 0in;width:38.4%;">
<p style="margin:8.0pt 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$200,000,000</font></p>    </td>   </tr>
<tr>
<td width="61%" style="border-bottom:double windowtext 2.25pt;border-left:double windowtext 4.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:61.6%;">
<p style="margin:8.0pt .05in .0001pt 41.05pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Total</font></b></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="38%" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 4.5pt;border-top:none;padding:0in 0in 0in 0in;width:38.4%;">
<p style="margin:8.0pt 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$1,000,000,000</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="3" width="100%" noshade align="left" style="color:#010101;"></div>
</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;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 5.3.(a)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Existing Security</font></b></p>
<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="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;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 5.3(a)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Existing Security</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;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">None.</font></p>
<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="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<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="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 5.13</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Transaction with Affiliates</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;"><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;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CLIENTS</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<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="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE GRAFICO EDITORIAL   ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE   RADIOTELEVISIVO ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTES   GRAFICAS RIOPLATENSE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CANAL   RURAL SATELITAL S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet   and Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A   DE MEDIOS DIGITALES (CMD) S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A   INVERSORA EN MEDIOS DE COMUNICACION S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CUSPIDE   LIBROS S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">DIARIO   LOS ANDES HNOS. CALLE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GC   GESTION COMPARTIDA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GRUPO   CLARIN S.A. / CABLEVISION HOLDING S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Financial   loans</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">LA   VOZ DEL INTERIOR S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">MAS   LOGISTICA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PAPEL   PRENSA S A I C F Y DE M</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">POLKA   PRODUCCIONES S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">RADIO   MITRE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet   and Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELE   RED IMAGEN S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOR   S.A.C.I.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELEDIFUSORA   BAHIENSE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">UNIR   S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">UTE   FEASA</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</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;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CONTENTS (Suppliers)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE RADIOTELEVISIVO   ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming / Coproduction</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CANAL   RURAL</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELE   RED IMAGEN S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">POLKA   PRODUCCIONES S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Coproduction</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">RADIO   MITRE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt .1in;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ADMINISTRATIVE (Suppliers)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt .1in;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GC GESTION   COMPARTIDA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advisory Service,   Collection Fee</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="3" width="100%" noshade align="left" style="color:#010101;"></div>
</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ADVERTISING/OTHERS (Suppliers)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<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="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE GRAFICO EDITORIAL   ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising, Perk Program   &#147;Clar&#237;n 365&#148; for Cablevision&#146;s Employees</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTES   GRAFICAS RIOPLATENSE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Magazzine&#146;s   Edition and Distribution</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE   RADIOTELEVISIVO ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A   DE MEDIOS DIGITALES (CMD) S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A   INVERSORA EN MEDIOS DE COMUNICACI&#211;N CIMECO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CUSPIDE   LIBROS S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">DIARIO   LOS ANDES HNOS. CALLE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Commercial   Servicies</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IMPRIPOST   TECNOLOGIAS S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Invoices&#146;   Printing and Enveloping</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">LA   VOZ DEL INTERIOR S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">MAS   LOGISTICA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Distribution</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOR   S.A.C.I.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">UNIR   S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Invoices&#146;s   Distribution, and Logistics</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="3" width="100%" noshade align="left" style="color:#010101;"></div>
</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;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;A</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Assignment and Acceptance</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-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is made to the $1,000,000,000 offer to enter into a Loan Agreement, dated as of February&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on February&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 by the Lenders and the Administrative Agent, as governed in accordance to the terms set forth in Annex I thereto, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders and Citibank, N.A., as Administrative Agent.&#160; Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">__________________ (the &#147;<b>Assignor</b>&#148;) and ___________________ (the &#147;<b>Assignee</b>&#148;) agree as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:12.0pt;">The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below), a ____% interest (the &#147;<b>Assigned Interest</b>&#148;) in and to all of the Assignor&#146;s rights and obligations under the Agreement with respect to the credit facility contained in the Agreement (including, to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any person, whether known or unknown, arising under or in connection with the Agreement) as set forth on <b>Schedule 1</b> (the &#147;<b>Assigned Facility</b>&#148;), in a principal amount for the Assigned Facility as set forth on <b>Schedule 1</b>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:12.0pt;">The Assignor:&#160; (a)&nbsp;represents and warrants that the assignment meets all the requirements of Section&nbsp;8.6 of the Agreement (subject to such consents, if any, as may be required under Section&nbsp;8.6 of the Agreement) (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Agreement or any other instrument or document furnished pursuant thereto, other than that the Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such adverse claim, (c)&nbsp;makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or any of the Borrower&#146;s Subsidiaries or any other obligor or the performance or observance by the Borrower or any of the Borrower&#146;s Subsidiaries or any other obligor of any of their respective obligations under the Agreement or any other instrument or document furnished pursuant thereto and [(d)] agrees that it will pay to the Administrative Agent on or before the Effective Date, an assignment fee in an amount of $3,500.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:12.0pt;">The Assignee:&#160; (a)&nbsp;represents and warrants that it is legally authorized to enter into this Assignment and Acceptance, (b)&nbsp;represents and warrants that it meets all the requirements to become an assignee under Section 8.6 of the Agreement (subject to such consents, if any, as may be required under Section&nbsp;8.6 of the Loan Agreement) (c)&nbsp;confirms that it has received a copy of the Agreement, together with copies of the financial statements delivered pursuant to <u>Section&nbsp;5.1(b)</u>&nbsp;and <u>Section&nbsp;5.1(c)</u>&nbsp;of the Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance, (d)&nbsp;agrees that it will, independently and without reliance upon the Administrative</font></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;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Agent, the Joint Bookrunners and Lead Arrangers or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement or any other instrument or document furnished pursuant thereto, (e)&nbsp;agrees that it will be bound by the provisions of the Agreement and will perform in accordance with its terms all the obligations which by the terms of the Agreement are required to be performed by it as a Lender, and (f) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Agreement or other instrument or document furnished pursuant thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:12.0pt;">The effectiveness of the Assignment shall be subject to: (a)&nbsp;receipt by Assignor and Assignee of the consent of Borrower if required pursuant to Section&nbsp;8.6(c)(ii)&nbsp;of the Agreement, (b)&nbsp;payment of any fees or other amounts due pursuant to Section&nbsp;8.6 of the Credit Agreement, and (c)&nbsp;delivery of any required forms and certificates regarding Tax matters.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.</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; </font><font size="3" style="font-size:12.0pt;">The effective date of this Assignment and Acceptance shall be [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] (the &#147;<b>Effective Date</b>&#148;).&#160; Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, it will be delivered to the Administrative Agent who, upon receiving such execution by the Assignor and the Assignee, shall record this Assignment and Acceptance pursuant to <u>Section&nbsp;8.6(c)</u>&nbsp;of the Agreement, effective as of the Effective Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier than five (5)&nbsp;Business Days after execution hereof by all of the required parties).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.</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; </font><font size="3" style="font-size:12.0pt;">Upon such acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee for such amounts which have accrued subsequent to the Effective Date.&#160; The Assignor and the Assignee shall make all appropriate adjustments in payments by the Borrower for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.</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; </font><font size="3" style="font-size:12.0pt;">From and after the Effective Date, (a)&nbsp;each reference in the Agreement to &#147;Lender&#148; or &#147;Lenders&#148; shall be deemed to include the Assignee, (b)&nbsp;the Assignee shall be a party to the Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and shall be bound by the provisions thereof, and (c)&nbsp;the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Agreement with respect to the Assigned Facility (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an Assigning Lender&#146;s rights and obligations under the Agreement, such Assigning Lender shall cease to be a party to the Agreement).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Assignment and Acceptance shall be governed by and construed in accordance with the law of the State of New York.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed as of the date first above written by their respective duly authorized officers on <b>Schedule 1</b> hereto.</font></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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Schedule 1</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">To Assignment and Acceptance</font></b></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>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name of Assignor: <br> Name of Assignee: <br> Effective Date of Assignment:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:80.85pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Principal</font></p>
<p style="margin:0in 0in .0001pt;text-indent:58.4pt;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amount Assigned</font></u></p>
<p style="margin:0in 0in .0001pt 81.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$</font></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 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Name of Assignee]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:   </font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Name of Assignor]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:   </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledged:</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>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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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<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank,   N.A.</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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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<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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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<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Administrative   Agent</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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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<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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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<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: </font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.48%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</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>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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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<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Consented   to:</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>
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<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom   Argentina S.A.</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>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" 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="3" face="Times New Roman" style="font-size:12.0pt;">Name: </font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<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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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<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="3" face="Times New Roman" style="font-size:12.0pt;">Title:] </font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">2</font><i><font size="1" style="font-size:8.0pt;font-style:italic;position:relative;top:-4.0pt;">1</font></i></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>
<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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">[Signature Page&nbsp;of Schedule I to the Assignment and Acceptance]</font></i></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;">&nbsp;</font></p>
<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="font-size:10.0pt;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="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;&#160;&#160;&#160;&#160;&#160; </font>To be added only if the consent of the Borrower is required by the terms of the Agreement.</p>
<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="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="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;B</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Notice of Borrowing</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;"><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="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[LETTERHEAD OF 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 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;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</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="3" face="Times New Roman" style="font-size:12.0pt;">[Administrative Agent]</font><font size="3" style="font-size:12.0pt;"><br>  </font><font size="3" style="font-size:12.0pt;">[Address]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn:&nbsp; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Email:&nbsp; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</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="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</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-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The undersigned, Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), refers to the $1,000,000,000 offer to enter into a Loan Agreement, dated as of February&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on February&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 by the Lenders and the Administrative Agent, as regulated and governed in accordance to the terms set forth in Annex I thereto, the &#147;<b>Agreement</b>&#148;) by the Borrower, to the Lenders and </font><font size="3" style="font-size:12.0pt;">Citibank, N.A.</font><font size="3" style="font-size:12.0pt;">, as Administrative Agent, hereby gives you irrevocable notice, pursuant to <u>Section&nbsp;2.3</u> of the Agreement that the undersigned hereby requests a Borrowing under the Agreement, and in connection therewith sets forth below the information relating to such Borrowing as required by <u>Section&nbsp;2.3</u> of the Agreement:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(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; </font><font size="3" style="font-size:12.0pt;">The Business Day of the Borrowing Date is [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">].</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(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; </font><font size="3" style="font-size:12.0pt;">The amount of the Borrowing is $[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">],000,000 ([</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] million United States Dollars).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(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; </font><font size="3" style="font-size:12.0pt;">The Interest Period shall be: [three/six] months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Furthermore, the Borrower requests that such funds borrowed be deposited according to the following payment instructions:</font></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 height="20" style="height:15.35pt;">
<td width="28%" height="20" style="border:solid windowtext 1.0pt;height:15.35pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt 2.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Beneficiary</font></p>    </td>
<td width="26%" height="20" style="border:solid windowtext 1.0pt;border-left:none;height:15.35pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name</font></p>    </td>
<td width="45%" height="20" style="border:solid windowtext 1.0pt;border-left:none;height:15.35pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:14.15pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.15pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Address</font></p>    </td>
<td width="45%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.15pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:13.95pt;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:13.95pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.95pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">City</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.95pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Country</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt 2.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Bank of   Intermediary</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ABA</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Swift Code</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Address</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">City,   State</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" 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="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="37" style="height:27.95pt;">
<td width="28%" height="37" valign="top" style="border:solid windowtext 1.0pt;height:27.95pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt 2.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Bank of   Beneficiary</font></p>    </td>
<td width="26%" height="37" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:27.95pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name</font></p>    </td>
<td width="45%" height="37" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:27.95pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:13.95pt;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:13.95pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.95pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Account </font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.95pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:13.95pt;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:13.95pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.95pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Swift Code</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.95pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Address</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">City</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:13.9pt;">
<td width="28%" height="19" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Country</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="28%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:14.15pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt 2.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Beneficiary   Account</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.15pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">C.B.U.</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.15pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="28%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:14.15pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt 2.4pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.15pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CUIT</font></p>    </td>
<td width="45%" height="19" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.15pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="20" style="height:14.65pt;">
<td width="28%" height="20" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:14.65pt;padding:0in 0in 0in 0in;width:28.14%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.65pt;padding:0in 0in 0in 0in;width:26.86%;">
<p style="margin:0in 0in .0001pt 1.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Transfer   Currency</font></p>    </td>
<td width="45%" height="20" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.65pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="41" style="height:31.1pt;">
<td width="100%" colspan="3" height="41" style="border:solid windowtext 1.0pt;border-top:none;height:31.1pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 2.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Please   send confirmation details to: [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</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;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For call-back confirmation and if you should have any questions or comments regarding this loan request, please do not hesitate to contact the [signatory/signatories] below or (in order of preference):&#160; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Delivery of an executed counterpart of this Notice of Borrowing and any other notice in connection herewith by telecopier or electronic mail shall be effective as delivery of an original executed counterpart of this Notice of Borrowing.</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;">&nbsp;</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="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Telecom Argentina S.A.</font></b></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" 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="3" face="Times New Roman" style="font-size:12.0pt;">Title:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Address:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telephone No.:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax No.:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">E-mail:</font></p>    </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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;C</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Selection Notice</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;"><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="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[LETTERHEAD OF 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 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;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</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="3" face="Times New Roman" style="font-size:12.0pt;">[Administrative Agent]</font><font size="3" style="font-size:12.0pt;"><br>  </font><font size="3" style="font-size:12.0pt;">[Address]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn:&nbsp; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Email:&nbsp; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</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="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</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-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The undersigned, Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), refers to the $1,000,000,000 offer to enter into a Loan Agreement, dated as of February&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on February&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 by the Lenders and the Administrative Agent, as regulated and governed in accordance to the terms set forth in Annex I thereto, the &#147;<b>Agreement</b>&#148;) by the Borrower, to the Lenders and </font><font size="3" style="font-size:12.0pt;">Citibank, N.A.</font><font size="3" style="font-size:12.0pt;">, as Administrative Agent, hereby gives you irrevocable Selection Notice, pursuant to <u>Section&nbsp;2.3(b)</u>&nbsp;of the Agreement in relation to the Interest Period ending on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">].</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We request that the next Interest Period for the Loan be [three/six] months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For call-back confirmation and if you should have any questions or comments regarding this Selection Notice, please do not hesitate to contact the [signatory/signatories] below or (in order of preference):&#160; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Delivery of an executed counterpart of this Selection Notice and any other notice in connection herewith by telecopier or electronic mail shall be effective as delivery of an original executed counterpart of this Selection Notice.</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;">&nbsp;</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;">&nbsp;</font></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="3" face="Times New Roman" style="font-size:12.0pt;">Very truly yours,</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;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Telecom Argentina S.A.</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>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.68%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" 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="3" face="Times New Roman" style="font-size:12.0pt;">Title:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" 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="3" face="Times New Roman" style="font-size:12.0pt;">Address:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telephone No.:</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>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax No.:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">E-mail:</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>   </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>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.68%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Address:&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telephone No.:&nbsp; </font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax No.:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">E-mail:</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;D</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Officer&#146;s Certificate of the Borrower</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;"><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;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018</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="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To:&#160; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font><font size="3" style="font-size:12.0pt;">,</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font><font size="3" style="font-size:12.0pt;"><br>  </font><font size="3" style="font-size:12.0pt;">Address</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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</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-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I refer to the $1,000,000,000 offer to enter into a Loan Agreement, dated as of February&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on February&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 by the Lenders and the Administrative Agent, as regulated and governed in accordance to the terms set forth in Annex I thereto, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders and Citibank, N.A., as Administrative Agent.&#160; Terms defined and references construed in the Agreement have the same meaning and construction in this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I am a duly authorized officer of the Borrower and I hereby certify as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:12.0pt;">I am duly authorized to give this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><i><u><font size="3" style="font-size:12.0pt;font-style:italic;">Organizational Documents</font></u></i><font size="3" style="font-size:12.0pt;">:&#160; Attached as <b>Exhibit&nbsp;A</b> to this Certificate and signed or initialed by me for the purpose of identification is a true, complete and up-to-date copy of the Borrower&#146;s organizational documents as amended from time to time and in effect when it signed the Agreement and on the date of this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><i><u><font size="3" style="font-size:12.0pt;font-style:italic;">Due Authorization</font></u></i><font size="3" style="font-size:12.0pt;">:&#160; Attached as <b>Exhibit&nbsp;B</b> to this Certificate and signed or initialed by me for the purpose of identification is a true and complete copy of the minutes (or copies of public deeds containing such minutes) of the duly convened meeting of the board of directors of the Borrower duly held on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018, at which a duly constituted quorum of directors was present and voting throughout and at which the resolutions set out in the minutes were duly passed.&#160; Each of those resolutions remains in full force and effect without modification.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><i><u><font size="3" style="font-size:12.0pt;font-style:italic;">Incumbency</font></u></i><font size="3" style="font-size:12.0pt;">:&#160; Each person who signed the Agreement on behalf of the Borrower was a duly authorized signatory of the Borrower when the Agreement was entered into.&#160; Attached as <b>Exhibit&nbsp;C</b> to this Certificate and signed or initialed by us for the purpose of identification is a list of the names and titles, and specimen of the signatures, of the persons who are at the date of this Certificate officers of the Borrower and who (either individually or with others, as provided in the resolutions) signed the Agreement and/or are authorized to give all communications and take any other action required under or in connection with the Agreement on behalf of the Borrower.</font></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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5. <i><u style="font-style:italic;">Material Adverse Effect</u></i>: Since September&nbsp;30, 2017, no Material Adverse Effect has occurred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6. <i><u style="font-style:italic;">Representation and Warranties</u></i>: Each of the representations and warranties made by the Borrower in or pursuant to the Agreement are: (i)&nbsp;if such representation or warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect, true and correct to the extent of such qualification on and as of the date hereof (except for such representations and warranties which are expressly stated to have been made on and as of an earlier date, which were true and correct to the extent of such qualification on and as of such earlier date); or (ii)&nbsp;if such representation or warranty is not so qualified, true and correct in all material respects on and as of the date hereof (except for such representations and warranties which are expressly stated to have been made on as of an earlier date, which were true and correct in all material respects on and as of such earlier date).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7. <i><u style="font-style:italic;">No Default</u></i>: No Potential Event of Default, Event of Default or Prepayment Event has occurred and is continuing.</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF,&nbsp;I have signed this Certificate as of the date first written above.</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;">&nbsp;</font></p>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="41%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:41.66%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</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>
<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;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;E</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Check</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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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;F</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Legal Opinion of Errecondo, Gonz&#225;lez&nbsp;&amp; Funes<br> special Argentine counsel to the Borrower</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;"><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;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018</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;">&nbsp;</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="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font><font size="3" style="font-size:12.0pt;">, as Administrative Agent,</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-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:150%;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;line-height:150%;">Citibank, N.A., HSBC M&#233;xico, S.A. Instituci&#243;n De Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A., and Banco Santander, S.A., as Lenders,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:150%;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;line-height:150%;">Citigroup Global Markets Inc., </font><font size="3" style="font-size:12.0pt;line-height:150%;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n De Banca M&#250;ltiple, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, </font><font size="3" style="font-size:12.0pt;line-height:150%;">JPMorgan Chase Bank, N.A. and </font><font size="3" style="font-size:12.0pt;line-height:150%;">Santander Investment Securities Inc. as Joint Bookrunners and Lead Arrangers.</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;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Offer Telecom No.1/2018, dated January&nbsp;[</font></b><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">], 2018 (the &#147;Offer&#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;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen,</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-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This opinion is furnished to you pursuant to Section&nbsp;3.1(f)(i)&nbsp;of the Annex I of the Offer in connection with certain U.S.$1,000,000,000 term loan agreement dated as of [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<u>Term Loan Agreement</u>&#148;), entered into by and among the Company, as borrower, Citibank, N.A., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n De Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. (the &#147;<u>Lenders</u>&#148;), Citigroup Global Markets Inc., HSBC M&#233;xico, S.A., Instituci&#243;n De Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Santander Investment Securities Inc. (the &#147;<u>Joint Bookrunners and Lead Arrangers</u>&#148;) and Citibank, N.A. as administrative agent (the &#147;<u>Administrative Agent</u>&#148;). <b>Capitalized terms used and not otherwise defined herein are used in this opinion letter as defined in the Term Loan Agreement</b>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We have acted as special Argentine counsel of Telecom Argentina S.A. (the &#147;<u>Company</u>&#148;) in connection with the preparation, execution and delivery of the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">a)</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; </font><font size="3" style="font-size:12.0pt;">the Offer;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">b)</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; </font><font size="3" style="font-size:12.0pt;">the Acceptance Letter, dated January&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (and together with the Offer, the &#147;<u>Acceptance Letter</u>&#148;);</font></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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the fee letter delivered by Joint Bookrunners and Lead Arrangers to the Borrower, and accepted by the Borrower on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018, and the fee letter delivered by the Administrative Agent to the Borrower and accepted by the Borrower dated on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<u>Fee Letters</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">d)</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; </font><font size="3" style="font-size:12.0pt;">the form of payment checks for deposit (<i><font color="black" style="color:black;font-style:italic;">cheque de pago diferido no a la orden y cruzado</font></i><font color="black" style="color:black;">)</font> to be issued by the Borrower, duly executed in favor of the Administrative Agent and delivered to the Onshore Custody Agent, pursuant to the Term Loan Agreement (the &#147;<u>Checks</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the By-laws (<i>Estatutos Sociales</i>) of the Company, as amended and supplemented in effect as of the date hereof;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the minute of the Borrower&#146;s Board of Directors&#146; meeting No.367, passed on January 31, 2018 approving the execution of the Loan Documents, and the transactions contemplated thereby;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">g)</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; </font><font size="3" style="font-size:12.0pt;">a copy of the Preliminary Merger Agreement between Telecom Argentina S.A., Sofora Telecomunicaciones S.A., Nortel Inversora S.A. and Telecom Personal S.A. (the &#147;<u>Telecom Internal Merger</u>&#148;), dated March&nbsp;31, 2017 (the &#147;<u>Preliminary Telecom Internal Merger Agreement</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">h)</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; </font><font size="3" style="font-size:12.0pt;">a copy of the Merger Prospectus (<i>Prospecto de Fusi&#243;n por Absorci&#243;n</i>), dated May&nbsp;11, 2017, filed before the CNV on the aforementioned date (the &#147;<u>Telecom Internal Merger Prospectus</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">i)</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;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the minute of the General Ordinary and Extraordinary Shareholders&#180; Meeting of the Borrower dated May&nbsp;23, 2017, a copy of the minute of the General Ordinary and Extraordinary Shareholders&#180; Meeting of Nortel Inversora S.A. dated May&nbsp;22, 2017; a copy of the minute of the Preferred Class&nbsp;B Shareholders&#180; Special Meeting of Nortel Inversora S.A. dated November&nbsp;10, 2017; a copy of the minute of the Common Shareholders&#180; Special Meeting of Nortel Inversora S.A. dated November&nbsp;10, 2017, a copy of the minute of the General Extraordinary Shareholders&#180; Meeting of Sofora Telecomunicaciones S.A. dated May&nbsp;22, 2017; and a copy of the minute of the General Ordinary and Extraordinary Shareholders&#180; Meeting of Telecom Personal S.A. dated May 23, 2017, in all cases approving the Telecom Internal Merger (collectively, the &#147;<u>Telecom Internal Merger Corporate Approvals</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">j)</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;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the resolution No.2017-4545-APN-ENCOM#MM granted by the Ente Nacional de Comunicaciones (&#147;<u>ENACOM</u>&#148;), dated November&nbsp;24, 2017 approving, among others, the Telecom Internal Merger (the &#147;<u>ENACOM Telecom Internal Merger Authorization</u>&#148;);</font></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 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">k)</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; </font><font size="3" style="font-size:12.0pt;">a copy of the Definitive Merger Agreement (<i>Compromiso Definitivo de Fusi&#243;n</i>) between Telecom Argentina S.A., Sofora Telecomunicaciones S.A., Nortel Inversora S.A. and Telecom Personal S.A., dated November&nbsp;13, 2017 (the &#147;<u>Definitive Telecom Internal Merger Agreement</u>&#148;;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">l)</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;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the Preliminary Merger Agreement between Telecom Argentina S.A. and Cablevisi&#243;n S.A. (the &#147;<u>Telecom/CV Merger</u>&#148; and, together with the &#147;<u>Telecom Internal Merger</u>&#148;, the &#147;<u>Mergers</u>&#148;), dated June&nbsp;30, 2017 (the &#147;<u>Preliminary Telecom/CV Merger Agreement</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">m)</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; </font><font size="3" style="font-size:12.0pt;">a copy of the Telecom/CV Merger Prospectus (<i>Prospecto de Fusi&#243;n por Absorci&#243;n</i>), dated August 18, 2017, filed before the CNV on the aforementioned date (the &#147;<u>Telecom/CV Merger Prospectus</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">n)</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; </font><font size="3" style="font-size:12.0pt;">a copy of the minute of the General Ordinary and Extraordinary Shareholders&#180; Meeting of the Borrower dated August&nbsp;31, 2017, and a copy of the minute of the General Ordinary and Extraordinary Shareholders&#180; Meeting of Cablevisi&#243;n S.A. (&#147;<u>CV</u>&#148;), dated August&nbsp;31, 2017, approving the Telecom/CV Merger (the &#147;<u>Telecom/CV Merger Corporate Approvals</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">o)</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; </font><font size="3" style="font-size:12.0pt;">a copy of the resolution No.5644-E/2017 granted by the ENACOM, dated December&nbsp;21, 2017 approving (i)&nbsp;the Telecom/CV Merger, (ii)&nbsp;the transfer to the Borrower of all the permits, licenses and authorizations in connection with broadcasting, radioelectric link, including the permissions / frequencies necessary for the provision of broadcasting services by subscription through radioelectric link, the authorizations for the provision of those services in certain areas, the registration of the radio-electric trunking services license and the authorizations and permits for the use of frequencies and the assignments of numbering and signaling resources for the provision of the referred services that are owned by CV, and (iii)&nbsp;the change of control of the Borrower (the &#147;<u>Telecom/CV ENACOM Authorization</u>&#148;); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">p)</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; </font><font size="3" style="font-size:12.0pt;">a copy of the Definitive Merger Agreement (<i>Compromiso Definitivo de Fusi&#243;n</i>) between Telecom Argentina S.A. and Cablevisi&#243;n S.A., dated October&nbsp;31, 2017 (the &#147;<u>Definitive Telecom/CV Merger Agreement</u>&#148;, and together with the Preliminary Telecom Internal Merger Agreement, the Telecom Internal Merger Corporate Approvals, the ENACOM Telecom Internal Merger Authorization, the Definitive Telecom Internal Merger Agreement, the Preliminary Telecom/CV Merger Agreement, the Telecom/CV Merger Corporate Approvals and the ENACOM Telecom/CV Merger Authorization, the &#147;<u>Mergers Authorizations</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The documents referred to in letters (a)&nbsp;through (c)&nbsp;above, inclusive, are referred to herein collectively as the &#147;<u>Loan Documents</u>&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In such capacity, we have reviewed the Loan Documents (or copies thereof) and made such</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">examination of law as we have considered appropriate to give the opinions set forth below, and we have also reviewed and examined originals or conformed copies of such corporate records, agreements and instruments, certificates of public officials and such other documents and records (including, without limitation, the <i>Estatutos</i>), and such matters of law, as we have deemed appropriate as a basis for the opinions set forth below.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In giving the opinions set forth below, we have made the following assumptions:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</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; </font><font size="3" style="font-size:12.0pt;">that all Loan Documents (and all copies referred to in the preceding paragraph) submitted to us as copy or specimen documents conform to their originals;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</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; </font><font size="3" style="font-size:12.0pt;">that each of the parties to the Loan Documents has the corporate power and authority to execute, deliver and perform its obligations under each of the Loan Documents and the Checks, as the case may be, and that all Loan Documents, have been, or will be, as the case may be, validly authorized, executed and delivered by the parties thereto (in all cases, other than the Borrower);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</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; </font><font size="3" style="font-size:12.0pt;">that each of the parties to the Loan Documents will perform its duties under the Loan Documents to which it is a party reasonably and in good faith in taking any action, exercising any discretion and making any determination thereunder;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</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; </font><font size="3" style="font-size:12.0pt;">that each of the parties to the Loan Documents (other than the Borrower) is not an Argentine tax resident;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</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; </font><font size="3" style="font-size:12.0pt;">that the signatures of the parties to the Loan Documents submitted to us in connection with this opinion are genuine and correspond to the person(s)&nbsp;executing each such document on behalf of the party whose name(s), as applicable, appear(s)&nbsp;below each such signatures;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)</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; </font><font size="3" style="font-size:12.0pt;">that there are no other agreements among any of the parties to the Loan Documents (other than the Loan Documents) that modify or supersede any of the terms of the Loan Documents; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)</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; </font><font size="3" style="font-size:12.0pt;">that each of the Loan Documents is in proper legal form in accordance with the laws of the jurisdiction under which such Loan Documents, have been executed, or will be executed, as the case may be (other than with respect to the Loan Documents governed by Argentine law).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We are licensed to practice law in Argentina. The following opinions are limited to Argentine law as in effect and applied by the courts of Argentina as of the date hereof and are given on the basis that they will be governed by and construed in accordance with Argentine law. We express no opinion as to any laws other than the laws of Argentina in effect as of the date hereof and we have assumed that there is nothing in any other law that affects our opinions below. Likewise, we have made no investigation of the laws of any jurisdiction other than Argentina, and assume that the terms of the Loan Documents governed by the laws of any jurisdiction other than Argentina are in all respects lawful and effective under the law of such jurisdiction.</font></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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Based upon the foregoing, and subject to the qualifications set forth below, we are of the opinion that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:12.0pt;">The Borrower (i)&nbsp;is a corporation (<i>sociedad an&#243;nima</i>) duly organized and validly existing under the laws of Argentina </font><font size="3" style="font-size:12.0pt;">as evidenced by its by-laws (<i>estatutos sociales</i>), which have been properly recorded before the <i>Inspecci&#243;n General de Justicia</i></font><font size="3" style="font-size:12.0pt;">, and (ii)&nbsp;has all requisite corporate power and authority and all governmental licenses, authorizations, permits, consents and approvals necessary to own its assets and carry its business as now being conducted.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:12.0pt;">The Borrower has full power, authority and legal right to make, execute, deliver and perform its obligations under each Loan Document to which the Borrower is a party, and when executed, the Checks, and has taken all corporate or other action necessary to authorize the making, execution, delivery and performance by it of its obligations in such Loan Document and the Checks as has been or will be executed and delivered by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:12.0pt;">The Borrower has duly executed and delivered each of the Loan Documents to which the Borrower is a party. </font><font size="3" style="font-size:12.0pt;">E</font><font size="3" style="font-size:12.0pt;">ach of the Loan Documents, and when executed the Checks constitute, or will constitute, as the case may be, the legal, valid and binding obligation of the Borrower and enforceable against its terms.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:12.0pt;">The execution, delivery and performance by the Borrower of the Checks and each of the Loan Documents to which the Borrower is a party, (i)&nbsp;are or will be, as the case may be, within the Borrower&#146;s corporate powers, and have been duly authorized by all necessary corporate action, and (ii)&nbsp;do not, and will not, as the case may be, (a)&nbsp;violate any provision of any Argentine law, rule&nbsp;or regulation applicable to </font><font size="3" style="font-size:12.0pt;">the Borrower</font><font size="3" style="font-size:12.0pt;">, (b)&nbsp;violate any order, writ, injunction or decree of any Governmental Authority or any arbitral award in Argentina applicable to it of which we have knowledge, (c)&nbsp;result in a breach of, or constitute a default under, any agreement or instrument to which the Borrower is a party, or (d)&nbsp;contravene the by-laws (<i>Estatutos</i>) or organizational documents of </font><font size="3" style="font-size:12.0pt;">the Borrower</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.</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; </font><font size="3" style="font-size:12.0pt;">No order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption or waiver by, any Argentine Governmental Authority is required to authorize, or is required in connection with, (x)&nbsp;the execution, delivery and performance of each of the Loan Documents and the Checks or (y)&nbsp;the legality, validity, enforceability or binding effect of the Loan Documents and the Checks.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.</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; </font><font size="3" style="font-size:12.0pt;">The choice of New York law to govern the Term Loan Agreement and the Fee Letters, to the extent valid and binding under New York law, will be recognized and enforceable in Argentina, and an Argentine court would give effect to such choice of law in any action, suit or proceeding arising out of, or otherwise relating to, the Term Loan Agreement and the Fee Letters.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.</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; </font><font size="3" style="font-size:12.0pt;">The appointment by the Borrower of an agent in New York to accept service of process in New York in connection with the Term Loan Agreement and the Fee Letters is a valid and binding appointment by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">8.</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; </font><font size="3" style="font-size:12.0pt;">The submission by the Borrower in the Term Loan Agreement and the Fee Letters to</font></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;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the general jurisdiction of the courts of the State of New York, County of New York and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, is, under the laws of Argentina, valid and effective and irrevocably binding on the Borrower. In the event that a judgment of any competent court located outside Argentina for the payment of money were rendered against the Borrower in respect of any obligation arising out of or in relation to any Loan Document </font><font size="3" style="font-size:12.0pt;">to which the Borrower is a party</font><font size="3" style="font-size:12.0pt;">, such judgment would be enforced by the courts of Argentina against the Borrower without a further review on the merits; <i>provided</i>, <i>however</i>, that enforcement of foreign judgments against the Borrower in the competent courts sitting in the City of Buenos Aires is subject to compliance with the requirements of Articles 517 through 519 of Argentine Law No.&nbsp;17,454, as amended (National Code of Civil and Commercial Procedures), namely, that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</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; </font><font size="3" style="font-size:12.0pt;">the judgment, which must be final in the jurisdiction where rendered, was issued by a court competent in accordance with the Argentine laws regarding conflicts of laws and jurisdiction, and result from a personal action, or an <i>in rem </i>action with respect to personal property which was transferred to Argentine territory during or after the prosecution of the foreign action;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</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; </font><font size="3" style="font-size:12.0pt;">the defendant against whom enforcement of the judgment is sought was personally served with the summons and, in accordance with due process of law, was given an opportunity to defend against the foreign action;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</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; </font><font size="3" style="font-size:12.0pt;">the judgment must be valid in the jurisdiction where rendered and its authenticity must be established in accordance with the requirements of Argentine law;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</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; </font><font size="3" style="font-size:12.0pt;">the judgment does not violate the principles of public policy of Argentine law (no provision of the Loan Documents being, in our opinion, contrary to such principles); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</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; </font><font size="3" style="font-size:12.0pt;">the judgment is not contrary to a prior or simultaneous judgment of an Argentine court.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">9.</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; </font><font size="3" style="font-size:12.0pt;">Under current laws in Argentina, payments under any Loan Documents, the Checks and the proceed of any judgement obtained in respect of any Loan Document and/or the Checks, as the case may be, may be remitted out of the Republic of Argentina in U.S. Dollars without restriction and without the need to obtain any consent, approval, license or permission of any Person or Government Authority and all amounts payable by the Borrower under each Loan Documents and the Checks to which it is a party may be paid in the currency in which these amounts are expressly stated to be payable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">10.</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; </font><font size="3" style="font-size:12.0pt;">It is not necessary for the Lenders (or the Administrative Agent on behalf of them), in order to enforce any of their rights under any of the Loan Documents and the Checks, to be registered, licensed, subject to taxation, be required to make any filing with any court or governmental authority, or otherwise qualified to carry on business in Argentina (or any political subdivision of Argentina) solely by reason of the execution, delivery or enforcement of any of the Loan Documents and the Checks, as the case may be.</font></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;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">11.</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; </font><font size="3" style="font-size:12.0pt;">No foreign party to the Loan Documents is or will be deemed to be resident, domiciled or carrying on business in Argentina by reason only of the execution, delivery, performance or enforcement of any of the Loan Documents or be subject to tax or tax filing obligations, solely as a result of the execution and delivery of the Loan Documents or the enforcement thereof. However, to the extent that the transactions to be carried out by any foreign party pursuant to the Loan Documents, when considered together with any other transaction carried out by such party in Argentina, could be considered the carrying out of activities in Argentina on a regular basis, then such foreign party, in order to enforce its rights under the Loan Documents, may be required to register with the Public Registry of Commerce in accordance with Section&nbsp;118 of the Argentine General Companies Law No.&nbsp;19,550, as amended, and comply with certain information requirements under Resolution 7/2015, as amended, of the Public Registry of Commerce with jurisdiction in the City of Buenos Aires (<i>Inspecci&#243;n General de Justicia</i>).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">12.</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; </font><font size="3" style="font-size:12.0pt;">The Borrower is subject to civil and commercial law with respect to its obligations under the Loan Documents. The execution, delivery, and performance by the Borrower of the Loan Documents and the Checks constitute private and commercial acts rather than public or governmental acts. Neither the Borrower nor any of its properties, assets or revenues, to the extent located in Argentina: (i)&nbsp;enjoys any right of immunity from suit, court jurisdiction, judgment, attachment (whether before or after judgment), set-off, or execution of a judgment or from any other legal process or remedy relating to its obligations under the Loan Documents and the Checks, or (ii)&nbsp;has any immunity from the jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) relating in any way to the Loan Documents and the Checks under the laws of Argentina; in all cases, </font><font size="3" style="font-size:12.0pt;">except for such properties or assets used for the performance of a public service</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">13.</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; </font><font size="3" style="font-size:12.0pt;">The obligations of the Borrower under the Loan Documents and the Checks with respect to the Lenders and the Administrative Agent do rank, and will rank, at least <i>pari passu</i> in priority of payment and in all other respects with all other senior unsecured indebtedness for borrowed money of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">14.</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; </font><font size="3" style="font-size:12.0pt;">As of the date hereof, each of the Lenders and the Administrative Agent is entitled to sue as a plaintiff in an Argentine court for the enforcement of its respective rights under each of the Loan Documents and the Checks and such access to the courts of Argentina would be on the same terms as are available to residents and citizens of Argentina (<i>provided</i>, that an official translation by an Argentine sworn public translator into the Spanish language of any document in any language other than Spanish is required to bring an action thereon in the courts of Argentina), and it is not necessary, in order to ensure the legality, validity, enforceability or priority of the Loan Documents and the Checks under the laws of Argentina or to establish the admissibility into evidence of the Loan Documents or the Checks in any court of Argentina, that any such documents be submitted to, filed or recorded with, any court or other Governmental Authority in Argentina or that any stamp, registration or similar transaction tax be paid on or in respect of any such documents to any Governmental Authority in Argentina, except that: (i)&nbsp;the filing of claims with the Argentine judicial system is subject to payment of taxes collected to fund the court system, which taxes must be paid by the person filing a claim in court and which rates vary from one jurisdiction to another (the current applicable rate in the city of Buenos Aires being 3% of the amount claimed); and (ii)&nbsp;pursuant to Law 26,589 and other ancillary regulations (as amended), including laws and regulations regarding mediations in the City of Buenos Aires, certain mediation procedures must be</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">exhausted prior to the initiation of lawsuits in Argentina, with the exception -among others- of bankruptcy and summarized foreclosure proceedings (which include the enforcement of foreign judgments), in which cases mediation remains optional for the plaintiff.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">15.</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; </font><font size="3" style="font-size:12.0pt;">No stamp tax, duty, registration, documentary or similar tax is payable on the Loan Documents and the Checks.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">16.</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; </font><font size="3" style="font-size:12.0pt;">There are no Taxes imposed either (i)&nbsp;on or by virtue of the Loan Documents, the Checks and the borrowings thereunder (the &#147;<u>Transactions</u>&#148;), their enforcement or admissibility into evidence or (ii)&nbsp;on any payment to be made by the Borrower pursuant to any Loan Document, except that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">a.</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">all payments of interest under the Loan Documents or the Checks by the Borrower to a Lender which makes and maintains its loan through a lending office located outside Argentina are subject to withholding of Argentine income tax at a rate of: (i)&nbsp;15.05% on the amount of each such interest payment with respect to each Lender that is a bank or financial institution controlled by </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> respective central bank or similar authority, located in jurisdictions (x)&nbsp;other than those considered as non-cooperative </font><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">or of low or null taxation</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> (<i>no cooperantes o de nula o baja tributaci&#243;n</i>), or (y) that have executed exchange information agreements with Argentina, and do not allow banking, stock market or other type of secrecy pursuant to their domestic law upon an information request of the relevant tax authority; (ii)&nbsp;a lower rate which may be applicable in accordance with tax treaties for the avoidance of double taxation to Lenders located in countries that have such tax treaties in force with Argentina, provided that any such Lenders are entitled to claim for themselves the benefit of such tax treaties for interest payments; or (iii)&nbsp;35.0% on the amount of each such interest payment if neither of the conditions indicated in clauses (i)&nbsp;and (ii)&nbsp;above are met;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">b.</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">all payments of interest by the Borrower under the Loan Documents and the Checks to any Lender which makes and maintains its Loan through a lending office in Argentina are subject to (i) Argentine income tax at the rate of 30.0% on net income </font><u><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(</font></u><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">for profits obtained from tax periods beginning as of January&nbsp;1, 2018) or at the rate of 25% (for profits obtained from tax periods beginning as of January&nbsp;1, 2020) </font><font size="3" color="black" style="color:black;font-size:12.0pt;">payable directly by such Lender;(ii)&nbsp;gross revenues tax in the Argentine jurisdiction where such Lender is located (at the rates applied by each such jurisdiction) and (iii) </font><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">the tax withholdings and/or collections (<i>retenciones y/o percepciones de impuestos</i>) performed by the Lender or the Borrower under any applicable tax withholding and/or collection regime, as the case may be</font><font size="3" color="black" style="color:black;font-size:12.0pt;">;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">c.</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">out-of-pocket expenses paid by the Borrower to a non-Argentine resident Lender are not subject to Argentine income tax to the extent that (i)&nbsp;they are duly documented and (ii)&nbsp;they do not relate to services rendered in Argentina nor economically used in Argentina;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">d.</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">all payments of interest under the Loan Documents and the Checks by the Borrower are subject to Argentine value added tax (&#147;<u>VAT</u>&#148;) at an effective rate of (i)&nbsp;10.5% on the amount of each such interest payment with respect to (x)&nbsp;any foreign Lender that is</font></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 .85in;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">a bank incorporated in a country where the central bank or similar governmental authority thereof has adopted the international standards approved by the Basel Committee on Banking Regulations and Supervisory Practices or (y)&nbsp;any Lender that is a local licensed financial institution and (ii) 21.0% on the amount of each such interest payment if the lending institution does not comply with the requirements of clause (i)&nbsp;above;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">e.</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any credit and/or debit in a local checking bank account shall be subject to a tax on credits and debits in checking accounts at a rate of 0.6% according to Argentine Law No.&nbsp;25,413, as amended, and the implementing regulations thereof contained in Argentine Decree No.&nbsp;380/2001, as amended, except for any such credits arising from loans granted by a bank and deposited in a checking bank account in a bank located in Argentina;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">f.</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">fees payable to the Administrative Agent under the Loan Documents and the Checks may be subject to VAT at a rate of 21.0% to the extent such fees are paid in consideration for services rendered outside Argentina and economically used therein, and shall not be subject to income withholding tax to the extent such fees are not deemed to be from an Argentine source or are not recharacterized as interest; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">g.</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the court system tax mentioned in paragraph 14 above.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">17.</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; </font><font size="3" style="font-size:12.0pt;">There are no restrictions or requirements currently in effect that limit the availability or transfer of foreign exchange in connection with the performance by the Borrower of its obligations under the Loan Documents</font><font size="3" style="font-size:12.0pt;">;</font><i><font size="3" style="font-size:12.0pt;font-style:italic;"> provided</font></i><font size="3" style="font-size:12.0pt;"> however that the Borrower must periodically report its outstanding foreign indebtedness, including without limitation the indebtedness under the Loan Documents, to the Argentine Central Bank in accordance with Communication &#147;A&#148;6401 (as amended from time to time) of the Argentine Central Bank.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">18.</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; </font><font size="3" style="font-size:12.0pt;">The Checks, when duly executed will meet all the requirements to be considered as a <i>cheque de pago diferido no a la orden y cruzado</i> under Argentine law, and each Check will be issued and registered in accordance with Sections 54 and 55 of Argentine Law No.&nbsp;24,452, as amended and supplemented from time to time, and, consequently, the Checks </font><font size="3" style="font-size:12.0pt;">shall entitle the </font><font size="3" style="font-size:12.0pt;">Administrative Agent, as payee, </font><font size="3" style="font-size:12.0pt;">to commence executory proceedings (<i>acci&#243;n ejecutiva</i>) against the Borrower in the applicable courts of the Republic of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">19.</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; </font><font size="3" style="font-size:12.0pt;">All Mergers Authorizations have been granted in connection with the Mergers and are in full force and effect authorizing the Borrower to conduct the combined businesses. Except for the approval of the <i>Comisi&#243;n Nacional de Defensa de la Competencia</i> (Antitrust Authority) of the Telecom/CV Merger, the administrative conformity of the CNV to the Telecom/CV Merger and the registration of both of the Mergers with the <i>Inspecci&#243;n General de Justicia</i> (Public Registry of Commerce), which as of the date hereof are still pending, all required approvals for the Mergers have been obtained.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In addition to any other qualification expressed above, the opinions set forth above are subject to the following qualifications:</font></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 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</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; </font><font size="3" style="font-size:12.0pt;">The exercise of the rights under the Loan Documents and the Checks by the parties thereto as well as the enforcement of the Loan Documents and the Checks by the parties thereto may be limited by bankruptcy, insolvency, liquidation, reorganization, moratorium, receivership and other similar laws of general application relating to or affecting the Borrower in Argentina. In order for a creditor who has a claim payable outside Argentina (such location, the &#147;<u>foreign jurisdiction</u>&#148;) to file a proof of claim in a bankruptcy proceeding in Argentina in respect of obligations owed to it under the Loan Documents and the Checks, such creditor must certify that a creditor with a claim payable in Argentina could file a proof of claim in a bankruptcy proceeding in the foreign jurisdiction in respect of obligations owed to it; <i>provided</i> that if the Borrower is also declared bankrupt outside Argentina, the creditors who belong to the foreign bankruptcy proceedings will be entitled to claim only on the balance of assets in Argentina left over once all the creditors in the Argentine bankruptcy proceeding have been paid off.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</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; </font><font size="3" style="font-size:12.0pt;">The exercise of the rights under the Loan Documents and the Checks by the parties thereto may be limited by the general principles of applicable law relating to the principle of good faith and non-enforcement of the abusive exercise of rights.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</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; </font><font size="3" style="font-size:12.0pt;">The Term Loan Agreement and the Fee Letters are or will be governed by the laws of the State of New York; any of the provisions of such document which are not enforceable under the laws of the State of New York might not be enforceable in the Argentine courts either.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We undertake no responsibility to notify any addressee hereof of any change in the laws of Argentina after the date hereof. The opinions set forth above are rendered solely for use by the addressees hereof in connection with the transaction described herein and may not be relied upon by any Person other than the addressees hereof and their successors and permitted assigns and participants as provided in the Loan Documents on or after the date hereof (collectively, the &#147;<u>Reliance Parties&#148;</u>). This opinion may be furnished to, but not relied upon by, (i)&nbsp;independent accountants and attorneys acting on behalf of any Reliance Party in connection with the transactions contemplated by the Loan Documents, (ii)&nbsp;</font><font size="3" style="font-size:12.0pt;">any actual or prospective hedge provider,</font><font size="3" style="font-size:12.0pt;"> (iii)&nbsp;regulatory authorities having jurisdiction over any Reliance Party, (iv)&nbsp;any other Person pursuant to judicial or governmental order or other legal requirement, and (v)&nbsp;any prospective assignee or participant of the Loan.</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:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very truly yours,</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;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ERRECONDO,   GONZ&#193;LEZ&nbsp;&amp; FUNES</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt .1in;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt .1in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Partner</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;G</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Legal Opinion of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP<br> special New York counsel to the Borrower</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;"><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:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">[</font><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="3" style="font-size:11.5pt;">], 2018</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Citibank, N.A., as Administrative Agent under the Credit Agreement referred to below, and each Lender party thereto on the date hereof</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">We have acted as special United States counsel to Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized under the laws of Argentina (the &#147;<u>Borrower</u>&#148;), in connection with the credit agreement evidenced by the Terms and Conditions to the Offer Telecom No.&nbsp;1/2018 dated as of [</font><font size="3" style="font-size:11.5pt;">&#149;</font><font size="3" style="font-size:11.5pt;">], 2018 (the &#147;<u>Offer Letter</u>&#148;), executed and delivered by the Borrower, and the notice of acceptance of the Offer Letter dated as of [</font><font size="3" style="font-size:11.5pt;">&#149;</font><font size="3" style="font-size:11.5pt;">], 2018 (the &#147;<u>Acceptance Letter</u>&#148; and together with the Offer Letter, the &#147;<u>Credit Agreement</u>&#148;), by and among the Borrower, the Lenders party thereto (each a &#147;<u>Lender</u>&#148;), Citigroup Global Markets Inc., HSBC M&#233;xico S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China (Argentina) S.A. and Santander Investment Securities Inc., as Joint Lead Arrangers and Joint Bookrunners, and Citibank, N.A., as Administrative Agent.&#160; Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Credit Agreement.&#160; This opinion letter is furnished pursuant to Section&nbsp;[3.1(f)(ii)] of the Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">In arriving at the opinions expressed below, we have reviewed an executed copy of the Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">In addition, we have reviewed the originals or copies certified or otherwise identified to our satisfaction of all such other documents, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinions expressed below.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">In rendering the opinions expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies.&#160; In addition, we have assumed and have not verified the accuracy as to factual matters of each document we have reviewed (including, without limitation, the accuracy of the representations and warranties of the Borrower in the Credit Agreement).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is our opinion that:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">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; </font><font size="3" style="font-size:11.5pt;">The Credit Agreement has been duly executed and delivered by the Borrower under the law of the State of New York and is a valid, binding and enforceable agreement of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">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; </font><font size="3" style="font-size:11.5pt;">The execution and delivery of the Credit Agreement by the Borrower do not, and the performance by the Borrower of its obligations in the Credit Agreement will not, (a)&nbsp;require any consent, approval, authorization, registration or qualification of or with any governmental authority of the United States of America or the State of New York that in our experience normally would be applicable to general business entities <font color="black" style="color:black;">with respect to such execution, delivery and performance (but we express no opinion relating to the United States federal securities laws, any state securities or Blue Sky laws, or the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any rule&nbsp;or</font></font></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;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">regulation under any of the foregoing)</font><font size="3" style="font-size:11.5pt;"> or (b)&nbsp;result in a violation of any United States federal or New York State law or published rule&nbsp;or regulation that in our experience normally would be applicable to general business entities with respect to such execution, delivery and performance (but we express no opinion relating to the United States federal securities laws, any state securities or Blue Sky laws, or the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any rule&nbsp;or regulation under any of the foregoing).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">The foregoing opinions are subject to the following further assumptions and qualifications:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</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; </font><font size="3" style="font-size:11.5pt;">Insofar as the foregoing opinions relate to the validity, binding effect or enforceability of any agreement or obligation of the Borrower or the creation, perfection or transfer of an interest in property, (i)&nbsp;we have assumed that the Borrower and each other party to such agreement or obligation has satisfied those legal requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against it (except that no such assumption is made as to the Borrower regarding matters of the federal law of the United States of America or the law of the State of New York that in our experience normally would be applicable to general business entities <font color="black" style="color:black;">with respect to such agreement or obligation</font>), (ii)&nbsp;such opinions are subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally and to general principles of equity and (iii) such opinions are subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors&#146; rights.&#160; In addition, certain of the remedial provisions of the Credit Agreement may be further limited or rendered unenforceable by other applicable laws or judicially adopted principles that, however, in our judgment do not make the remedies provided for therein (taken as a whole) inadequate for the practical realization of the principal benefits purported to be afforded thereby (except for the economic consequences of procedural or other delay).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</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; </font><font size="3" style="font-size:11.5pt;">With respect to Section&nbsp;8.12(a)&nbsp;of the Credit Agreement, we express no opinion as to the subject matter jurisdiction of any United States federal court to adjudicate any action relating to the Credit Agreement where jurisdiction based on diversity of citizenship under 28 U.S.C. &#167;1332 does not exist.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">We note that the designation in Section&nbsp;8.12(a)&nbsp;of the Credit Agreement of the United States federal courts sitting in the borough of Manhattan as the venue for actions or proceedings relating to such agreements is (notwithstanding the waivers in Section&nbsp;8.12(b), Section&nbsp;8.12(f)&nbsp;and Section&nbsp;8.12, second paragraph, of the Credit Agreement) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. &#167;1404(a)&nbsp;or to dismiss such actions or proceedings on the grounds that such a federal court is an inconvenient forum for such an action or proceeding.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</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; </font><font size="3" style="font-size:11.5pt;">We express no opinion as to the enforceability of Section&nbsp;2.15 of the Credit Agreement relating to currency indemnity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">We express no opinion as to the validity or enforceability of Section&nbsp;8.7(b)&nbsp;of the Credit Agreement relating to the right of set-off to the extent that such section implies that set-off may be made without notice.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">The enforceability of the waiver of immunities by the Borrower set forth in Section&nbsp;8.12(f)&nbsp;of the Agreement is subject to the limitations imposed by the Foreign Sovereign Immunities Act of 1976.</font></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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</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; </font><font size="3" style="font-size:11.5pt;">Insofar as provisions contained in the Credit Agreement provide for indemnification, the enforcement thereof may be limited by public policy considerations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(h)</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; </font><font size="3" style="font-size:11.5pt;">We express no opinion with respect to the enforceability of any provision of the Credit Agreement that purports to require that payments made by the Borrower thereunder be made without setoff, counterclaim or other defense.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</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; </font><font size="3" color="black" style="color:black;font-size:11.5pt;">The waivers of defenses contained in Sections 2.15(b)&nbsp;and (c)&nbsp;of the Credit Agreement may be ineffective to the extent that any such defense involves a matter of public policy in New York.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(j)</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; </font><font size="3" style="font-size:11.5pt;">We express no opinion as to the effectiveness of any service of process made other than in accordance with applicable law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(k)</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; </font><font size="3" style="font-size:12.0pt;">We express no opinion with respect to the effect of any mandatory choice of law rules.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(l)</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; </font><font size="3" style="font-size:11.5pt;">Without limiting the generality of the next paragraph, we express no opinion as to the effect (if any) of the law of any jurisdiction, other than the federal law of the United States of America or the law of the State of New York, wherein any Lender may be located or wherein enforcement of the Credit Agreement may be sought.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">The foregoing opinions are limited to the federal law of the United States of America and the law of the State of New York that in our experience normally would be applicable to general business entities with respect to the transactions of the type contemplated by the Credit Agreement (other than <font color="black" style="color:black;">the United States federal securities laws, any state securities or Blue Sky laws, or the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any rule&nbsp;or regulation under any of the foregoing</font>, as to which we express no opinion).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">We are furnishing this opinion letter to you solely for your benefit in connection with the Credit Agreement.&#160; This opinion letter is not to be relied on by or furnished to any other person or used, circulated, quoted or otherwise referred to for any other purpose.&#160; Notwithstanding the foregoing, a copy of this opinion letter may be shown to any of your permitted assignees of the Loans under the Credit Agreement, it being understood and agreed that we assume no duty or liability whatsoever to any person furnished this letter in accordance with this paragraph and that any such person is not entitled to rely on this letter in any manner as a result of being furnished this letter or for any other reason.&#160; The opinions expressed herein are rendered on and as of the date hereof, and we assume no obligation to advise you or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinions expressed herein.</font></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="3" face="Times New Roman" style="font-size:11.5pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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 10.0pt;text-indent:-10.0pt;"><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="3" face="Times New Roman" style="font-size:11.5pt;">CLEARY GOTTLIEB STEEN&nbsp;&amp; HAMILTON LLP</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.48%;">
<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 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.48%;">
<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 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.48%;">
<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 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By</font></p>    </td>
<td width="48%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.6%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.48%;">
<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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.6%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Chantal E. Kordula, a Partner</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.48%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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      <startDate>2015-01-01</startDate>
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    <entity>
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  <ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">-83000000</ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_HandsetsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">171000000</ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">72000000</ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">171000000</ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:ActuarialAssumptionOfDiscountRates contextRef="As_Of_12_31_2015_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember" unitRef="Unit14" decimals="3">0.065</ifrs-full:ActuarialAssumptionOfDiscountRates>
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  <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases contextRef="As_Of_12_31_2015_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember" unitRef="Unit14" decimals="3">0.268</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
  <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases contextRef="As_Of_12_31_2016_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember" unitRef="Unit14" decimals="3">0.080</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
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  <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases contextRef="As_Of_12_31_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember" unitRef="Unit14" decimals="3">0.080</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
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  <ifrs-full:AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember" unitRef="Unit12" decimals="-6">1113000000</ifrs-full:AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets>
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  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">233000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">3471000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">3395000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">76000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1754000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">1754000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_RightsOfUseMember" unitRef="Unit12" decimals="-6">32000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_ServiceConnectionOrHabilitationCostsMember" unitRef="Unit12" decimals="-6">41000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">197000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">1557000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1481000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">76000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">137000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
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  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_PersonalCommunicationsServicePcsAndBandBParaguayMember" unitRef="Unit12" decimals="-6">3000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill>
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  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">9632000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
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  <ifrs-full:AdjustmentsForProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">187000000</ifrs-full:AdjustmentsForProvisions>
  <ifrs-full:AdjustmentsForProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">590000000</ifrs-full:AdjustmentsForProvisions>
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  <ifrs-full:AdministrativeExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">2453000000</ifrs-full:AdministrativeExpense>
  <ifrs-full:AdministrativeExpense contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">3306000000</ifrs-full:AdministrativeExpense>
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  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_HandsetsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">50000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_InstallationsMember" unitRef="Unit12" decimals="-6">102000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">877000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentMember" unitRef="Unit12" decimals="-6">97000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">4358000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SpecialProjectMember" unitRef="Unit12" decimals="-6">13000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">856000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">77000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TransmissionEquipmentMember" unitRef="Unit12" decimals="-6">476000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">5039000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_BuildingsMember" unitRef="Unit12" decimals="-6">52000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_CommunicationAndNetworkEquipmentMember" unitRef="Unit12" decimals="-6">22000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_FixturesAndFittingsMember" unitRef="Unit12" decimals="-6">15000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_LeaseholdImprovementsMember" unitRef="Unit12" decimals="-6">89000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">57000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_AssetRetirementObligationMember" unitRef="Unit12" decimals="-6">17000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember" unitRef="Unit12" decimals="-6">1112000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_EquipmentLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">155000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ExternalWiringMember" unitRef="Unit12" decimals="-6">593000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_HandsetsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">75000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_InstallationsMember" unitRef="Unit12" decimals="-6">137000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">1146000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentMember" unitRef="Unit12" decimals="-6">119000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">5039000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SpecialProjectMember" unitRef="Unit12" decimals="-6">17000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">703000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">97000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TransmissionEquipmentMember" unitRef="Unit12" decimals="-6">633000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;r) Dividends&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Dividends payable are reported as a change in equity in the year in which they are approved by the Shareholders&amp;#x2019; Meeting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;v) Earnings per share&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (see Note 25).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;s) Finance income and expenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Finance income and expenses include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;interest accrued on the related financial assets and liabilities using the effective interest rate method;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
				&lt;font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
				&lt;font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;gains and losses on foreign exchange and financial instruments;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
				&lt;font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;other financial results.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;g) Financial instruments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;g.1) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Financial assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Upon acquisition, in accordance with IFRS 9, financial assets are subsequently measured at either&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt; amortized cost&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, or &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;fair value&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, on the basis of both:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(a)&amp;nbsp;the entity&amp;#x2019;s business model for managing the financial assets; and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(b)&amp;nbsp;the contractual cash flow characteristics of the financial asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;A financial asset shall be measured at &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;amortized cost&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; if both of the following conditions are met:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(a)&amp;nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(b)&amp;nbsp;the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, for assets that met the abovementioned conditions,&amp;nbsp;IFRS provides for an option to designate, at inception, those assets as measured at &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;fair value&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an &amp;#x2018;accounting mismatch&amp;#x2019;) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;A financial asset that is not measured at &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;amortized cost&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; according to the paragraphs above is measured at &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;fair value&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial assets include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Cash and cash equivalents&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Time deposits are valued at their amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Investments in Lebacs are valued at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Trade and other receivables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Investments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2016, Telecom Argentina received in payment certain Provincial Government bonds denominated in argentine pesos (Provincia de Mendoza and Provincia de Buenos Aires) that bear interests in argentine pesos. These Provincial Government bonds are valued at amortized cost and their results are included in Financial results as investment gains.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the IRR and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Financial expenses as Foreign currency exchange gains or losses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Likewise, Telecom Argentina and Personal acquired Government bonds. Taking into account the business model chosen to manage these financial assets, and according to the provisions of IFRS 9, these bonds are recorded at their fair value and its results were included in Financial results &amp;#x2013; Other investments gains.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Investments in Lebacs are valued at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The 2003 Telecommunications Fund is recorded at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Impairment of financial assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;At every annual or interim closing date, assessments are made as to whether there is any objective evidence that a financial asset or a group of financial assets may be impaired. If any such evidence exists, an impairment loss is recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Certain circumstances of impairment of financial assets that the Group assesses to determine whether there is objective evidence of an impairment loss could include: delay in the payments received from customers; customers that enter bankruptcy; the disappearance of an active market for that financial asset because of financial difficulties; observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets, significant financial difficulty of the obligor, among others.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;g.2) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Financial liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial liabilities comprise trade payables (excluding Derivatives), financial debt, salaries and social security payables (see Note 3.o) below) and certain other liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial liabilities other than derivatives are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;g.3) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Derivatives&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Derivatives are used by Telecom Group to manage its exposure to exchange rate and sometimes interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All derivative financial instruments are measured at fair value in accordance with IFRS 9.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Derivative financial instruments qualify for Hedge Accounting only when:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a) The hedging relation consists only on hedging instruments and hedged items eligible;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;b) Since its inception the hedging relation and the purpose and risk management strategy, are formally designated and documented;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;c) the hedge is expected to fulfill the efficacy requirements described in Note 20 &amp;#x2013; Hedge Accounting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;When a derivative financial instrument is designated as a cash flow hedge (the hedge of the exposure to variability in cash flows of an asset or liability, a firm commitment or a highly probable forecasted transaction) the effective portion of any gain or loss on the derivative financial instrument is recognized directly in OCI. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is recognized in the consolidated income statement immediately. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;If hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are directly recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For additional information about derivatives operations during 2017 and 2016, see Note 20.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Foreign currency translation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Items included in the financial statements of each of the Group&amp;#x2019;s entities are measured using the currency of the primary economic environment in which the entity operates (&amp;#x201C;the functional currency&amp;#x201D;). The consolidated financial statements are presented in Argentine pesos ($), which is the functional currency of all Telecom Group&amp;#x2019;s companies located in Argentina. The functional currency for the foreign subsidiaries of the Telecom Group is the respective legal currency of each country.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The financial statements of the Company&amp;#x2019;s foreign subsidiaries (N&amp;#xFA;cleo, Personal Env&amp;#xED;os, Telecom USA and Tuves Paraguay since June&amp;nbsp;30, 2017) are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated statement of cash flows are translated at the average exchange rates for each year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;c)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Foreign currency transactions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction or valuation where items are re-measured. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Financial income/expenses as Foreign currency exchange gains or losses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:16.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;l) Impairment of intangible assets and PP&amp;amp;E&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;At least annually, the Company assesses whether there are any indicators of impairment of assets that are subject to amortization. Both internal and external sources of information are used for this purpose. Internal sources include, among others, obsolescence or physical damage of the asset, and significant changes in the use of the asset and the economic performance of the asset compared to estimated performance. External sources include, among others, the market value of the asset, changes in technology, markets or laws, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of the Group over market capitalization.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be recognized in the statement of income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The recoverable value of an asset is the higher of its fair value less costs to sell and its value in use. In calculating the value in use, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs. The Company considers each legal entity of the Group as a cash-generating unit.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;When the conditions that gave rise to an impairment loss no longer exist, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, up to the carrying amount that would have been recorded if no impairment loss had been recognized. The reversal of an impairment loss is recognized as income in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets with an indefinite useful life (including intangible assets under development or not ready to use) are not subject to amortization and are tested at least annually for impairment. The only intangible asset with an indefinite useful life held by the Company as of December&amp;nbsp;31, 2017 and 2016 is the PCS license (Argentina), which is entirely allocated to the Personal Mobile Service operating segment. Its recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For the years presented, the Company estimates that does not exist indicators of impairment of assets that are subject to amortization, with the exception of those related to process of modernization and replacement of its mobile network access technology in the Argentine Republic and a group of longstanding work in progress.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The net effects of the constitution and recovery of the mentioned impairments are recorded under &amp;#x201C;Impairment of PP&amp;amp;E&amp;#x201D; line item. Additional information disclosed in Note 22.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;p) Taxes payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company is subject to different taxes and levies such as municipal taxes, tax on deposits to and withdrawals from bank accounts, turnover taxes, regulatory fees (including SU) and income taxes,&amp;nbsp;among others, that represent an expense for the Group. It is also subject to other taxes over its activities that generally do not represent an expense (internal taxes, VAT, ENARD tax).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The principal taxes that represent an expense for the Company are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Income taxes&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Income taxes are recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the year comprises current and deferred tax.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return). All income tax payments are made by each of the subsidiaries as required by the tax laws of the countries in which they operate. The Company records income taxes in accordance with IAS 12.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Deferred taxes are recognized using the &amp;#x201C;liability method&amp;#x201D;. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the consolidated financial statements.&amp;nbsp;&amp;nbsp;&amp;nbsp;A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries that generate a deferred income tax liability, where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Deferred tax assets relating to unused tax loss carry forwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets arising from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and when future taxable income would be sufficient to apply those temporary differences.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The book value of a deferred tax asset shall be revised at the end of every reporting period. The company shall reduce the carrying amount of a deferred tax asset if it is probable that future taxable income will not be available to offset the benefits of the deferred tax asset. This reduction shall be reassessed at each reporting period and reversed if it becomes probable that future taxable income to offset the deferred tax asset will be available.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The statutory income tax rate in Argentina was 35% for all years presented. Cash dividends received from a foreign subsidiary are computed on the statutory income tax rate. As per Argentinean Tax Law, income taxes paid abroad may be recognized as tax credits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;However, for the calculation of deferred tax as of December&amp;nbsp;31, 2017, Law No.27.430 (issued on December&amp;nbsp;29, 2017, see Section&amp;nbsp;at the end of Note 3.p) was considered as a reference.&amp;nbsp;&amp;nbsp;This law states a decrease from 35% to 30% in the income tax rate for companies for fiscal years started from January&amp;nbsp;1, 2018 to December&amp;nbsp;31, 2019; and a decrease to 25% for fiscal years started from January&amp;nbsp;1, 2020. Therefore, the company considered, following the statements of IAS 12, the periods in which temporary differences as of December&amp;nbsp;31, 2017, will be reversed to apply the proper tax rate in the calculation of deferred tax. The effect of changes in future rates of income tax was included as &amp;#x201C;Effect of changes in income tax rate&amp;#x201D; in the reconciliation between the amount charged in results and pre-tax income in Note 14.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The statutory income tax rate in Paraguay was 10% for all years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5% (this is the criterion used by N&amp;#xFA;cleo for the recording of its deferred tax assets and liabilities, representing an effective tax rate of 15%). However, the effect of the additional income tax rate according to the Argentine tax law in force on the undistributed profits of N&amp;#xFA;cleo is fully recognized as it is considered probable that those results will flow in the form of dividends.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The statutory income tax rate in the United States was 39.50% for the years ended December&amp;nbsp;31, 2017, 2016 and 2015.&amp;nbsp;&amp;nbsp;Since January&amp;nbsp;1, 2018, a new Income Tax Law is applicable in the United States, which modifies the flat rate to 21% changing the legal income tax rate from 39.5% to 26.5%. This change in the tax rate has a similar impact in deferred tax than the explained above regarding the changes in Argentina&amp;#x2019;s income tax rate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Turnover tax&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Under Argentine tax law, the Company is subject to a tax levied on revenues and other income. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (services and equipment). Average rates resulting from the turnover tax charge over the total revenues were approximately 5.4%, 5.3% and 5.2% for the years ended December&amp;nbsp;31, 2017, 2016 and 2015, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Other taxes and levies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.h). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues, excluding the SU tax and other deductions stated by regulations. The rate is 1% of total billed revenues and adopts the &amp;#x201C;pay or play&amp;#x201D; mechanism for compliance with the mandatory contribution to the SU fund.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;"&gt;Telecom Argentina&amp;#x2019;s declaration as proper taxpayer&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant to Law No.&amp;nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and comply with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina has already filed this request related to the payment of the tax on personal property&amp;#x2013; on behalf of Shareholders. As a consequence, Telecom Argentina recorded in 2017 the reversal of the current tax credit on personal property &amp;#x2013; on behalf of Shareholders and the corresponding liability that it had recorded as of December&amp;nbsp;31, 2016 which amounted to $8 and has discontinued recording such receivables and liabilities since January&amp;nbsp;1, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Likewise, Nortel and Sofora (companies absorbed by Telecom) filed such exemption.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Notwithstanding, it cannot be assured that in the future, Telecom Argentina can fulfill those requirements and maintain the referred exemption.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;"&gt;Tax reform and consensus on taxation &amp;#x2013; Laws No.&amp;nbsp;27,429, 27,430 and 27,432&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Tax reform&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;29, 2017, the PEN issued Law No.&amp;nbsp;27,430 which established a comprehensive reform of the tax system with effect beginning in fiscal year 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Among others, the law includes modifications in tax income in both corporate income tax and individual income tax, value added tax, internal taxes, social security contributions, tax procedure code and tax criminal procedure code.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The main changes with impact in corporate taxes are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Income Tax:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Modification of corporate income tax and withholding tax on dividends&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law decreases the corporate income tax rate from 35% to 30% for fiscal years starting January&amp;nbsp;1, 2018 to December&amp;nbsp;31, 2019, and to 25% for fiscal years starting January&amp;nbsp;1, 2020 and onwards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law also establishes a withholding tax on dividends at a 7% rate on profits accrued during fiscal years starting January&amp;nbsp;1, 2018 to December&amp;nbsp;31, 2019, and a 13% rate on profits accrued in fiscal years starting January&amp;nbsp;1, 2020 and onwards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Income of fiscal years closed until December&amp;nbsp;31, 2017 will not be subject to withholding tax at the moment of distribution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The new withholding tax rates apply to distributions made to shareholders qualifying either as resident individuals or nonresidents.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, the Law repeals the &amp;#x201C;equalization tax&amp;#x201D; (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) on income accrued from January&amp;nbsp;1, 2018 and onwards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Results derived from transfers of shares&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The effective tax rate applicable for individuals residents and non-residents is 15% (in case of non-residents its applicable over a presumed income equivalent to 90% of the transfer price). For local companies the applicable rate is 30% for both fiscal years 2018 and 2019, and 25% onwards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;However, in the case of individuals residing in Argentina, the results derived from transfers of shares are exempted from taxes to the extent that it is a placement through public offering authorized by the Argentine Securities Commission or that the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the Argentine Securities Commission.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The exemptions will only apply if the foreign beneficiaries do not reside in or the funds do not arise from &amp;#x201C;non-cooperating&amp;#x201D; jurisdictions. It also establishes an exemption for interest income and capital gains on the sale of negotiable obligations and share certificates issued abroad that represent shares issued by Argentine companies (ADRs).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Optional tax revaluation of assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The law established the revaluation of the cost of diverse assets &amp;#x2013;in case of disposal- and the revaluation of the deductible depreciation for all the acquisitions or investments since January&amp;nbsp;1, 2018 on the base of IPIM evolution from that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, the law establishes an option to revaluate for tax purposes their assets located in Argentina that generate taxable income. The revaluation option is applicable for the Company on the assets as of December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Under the Law, the new tax value of the assets will be determined by applying a &amp;#x201C;revaluation factor,&amp;#x201D; as established in the Law, to the tax value originally determined in each year or period of the asset&amp;#x2019;s acquisition or construction. In the case of immovable or movable property qualifying as fixed assets, the value may be determined by an independent appraiser under certain conditions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law imposes a one-time special tax on the amount of the revaluation. The applicable rate will vary depending on the assets revaluated:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Real estate (regarded as capital assets): 8%&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Real estate (regarded as inventories): 15%&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Shares, quotas and other participations in Argentine companies owned by resident individuals: 5%&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; All other assets (except inventories and cars, which may not be revaluated): 10%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:34.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The option must be exercised on all the taxpayer&amp;#x2019;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation is updated on the base of the variation of Internal Wholesale Price Index since January&amp;nbsp;1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law requires taxpayers that opt for the special revaluation regime to withdraw from any judicial or administrative process in which they are claiming, for tax purposes, an adjustment process of any kind regarding the period of the option, and those who started process in previous fiscal years must desist from making a new claim. (See Note 14 -Income tax &amp;#x2013; Actions for recourse filed with the Tax Authority).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The company is currently taking actions to evaluate the convenience of exercing this option. As of the date of issuance of these consolidated financial statements, the regulations hasn&amp;#x2019;t established the term in which the option can be exercised.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Internal Taxes and Tax Collection ENARD:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26%. In addition, the law provides for the repeal of the tax collection at source of the charge required by the ENARD.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, pursuant to Decree No.&amp;nbsp;979/2017, as from November&amp;nbsp;15, 2017, the effective internal tax rate that levies the sale of imported mobile phones and other wireless networks is reduced from 20.48% to 11.73%.&amp;nbsp;&amp;nbsp;Said rate, pursuant to Law No.&amp;nbsp;27,430, will decrease gradually until its complete phase out as from January&amp;nbsp;1, 2024. In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November&amp;nbsp;15, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Tax on deposits to and withdrawals from bank accounts:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant Law No 27.432&amp;nbsp;The National Executive Power may decide that the percentage of the tax that on the date of entry into force of this law is not computable as payment on account of income tax, will be progressively reduced by up to twenty percent (20%) per year as of January&amp;nbsp;1, 2018, and also may decide that, in 2022, the tax provided for in Law 25,413 and its amendments as a payment on account of income tax will be computed in full.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Social Security:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law gradually reduces the percentage of employers&amp;#x2019; contributions to be paid by large companies from 21% to 19.5% in 2022.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It establishes a non-taxable base for calculating employers&amp;#x2019; contributions of $ 2,400 Argentine pesos for 2018, which will increase until reaching $12,000 Argentine pesos in 2022. The Law gradually phases out employers&amp;#x2019; contributions creditable against VAT.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Tax Consensus&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, on January&amp;nbsp;2, 2018, Law No.&amp;nbsp;27,429 - &amp;#x201C;Tax Consensus&amp;#x201D; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, the National Government, the Provinces and the Autonomous City of Buenos Aires agreed to fulfill certain commitments. Among the commitments regarding Turnover Tax undertaken by the Provinces, the most relevant are the immediate elimination of differential treatments based on the place of business or the location of the taxpayer&amp;#x2019;s establishment or the location where goods are manufactured and the establishment of exemptions and application of tax rates that shall not exceed those set for each activity and period under the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease until reaching 3% in 2022, and in the case of mobile telephone 7% in 2018, which will decrease until reaching 5% in 2022.) As to stamp tax rates, for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January&amp;nbsp;1, 2019, with a gradual decrease until its complete phase out as from January&amp;nbsp;1, 2022 and the repeal of all payroll taxes.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;j) Intangible assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets are recognized when the following conditions are met: the asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets with a finite useful life are stated at cost, less accumulated amortization and impairment losses, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets with an indefinite useful life are stated at cost, less accumulated impairment losses, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets comprise the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Subscriber acquisition costs (&amp;#x201C;SAC&amp;#x201D;)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Direct and incremental costs incurred for the acquisition of new subscribers are capitalized when the conditions for the recognition of an intangible asset are met.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The cost of acquiring broadband customers meets the conditions established by IFRS for its recognition as intangible asset. The amount of costs deferred is limited to the non-contingent part of the revenues generated by that subscriber. The costs above revenues are expensed when incurred.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Capitalized SAC related to the acquisition of broadband customers are amortized on a straight-line basis over the average period of the customer relationship.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The cost of acquiring postpaid and &amp;#x201C;cuentas claras&amp;#x201D; subscribers in mobile telephony meet the conditions established by IFRS for its recognition as intangible asset. In the event of early cancellation, grants the right to cancel bonuses granted at the beginning of the contractual relationship (i.e, equipment bonuses). SAC are mainly comprised of upfront commissions paid to third parties and, to a lower extent, of subsidies granted to customers on the sale of handsets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In all other cases, subscriber acquisition costs are expensed when incurred.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Capitalized SAC related to the acquisition of post-paid and &amp;#x201C;cuentas claras&amp;#x201D; subscribers are amortized on a straight-line basis over the term in which the customer must pay a cancellation charge, in case of early termination of the relationship.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Service connection or habilitation costs&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Direct costs incurred for connecting customers to the network are accounted for as intangible assets and then amortized over the term of the contract with the customer if required conditions are met. For indefinite period contracts, the deferral of these costs is limited to the amount of non contingent revenue from the customer and expensed over the average period life of the customer relationship. Costs exceeding that amount are expensed as incurred. Connection costs are generated mainly for the installation of fixed lines and amortized over an average period of 8 years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- 3G/4G licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As described in Note 2.i, it includes 3G and 4G frequencies awarded by the SC to Personal in November&amp;nbsp;2014 and June&amp;nbsp;2015. In accordance with Article&amp;nbsp;12 of the Auction Terms and Conditions they were granted for a period of 15 years as from the date of awarding notification. After this deadline, the Regulatory Authority may extend the term at Personal&amp;#xB4;s request. The extension of the term, the related cost and conditions shall be defined by the Regulatory Authority.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Consequently, the Company&amp;#x2019;s management has concluded that the 3G and 4G licenses have a finite useful life and therefore are amortized under the straight-line method over 180 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence of Section&amp;nbsp;4 (d)&amp;nbsp;of PEN Decree No.&amp;nbsp;1,340/16, which is described in Note 2.i), the remaining useful life of the frequencies included in lot 8 of the auction was re-estimated in 4Q16. It was considered that 700 Mhz bands would be released since May&amp;nbsp;2017 and, in compliance with the mentioned Decree, the period of 15 years from such date was computed. After that, such date was re-estimated being the effective day of release on April&amp;nbsp;2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- PCS license (Argentina)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company, based on an analysis of all of the relevant factors, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- PCS and Band B licenses (Paraguay)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;PCS license is amortized under the straight-line method over 60 months. These licenses were successively renewed for a period of 5 years, the amortization finalized during year 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, Band B license finished its amortization during year 2012.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June&amp;nbsp;2017, N&amp;#xFA;cleo required the renewal of this license. Before the expiration date, CONATEL issued, according with the telecommunications law, resolutions of temporary extensions which are valid for 90 days, with the possibility of one only extension for the same term.&amp;nbsp;&amp;nbsp;Therefore, it is expected to have the definitive renewal en the next months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Internet and data transmission license (Paraguay)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;N&amp;#xFA;cleo&amp;#x2019;s license 60 months amortization was finished in fiscal year 2016. However, on July&amp;nbsp;2017 CONATEL granted the Company with the renewal of such licenses.&amp;nbsp;&amp;nbsp;Therefore, the term of the license is extended until May&amp;nbsp;2021.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Rights of use&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company purchases network capacity under agreements which grant the exclusive right to use a specified amount of capacity for a specified period of time. Acquisition costs are capitalized as intangible assets and amortized over the terms of the respective capacity agreements, generally 180 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Exclusivity agreements&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Exclusivity agreements were entered into with certain retailers and third parties relating to the promotion of the Company&amp;#x2019;s services and products. Amounts capitalized are being amortized over the life of the agreements, with expiration up to financial year 2028.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;-&amp;nbsp;&amp;nbsp;Cubecorp &amp;#x2018;s Customer relationships&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Customer relationships identified as part of the purchase price allocation performed upon the acquisition of Cubecorp Argentina S.A. (a company engaged in data center business) in financial year 2008, are being amortized over the estimated duration of the relationship for customers in the data center business (180 months).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;-&amp;nbsp;&amp;nbsp;Tuves Paraguay&amp;#x2019;s Customer relationships&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It is related to the acquisition of Tuves Paraguay (see Note 3.e). It is amortized over the term of the relationship with the acquired customers, which is estimated in 78 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;-&amp;nbsp;&amp;nbsp;Goodwill&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It is related to the acquisition of Tuves Paraguay (see Note 3.e) measured as the difference between the fair value of the amount transferred less the fair value of the identified net assets. The goodwill has indefinite useful life and the impairment must be analyzed at least annually.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;k) Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Finance leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. The Company recognizes finance leases as assets and liabilities in its statements of financial position at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Subsequently, minimum lease payments are apportioned between a finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents, if any, are charged as expenses in the periods in which they are incurred.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The depreciation policy for depreciable leased assets is consistent with that for depreciable assets that are owned.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017 the Telecom Group hold finance leases which represents liabilities in the amount of $13. The total payable at these leases&amp;#x2019; maturity amounts to $13. PP&amp;amp;E related to these financial leases and several of the mentioned leases contracts characteristics as of December&amp;nbsp;31, 2017 are detailed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Book value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Lease term&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E &amp;#x2013; Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Accumulated depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(64)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Net carrying value as of December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Operating leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits under various non-cancellable operating leases that expire on various dates through 2035. Rental expenses are included under Interconnection costs and other telecommunication charges and Other operating expenses items lines in the consolidated income statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;h) Inventories&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Inventories are measured at the lower of cost and estimated net realizable value. Cost is determined on a weighted average cost basis. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Allowances are made for obsolete and slow-moving inventories.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;From time to time, the Management of the Company and N&amp;#xFA;cleo decide to sell mobile handsets at prices lower than their respective costs. This strategy is aimed at achieving higher service revenues or at retention of high value customers by reducing customer access costs while maintaining the companies&amp;#x2019; overall mobile business profitability since the customer subscribes a monthly service contract for indefinite period with a minimum period of permanence and, if the contract is abandoned in advance, the mobile company has the right to cancel, totally or partially, the bonus granted to the customer at the beginning of the contractual relationship. For the estimation of the net realizable value in these cases the Company considers the estimated selling price in normal course of business less applicable variable selling expenses plus the expected margin from the service contract signed during its minimum non-cancelable term.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
  <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;i) PP&amp;amp;E&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;PP&amp;amp;E is stated at acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All other subsequent costs are recognized as expense in the period in which they are incurred, unless they are improvements. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;PP&amp;amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized in the statement of financial position under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related tangible assets in the Depreciation and amortization item line.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are annually reviewed. Changes in the above liability are recognized as an increase or decrease of the cost of the relative asset and are depreciated prospectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Depreciation of PP&amp;amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of the assets; the ranges of the estimated useful lives of the main PP&amp;amp;E are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 73.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Asset&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Estimated useful&lt;br /&gt;life (in years)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Buildings received from ENTel&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Buildings acquired subsequent to 11/8/90&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;2 &amp;#x2013; 5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;10 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Wireless network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;5 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;7 &amp;#x2013; 15&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Computer equipment and software&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;2 &amp;#x2013; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;q) Provisions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Group records provisions for risks and charges when it has a present obligation, legal or constructive, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as &amp;#x201C;Finance expenses&amp;#x201D;. Additional information is given in Note 17.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in Note 3.i) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;f) Revenues&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues are recognized to the extent that it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably. Final outcome may differ from those estimates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues are stated net of discounts and returns.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company discloses its revenues into two groups: services and equipment. Service revenues are the main source of income for the Company and are disclosed by nature: Voice services,&amp;nbsp;Internet services and Data transmission services. This classification of revenues is given by different commercial offers and products, type of contracts and kind of customers. Equipment sales represent a precursor of the mentioned service revenues; therefore, the Group only sells equipment to customers and, from time to time, the Management of the Company and N&amp;#xFA;cleo decide to sell mobile handsets at prices lower than their respective costs in order to acquire new contracts with a minimum non-cancelable period of permanence.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Other income mainly includes penalties collected from suppliers and gains on disposal of PP&amp;amp;E, which are realized in the ordinary course of business but are not the main business objective.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s principal sources of revenues are:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Fixed telecommunication services and products&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Domestic services revenues consist of monthly basic fees, measured service, long-distance calls and monthly fees for additional services, including call forwarding, call waiting, three-way calling, itemized billing and voicemail.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues are recognized when services are rendered. Unbilled revenues from the billing cycle dating to the end of each month are calculated based on traffic and are accrued at the end of the year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from corresponding accounts receivable. Revenues derived from other telecommunications services, principally network access, long distance and airtime usage, are recognized on a monthly basis as services are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from the sale of prepaid calling cards are recognized on the basis of the minutes used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &amp;#x201C;Deferred revenue on prepaid calling cards&amp;#x201D; under Deferred revenues line item in the statement of financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Interconnection charges represent amounts received by the Company from other local service providers and long-distance carriers for calls that are originated on their networks and transit and/or terminate on the Company&amp;#x2019;s network. Revenue is recognized as services when they are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Traffic revenues from interconnection and roaming are reported gross of the amounts due to other telecommunication operators.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred (as well as the related costs not in excess of the amount of revenues) over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship (approximately 8 years in the case of fixed telephony&amp;#x2019;s voice services).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Reconnection fees charged to customers when resuming service after suspension are deferred and recognized ratably over the average life for those customers who are assessed a reconnection fee. Associated direct expenses are also deferred over the estimated customer relationship period up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from sales of goods, such as telephone and other equipment, are recognized when the significant risks and rewards of ownership are transferred to the buyer.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract are recognized as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenue on construction contracts recognized in the year ended December&amp;nbsp;31, 2017 amounted to $614. The 2017 agreement provides finance within 48 months from January&amp;nbsp;1, 2017, the date when the implementation of the project was effective. $83 and $17 are receivables as of December&amp;nbsp;31, 2017 and 2016, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cost on construction contracts recognized in the year ended December&amp;nbsp;31, 2017 amounted to $429.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;No revenue or costs on construction contracts were recorded for years 2016 and 2015.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenue from international telecommunications services mainly includes voice and data services and international point-to-point leased circuits. Revenues from international long-distance service reflect payments under bilateral agreements between the Company and foreign telecommunications carriers, covering inbound international long-distance calls. Revenues are recognized as services when they are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Data and Internet revenues mainly consist of fixed monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet connectivity services (dial-up and broadband). These revenues are recognized as services when they are rendered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Mobile telecommunication services and products&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Group provides mobile services throughout Argentina via cellular and PCS networks. Cellular fees consist of monthly basic fees, airtime usage charges, roaming, charges for TLRD, CPP charges and additional charges for VAS, including call waiting, call forwarding, three-way calling, voicemail, SMS, GPRS, Mobile Internet and for other miscellaneous cellular services. These revenues are recognized as services when they are rendered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from the corresponding accounts receivable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from the sale of prepaid calling cards are recognized on the basis of the traffic used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &amp;#x201C;Deferred revenue on prepaid calling cards&amp;#x201D; under Deferred revenues line item in the statement of financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from sales of goods, such as handsets, sim cards, tablets, smartphones and other equipment are recognized when the significant risks and rewards of ownership are transferred to the buyer.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company and N&amp;#xFA;cleo offer to their subscribers a customer loyalty program. Under such program the Company and N&amp;#xFA;cleo grant award credits as part of the sales transactions which can be subsequently redeemed for goods or services provided by Personal and N&amp;#xFA;cleo or third parties. The fair value of the award credits is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. Those revenues are classified as service or goods revenues depending on the goods or services redeemed by the customers.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Applicable to both fixed telephony and mobile telephony, for offerings including separately identifiable components (as equipment and service), the Company and its subsidiaries recognize revenues related to the sale of the equipment when it is delivered to the final customer whereas service revenues are recorded when rendered. The total revenue generated by this type of transactions is assigned to the separately identifiable units of accounting based on their fair values, provided that the total amount of revenue to be recognized does not exceed the contract revenue. IFRS does not prescribe a specific method for such assignation of revenue. However, telecommunications industry practice generally applies the method known as &amp;#x201C;residual method&amp;#x201D;, which was used in the preparation of these consolidated financial statements. The &amp;#x201C;residual method&amp;#x201D; requires identifying all the components that comprise a transaction and allocating its fair value on an individual basis to each of them. Under this method, the fair value of a delivered item (which could not be individually determined) is determined as the difference between the total arrangement consideration and the sum of the fair values of those elements for which fair value can be estimated on a stand-alone basis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
  <ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;t) Treasury Shares Acquisition&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In connection with the Treasury Shares Acquisition Process described in Note 19 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &amp;#x201C;Treasury shares acquisition cost&amp;#x201D;. No profit or loss resulting from holding such instruments of own Equity shall be recognized in the income statement. If the treasury shares are sold, the account &amp;#x201C;Treasury shares acquisition cost&amp;#x201D; shall be recorded within Equity under the &amp;#x201C;Treasury shares negotiation premium&amp;#x201D; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &amp;#x201C;Treasury shares negotiation discount&amp;#x201D; caption.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_ifrs-full_TradeReceivablesMember" unitRef="Unit14" decimals="3">0.098</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_IfrsLoansPayableMember_us-gaap_CurrencyAxis_currency_PYG" unitRef="Unit14" decimals="4">0.0942</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_NonCurrentTradeReceivablesMember_us-gaap_CurrencyAxis_currency_USD" unitRef="Unit14" decimals="2">0.13</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_ifrs-full_TradeReceivablesMember" unitRef="Unit14" decimals="3">0.098</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_ifrs-full_IntangibleAssetsAndGoodwillMember_us-gaap_CurrencyAxis_currency_USD" unitRef="Unit14" decimals="3">0.105</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_IfrsLoansPayableMember_us-gaap_CurrencyAxis_currency_PYG" unitRef="Unit14" decimals="4">0.0883</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_NonCurrentTradeReceivablesMember_us-gaap_CurrencyAxis_currency_ARS" unitRef="Unit14" decimals="2">0.34</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_NonCurrentTradeReceivablesMember_us-gaap_CurrencyAxis_currency_USD" unitRef="Unit14" decimals="2">0.13</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DilutedEarningsLossPerShare contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit19" decimals="2">0.00</ifrs-full:DilutedEarningsLossPerShare>
  <ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit1" decimals="INF">0</ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares>
  <ifrs-full:DirectorsRemunerationExpense contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">20000000</ifrs-full:DirectorsRemunerationExpense>
  <ifrs-full:DirectorsRemunerationExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-5">34600000</ifrs-full:DirectorsRemunerationExpense>
  <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 12 &amp;#x2013; Financial debt&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial debt consists of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:30.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank overdrafts &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;135
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,707
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank loans &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;182
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;839
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Notes &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,158
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;566
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;NDF (Note 20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Accrued interest&amp;nbsp;&amp;nbsp;and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;711
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;152
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,194
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,266
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Notes &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,084
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank loans &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,012
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,562
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;NDF (Note 20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Accrued interests and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,020
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,041
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,646
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total financial debt&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,235
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,912
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Bank overdrafts&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, Telecom Argentina had bank overdrafts amounting to $135.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Bank and other financing entities loans&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 4pt;"&gt;
			&lt;font style="display:inline;font-size:4pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36.95pt;text-indent: -36.95pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;text-decoration:underline;"&gt;Personal&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On July&amp;nbsp;5, 2016, Personal had accepted an offer from the International Finance Corporation (IFC) for the assessment and transfer of funds for purposes of financing investment needs, work capital and debt refinancing for an amount of up to US$ 400 million.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;5, 2016 Personal and the IFC signed the loan agreement (&amp;#x201C;IFC Loan&amp;#x201D;) for an amount of US$ 400 million and for a six year period, payable in 8 equal half-yearly installments since the 30&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;"&gt;th&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; month, with a 6 month LIBOR rate + 400bp. This loan will be used to deploy the 4G network and refinance short-term financial liabilities. The loan terms include standard commitments and limitations for this type of financial transactions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;26, 2016 Personal received the loan proceeds for an amount of US$ 392.5 million, net of expenses of US$ 7.5 million (equivalent to $5,956 as of the date of the disbursement).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In April&amp;nbsp;2017, Personal and the Inter-American Investment Corporation (&amp;#x201C;IIC&amp;#x201D;), a member of the Inter-American Development Bank (&amp;#x201C;IDB&amp;#x201D;) Group, signed a loan agreement (&amp;#x201C;IIC Loan&amp;#x201D;) for an amount of US$ 100 million maturing in September&amp;nbsp;2022, payable in 8 equal half-yearly installments since the 24th month, with a 6 month LIBO rate + 400bp. The funds of this loan will be allocated to deploy the 4G network and for financing working capital and other financial needs. The loan terms include standard commitments and covenants for this type of financial transactions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The funds were effectively disbursed by IIC on September&amp;nbsp;18, 2017 (approximately $1,723).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36.95pt;text-indent: -36.95pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;text-decoration:underline;"&gt;N&amp;#xFA;cleo&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The following table shows the outstanding loans with different local financing entities in Paraguay and their main terms as of December&amp;nbsp;31, 2017:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 52.00%;margin-left:72.5pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Principal&amp;nbsp;nominal&lt;br /&gt;value&amp;nbsp;(in&amp;nbsp;million&amp;nbsp;of&lt;br /&gt;Guaran&amp;#xED;es)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amortization&lt;br /&gt;term&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:50.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Book&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;80,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;1.9 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;132&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;132&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;40,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;1.7 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;83&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;120,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;182&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;215&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The weighted average annual rate of these loans is 8.83% in Guaran&amp;#xED;es and the weighted average amortization term of these loans is approximately 2 years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The terms and conditions of N&amp;#xFA;cleo&amp;#x2019;s loans provide for certain events of default which are considered standard for these kinds of operations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Global Programs for the issuance of Notes&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Telecom Argentina&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Telecom Argentina held on December&amp;nbsp;15, 2011, approved the creation of a Medium Term Notes Global Program for a maximum outstanding amount of US$ 500 million or its equivalent in other currencies for a term of five years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;28, 2017, Telecom Argentina held an Ordinary Shareholders&amp;#x2019; Meeting that approved a Notes Global Program for a maximum outstanding amount of US$ 3,000 million or its equivalent in other currencies. The delegation of powers in the Board of Directors was also approved to determine and modify the terms and conditions of the Program as well as to establish the issuance opportunities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Personal&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Personal held on December&amp;nbsp;2, 2010, had approved the creation of a Medium Term Notes Global Program for a maximum outstanding amount of US$ 500 million or its equivalent in other currencies for a term of five years. On October&amp;nbsp;13, 2011, the CNV had authorized such Program, through Resolution No.&amp;nbsp;16,670.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Personal&amp;#x2019;s Ordinary Shareholders&amp;#x2019; Meeting held on May&amp;nbsp;26, 2016 authorized to extend the due date and expand the Program&amp;#x2019;s maximum circulation amount up to US$ 1,000 million or its equivalent in other currencies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;20, 2016, the CNV authorized the extension and expansion of the mentioned Program through Resolution No.&amp;nbsp;18,277. Within such Program, Personal issued notes in four series under the following conditions:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Series&amp;nbsp;II&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Issuance date:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; December&amp;nbsp;10, 2015.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amount involved:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; $149,000,000&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Expiration Date:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; 36 months from its issuance date (December&amp;nbsp;10, 2018).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amortization:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Capital will be settled by one payment in an amount equal to 100% of total capital, payable on their maturity date (December&amp;nbsp;10, 2018).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Interest rate:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Series&amp;nbsp;II notes bear interest from its issuance date until the ninth month maturity (inclusive) at a nominal fixed annual rate equivalent to 28.75% per annum and since the beginning of the tenth month until its maturity date will bear at a floating rate equivalent to the Badlar Privada rates published by the BCRA plus 4.00% per annum.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Interest Payment Date:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Series&amp;nbsp;III&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Issuance date:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; November&amp;nbsp;16, 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amount involved:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; $721,969,404.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Expiration Date:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; 18 months from its issuance date (May&amp;nbsp;16, 2018).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amortization:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Capital will be settled by one payment in an amount equal to 100% of total capital, payable on their maturity date (May&amp;nbsp;16, 2018).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Interest rate:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Series&amp;nbsp;III notes bear interest from its issuance date until their maturity date at a nominal floating annual rate equivalent to the Badlar Privada rates published by the BCRA plus 2.90% per annum.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Interest Payment Date:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Series&amp;nbsp;IV&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Issuance date:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; November&amp;nbsp;16, 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amount involved:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; US$ 77,900,400 (equivalent to approximately $ 1,207 as of the issuance date).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Expiration Date: &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;24 months from its issuance date (November&amp;nbsp;16, 2018).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amortization:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Capital will be settled by one payment in an amount equal to 100% of total capital, payable on their maturity date (November&amp;nbsp;16, 2018).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Interest rate:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Series&amp;nbsp;IV notes bear interest from its issuance date until their maturity date at a nominal fixed annual rate equivalent to 4.85%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Interest Payment Date:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Use of Funds&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The funds arising from the Series&amp;nbsp;I (already cancelled), and II notes placement were used for the partial settlement of bank overdrafts that Personal had taken to finance the acquisition of 3G and 4G frequencies bands. Funds from notes placement have been applied to &amp;#x201C;debt refinancing&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The funds arising from the Series&amp;nbsp;III and IV notes were used for local bank overdrafts cancellation (&amp;#x201C;refinancing of liabilities&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Notes Rating&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The mentioned notes have a local risk rating awarded by FIX SCR S.A. of &amp;#x201C;AA+(arg)&amp;#x201D; with a stable outlook. National &amp;#x201C;AA&amp;#x201D; involves a solid credit quality with respect to other note&amp;#x2019;s issuers of the country or other notes issued in the country.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Events of default&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The terms and conditions of the Notes provide for certain events of default as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;lack of payment of capital and/or interests of any of the notes at the maturity date during the term stated in the respective contracts;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;lack of payment of capital and/or interests of any other financial debt of Personal or its subsidiaries for an amount of at least US$ 20 million (&amp;#x201C;cross default&amp;#x201D; clause), after the expiration of the agreed grace period;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;final court sentence dictamination (including seizure, executions of property, and similar court decisions) for an amount of at least US$ 20 million;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;bankruptcy petition, presentation of reorganization proceeding, or homologation petition of out-of-court preventive agreement of Personal or any of its subsidiaries;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;any other situation that could cause the revocation of licenses granted to Personal or its subsidiaries (if applicable), in the case of total or partial license revocation that derives in negative effect on the commercial activity, assets, financial and economic situation of Personal or its subsidiaries (taken as a whole).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the terms of the notes issued if any case of non-compliance is verified, the debt holders are allowed to demand the payment of the outstanding amount of capital and accrued interest at the time of non-compliance (&amp;#x201C;acceleration clause&amp;#x201D;). The application of this clause is generally optional for the debt holders and it is subject to compliance of certain requirements and conditions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, Telecom Group is in compliance with its respective loans agreements&amp;#x2019; commitments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
  <ifrs-full:DisclosureOfBusinessCombinationsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Note 32 &amp;#x2013; Merger by absorption between Telecom Argentina and Cablevisi&amp;#xF3;n S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June&amp;nbsp;30, 2017 the Board of Directors of Telecom Argentina and Cablevisi&amp;#xF3;n S.A. approved a preliminary merger agreement by which they agree that Telecom Argentina absorbed by merger Cablevisi&amp;#xF3;n S.A., which was dissolved without liquidation as of the merger effective date, in accordance with the provisions of Sections 82 and 83 of the LGS, and ad referendum of the corporate and regulatory approvals (the &amp;#x201C;Merger&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The purpose of the Merger is to enable the surviving company by merger to efficiently offer, in line with the trend both at a national and international level, technological convergence products between media and telecommunications services, in a separate or independent basis, to provide voice, data, sound and image services, both fixed and wireless, in a single product or groups of products for the self benefit and the benefit of consumers of such multiple individual services. Likewise, both companies considered that their respective operational 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.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Merger Effective Date was since 0:00 hours of the date in which the Chairmen of the Boards of Directors of Telecom Argentina and Cablevisi&amp;#xF3;n S.A. subscribed an operations transfer minute stating that: (i)&amp;nbsp;Telecom Argentina has adapted its operational- technical systems to assume the operations and activities of Cablevisi&amp;#xF3;n S.A., and (ii)&amp;nbsp;that on such Merger Effective Date the transfer of the activities and operations of Cablevisi&amp;#xF3;n S.A. to Telecom Argentina was finalized as the following conditions to which the Merger was subject were accomplished:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;i.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the subscription of the definitive merger agreement (which was subscribed on October&amp;nbsp;31, 2017, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;ad refer&amp;#xE9;ndum &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;of the ENACOM authorizations under Decree No.&amp;nbsp;267/15), and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;ii.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the ENACOM operation authorization (this authorization was issued by Res. ENACOM No.&amp;nbsp;5644-E/2017, which was notified on December&amp;nbsp;22, 2017). The operations transfer minute mentioned above was subscribed on January&amp;nbsp;1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the Merger, and to the provisions of Section&amp;nbsp;83, item c) of the LGS, the following distribution rate was settled: one ordinary share of Cablevisi&amp;#xF3;n S.A. (both, Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; and &amp;#x201C;B&amp;#x201D; shares) for every 9,871.07005 new ordinary shares of Telecom Argentina (the &amp;#x201C;Distribution Ratio&amp;#x201D;). The determined Distribution Ratio was considered fair from a financial perspective by the independent valuation experts JPMorgan Securities LLC and Lion Tree Advisors LLC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Telecom Argentina and Extraordinary Shareholders&amp;#x2019; Meeting of Cablevisi&amp;#xF3;n S.A., respectively, which both were held on August&amp;nbsp;31, 2017 approved the preliminary merger agreement and, relating Cablevisi&amp;#xF3;n S.A., its dissolution as of the Merger Effective Date and, relating Telecom Argentina, the Bylaws amendment and the increase of its capital stock. As of the date of issuance of these consolidated financial statements, the amendment of the bylaws is in process of registration.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On July&amp;nbsp;7, 2017, Cablevisi&amp;#xF3;n Holding S.A. accepted an offer of call option granted by Fintech Advisory Inc. and its subsidiaries Fintech Telecom LLC and Fintech Media LLC, for the acquisition of&amp;nbsp;&amp;nbsp;13.51% equity interest in Telecom Argentina (representing a participation of approximately 6% of Telecom Argentina after the merger) in the amount of US$ 634,275,282 (the &amp;#x201C;Option&amp;#x201D;). The Option can be executed during one year since July&amp;nbsp;7, 2017. Likewise, Cablevisi&amp;#xF3;n Holding S.A. should pay to Fintech Advisory Inc. within thirty days since July&amp;nbsp;7, 2017, a share premium amounting to US$ 3,000,000, which was paid on July&amp;nbsp;2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;5, 2017, Cablevisi&amp;#xF3;n Holding S.A. paid in advance the full Option price of US$ 634,275,282.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;27, 2017 Cablevisi&amp;#xF3;n Holding S.A. executed the Option, therefore, as of the merger effective date, received an additional VLG Argentina LLC&amp;#x2019; share of 21.55% (representing an indirect share of approximately 6% in Telecom after the merger). Likewise, in the scope of the call option contract, the price was established in US$ 628,008,363. As a consequence, Fintech Media LLC became the owner of 28.45% of VLG Argentina LLC stock and Cablevision Holding S.A. became the owner of the remaining 71.55% of VLG Argentina LLC stock.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September&amp;nbsp;6, 2017 Telecom Argentina S.A. and Cablevisi&amp;#xF3;n S.A. entered a presentation before the ENACOM requesting authorization for:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The transfer and incorporation of the &amp;#x201C;Licencia Unica Argentina Digital&amp;#x201D; (Digital Argentina Sole License) owned by Telecom Argentina S.A., of the records, resources, assignments, and ratings owned by Cablevisi&amp;#xF3;n S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The transfer in favor of Telecom Argentina S.A. of the authorizations of usage and the resources assigned for the provision of the services registered under the ownership of Cablevisi&amp;#xF3;n S.A. and / or the companies absorbed by the latter.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(iii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 2pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The change of corporate control that will take place in Telecom Argentina S.A. once the aforementioned ENACOM authorization has been obtained, the Merger becomes effective and the shareholder agreement of July&amp;nbsp;7, 2017 becomes effective, as a result of which Cablevisi&amp;#xF3;n Holding S.A. will be the legal controlling company of Telecom Argentina S.A. as the surviving company of Cablevisi&amp;#xF3;n S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;31, 2017, the definitive merger agreement was subscribed pursuant art. 83 section 4) of LGS, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;ad refer&amp;#xE9;ndum &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;of the ENACOM authorizations that may correspond.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Being satisfied all the conditions to which the Merger was subject according with art. 7&amp;#xB0; of the Preliminary Merger Agreement and the Final Merger Agreement, on January&amp;nbsp;1, 2018, the Transfer of Operations Record from the absorbed company to the absorbing company was subscribed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence, and according with the Preliminary Merger Agreement and the Final Merger Agreement, since 00.00 am January&amp;nbsp;1, 2018 the Merger is effective and, consequently, the composition of the Board of Directors was changed which was notified on December&amp;nbsp;28, 2017; and also, the change of the controlling company to Cablevisi&amp;#xF3;n Holding S.A. since January&amp;nbsp;1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In accordance with the Preliminary Merger Agreement and the Final Merger Agreement and the notification received from Fintech Telecom and Fintech Media LLC (&amp;#x201C;Fintech Media&amp;#x201D;) on December&amp;nbsp;29, 2017 informing of a corporate reorganization process by which Fintech Telecom absorbs by merger Fintech Media and VLG Argentina Escindida LLC (a spin-off of VLG Argentina LLC) with effect on the Merger Effectiveness Date.&amp;nbsp;&amp;nbsp;The shares issued by Telecom as decided by the Board of Directores were delivered as follows: i) to Fintech Telecom LLC: 342,861,748 Class&amp;nbsp;A shares; ii) to Cablevisi&amp;#xF3;n Holding S.A.: 406,757,183 Class&amp;nbsp;D shares; and iii) to VLG Argentina LLC: 434,909,475 Class&amp;nbsp;D shares. Such exchange of shares occurred on January&amp;nbsp;1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina&amp;#x2019;s breakdown of capital stock as of January&amp;nbsp;1, 2018 is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:26.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.80%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Outstanding shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Treasury shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total capital stock&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:26.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:26.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;A&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;683,856,600
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;683,856,600
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:26.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;B&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;627,930,005
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;643,151,378
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:26.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;C&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:26.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;D&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;841,666,658
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;841,666,658
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:26.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:26.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,153,688,011
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,168,909,384
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:26.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:38.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Fintech Telecom LLC, controlling company of Telecom Argentina until December&amp;nbsp;31, 2017, is a Delaware (United States) limited liability company, wholly-owned direct subsidiary of Fintech Advisory Inc. and its primary purpose is to hold, directly and indirectly, the securities of Telecom Argentina. Fintech Advisory Inc., a Delaware (United States) corporation, is directly controlled by Mr.&amp;nbsp;David Mart&amp;#xED;nez. Fintech Advisory Inc. is an investor and investment manager in equity and debt securities of sovereign and private entities primarily in emerging markets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cablevisi&amp;#xF3;n Holding S.A., legal controlling company of Telecom Argentina since January&amp;nbsp;1, 2018, is an argentine corporation and its primary purpose is to hold capital stock in corporations whose object and purpose is to provide Information and Communication Technology Services (ICT Services) and to provide Audiovisual Communication Services (ICT Services). Its controlling shareholder is GC Dominio S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Since the Merger Effective Date, (i)&amp;nbsp;the whole assets and liabilities (including registered assets, licenses, rights and obligations) belonging to Cablevisi&amp;#xF3;n S.A. will be incorporated to Telecom Argentina&amp;#x2019;s equity, (ii)&amp;nbsp;Telecom Argentina will continue the operations of Cablevisi&amp;#xF3;n S.A., generating the corresponding operational, accounting and tax effects, (iii)&amp;nbsp;the administration and representation of Cablevisi&amp;#xF3;n S.A. will be in charge of the administration and representations boards of Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Merger was accounted for effective January&amp;nbsp;1, 2018, using the acquisition method, as outlined by IFRS 3.&amp;nbsp; IFRS 3 requires, in a business combination effected through an exchange of equity interests, all relevant facts and circumstances to be considered when identifying the acquirer.&amp;nbsp; Based on the terms of the preliminary merger agreement, Cablevisi&amp;#xF3;n S.A. (the legally absorbed entity) is to be considered the accounting acquirer and Telecom Argentina (the surviving entity) is to be considered the accounting acquiree, which qualifies the transaction as a &amp;#x201C;reverse acquisition&amp;#x201D; in accordance with IFRS.&amp;nbsp; The factors that were relied upon to determine that Cablevisi&amp;#xF3;n S.A. should be treated as the accounting acquirer in the Merger were:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 1.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the relative voting rights in the surviving entity (55% for the shareholders of Cablevisi&amp;#xF3;n S.A. before the Merger Effective Date, and 45% for the shareholders of Telecom Argentina, before the Merger Effective Date, both percents previous to the Merger Effective Date);&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 2.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the composition of the board of directors in the surviving entity and other committees (Audit, Supervisory and Executive),&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 3.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the relative fair value assigned to Telecom Argentina and Cablevisi&amp;#xF3;n S.A. and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 4.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the composition of the key management of the surviving entity.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Accordingly, the assets and liabilities of Cablevisi&amp;#xF3;n S.A. were recognized and measured in the consolidated financial statements at their pre-Merger carrying amounts, while the identifiable assets and liabilities of Telecom Argentina will be recognized at fair value as of the Merger Effective Date (January&amp;nbsp;1, 2018). Goodwill resulting from the application of the acquisition method was measured as the excess of the fair value of the consideration paid over the net fair value of Telecom Argentina&amp;#x2019;s identifiable assets and liabilities. The retained earnings and other equity balances recognized in the consolidated financial statements of the combined entity are the sum of the respective amounts of the individual financial statements of Telecom Argentina and Cablevisi&amp;#xF3;n S.A. immediately before the Merger.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Business Combinations Reporting required under IFRS 3&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 3 &amp;#x201C;Business Combinations&amp;#x201D; in its paragraphs 59 to 63 establishes that for a significant business combination occurred between the end of the reporting and the issuance date of the financial statements, certain information regarding the transaction must be included. The merger by absorption of Telecom Argentina and Cablevisi&amp;#xF3;n S.A., which was produced on January&amp;nbsp;1, 2018, qualifies as a Business Combination according to IFRS 3, therefore, in compliance of this standard the following information is disclosed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:24.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The information disclosed below represents the best estimation of the Company with the information available as of the date of issuance of these consolidated financial statements, therefore, in case the Company obtains new information about the events and circumstances existing on the date of acquisition, the amounts will be updated re-estimating the fair value of the identified net assets, and/or recognizing additional assets or liabilities during the measurement period, which shall not exceed one year as from the acquisition date, according to paragraph 45 of IFRS 3.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Due to the fact that the merger between Telecom and Cablevisi&amp;#xF3;n S.A. is a business combination carried out through an exchange of interests in equity, the consideration is based on the fair value of the shares of Telecom on the Merger Effective Date. Such amount is $132 billion, determined based on the market value of Telecom&amp;#x2019;s ADR in the NYSE as of the transaction date (January&amp;nbsp;1, 2018).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant to IFRS 3, the net identifiable assets acquired were valued at fair value, amounting to an estimated of $74 billion. In that respect, it&amp;#x2019;s important to highlight the following: Property, Plant and Equipment, which estimated fair value reached $63 billion, and Intangible Assets, which estimated fair value reached $40 billion (includes the recognition of the Customer Relationship for $10 billion, Trademarks for $9 billion, and Licenses for $21 billion). Additionally, a deferred income tax liability was recognized due to the higher value assigned to net identifiable assets, that added to the book value as of the Merger Effective Date, amounts to $17 billion.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, a non-controlling interest estimated in $1 billion is recognized, determined as the proportionate share of the Company&amp;#x2019;s net identifiable assets. As a consequence of the allocation of the purchase price to the acquired assets, a goodwill estimated in $59 billion was generated.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:24.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Goodwill represents the future economic benefits that are not individually identified or recognized separately. It represents the excess of the consideration and non-controlling interest over the fair value of the net identifiable assets acquired under the business combination. Goodwill is not amortized. It shall be tested for impairment at least once a year as required under IAS 38.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Shareholders&amp;#x2019; Agreement: Fintech - CVH&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Effective as of May&amp;nbsp;23, 2017, W de Argentina Inversiones and Fintech as shareholders at that time of Sofora, left without effect the political rights of the shareholders agreement that bounded them. As of June&amp;nbsp;22, 2017, the lattest ceased to be a shareholder of Sofora. As a result, the shareholders&amp;#x2019; agreement that linked the Sofora shareholders was entirely left without effect.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;On July&amp;nbsp;7, 2017&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; Cablevisi&amp;#xF3;n Holding S.A., VLG Argentina LLC, Fintech Media LLC, Fintech Advisory Inc., GC Dominio S.A. (all of them direct or indirect shareholders of Cablevisi&amp;#xF3;n S.A.) and Fintech Telecom LLC (then controlling shareholder of Telecom Argentina)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; entered into a shareholders agreement that governs the exercise of their rights as shareholders of Telecom Argentina as from the Merger Effective Date (January&amp;nbsp;1, 2018) (the &amp;#x201C;Shareholders&amp;#xB4; Agreement&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The Shareholders&amp;#xB4; Agreement establishes basically:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;the representation in the corporate bodies, provided that subject to the fulfillment of certain conditions and as long as CVH holds a certain percentage of Telecom Shares, CVH shall be entitled to designate the majority of the directors, alternate directors, members of the Supervisory Committee, Executive Committee, Audit Committee, CEO and any other Key Employee (other than the CFO and the Internal Auditor, who shall be designated by Fintech).&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; CVH shall also be entitled to nominate the Chairman of the Board of Directors and Fintech to nom&amp;#xED;nate de Vicechairman of the Board of Directors.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;a scheme of supermajorities and required votes for the approval by the Shareholders&amp;#xB4;Meetings or Board of Directors&amp;#xB4; Meetings, respectively, of certain matters such as: i) the approval of the Business Plan and the Annual Budget of Telecom Argentina; ii) amendments of the bylaws, iii) changes in Independent Auditors, iv) the creation of committees of the Board of Directors, v) hiring of Key Employees as defined in the Shareholders&amp;#xB4; Agreement; vi) mergers, vii) acquisitions, viii) sale of assets, ix) capital increases; x) incurrence of indebtedness over certain limits, xi) capital investments in infrastructure, plant and equipment above certain amounts; xii) related party transactions, xiii) contracts that may impose restrictions to the distribution of dividends; xiv) new lines of business or discontinuing existing lines of business; xv) contracting for significant amounts not contemplated in the Business Plan and the Annual Budget, among others.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfBusinessCombinationsExplanatory>
  <ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence of the Corporate reorganization described in Note 31, Telecom Argentina&amp;#x2019;s breakdown of capital stock as of December&amp;nbsp;31, 2017 is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;a name="_Hlk511079148"&gt;&lt;/a&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="middle" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Registered, subscribed and authorized for public offering&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Outstanding shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Treasury shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total capital stock&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Ordinary shares, $1 argentine peso of nominal value each&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Class&amp;nbsp;&amp;#x201C;A&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;340,994,852
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;340,994,852
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;height:11.35pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Class&amp;nbsp;&amp;#x201C;B&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;627,930,005
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;643,151,378
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Class&amp;nbsp;&amp;#x201C;C&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;969,159,605
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;984,380,978
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of January&amp;nbsp;1, 2018, due to the merger between Telecom Argentina and Cablevisi&amp;#xF3;n S.A., the new breakdown of capital stock is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Outstanding&amp;nbsp;shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Treasury&amp;nbsp;shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total&amp;nbsp;capital&amp;nbsp;stock&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;A&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;683,856,600
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;683,856,600
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;B&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;627,930,005
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;643,151,378
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;C&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;D&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;841,666,658
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;841,666,658
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,153,688,011
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,168,909,384
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory>
  <ifrs-full:DisclosureOfCommitmentsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 18 &amp;#x2013; Commitments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(a)&amp;nbsp;Purchase commitments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company has entered into various purchase orders amounting in the aggregate to approximately $10,590 as of December&amp;nbsp;31, 2017 (of which $4,205 corresponds to PP&amp;amp;E commitments), primarily related to the supply of switching equipment, external wiring, infrastructure agreements, inventory and other service agreements. This amount also includes the commitments mentioned in c).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(b)&amp;nbsp;Investment commitments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In August&amp;nbsp;2003, Telecom Argentina was notified by the SC of a proposal for the creation of a $70- fund (the &amp;#x201C;Complejo Industrial de las Telecomunicaciones 2003&amp;#x201D; or &amp;#x201C;2003 Telecommunications Fund&amp;#x201D;) to be funded by the major telecommunication companies and aimed at developing the telecommunications sector in Argentina. Banco de Inversion y Comercio Exterior (&amp;#x201C;BICE&amp;#x201D;) was designated as Trustee of the Fund.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In November&amp;nbsp;2003, the Company contributed $1.5 at the inception of the Fund. In addition, Management announced that it is the Company&amp;#x2019;s intention to promote agreements with local suppliers which would facilitate their access to financing.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(c)&amp;nbsp;Commitments assumed by Telecom Argentina from the sale of Publicom&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March&amp;nbsp;29, 2007, Telecom Argentina&amp;#x2019;s Board of Directors approved the sale of its equity interest in Publicom (a company engaged in directories&amp;#x2019; publishing business) to Yell Publicidad S.A. (a company incorporated in Spain, member of the Yell Group- &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Grupo Yell&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;), which was executed on April&amp;nbsp;12, 2007 (the &amp;#x201C;Closing Date&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On Closing Date and after the stock transfer was actually performed, Publicom accepted a proposal from Telecom Argentina. According to said proposal, Telecom Argentina:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;engages Publicom to publish and print Telecom Argentina&amp;#x2019;s directories (&amp;#x201C;white pages&amp;#x201D;) for a 5-year period, which was extended annually;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;engages Publicom to distribute Telecom Argentina&amp;#x2019;s white pages&amp;nbsp;for a 20-year period, which may be extended upon expiry date;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;engages Publicom to maintain the Internet portal, which allows to access the white pages&amp;nbsp;through the web, for a 20-year period, term which may be extended upon expiry date;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;grants Publicom the right to lease advertising spaces on the white pages&amp;nbsp;for a 20-year period, which may be extended upon expiry date; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;authorizes the use of certain trademarks for the distribution and/or consultation on the Internet and/or advertising spaces agreements for the same specified period.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina reserves the right to supervise certain matters associated with white pages&amp;nbsp;publishing and distribution activities that allow Telecom Argentina to assure the fulfillment of its regulatory obligations during the term of the proposal. The terms and conditions of the proposal include usual provisions that allow Telecom Argentina to apply economic sanctions in the case of non-compliance, and in the case of serious non-compliance, allow Telecom Argentina to require an early termination. In the latter case, the Company could enter into an agreement with other providers.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The proposal set prices for the publishing, printing and distribution of the 2007 directories, and provided clauses for the subsequent editions in order to ensure Telecom Argentina that said services will be contracted at market price.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina shall continue to include in its own invoices the amounts to be paid by its customers to Publicom for the contracted services or those that may be contracted in the future, and subsequently collect the amounts for said services on behalf and to the order of Publicom, without absorbing any delinquency.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(d)&amp;nbsp;Commitments assumed by N&amp;#xFA;cleo&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2010, the CONATEL awarded N&amp;#xFA;cleo a public bidding for the implementation of the expansion of the infrastructure of networks used as platform for the mobile telephony access services and the basic service in areas of public or social interest in Paraguay. The total investment was approximately of $17, of which $12 were subsidized by CONATEL.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, N&amp;#xFA;cleo has timely fulfilled its investments obligations and the total assets and services have been installed and are satisfactorily functioning. The CONATEL has disbursed approximately $11 related to this bidding.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, in August&amp;nbsp;2011, the CONATEL awarded N&amp;#xFA;cleo a new public bidding for the implementation of the expansion of the infrastructure of networks as a platform for the mobile telephony access services and the basic service in the Department of Caaguaz&amp;#xFA;. N&amp;#xFA;cleo committed to install and render satisfactorily functioning all the assets and services covered by the bidding within six months from the date of signing of the contract, by means of an approximate investment of $6 of which $5 were subsidized by the CONATEL. As of the date of issuance of these consolidated financial statements, the work is finished. The CONATEL has disbursed approximately $4 related to this bidding.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;CONATEL&amp;#x2019;s total deferred disbursements as of December&amp;nbsp;31, 2017 amounted to $15 and were included under &amp;#x201C;Deferred revenues&amp;#x201D; line item, corresponding $5 to current deferred revenues, having accrued gains for $10 since fiscal year 2011.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On August, 2017 the CONATEL started a bidding of universal service fund for the provision of internet services, data transmission services, and office equipment for the telemedicine program with the Ministry of Public Health and Social Welfare, being N&amp;#xFA;cleo awarded for the provision of such goods and services for the programs of Central and Guair&amp;#xE1; Departments, the subsidy amounted approximately to $19.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(e)&amp;nbsp;Commitments assumed from the acquisition of Spectrum by Personal&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Auction Terms and Conditions convened by SC Resolution No.&amp;nbsp;38/14 established high and demanding obligations of coverage and network deployment, which would require significant investments in PP&amp;amp;E that were estimated at the time of submission of Personal&amp;#xB4;s bid in approximately US$ 450 million over the next five years and whose failure could result in sanctions and adverse effects to Personal.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Some of the obligations included in the Terms and Conditions are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Extend the SRMC, STM and PCS coverage in such a way that it reaches all locations with at least 500 inhabitants in a time period that would not exceed 60 months.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Upgrade the network infrastructure in a time period that would not exceed 60 months, in such a manner that in all the network locations where mobile Internet services are offered&amp;nbsp;&amp;nbsp;a minimum of 1 Mbps per user be guaranteed in the downlink for SRMC, STM and PCS.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For the SCMA (Annex III of Terms and Conditions) progressive coverage obligations in the Argentine Republic territory are established, in five differenced stages, completed in the 60-month-period with coverage in locations with more than 500 inhabitants.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For further detail of the obligations involved, see SC Resolution No.37/14, No.&amp;nbsp;38/14 and its amendments and supplementary regulations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Taking into account that the frequency bands of SC Resolution No.83/14 had been partially awarded, Personal requested the SC that all the mentioned deadlines were calculated from the date on which the frequency band 713-723 Mhz to 768-778 Mhz were awarded, what would complete Lot 8 award. Such requirement was satisfied by the provisions of section 4 d) of Decree No.&amp;nbsp;1,340/16.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfCommitmentsExplanatory>
  <ifrs-full:DisclosureOfCreditRiskExposureExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;margin-left:9pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Date due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Banks and cash&lt;br /&gt;equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;receivables, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;receivables,&lt;br /&gt;net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,807
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,807
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total not due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,082
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,841
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16,209
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total as of December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,082
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18,016
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfCreditRiskExposureExplanatory>
  <ifrs-full:DisclosureOfDeferredIncomeExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 11 &amp;#x2013; Deferred revenues&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Deferred revenues consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;revenues received from connection fees for fixed telephony, data and Internet, nonrefundable;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;revenues collected by remaining traffic and packages of data from unexpired cards;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;the value assigned to the points delivered by customer loyalty programs in the mobile telephony;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;the advanced collection of revenues from services of international capacity;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;the advanced collection of construction projects; and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;subsidies received for the construction of infrastructure which are deferred in the same period of amortization of the related works.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:30.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On prepaid calling cards &amp;#x2013; Fixed and Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;292
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;261
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On construction projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;48
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On connection fees &amp;#x2013; fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;36
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On capacity rental&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On mobile customer loyalty programs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;95
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;87
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From CONATEL &amp;#x2013; mobile services N&amp;#xFA;cleo (Note 18.d)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;515
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;443
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On capacity rental &amp;#x2013; Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;195
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;252
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On connection fees &amp;#x2013; Fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;82
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;87
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On mobile customer loyalty programs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;148
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;425
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total deferred revenues&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;940
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;888
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDeferredIncomeExplanatory>
  <ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Depreciation of PP&amp;amp;E &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,039)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,358)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,046)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Amortization of SAC and service connection costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,524)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,474)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,045)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Amortization of 3G/4G licenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(325)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(338)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(324)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Amortization of other intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(40)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(28)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,928)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,198)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:30.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank overdrafts &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;135
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,707
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank loans &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;182
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;839
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Notes &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,158
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;566
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;NDF (Note 20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Accrued interest&amp;nbsp;&amp;nbsp;and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;711
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;152
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,194
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,266
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Notes &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,084
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank loans &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,012
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,562
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;NDF (Note 20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Accrued interests and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,020
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,041
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,646
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total financial debt&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,235
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,912
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:30.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Fair&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Amortized&lt;br /&gt;cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;accounted&lt;br /&gt;through&amp;nbsp;profit&lt;br /&gt;or&amp;nbsp;loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;accounted&lt;br /&gt;through&amp;nbsp;other&lt;br /&gt;comprehensive&lt;br /&gt;Income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cash and cash equivalents (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,469
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,362
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,169
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,913
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,082
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other receivables (2)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;387
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;58
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,673
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,333
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,584
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,584
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,218
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,235
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,310
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,310
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other liabilities (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,203
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,220
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(1)&amp;nbsp;Includes 1,364 as of December&amp;nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(2)&amp;nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:30.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Fair&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Amortized&lt;br /&gt;cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;accounted&lt;br /&gt;through&amp;nbsp;profit&lt;br /&gt;or&amp;nbsp;loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;accounted&lt;br /&gt;through&amp;nbsp;other&lt;br /&gt;comprehensive&lt;br /&gt;Income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cash and cash equivalents (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,436
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,509
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,945
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;349
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,748
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,097
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,785
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,785
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other receivables (2)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;333
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;335
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,903
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,259
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,162
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,131
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,131
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,910
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,912
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,794
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,794
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other liabilities (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,910
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,912
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(1)&amp;nbsp;Includes 934 as of December&amp;nbsp;31, 2016, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(2)&amp;nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:24.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Land, buildings and installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,576
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,310
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Computer equipment and software&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,586
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,265
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Switching and transmission equipment (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,576
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,614
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Mobile network access and external wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,256
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,078
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,138
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,915
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Other tangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;831
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;704
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;"&gt;Subtotal PP&amp;amp;E&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,963
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,024
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,629
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Valuation allowance for materials and impairment of materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(144)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(305)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(282)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,538
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,165
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 13.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:5pt;"&gt;&lt;p style="width:5pt;width:5pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Includes tower and pole, transmission equipment, switching equipment, power equipment, equipment lent to customers at no cost and handsets lent to customers at no cost.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DisclosureOfDividendsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="top" style="width:35.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;N&amp;#xFA;cleo to ABC Telecomunicaciones&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Telecom Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,151)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,000)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(804)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Dividends advance declared by Sofora and paid by Telecom in December&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,192)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,000)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(849)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDividendsExplanatory>
  <ifrs-full:DisclosureOfDividendsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_NucleoMobileServicesSegmentMember">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Fiscal year 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;a name="_Hlk511075767"&gt;&lt;/a&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:46.8pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Month of dividends&lt;br /&gt;payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Dividends&lt;br /&gt;corresponding to&lt;br /&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Dividends&lt;br /&gt;corresponding to non-&lt;br /&gt;controlling&lt;br /&gt;shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;May&amp;nbsp;2017 (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;37&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;17&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;54&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;October&amp;nbsp;2017 (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;37&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;18&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;74&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;109&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(*)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt; As of the payment date, the amounts were 39 and 18, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(**)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt; As of the payment date, the amounts were 41 and 20, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Fiscal year 2015&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:46.8pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Month of dividends&lt;br /&gt;payment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Dividends&lt;br /&gt;corresponding to&lt;br /&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:31.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Dividends&lt;br /&gt;corresponding to non-&lt;br /&gt;controlling &lt;br /&gt;shareholders &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;&amp;#x2013;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt; ABC&lt;br /&gt;Telecomunicaciones&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;May&amp;nbsp;2015 (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;63
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;December&amp;nbsp;2015 (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;80
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total &amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;96
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;143
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(*)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt; As of the payment date, the amounts were 41 and 19, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(**)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;As of the payment date, the amounts were 52 and 26, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDividendsExplanatory>
  <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 13 &amp;#x2013; Salaries and social security payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Salaries and social security payables include unpaid salaries, vacation and bonuses and its related social security contributions and termination benefits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, the total number of employees was 15,396, of which approximately 82% were unionized. All Management and senior positions are held by non-unionized employees.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the field of compensation policy for Directors and Managers, the Company and its subsidiaries have a scheme that includes fixed and variable components. While fixed compensation is dependent upon the level of responsibility required for the position and its market competitiveness, variable compensation is comprised of compensation driven by the goals established on an annual basis and also by compensation regarding the fulfillment of long and medium term goals.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company and its subsidiaries have no stock option plans for their employees.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Salaries and social security payables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 87.00%;margin-left:13.05pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:29.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Vacation and bonuses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,433
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,102
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;499
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;383
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;119
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;125
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,051
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,610
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;160
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;144
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Bonuses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;99
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;259
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;184
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total salaries and social security payables&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,310
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,794
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Compensation for the Key Managers for the years ended December&amp;nbsp;31, 2017, 2016 and 2015 is shown in Note 27.e).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Employee benefit expenses and severance payments are composed of:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:28.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Salaries&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(8,741)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,954)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,166)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Social security expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,846)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,147)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,642)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Severance indemnities and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(944)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(521)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(319)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other employee benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(187)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(178)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(126)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12,718)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,800)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,253)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
  <ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Note 28 &amp;#x2013; Segment information&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Until 2016, the Telecom Group carried out its activities through six companies grouped in operating segments. While the segment information as of December&amp;nbsp;31, 2017, includes additionally Tuves Paraguay&amp;#x2019;s operations corresponding to 2&amp;#xB0;semester of 2017, which were included in &amp;#x201C;Mobile Services &amp;#x2013; N&amp;#xFA;cleo&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;1, 2018, the Corporate Reorganization described in Note 31 was effective. Although Personal&amp;#x2019;s operations were absorbed by Telecom, since that date the Management keeps a separate assessment of the operations carried out by Personal.&amp;nbsp;&amp;nbsp;As a consequence, the segment information for year 2017 shows the operations of Mobile Services &amp;#x2013; Personal as an independent reportable segment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group has combined the operating segments into three reportable segments: &amp;#x201C;Fixed Services&amp;#x201D;, &amp;#x201C;Personal Mobile Services&amp;#x201D; and &amp;#x201C;N&amp;#xFA;cleo Mobile Services&amp;#x201D; based on the nature of products provided by the entities and taking into account the regulatory and economic framework in which each entity operates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Segment financial information for the years 2017, 2016 and 2015 was as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;For the year ended December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Income statement information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Fixed&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:26.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,952
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42,128
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,997
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,125
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,758)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,625)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,876)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(217)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,093)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12,718)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interconnection costs and other telecommunication charges&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,200)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,537)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(220)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,757)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,809
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,148)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,546)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,384)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(280)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,664)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;610
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,600)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,581)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,413)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(113)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,526)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,107)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(417)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,965)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(344)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,309)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;95
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,631)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of equipments and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,035)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(125)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,160)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(194)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(915)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(109)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,024)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,218)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of VAS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(614)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(215)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(829)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(874)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(183)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(406)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(407)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(590)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(193)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(844)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(76)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(920)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,113)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,594)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,740)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(190)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,930)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;244
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,280)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income before D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,850
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,399
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,107
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,506
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Depreciation of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,072)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,325)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(642)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,967)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,039)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Amortization of intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(164)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,636)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,725)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,889)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,593
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,143
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;376
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,519
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(486)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,626
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Income tax expense, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,902)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,724
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to Telecom Argentina &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,630
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;94
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,724
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 2.9pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 2.9pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Service revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,797
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,289
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,885
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37,174
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56,971
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Equipment sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;663
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,446
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,552
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;71
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;133
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Subtotal third party revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;20,531
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41,797
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,991
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44,788
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,421
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;331
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;337
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,758)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,952
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42,128
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,997
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,125
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,758)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 35.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt 2.15pt 0pt 0pt;"&gt;
				&lt;font style="margin:0pt 2.15pt 0pt 0pt;font-family:Wingdings;font-size:9pt;line-height:107.08%;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt 2.15pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Balance sheet information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.90%;margin-left:0.25pt;"&gt;
			&lt;tr&gt;
				&lt;td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;PP&amp;amp;E,&amp;nbsp;net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,039
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,901
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,598
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,499
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,538
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;406
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,482
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;211
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,693
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,098
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on PP&amp;amp;E (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,254
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,161
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;490
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,651
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,905
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on intangible assets (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;153
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,032
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,085
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,238
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total capital expenditures in PP&amp;amp;E and intangible assets (a)+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,407
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,193
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;543
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,736
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,143
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total additions on PP&amp;amp;E and intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,886
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,173
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;517
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,690
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,576
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,260)
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Geographic information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:1pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:30.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of&lt;br /&gt;operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of the&lt;br /&gt;Group&amp;#xB4;s customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;location of operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62,012
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61,696
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;36,429
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,307
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,623
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,921
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;39,350
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;"&gt;For the year ended December&amp;nbsp;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Income statement information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Fixed&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,027
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35,766
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,649
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,415
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,119)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,220)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,381)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,580)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,800)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interconnection costs and other telecommunication charges&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(961)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,721)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(200)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,921)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,329
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,553)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,311)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,975)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(229)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,204)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;509
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,006)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,118)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,925)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,007)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,125)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(327)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,286)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,581)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;59
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,849)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of equipments and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(136)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,749)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(303)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,052)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(126)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(644)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(104)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(748)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(874)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of VAS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(53)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,329)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(117)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,446)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,499)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(78)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(109)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(109)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(187)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(152)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(951)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(125)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,076)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,228)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,276)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,378)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(158)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,536)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;222
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,590)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income before D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,269
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,318
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;837
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,155
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Depreciation of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,686)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,088)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(584)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,672)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,358)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Amortization of intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(211)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,526)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(103)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,629)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,840)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(384)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(384)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,320
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;150
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,470
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,244)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,599
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Income tax expense, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,594)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,005
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to Telecom Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,975
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,005
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(1)&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Service revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,923
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,049
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,382
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30,431
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,354
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Equipment sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,535
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;260
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,795
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;83
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Subtotal third party revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,080
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35,600
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,643
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,243
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,947
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;166
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;172
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,119)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,027
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35,766
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,649
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,415
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,119)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Balance sheet information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;PP&amp;amp;E, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,468
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,541
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,156
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,697
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,165
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;429
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,086
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,164
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,592
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on PP&amp;amp;E (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,820
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,249
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;563
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,812
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,632
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on intangible assets (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;197
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,481
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,557
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,754
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total capital expenditures in PP&amp;amp;E and intangible assets (a)+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,017
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,730
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;639
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,369
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,386
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total additions on PP&amp;amp;E and intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,525
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,708
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;627
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,335
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,860
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,892)
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Geographic information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:31.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of&lt;br /&gt;operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of the&lt;br /&gt;Group&amp;#xB4;s customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50,406
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;49,958
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,832
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,917
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,365
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,520
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32,352
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;"&gt;For the year ended December&amp;nbsp;31, 2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Income statement information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Fixed&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,609
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,203
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,717
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,920
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,989)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,268)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,856)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(129)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,985)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,253)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interconnection costs and other telecommunication charges&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(719)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,686)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(154)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,840)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,389
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,170)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,769)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,417)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(152)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,569)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;419
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,919)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(818)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,071)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,125)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,943)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(268)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,774)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,973)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;48
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,193)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of equipments and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,328)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(185)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,513)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(108)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(628)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(78)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(706)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(814)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of VAS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,136)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,218)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,256)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(96)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(96)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(113)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(79)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(462)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(485)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(564)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(934)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(960)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(93)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,053)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;133
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,854)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income before D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,509
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,789
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;568
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,357
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Depreciation of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,341)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,379)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(326)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,705)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,046)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Amortization of intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(185)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,141)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(66)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,207)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,392)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(91)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(109)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(108)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;892
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,160
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;177
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,337
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,102)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,127
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Income tax expense, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,692)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,435
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to Telecom Argentina &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,403
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,435
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;(1)&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Service revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,675
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,258
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,547
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,805
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,480
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Equipment sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,796
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;159
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,955
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;39
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Subtotal third party revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,775
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,059
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,706
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,765
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,834
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;144
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;155
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,989)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,609
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,203
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,717
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,920
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,989)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Balance sheet information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;PP&amp;amp;E, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,280
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,899
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,784
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,683
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,963
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;443
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,131
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;86
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,217
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,659
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on PP&amp;amp;E (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,846
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,157
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;393
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,550
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,396
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on intangible assets (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;233
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,395
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,471
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,704
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total capital expenditures in PP&amp;amp;E and intangible assets (a)+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,079
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,552
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;469
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,021
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,100
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total additions on PP&amp;amp;E and intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,514
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,158
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;490
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,162
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net financial asset (debt)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,277)
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Geographic information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:31.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of&lt;br /&gt;operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of the&lt;br /&gt;Group&amp;#xB4;s customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,677
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,388
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;24,844
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,863
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,152
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,129
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,973
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory>
  <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 33 &amp;#x2013; Subsequent events to December&amp;nbsp;31, 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Decisions issued by the shareholders of Telecom Argentina at the General Ordinary Shareholders&amp;#x2019; Meeting&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 14.15pt;text-indent:24.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;31, 2018, the shareholders of Telecom Argentina held a General Ordinary Shareholders&amp;#x2019; Meeting at which they approved the changes in the composition of the Board of Directors and the delegation of the powers vested on the Board of Directors to decide on the total or partial reversal of the &amp;#x201C;Voluntary reserve for future dividends payments&amp;#x201D; of Telecom Argentina as of December&amp;nbsp;31, 2017 and the distribution of the amount of cash dividends under said reversal in the amounts and on the dates to be established by the Board of Directors.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;font-size:12pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Reversal of the Reserve for future cash dividends and distribution of dividends&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;31, 2018, the Board of Directors of Telecom Argentina approved:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 1.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant to the powers delegated by the shareholders at the General Ordinary Shareholders&amp;#x2019; Meeting mentioned in item a) above, the reversal of $9,729,418,019 Argentine pesos of the &amp;#x201C;Voluntary reserve for future dividends payments&amp;#x201D; of Telecom Argentina as of December&amp;nbsp;31, 2017, and its distribution as cash dividends in two installments: i) $2,863,000,000 Argentine pesos on February&amp;nbsp;15, 2018 and ii) $6,866,418,019 Argentine pesos on April&amp;nbsp;30, 2018, being the Board empowered to make such payment on an earlier date if it deems it convenient in the future. Later, the Board of Directors approved on March&amp;nbsp;7, 2018 the anticipation of the availability for March&amp;nbsp;27, 2018 or in a previous date that the President of the Company may decide.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 2.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The distribution of $5,640,728,444 Argentine pesos as interim cash dividends under the provisions of Section&amp;nbsp;224, 2nd paragraph of the General Associations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&amp;nbsp;1, 2017 to September&amp;nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Telecom Argentina as of September&amp;nbsp;30, 2017, which were settled on February&amp;nbsp;15, 2018; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 3.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The distribution of $4,502,777,155 Argentine pesos as distribution of interim cash dividends under the provisions of Section&amp;nbsp;224, 2nd paragraph of the General Associations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&amp;nbsp;1, 2017 to September&amp;nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Cablevisi&amp;#xF3;n S.A.-absorbed by Telecom Argentina- as of September&amp;nbsp;30, 2017, which were settled on February&amp;nbsp;15, 2018.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On February&amp;nbsp;15, 2018, the Company paid dividends for a total of $13,006,505,599 Argentine pesos (equivalent to $6.04 dividends per outstanding share), corresponding to the above-mentioned distributions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;c)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Payment by Telecom of the dividends declared by Cablevisi&amp;#xF3;n S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;8, 2018, Telecom Argentina, as surviving company of Cablevisi&amp;#xF3;n S.A. paid the dividends declared by Cablevisi&amp;#xF3;n S.A. on December&amp;nbsp;18, 2017 for $4,077,790,056 Argentine pesos.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;d)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Syndicated Loan&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;At its meeting held on January&amp;nbsp;31, 2018, the Board of Directors of Telecom Argentina approved the execution of a syndicated loan agreement with several banks for up to a total of US$ 1,000 million which will accrue compensatory interest at an annual rate equal to LIBOR for each period of interest accrual plus an applicable margin (ranging from 1.25 to 2.25 percentage points), payable on a quarterly or semi-annual basis at the choice of Telecom Argentina. The term shall be of 12 months and principal shall be repaid in full at maturity. The funds from the loan will be used by Telecom Argentina for increasing its working capital in Argentina, investing in physical assets in Argentina and for other corporate purposes. In case Telecom subsequently applies for a loan or issues debt for a term of 3 years for more than US$ 500 million, the day after it receives the funds it shall repay in full the syndicated Loan.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On February&amp;nbsp;2, 2018, Telecom Argentina notified its intention to request a disbursement under the loan for US$ 650 million, which was received on February&amp;nbsp;9, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
  <ifrs-full:DisclosureOfExpensesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 22 &amp;#x2013; Operating expenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Operating expenses disclosed by nature of expense amounted to $ 53,207, $45,480 and $34,311 for the years ended December&amp;nbsp;31, 2017, 2016 and 2015, respectively. The breakdown of Employee benefit expenses and severance payments, Cost of equipments and handsets, Provisions and Bad debt expenses are disclosed in Notes 13, 7, 17 and 5, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The main components of the remaining operating expenses are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Interconnection costs and other telecommunication charges&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed telephony interconnection costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(486)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(445)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(327)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Cost of international outbound calls&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(272)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(268)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(192)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Lease of circuits and use of public network&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(490)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(461)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(336)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile Services - charges for roaming&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(348)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(414)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(374)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile Services - charges for TLRD&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,552)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(965)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(941)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,148)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,553)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,170)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Maintenance of hardware and software&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(671)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(546)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(331)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Technical maintenance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,393)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,329)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(854)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Service connection fees for fixed lines and Internet lines&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(600)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(267)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(224)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Service connection fees capitalized as SAC (Note 3.j)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Service connection fees capitalized as Intangible assets (Note 3.j) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;36
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other maintenance costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(716)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(396)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Obsolescence of inventories &amp;#x2013; Mobile Services (Note 7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Call center fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,999)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,428)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,297)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other fees for services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,211)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(862)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(793)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Directors and Supervisory Committee&amp;#x2019;s fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(66)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(60)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(36)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,600)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,006)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,919)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Turnover tax&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,528)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,817)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,122)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Taxes with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,049)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,078)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(917)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax on deposits to and withdrawals from bank accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(626)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(539)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(403)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Municipal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(531)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(395)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(289)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(373)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(296)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(212)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,107)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,125)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,943)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Commissions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Agent commissions &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,602)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,078)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,659)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Agent commissions capitalized as SAC (Note 3.j)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;986
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,403
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,172
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Distribution of prepaid cards commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(842)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(763)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(635)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Collection commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,147)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,295)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(983)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(26)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(116)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(88)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,631)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,849)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,193)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Advertising&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Media advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(769)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(527)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fairs and exhibitions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(264)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(176)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(137)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other advertising costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(185)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(171)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(153)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,218)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(874)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(814)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Cost of VAS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Cost of mobile value added services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(829)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,446)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,218)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Cost of fixed value added services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(53)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(874)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,499)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,256)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Other operating expenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Transportation, freight and travel expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(927)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(961)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(768)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Delivery costs capitalized as SAC &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;79
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;134
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Rental expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,069)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(765)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(540)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Energy, water and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,117)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(783)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(429)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;International and satellite connectivity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(246)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(215)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(202)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,280)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,590)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,854)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;D&amp;amp;A&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Depreciation of PP&amp;amp;E &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,039)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,358)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,046)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Amortization of SAC and service connection costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,524)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,474)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,045)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Amortization of 3G/4G licenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(325)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(338)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(324)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Amortization of other intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(40)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(28)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,928)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,198)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Gain on disposal and impairment of PP&amp;amp;E (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;31
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Impairment of PP&amp;amp;E &amp;#x2013; Fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(116)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Impairment of PP&amp;amp;E &amp;#x2013; Mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(229)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(369)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(114)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decrease of PP&amp;amp;E &amp;#x2013; Fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decrease of PP&amp;amp;E &amp;#x2013; Mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(66)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Since 2016 these results are included in Other Income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Operating expenses, disclosed per function are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Operating costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32,287)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(27,628)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(20,578)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Administration costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,306)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,453)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,827)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Commercialization costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16,708)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14,829)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,594)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other expenses &amp;#x2013; provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(590)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(187)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(113)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Gain on disposal of PP&amp;amp;E and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(53,207)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45,480)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(34,311)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Operating leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Future minimum lease payments from of non cancellable operating lease agreements as of December&amp;nbsp;31, 2017, 2016 and 2015 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 51.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Less than 1&lt;br /&gt;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;1-5 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;More than 5&lt;br /&gt;years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;436
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;890
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;31
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,357
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;636
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,169
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;74
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,879
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;681
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,185
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;143
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,009
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Further information is provided in Note 3.k) to these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfExpensesExplanatory>
  <ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 24 &amp;#x2013; Finance income and expenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:32.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;20
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Gains on other short-term investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;121
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;169
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Gains on investments (Argentine companies notes and Governments bonds)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;979
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;287
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;432
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;763
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;373
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;183
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Foreign currency exchange gains&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,217
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;273
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;316
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;TUVES share purchase option&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total finance income&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,115
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,006
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,130
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(928)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,613)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(566)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on salaries and social security payable, other taxes payables and accounts payable&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(49)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(37)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(26)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on provisions (Note 17)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(320)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(207)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(137)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Loss on discounting of salaries and social security payables, other taxes payable and other liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Foreign currency exchange losses (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,224)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,328)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,456)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;TUVES share purchase option&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(24)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on pension benefits (Note 16)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(28)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total finance expenses&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,601)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,250)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,232)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total finance income, net&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(486)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,244)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,102)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Includes 40, 5 and 432 of foreign currency exchange gains (losses), net generated by NDF for the years ended on December&amp;nbsp;31, 2017, 2016 and 2015, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory>
  <ifrs-full:DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Future minimum lease payments from of non cancellable operating lease agreements as of December&amp;nbsp;31, 2017, 2016 and 2015 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 51.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Less than 1&lt;br /&gt;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;1-5 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;More than 5&lt;br /&gt;years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;436
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;890
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;31
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,357
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;636
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,169
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;74
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,879
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;681
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,185
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;143
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,009
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory>
  <ifrs-full:DisclosureOfFinancialInstrumentsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 20 &amp;#x2013; Financial instruments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Categories of financial assets and financial liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The following tables set out, for financial assets and liabilities as of December&amp;nbsp;31, 2017 and 2016, the supplementary disclosures on financial instruments required by IFRS 7 and the detail of gains and losses established by IFRS 9.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:30.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Fair&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Amortized&lt;br /&gt;cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;accounted&lt;br /&gt;through&amp;nbsp;profit&lt;br /&gt;or&amp;nbsp;loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;accounted&lt;br /&gt;through&amp;nbsp;other&lt;br /&gt;comprehensive&lt;br /&gt;Income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cash and cash equivalents (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,469
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,362
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,169
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,913
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,082
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other receivables (2)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;387
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;58
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,673
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,333
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,584
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,584
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,218
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,235
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,310
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,310
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other liabilities (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,203
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,220
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(1)&amp;nbsp;Includes 1,364 as of December&amp;nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(2)&amp;nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:30.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Fair&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Amortized&lt;br /&gt;cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;accounted&lt;br /&gt;through&amp;nbsp;profit&lt;br /&gt;or&amp;nbsp;loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;accounted&lt;br /&gt;through&amp;nbsp;other&lt;br /&gt;comprehensive&lt;br /&gt;Income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cash and cash equivalents (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,436
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,509
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,945
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;349
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,748
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,097
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,785
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,785
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other receivables (2)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;333
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;335
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,903
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,259
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,162
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,131
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,131
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,910
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,912
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,794
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,794
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other liabilities (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,910
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,912
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(1)&amp;nbsp;Includes 934 as of December&amp;nbsp;31, 2016, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(2)&amp;nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Gains and losses by category &amp;#x2013; Year 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Net gain/(loss)&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Of which interest&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial assets at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,211
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;947
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial liabilities at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,213)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(940)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial assets at fair value through profit or loss (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;904
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial liabilities at fair value through profit or loss (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(95)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Includes 121 corresponding to other short-term investments and 783 corresponding to Government bonds.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Corresponding to NDF.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Gains and losses by category &amp;#x2013; Year 2016&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:6.3pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Net&amp;nbsp;gain/(loss)&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Of which interest&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial assets at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;707
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;374
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial liabilities at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,010)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,667)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial assets at fair value through profit or loss (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;305
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial liabilities at fair value through profit or loss (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,999)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,293)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Includes 61 corresponding to other short-term investments,&amp;nbsp;&amp;nbsp;6 corresponding to NDF, 11 corresponding to Tuve&amp;#x2019;s share purchase option and 227 corresponding to Government bonds.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Corresponding to NDF.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Fair value hierarchy and other disclosures&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 7 establishes a hierarchy of fair value, based on the information used to measure the financial assets and liabilities and also establishes different valuation techniques. According to IFRS 7, valuation techniques used to measure fair value shall maximize the use of observable inputs.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The measurement at fair value of the financial instruments of the Group is classified according to the three levels set out in IFRS 7. The fair value hierarchy introduces three levels of input:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.26%;margin-left:36pt;font-family:Arial,Helvetica,sans-serif;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:03.68%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:96.32%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Level 1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets or liabilities.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:03.68%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:96.32%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Level 2: Fair value determined based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:03.68%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:96.32%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Level 3: Fair value determined by unobservable inputs where the reporting entity is required to develop its own assumptions.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial assets and liabilities recognized at fair value as of December&amp;nbsp;31, 2017 and 2016, their inputs, valuation techniques and the level of hierarchy are listed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Other short-term investments:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; These investments are included in Cash and cash equivalents and Investments. The Group had other short-term investments amounting to $2,532 and $1,779 as of December&amp;nbsp;31, 2017 and 2016, respectively. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end; therefore its valuation is classified as Level 1.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Lebacs:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; These investments are included in Cash and cash equivalents and Investments. The Group had Lebacs amounting to $1,372 as of December&amp;nbsp;31, 2017. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end; therefore its valuation is classified as Level 1.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Government bonds:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; These bonds are included in &amp;#x201C;Investments&amp;#x201D; in the consolidated statement of financial position. As of December&amp;nbsp;31, 2017 and 2016 the Group has Government bonds in an amount of $371 and $1,456, respectively. The fair value was determined using information from active markets, valuing each bond to its closing year market value, so, its valuation qualifies as Level 1.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Derivative financial instruments (Forward contracts to purchase US dollars at fixed exchange rates):&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; The fair value of the Telecom Group&amp;#x2019;s NDF contracts, disclosed below in the chapter &amp;#x201C;Hedge Accounting&amp;#x201D; was determined by information obtained in the most representative financial institutions in Argentina, the derivative financial instruments&amp;#x2019; valuation was classified as Level 2.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2017 and 2016 there were no transfers between Levels of the fair value hierarchy.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to IFRS 7, it is also required to disclose fair value information about financial instruments whether or not recognized at fair value in the balance sheet, for which it is practicable to estimate fair value. The financial instruments which are discussed in this section include, among others, cash and cash equivalents, accounts receivable, accounts payable and other instruments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair value, the Company&amp;#x2019;s fair values should not be compared to those of other companies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The methods and assumptions used to estimate the fair values of each class of financial instrument falling under the scope of IFRS 7 as of December&amp;nbsp;31, 2017 and 2016 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Cash and banks&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Carrying amounts approximate its fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Time deposits and National Government bonds (included in Cash and cash equivalents&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group considers as cash and cash equivalents all short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed 3 months. The carrying amount reported in the statement of financial position approximates fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Investments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Investments in Government bonds and valued at amortized cost with its fair value at December&amp;nbsp;31, 2017 and 2016 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:25.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As of December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:23.48%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As of December&amp;nbsp;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Book value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Fair value (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Book value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Fair value (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 2pt;"&gt;
						&lt;font style="display:inline;font-size:2pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:12.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Government bonds (dollar linked)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;293
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;301
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Government bonds in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,377
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,387
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;258
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;264
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provincial and Municipal government bonds currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;419
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;417
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provincial government bonds in pesos&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provincial and Municipal government bonds (dollar linked)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;59
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;74
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;70
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,169
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,172
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;349
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;351
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(*)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt; According to IFRS selling costs are not deducted.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Trade receivables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Carrying amounts are considered to approximate fair value due to the short term nature of these accounts receivables. Noncurrent trade receivables have been recognized at their amortization cost, using the effective interest method and are not significant. All amounts that are assumed to be uncollectible within a reasonable period are written off and/or reserved.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Trade payables (except for NDF)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The carrying amount of accounts payable reported in the consolidated statement of financial position approximates its fair value due to the short term nature of these accounts payable. Noncurrent trade payables have been discounted and are not significant.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Loans&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017 loans&amp;#x2019; fair value amounts to $12,262 and its carrying value amounts to $12,235. As of December&amp;nbsp;31, 2016 loans&amp;#x2019; fair value amounts to $13,988 and its carrying value amounts to $11,912.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Salaries and social security payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The carrying amount of Salaries and social security payables reported in the consolidated statement of financial position approximates its fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Other receivables, net (except for NDF) and other liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The carrying amount of other receivables, net and other liabilities reported in the consolidated statement of financial position approximates its fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Hedge accounting&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In November&amp;nbsp;2013, a new chapter was introduced in IFRS 9 on Hedge Accounting replacing the provisions contained in IAS 39. This amendment represents a major review of hedge accounting, introducing significant improvements over the previous model, basically aligning accounting and risk management as well as related disclosures. The Telecom Group believes that a hedging relationship qualifies for hedge accounting if all of the following conditions established by the rule&amp;nbsp;are met:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The hedging relationship consists only of eligible hedging instruments and hedged items;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;At the beginning of the hedge relationship, there is a formal designation and documentation of the hedging relationship and objective and strategy for risk management of the Company for undertaking the hedge. That documentation shall include identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity assesses whether the hedging relationship meets the requirements of hedge effectiveness (including analysis of sources of hedge ineffectiveness and how to determine the hedge ratio); and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;c) The hedging relationship satisfies the following requirements of hedge effectiveness:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 49.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(i)&amp;nbsp;the economic relationship between the hedged item and the hedging instrument; &lt;br /&gt;(ii)&amp;nbsp;the effect of credit risk is not predominant in respect of changes of value coming from this economic relationship, and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 49.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(iii)&amp;nbsp;the coverage ratio of the hedging relationship is the same as that provided by the amount of the hedged item that really covers the entity and the amount of the hedging instrument that the entity actually used to cover that amount of the hedged item.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;During 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:11pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 1Q 2017, the Telecom Group entered into several NDF agreements to hedge the fluctuation of LIBO rate from the &amp;#x201C;IFC&amp;#x201D; loan amounting to US$ 400 million.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The agreements effective from March&amp;nbsp;15, 2017 hedge an amount if US$ 300 million, while those effective from September&amp;nbsp;15, 2017 hedge the outstanding US$ 100 million. Such NDF allow fixing the variable rate all along the loan term in a range between 2.087% and 2.4525% nominal annual rate (resulting in a weight average of 2.2258%).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, the Group recognized a liability of $17, which is included in loans ($8 current and $9 non-current). Likewise during year 2017 the Group recognized losses amounting to $36 related with this contracts which are included in interest on loans in financial results.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2Q 2017, the Group entered into several NDF agreements to hedge the fluctuation of the exchange rate from the &amp;#x201C;IFC&amp;#x201D; loan amounting to US$ 53.5 million fixing the average exchange rate in $18.30, expiring between February&amp;nbsp;and April&amp;nbsp;2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:16.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, the Group recognized a receivable of $59 which is included in other current receivables and holds a reserve of $6 in other comprehensive income in the equity. Consequently, during year 2017 the Group recognized gains amounting to $53 related with this contract which is included in financial results.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 3Q 2017, the Group entered into several NDF agreements to hedge the fluctuation of LIBO rate from the &amp;#x201C;IFC&amp;#x201D; loan amounting to US$ 40 million. Such NDF were agreed in two tranches of US$ 20 million each one, both of them starting on March&amp;nbsp;15, 2018 and fixing the variable rate all along the term of the loan to 2.1325% and 2.085% nominal annual rate, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, the Group recognized a receivable of $4, which is included in other receivables ($2 current and $2 non-current) with counterpart in other comprehensive income in the equity.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:11pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, during year 2017, the Group entered into several NDF agreements to hedge the fluctuation of the exchange rate from certain commercial obligations for an amount of US$6.3 million fixing the average exchange rate in $18.94 expiring between March&amp;nbsp;and August&amp;nbsp;2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent:11pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, the Group recognized a receivable of $6, which is included in other current receivables. Likewise during year 2017 the Group recognized gains amounting to $6 related with this contracts which are included in foreign currency exchange rate gains in financial results.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;During 2016&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Due to the existence of commitments denominated in US Dollars as of December&amp;nbsp;31, 2016, the Telecom Group entered into several NDF agreements during 2016 to purchase a total amount of US$ 7 million. The purpose of these NDF is to eliminate the risks associated to the fluctuation of the future exchange rate and to align the payment currency of Telecom Argentina&amp;#x2019;s and Personal&amp;#x2019;s commitments (hedged item) to its functional currency. As the effect of the fluctuation of the exchange rate over the hedged items is recognized in the Income Statement, changes in the fair value of NDF in 2016 (net gain of approximately $2) have also been recognized in the Income Statement, within Finance expenses &amp;#x2013; Exchange Differences with counterpart in current assets (Other receivables), maturing in February&amp;nbsp;2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2016, Personal entered into several NDF agreements for US$9 million, maturing in March&amp;nbsp;2017 in order hedge the first interest installment of the IFC Loan. These NDF agreements were qualified as &amp;#x201C;effective&amp;#x201D; cash flow hedges for accounting purposes The Telecom Group recognizes the hedging instruments results, distinguishing between gains and losses of such agreements that generate assets and liabilities, as appropriate, without offsetting balances with different counterparties. As of December&amp;nbsp;31, 2016, the Telecom Group has a current liability amounting to $2, negative deferred results amounting to $1 (before income tax) and a net loss amounting to $1 included in Finance expenses &amp;#x2013; Exchange Differences related to the US$9 million outstanding NDF to such date, which will mature in March&amp;nbsp;2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2016 Personal also settled US$ 159 million of NDF agreements in US dollars that had as of December&amp;nbsp;31, 2015, which resulted in a gain of $2 recognized in the Income Statement, within Other operating costs. The purpose of these NDF was also to eliminate the risks associated to the fluctuation of the future exchange rate and to align the payment currency of Personal&amp;#x2019;s commercial commitments (hedged item) to its functional currency.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -10.9pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:43.6pt;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Offsetting of financial assets and financial liabilities&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The information required by the amendment to IFRS 7 as of December&amp;nbsp;31, 2017 and 2016 is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="middle" style="width:50.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;receivables&lt;br /&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;liabilities&lt;br /&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Current and noncurrent assets (liabilities) - Gross value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,155
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;488
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,091)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(124)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Offsetting&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,507)
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(33)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,507
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Current and noncurrent assets (liabilities) &amp;#x2013; Booked value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,584)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(91)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(1)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;nbsp;Includes financial assets and financial liabilities according to IFRS 7.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="middle" style="width:50.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;receivables&lt;br /&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;liabilities&lt;br /&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Current and noncurrent assets (liabilities) - Gross value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,196
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;357
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,542)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(97)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Offsetting&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,411)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(22)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,411
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Current and noncurrent assets (liabilities) &amp;#x2013; Booked value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,785
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;335
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,131)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(75)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(1)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;nbsp;Includes financial assets and financial liabilities according to IFRS 7.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group offsets the financial assets and liabilities to the extent that such offsetting is provided by offsetting agreements and provided that the Group has the intention to make such offsetting, in accordance with requirements established in IAS 32. The main financial assets and liabilities offset correspond to transactions with other national and foreign operators (including interconnection, CPP and Roaming), being offsetting a standard practice in the telecommunications industry at the international level that the Telecom Group applies regularly. Offsetting is also applied to transactions with agents.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfFinancialInstrumentsExplanatory>
  <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 26 &amp;#x2013; Financial risk management&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Financial risk factors&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Group is exposed to the following financial risks in the ordinary course of its business operations:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;market risk: stemming from changes in exchange rates and interest rates in connection with financial assets that have been originated and financial liabilities that have been assumed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;credit risk: representing the risk of the non-fulfillment of the obligations undertaken by the counterpart with regard to the liquidity investments of the Group;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;liquidity risk: connected with the need to meet short-term financial commitments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;These financial risks are managed by:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;the definition of guidelines for directing operations;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;the activity of the Board of Directors and Management which monitors the level of exposure to market risks consistently with prefixed general objectives;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;the identification of the most suitable financial instruments, including derivatives, to reach prefixed objectives;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;the monitoring of the results achieved;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The policies to manage and the sensitivity analyses of the above financial risks by Telecom Group are described below.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xD8;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;color:#000000;"&gt;Market risk&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The main Telecom Group&amp;#x2019;s market risks are its exposure to changes in foreign currency exchange rates in the markets in which it operates principally Argentina and Paraguay. As regards to changes in interest rates, as of December&amp;nbsp;31, 2017 the Telecom Group has mainly outstanding floating rate borrowings (see Note 12).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Foreign currency risk is the risk that the future fair values or cash flows of a financial instrument may fluctuate due to exchange rate changes. Telecom Group&amp;#x2019;s exposure to exchange variation risks is related mainly to its operating activities (when income, expenses and investments are denominated in a currency other than the Telecom Group&amp;#x2019;s functional currency).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group have part of its commercial debt nominated in US$ and euro. Additionally, holds part of its financial debt is denominated in US$ at variable rate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The financial risk management policies of the Group are directed towards diversifying market risks by the acquisition of goods and services in the functional currency and minimizing interest rate exposure by an appropriate diversification of the portfolio. This may also be achieved by using carefully selected derivative financial instruments to mitigate long-term positions in foreign currency and/or adjustable by variable interest rates (See Note 20).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, the Telecom Group has cash and cash equivalents and investments denominated in US$ and euro (approximately 66% of these items) that are also sensitive to changes in peso/dollar exchange rates and contribute to reduce the exposure to trade payables in foreign currency. On the other hand the Telecom Group holds investments adjustable to the variation of the US$/$ exchange rate (&amp;#x201C;dollar linked&amp;#x201D;). They are also sensitive to variations in exchange rates and contribute to reduce the exposure of the commercial and financial commitments in foreign currency. Dollar linked investments and represent approximately 4% of total cash and cash equivalent and investments of Telecom Group as of December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The following table shows a breakdown of Telecom Argentina&amp;#x2019;s net assessed financial position exposure to currency risk as of December&amp;nbsp;31, 2017 and 2016:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:113.3pt;"&gt;
			&lt;tr&gt;
				&lt;td colspan="9" valign="top" style="width:100.00%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;12.31.17&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="3" valign="bottom" style="width:45.72%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 19.5pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amount of foreign currency (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Exchange rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amount in local currency (ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;372
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;18.549&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(iii)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;nbsp; 7,094&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120,029
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;0.003&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;399
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;EURO&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;22.283&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;70
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,563
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(939)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;18.649&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17,568)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(233,891)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;0.003&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(773)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;EURO&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;22.450&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(259)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18,600)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,037)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;US$ = United States dollar; G= Guaran&amp;#xED;es.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Includes 371 corresponding to Government bonds at fair value (equivalent to US$ 12 million).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In order to partially reduce this net liability position in foreign currency, the Telecom Group, as of December&amp;nbsp;31, 2017, hold dollar linked investments by $365. According to this, the Telecom Group&amp;#x2019;s net liability position in foreign currency amounts to $10,672 as of December&amp;nbsp;31, 2017, equivalent to approximately US$ 578 million. Additionally, the Group entered into several NDF contracts as of December&amp;nbsp;31, 2017 amounting to US$ 60 million, so, the portion of the net liability position in foreign currency not covered by these instruments amounted to US$ 518 million as of December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:113.3pt;"&gt;
			&lt;tr&gt;
				&lt;td colspan="9" valign="top" style="width:100.00%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;12.31.16&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="3" valign="bottom" style="width:45.72%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 19.5pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amount of foreign currency (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Exchange rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amount in local currency (ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;241
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;15.790&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(iii)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;nbsp; 4,067&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;250,865
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;0.003&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;684
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;EURO&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;16.625&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;124
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,875
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(859)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;15.890&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,648)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(311,279)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;0.003&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(848)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;EURO&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;16.770&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(158)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14,654)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,779)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;US$ = United States dollar; G= Guaran&amp;#xED;es.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Includes 735 corresponding to Government bonds at fair value (equivalent to US$ 45 million).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In order to partially reduce this net liability position in foreign currency, the Telecom Group, as of December&amp;nbsp;31, 2016, hold dollar linked investments by $74. According to this, the Telecom Group&amp;#x2019;s net liability position in foreign currency amounted to $9,705, as of December&amp;nbsp;31, 2016, equivalent to approximately US$ 611 million. Additionally, the Group entered into several NDF contracts as of December&amp;nbsp;31, 2016 amounting to US$ 16 million, so, the portion of the net liability position in foreign currency not covered by these instruments amounted to US$ 595 million as of December&amp;nbsp;31, 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The exposure to the various market risks can be measured by sensitivity analyses, as set forth in IFRS 7. These analyses illustrate the effects produced by a given and assumed change in the levels of the relevant variables in the various markets (exchange rates, interest rates and prices) on finance income and expenses and, at times, directly on Other comprehensive income. A description on the sensitivity analysis of exchange rate and interest rate risks is given below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Exchange rate risk &amp;#x2013; Sensitivity analysis&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Based on the composition of the consolidated statement of financial position as of December&amp;nbsp;31, 2017, which is a net liability position in foreign currency of $11,037 equivalent to US$592 million, Management estimates that every variation in the exchange rate of $0.10 pesos against the U.S. dollar and proportional variations for euro and guaran&amp;#xED;es against the Argentine peso, plus or minus, would result in a variation of approximately $59 of the consolidated amounts of foreign currency position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;If we consider only the portion not covered by derivative financial instruments and other assets adjusted by the variation of the U.S. dollar, the net liability position totaled $9,559 equivalent to approximately US$518 million, and a variation of the exchange rate of $ 0.10 pesos as described in the previous paragraph, would generate a variation of approximately $52 in the consolidated financial position in foreign currency.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This analysis is based on the assumption that this variation of the Argentine peso occurred at the same time against all other currencies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This sensitivity analysis provides only a limited, point-in-time view of the market risk sensitivity of certain of the financial instruments. The actual impact of market foreign exchange rate changes on the financial instruments may differ significantly from the impact shown in the sensitivity analysis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Interest rate risk &amp;#x2013; Sensitivity analysis&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Within its structure of financial debt, the Telecom Group has bank overdrafts denominated in argentine pesos accruing interest at rates that are reset at maturity, notes that bear interest at a mixed rate (fixed rate and floating rate) and fixed rate and foreign bank loans denominated in U.S. dollar and guaran&amp;#xED;es that bear interest at a floating rate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Management believes that any variation of 10 bps in the agreed interest rates would become in the following results:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:32.15pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Financial debt&lt;br /&gt;currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Amount&lt;br /&gt;(in millions)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Effect&lt;br /&gt;(in millions)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;135
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;0.1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;871
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;0.9
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1.4
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;500
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9.3
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This analysis is based on the assumption that this change in interest rates occurs at the same time and for the same periods.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This sensitivity analysis provides only a limited point of view of the sensitivity to market risk of certain financial instruments. The actual impact of changes in interest rates of financial instruments may differ significantly from this estimate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:10pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xD8;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;color:#000000;"&gt;Credit risk&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Credit risk represents Telecom Group&amp;#x2019;s exposure to possible losses arising from the failure of commercial or financial counterparts to fulfill their assumed obligations. Such risk stems principally from economic and financial factors, or from the possibility that a default situation of a counterpart could arise or from factors more strictly technical, commercial or administrative.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Group&amp;#x2019;s maximum theoretical exposure to credit risk is represented by the carrying amount of the financial assets and trade receivables, net recorded in the consolidated statement of financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;margin-left:9pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Date due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Banks and cash&lt;br /&gt;equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;receivables, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;receivables,&lt;br /&gt;net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,807
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,807
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total not due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,082
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,841
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16,209
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total as of December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,082
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18,016
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The accruals to the allowance for doubtful accounts are recorded: (i)&amp;nbsp;for an exact amount on credit positions that present an element of individual risk (bankruptcy, customers under legal proceedings with the Company); (ii)&amp;nbsp;on credit positions that do not present such characteristics, by customer segment considering the aging of the accounts receivable balances, customer creditworthiness and changes in the customer payment terms. Total overdue balances not covered by the allowance for doubtful accounts amount to $1,807 as of December&amp;nbsp;31, 2017 ($1,738 as of December&amp;nbsp;31, 2016).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Regarding the credit risk relating to the asset included in the &amp;#x201C;Net financial debt or asset&amp;#x201D;, it should be noted that the Telecom Group evaluates the outstanding credit of the counterparty and the levels of investment, based, among others, on their credit rating and the equity size of the counterparty. Deposits are made with leading high-credit-quality banking and financial institutions and generally for periods of less than three months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group serves a wide range of customers, including residential customers, businesses and governmental agencies. As such, the Telecom Group&amp;#x2019;s account receivables are not subject to significant concentration of credit risk.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In order to minimize credit risk, the Group also pursues a diversification policy for its investments of liquidity and allocation of its credit positions among different first-class financial entities. Consequently, there are no significant positions with any one single counterpart.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:23pt;"&gt;&lt;p style="width:23pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;color:#000000;font-size:10pt;;"&gt; &amp;#xD8;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;color:#000000;"&gt;Liquidity risk&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 38.15pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 38.15pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Liquidity risk represents the risk that the Telecom Group has no funds to accomplish its obligations of any nature (labor, commercial, fiscal and financial, among others).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Group&amp;#x2019;s working capital breakdown and its main variations are disclosed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:9pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Variation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,636
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,577
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,059
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Other receivables (not considering financial NDF)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,431
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,011
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;420
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,854
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,278
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;576
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Current liabilities (not considering financial debt)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18,793)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,245)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,548)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Operative working capital - negative&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,872)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,379)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,493)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;"&gt;Over revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;"&gt;(10.5)%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;"&gt;(6.4)%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,945
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,114)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Financial NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;60
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;60
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,426
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,751
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,675
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Current financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,194)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,266)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Net Current financial asset&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,123
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,430
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;693
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Negative operating working capital (current assets &amp;#x2013; current liabilities)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,749)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(949)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,800)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Liquidity rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;0.83
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;0.94
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(0.11)
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group has a typical working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially PP&amp;amp;E) for longer terms than those it provides to its customers. According to this, the negative operating working capital amounted to $6,872 as of December&amp;nbsp;31, 2017 (increasing $3,493 vs. December&amp;nbsp;31, 2016) showing higher levels of suppliers financing (10.5% of consolidated revenues as of December&amp;nbsp;31, 2017 vs. 6.4% of consolidated revenues as of December&amp;nbsp;31, 2016).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2017 the Telecom Group continued demanding funds to the financial market in Argentina (See Notes 12 and 33.d), what has allowed financing the Group&amp;#x2019;s growth in PP&amp;amp;E and intangible assets at very reasonable rates. The Group has an excellent credit rating (the Company&amp;#x2019;s notes have been qualified &amp;#x201C;AA + (arg)&amp;#x201D; by FIX SCR S.A) related to the Group&amp;#x2019;s operating cash flow record and low leverage (net financial debt ratio over company market value amounts only 2%). All the above mentioned generates that the total working capital (current assets - current liabilities) amounted to a net debt of $3,749 as of December&amp;nbsp;31, 2017, resulting from an increase in negative operating working capital amounting to $3,493&amp;nbsp;&amp;nbsp;partially offsetted by an increase in net current financial asset of $693.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Group has several financing sources and several offers from first-class international institutions to diversify its current short-term funding structure, which includes accessing to domestic and international capital market and obtaining competitive bank loans in what relates to terms and financial costs.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The low financial debt of the Group and the merge by absorption with Cablevisi&amp;#xF3;n S.A. since January&amp;nbsp;1, 2018, make possible to obtain financial resources for longer terms at a reasonable cost. The Group&amp;#x2019;s management evaluates the national and international macroeconomic context to take advantage of market opportunities that allows it preserving its financial health for the benefit of its investors.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group manages its cash and cash equivalents and its financial assets trying to match the term of investments with those of its obligations. The average term of its investments should not exceed the average term of its obligations. Cash and cash equivalents position is invested in highly-liquid short-term instruments through first-class financial entities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group maintains a liquidity policy that results into a significant volume of available cash through its normal course of business as it is shown in the consolidated statement of cash flows. The Telecom Group has consolidated cash and cash equivalents amounting to $2,831 (equivalent to US$ 153 million) as of December&amp;nbsp;31, 2017 (in 2016, $3,945, equivalent to US$ 250 million).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group has bank credits and a program of Notes that allow to finance its short-term obligations and an investment plan in addition to the operative cash flow for the next years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The table below contains a breakdown of financial liabilities into relevant maturity groups based on the remaining period at the date of the consolidated statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:36pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Maturity Date&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Salaries and&lt;br /&gt;social&lt;br /&gt;security&lt;br /&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;319
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;January&amp;nbsp;2018 thru December&amp;nbsp;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,164
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,389
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,055
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;70
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16,678
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;January&amp;nbsp;2019 thru December&amp;nbsp;2019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,043
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;187
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,317
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;January&amp;nbsp;2020 thru December&amp;nbsp;2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,687
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,788
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;January&amp;nbsp;2021 and thereafter&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,984
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,036
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,599
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,103
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,345
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,138
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Capital management&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The primary objective of the Group&amp;#x2019;s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Group manages its capital structure and makes adjustments considering the business evolution and changes in the macreoeconomic conditions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders and the level of indebtedness.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;No changes were made in the objectives, policies or processes for managing capital during the years ended December&amp;nbsp;31, 2017 and 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Telecom Group does not have to comply with regulatory capital adequacy requirements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
  <ifrs-full:DisclosureOfGeographicalAreasExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;For the year ended December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Geographic information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:1pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:30.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of&lt;br /&gt;operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of the&lt;br /&gt;Group&amp;#xB4;s customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;location of operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62,012
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61,696
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;36,429
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,307
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,623
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,921
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;39,350
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;a name="_Hlk511082028"&gt;&lt;/a&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;"&gt;For the year ended December&amp;nbsp;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Geographic information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:31.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of&lt;br /&gt;operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of the&lt;br /&gt;Group&amp;#xB4;s customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50,406
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;49,958
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,832
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,917
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,365
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,520
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32,352
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;a name="_Hlk511082054"&gt;&lt;/a&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;"&gt;For the year ended December&amp;nbsp;31, 2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Geographic information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:31.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of&lt;br /&gt;operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of the&lt;br /&gt;Group&amp;#xB4;s customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Breakdown by&lt;br /&gt;location of operations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,677
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,388
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;24,844
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,863
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,152
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,129
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,973
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfGeographicalAreasExplanatory>
  <ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Gain on disposal and impairment of PP&amp;amp;E (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;31
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Impairment of PP&amp;amp;E &amp;#x2013; Fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(116)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Impairment of PP&amp;amp;E &amp;#x2013; Mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(229)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(369)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(114)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decrease of PP&amp;amp;E &amp;#x2013; Fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decrease of PP&amp;amp;E &amp;#x2013; Mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(66)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Since 2016 these results are included in Other Income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory>
  <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 14 &amp;#x2013; Income tax payables, income tax assets and deferred income tax&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Income tax asset and liability, net as of December&amp;nbsp;31, 2017 and 2016 consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:32.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Income tax payables (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,437
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,091
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Withholdings and payments in advance of income taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,695)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,372)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Law No.&amp;nbsp;26,476 Tax Regularization Regime (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Current income tax liability, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,748
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;724
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:107.08%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-bottom:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:107.08%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-bottom:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:107.08%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Law No.&amp;nbsp;26,476 Tax Regularization Regime (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Non-current Income tax liability&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(a)&amp;nbsp;Includes 3,678 for Income tax payable attributable to Telecom Personal as of November&amp;nbsp;30, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(b)&amp;nbsp;Tax liability valuated to its discount value at each time of valuation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The tax effects of temporary differences that give rise to significant portions of the Telecom Group&amp;#x2019;s deferred tax assets and liabilities and the actions for recourse tax receivable are presented below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 84.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:30.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income&amp;nbsp;tax&amp;nbsp;assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:24.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Deferred&amp;nbsp;tax&amp;nbsp;liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt; As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Telecom&lt;br /&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Telecom&lt;br /&gt;USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;252
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;255
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;504
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;504
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Inventory&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Pension and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;162
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;162
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other deferred tax assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax assets&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,018
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,021
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(970)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(971)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cash dividends from foreign companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(*) (129)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(129)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(64)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(64)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile handsets financed sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(69)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(69)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Tuves Paraguay&amp;#xB4;s Deferred tax liabilities, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(***) (25)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(25)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax liabilities&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,168)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,169)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax (liability) asset, net&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(**) (150)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(148)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(****) (48)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(48)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Actions for recourse tax receivable&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;774
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;774
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total income tax assets&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;624
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;626
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Include 46 recorded in Other Comprehensive Income for the year ended December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(**)Include (3)&amp;nbsp;and (11) in Telecom Argentina y Personal, respectively, of temporary differences withdrawals related to the filing of the affidavit for the year 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(***) Originated in Tuves Paraguay acquisition.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(****) Include (2)&amp;nbsp;related to Currency translation adjustments on initial balances.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:27.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income tax assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:33.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Deferred tax liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Telecom&lt;br /&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Telecom&lt;br /&gt;USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;86
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;88
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;271
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;287
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;341
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;341
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Inventory&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Pension and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;139
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;139
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other deferred tax assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;771
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;774
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;540
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;570
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E and intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(560)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(560)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(789)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(789)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cash dividends from foreign companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(150)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(44)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(194)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile handsets financed sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(84)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(84)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other deferred tax liabilities, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(560)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(560)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,095)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(44)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,139)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax asset (liability), net &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;211
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;214
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(555)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(569)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Action for recourse tax receivable &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;466
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;466
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total income tax assets &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;677
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;680
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Income tax expense for the years ended December&amp;nbsp;31, 2017, 2016 and 2015 consists of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Year ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Current tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,091)
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,721)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Deferred tax benefit &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;228
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;129
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(69)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Action for recourse income tax receivable &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;308
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;368
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;98
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income tax expense&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,902)
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,594)
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,692)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Income tax expense for the years ended December&amp;nbsp;31, 2017, 2016 and 2015 differed from the amounts computed by applying the Company&amp;#x2019;s statutory income tax rate to pre-tax income as a result of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:37.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;For the years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Pre-tax income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,626
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,599
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,127
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Non taxable items &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;738
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;79
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,364
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,678
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,135
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Weighted statutory income tax rate (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34.3%
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34.3%
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34.5%
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income tax expense at weighted statutory tax rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,235)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,947)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,774)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Income tax on cash dividends of foreign companies &amp;#x2013; N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(44)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Effect of changes in tax rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;69
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other changes in tax assets and liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Actions for recourse income tax receivable &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;308
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;368
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;98
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income tax expense&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,902)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,594)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,692)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for all the years presented. In Paraguay was 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for all the years presented.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;text-decoration:underline;"&gt;Income tax - Actions for recourse filed with the Tax Authority&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Article&amp;nbsp;10 of Law No.&amp;nbsp;23,928 and Article&amp;nbsp;39 of Law No.24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April&amp;nbsp;1, 1992.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Accordingly, Telecom Argentina determined its income tax obligations in accordance to those provisions, without taking into account the income tax inflation adjustment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its verdict in the &amp;#x201C;Candy&amp;#x201D; case (07/03/2009) in which it stated that particularly for fiscal year 2002 and considering the serious state of disturbance of that year, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;More recently, the Argentine Supreme Court of Justice applied a similar criterion to the 2010, 2011 and 2012 fiscal years in the cases brought by &amp;#x201C;Distribuidora Gas del Centro&amp;#x201D; (10/14/2014, 06/02/2015 and 10/04/2016), enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis such as 2002.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the above-mentioned new legal background that the Company took knowledge during 2015, and after making the respective assessments, Telecom Argentina filed during 2015, 2016 and 2017 actions for recourse with the AFIP to claim the full tax overpaid for fiscal years 2009, 2010, 2011 and 2012 for a total amount of $509 plus interest, under the argument that the lack of application of the income tax inflation adjustment is confiscatory.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, the actions for recourse filed are pending of resolution by the Tax Authority. However, the Company&amp;#x2019;s Management, with the assessment of its tax advisor, considers that the arguments presented in those recourse actions follow the same criteria as the one established by the Argentine Supreme Court of Justice jurisprudence mentioned above, among others, which should allow the Company to obtain a favorable resolution of actions of recourse filed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Consequently, the income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and the Company recorded a non-current tax credit of $774 as of December&amp;nbsp;31, 2017 ($98 were recorded in fiscal year 2015, $368 in fiscal year 2016 and $308 in fiscal year 2017). For the measurement of the tax credit, the Company has estimated the amount of the tax determined in excess for all fiscal years not covered by the statute of limitation (2009-2017) weighting the likelihood of certain variables according to the jurisprudential antecedents known until such date. The Company&amp;#x2019;s Management will assess Tax Authority&amp;#x2019;s resolutions related to actions of recourse filed as well as the jurisprudence evolution in order to annually re-measure the tax credit recorded.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
  <ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="top" style="width:38.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Salaries (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;81
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Variable compensation (*) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;121
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Social security contributions &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;58
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Hiring benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;63
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;58
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;25
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;323
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;200
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Gross compensation. Social security contributions and income tax retentions that are deducted from the gross compensation are in charge of the employee.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory>
  <ifrs-full:DisclosureOfIntangibleAssetsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Note 9 &amp;#x2013; Intangible assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Gross value&lt;br /&gt;as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Acquisition&lt;br /&gt;Tuves&lt;br /&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Gross value as&lt;br /&gt;of December&lt;br /&gt;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;SAC fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;226
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;87
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(169)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;144
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;SAC mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,838
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;55
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,081
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,295)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,714
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Service connection or habilitation costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;222
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(30)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;242
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;658
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;658
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;PCS and Band B (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;951
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;202
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,156
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Rights of use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;463
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(41)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;450
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Exclusivity agreements&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;129
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;146
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Goodwill Tuves Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Software developed for internal use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;601
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;642
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,788
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;190
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,238
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;300
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,535)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,981
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Accumulated&lt;br /&gt;amortization&lt;br /&gt;as&amp;nbsp;of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Acquisition&lt;br /&gt;Tuves&lt;br /&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Accumulated&lt;br /&gt;amortization&lt;br /&gt;as&amp;nbsp;of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net&lt;br /&gt;carrying&lt;br /&gt;value&amp;nbsp;as&lt;br /&gt;of&lt;br /&gt;December&lt;br /&gt;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(130)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(106)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;169
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(67)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,411)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,385)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(26)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,295
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,574)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,140
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Service connection or habilitation costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(103)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(33)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(106)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;136
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(681)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(325)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,006)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,780
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(70)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(70)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;588
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS and Band B (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(951)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(202)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,153)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Rights of use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(219)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(29)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(224)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;226
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Exclusivity agreements&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(29)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(30)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Customer relationship (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;135
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Goodwill Tuves Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Software developed for internal use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(601)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(41)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(642)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,196)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(49)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,889)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(272)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,523
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,883)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,098
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(*) The net carrying value as of December&amp;nbsp;31, 2017, correspond 134 to Tuves Paraguay and 1 to Cubecorp.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Gross value&lt;br /&gt;as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Gross value as&lt;br /&gt;of December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;137
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(145)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;226
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,157
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,544
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(893)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,838
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Service connection or habilitation costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;208
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(27)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;222
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;658
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;658
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS and Band B (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;774
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;177
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;951
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Rights of use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;425
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;463
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Exclusivity agreements&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cubecorp&amp;#x2019;s Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Software developed for internal use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;566
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;601
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,851
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,754
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;248
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,065)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,788
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accumulated&lt;br /&gt;amortization as&lt;br /&gt;of December&lt;br /&gt;31, 2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Decreases &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accumulated&lt;br /&gt;amortization as&lt;br /&gt;of December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net&lt;br /&gt;carrying&lt;br /&gt;value as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(118)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(157)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;145
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(130)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;96
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,001)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,288)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;893
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,411)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,427
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Service connection or habilitation costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(101)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(29)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(103)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;119
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(343)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(338)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(681)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,105
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(70)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(70)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;588
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS and Band B (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(774)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(177)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(951)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Rights of use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(190)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(27)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(219)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;244
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Exclusivity agreements&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(28)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(29)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cubecorp&amp;#x2019;s Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Software developed for internal use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(566)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(35)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(601)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,192)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,840)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(229)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,065
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,196)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,592
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
  <ifrs-full:DisclosureOfIntangibleAssetsMaterialToEntityExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Gross value&lt;br /&gt;as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Acquisition&lt;br /&gt;Tuves&lt;br /&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Gross value as&lt;br /&gt;of December&lt;br /&gt;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;SAC fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;226
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;87
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(169)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;144
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;SAC mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,838
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;55
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,081
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,295)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,714
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Service connection or habilitation costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;222
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(30)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;242
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;658
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;658
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;PCS and Band B (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;951
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;202
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,156
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Rights of use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;463
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(41)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;450
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Exclusivity agreements&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;129
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;146
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Goodwill Tuves Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Software developed for internal use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;601
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;642
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,788
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;190
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,238
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;300
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,535)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,981
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:38.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Accumulated&lt;br /&gt;amortization&lt;br /&gt;as&amp;nbsp;of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Acquisition&lt;br /&gt;Tuves&lt;br /&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Accumulated&lt;br /&gt;amortization&lt;br /&gt;as&amp;nbsp;of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net&lt;br /&gt;carrying&lt;br /&gt;value&amp;nbsp;as&lt;br /&gt;of&lt;br /&gt;December&lt;br /&gt;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(130)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(106)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;169
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(67)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,411)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,385)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(26)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,295
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,574)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,140
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Service connection or habilitation costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(103)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(33)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(106)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;136
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(681)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(325)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,006)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,780
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(70)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(70)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;588
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS and Band B (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(951)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(202)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,153)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Rights of use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(219)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(29)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(224)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;226
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Exclusivity agreements&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(29)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(30)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Customer relationship (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;135
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Goodwill Tuves Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Software developed for internal use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(601)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(41)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(642)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,196)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(49)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,889)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(272)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,523
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,883)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,098
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(*) The net carrying value as of December&amp;nbsp;31, 2017, correspond 134 to Tuves Paraguay and 1 to Cubecorp.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Gross value&lt;br /&gt;as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Gross value as&lt;br /&gt;of December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;137
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(145)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;226
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,157
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,544
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(893)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,838
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Service connection or habilitation costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;208
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(27)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;222
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;658
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;658
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS and Band B (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;774
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;177
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;951
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Rights of use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;425
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;463
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Exclusivity agreements&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cubecorp&amp;#x2019;s Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Software developed for internal use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;566
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;601
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,851
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,754
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;248
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,065)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,788
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accumulated&lt;br /&gt;amortization as&lt;br /&gt;of December&lt;br /&gt;31, 2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Decreases &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accumulated&lt;br /&gt;amortization as&lt;br /&gt;of December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net&lt;br /&gt;carrying&lt;br /&gt;value as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(118)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(157)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;145
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(130)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;96
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;SAC mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,001)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,288)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;893
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,411)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,427
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Service connection or habilitation costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(101)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(29)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(103)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;119
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(343)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(338)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(681)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,105
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(70)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(70)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;588
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PCS and Band B (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(774)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(177)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(951)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Rights of use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(190)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(27)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(219)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;244
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Exclusivity agreements&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(28)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(29)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cubecorp&amp;#x2019;s Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Software developed for internal use&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(566)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(35)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(601)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,192)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,840)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(229)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,065
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,196)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,592
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfIntangibleAssetsMaterialToEntityExplanatory>
  <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 7 &amp;#x2013; Inventories&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Inventories consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:7.35pt;text-align:left"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:6.25pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:19.6pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 88.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile handsets and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,631
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,321
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed telephones and equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventories for construction projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;252
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,901
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,332
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for obsolescence of inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,854
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,278
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Movements in the allowance for obsolescence of inventories are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 88.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(86)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions &amp;#x2013; Fees for services, maintenance and materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;24
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Sale and cost of equipment and handsets by business segment is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment sales Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;663
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cost of equipment Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(136)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equipment gain (loss) &amp;#x2013; Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;139
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment and handsets sales Mobile Services - Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,446
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,535
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,796
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cost of equipment and handsets Mobile Services - Personal (net of SAC capitalizations)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,035)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,749)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,328)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equipment gain &amp;#x2013; Mobile Services &amp;#x2013; Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,411
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,468
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment and handsets sales Mobile Services - N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;260
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;159
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cost of equipment and handsets &amp;#x2013; Mobile Services N&amp;#xFA;cleo (net of SAC capitalizations)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(125)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(303)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(185)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equipment loss &amp;#x2013; Mobile Services &amp;#x2013; N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(19)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(43)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(26)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equipment and handsets sale&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total cost of equipment and handsets (net of SAC capitalizations)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total income for sale of equipment and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,531
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,698
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,421
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cost of equipment and handsets is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventories at the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,332)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,279)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(794)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Equipment acquisitions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,416)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,491)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,233)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;SAC deferred costs (Note 3.j)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;80
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;130
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;93
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decreases net of allowance of obsolescence&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;20
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;49
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;25
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decreases not charged to cost of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventories at the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,901
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,332
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,279
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Cost of equipment and handsets&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfInventoriesExplanatory>
  <ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:21.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years ended&lt;br /&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;164
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;95
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Service cost (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest cost (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Actuarial loss /(gain) (***)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;24
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;214
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;164
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Included in Employee benefit expenses and severance payments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(**) Included in Financial expenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(***) Included in Other comprehensive income as required by IAS 19R.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory>
  <ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="middle" style="width:50.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;receivables&lt;br /&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;liabilities&lt;br /&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Current and noncurrent assets (liabilities) - Gross value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,155
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;488
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,091)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(124)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Offsetting&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,507)
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(33)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,507
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Current and noncurrent assets (liabilities) &amp;#x2013; Booked value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;455
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,584)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(91)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(1)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;nbsp;Includes financial assets and financial liabilities according to IFRS 7.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="middle" style="width:50.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;receivables&lt;br /&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;liabilities&lt;br /&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Current and noncurrent assets (liabilities) - Gross value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,196
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;357
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,542)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(97)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Offsetting&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,411)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(22)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,411
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Current and noncurrent assets (liabilities) &amp;#x2013; Booked value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,785
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;335
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,131)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(75)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(1)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;nbsp;Includes financial assets and financial liabilities according to IFRS 7.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory>
  <ifrs-full:DisclosureOfOperatingSegmentsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;For the year ended December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;a name="_Hlk511081324"&gt;&lt;/a&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Income statement information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Fixed&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:26.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,952
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42,128
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,997
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,125
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,758)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,625)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,876)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(217)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,093)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12,718)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interconnection costs and other telecommunication charges&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,200)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,537)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(220)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,757)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,809
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,148)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,546)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,384)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(280)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,664)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;610
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,600)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,581)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,413)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(113)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,526)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,107)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(417)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,965)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(344)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,309)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;95
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,631)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of equipments and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,035)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(125)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,160)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(194)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(915)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(109)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,024)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,218)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of VAS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(614)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(215)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(829)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(874)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(183)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(406)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(407)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(590)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(193)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(844)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(76)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(920)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,113)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,594)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,740)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(190)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,930)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;244
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,280)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income before D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,850
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,399
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,107
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,506
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Depreciation of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,072)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,325)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(642)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,967)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,039)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Amortization of intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(164)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,636)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,725)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,889)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,593
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,143
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;376
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,519
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(486)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,626
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Income tax expense, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,902)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,724
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to Telecom Argentina &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,630
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;94
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,724
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 2.9pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 2.9pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Service revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,797
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,289
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,885
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37,174
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56,971
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Equipment sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;663
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,446
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,552
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;71
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;133
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Subtotal third party revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;20,531
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41,797
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,991
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44,788
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,421
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;331
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;337
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,758)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,952
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42,128
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,997
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,125
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,758)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;"&gt;For the year ended December&amp;nbsp;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;a name="_Hlk511081637"&gt;&lt;/a&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Income statement information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Fixed&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,027
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35,766
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,649
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,415
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,119)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,220)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,381)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,580)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,800)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interconnection costs and other telecommunication charges&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(961)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,721)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(200)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,921)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,329
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,553)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,311)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,975)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(229)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,204)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;509
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,006)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,118)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,925)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,007)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,125)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(327)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,286)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,581)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;59
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,849)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of equipments and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(136)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,749)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(303)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,052)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(126)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(644)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(104)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(748)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(874)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of VAS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(53)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,329)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(117)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,446)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,499)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(78)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(109)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(109)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(187)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(152)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(951)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(125)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,076)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,228)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,276)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,378)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(158)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,536)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;222
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,590)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income before D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,269
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,318
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;837
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,155
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Depreciation of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,686)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,088)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(584)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,672)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,358)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Amortization of intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(211)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,526)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(103)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,629)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,840)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(384)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(384)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,320
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;150
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,470
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,244)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,599
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Income tax expense, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,594)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,005
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to Telecom Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,975
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,005
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(1)&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Service revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,923
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,049
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,382
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30,431
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,354
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Equipment sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,535
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;260
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,795
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;83
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Subtotal third party revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,080
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35,600
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,643
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,243
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,947
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;166
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;172
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,119)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,027
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35,766
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,649
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38,415
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,119)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;"&gt;For the year ended December&amp;nbsp;31, 2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;a name="_Hlk511081677"&gt;&lt;/a&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Income statement information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Fixed&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,609
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,203
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,717
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,920
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,989)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,268)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,856)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(129)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,985)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,253)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interconnection costs and other telecommunication charges&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(719)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,686)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(154)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,840)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,389
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,170)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,769)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,417)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(152)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,569)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;419
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,919)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(818)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,071)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,125)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,943)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(268)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,774)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,973)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;48
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,193)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of equipments and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,328)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(185)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,513)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(108)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(628)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(78)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(706)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(814)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of VAS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,136)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,218)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,256)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(96)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(96)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(113)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(79)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(462)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(485)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(564)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(934)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(960)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(93)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,053)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;133
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,854)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income before D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,509
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,789
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;568
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,357
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Depreciation of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,341)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,379)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(326)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,705)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,046)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Amortization of intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(185)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,141)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(66)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,207)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,392)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(91)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(109)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(108)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;892
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,160
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;177
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,337
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,102)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,127
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Income tax expense, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,692)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,435
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to Telecom Argentina &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,403
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net income attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,435
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;(1)&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Service revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,675
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,258
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,547
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,805
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,480
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Equipment sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,796
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;159
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,955
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;39
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Subtotal third party revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,775
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,059
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,706
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,765
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,834
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;144
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;155
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,989)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,609
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,203
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,717
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,920
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,989)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfOperatingSegmentsExplanatory>
  <ifrs-full:DisclosureOfOtherLiabilitiesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 16 &amp;#x2013; Other liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Other liabilities consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;pension benefits;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;guarantees received;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;legal fees payable by adhesion to the tax regularization schemes;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;any liability not included in the other liability items.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:21.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Compensation for directors and members of the Supervisory Committee&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Guarantees received&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;69
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Pension benefits (Note 3.m)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;214
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;164
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Legal fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;220
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;170
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total other liabilities&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;305
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;239
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Movements in the pension benefits are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:21.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years ended&lt;br /&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;164
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;95
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Service cost (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest cost (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;38
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Actuarial loss /(gain) (***)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;24
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;214
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;164
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Included in Employee benefit expenses and severance payments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(**) Included in Financial expenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(***) Included in Other comprehensive income as required by IAS 19R.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfOtherLiabilitiesExplanatory>
  <ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Transportation, freight and travel expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(927)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(961)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(768)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Delivery costs capitalized as SAC &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;79
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;134
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Rental expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,069)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(765)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(540)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Energy, water and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,117)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(783)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(429)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;International and satellite connectivity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(246)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(215)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(202)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,280)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,590)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,854)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory>
  <ifrs-full:DisclosureOfOtherProvisionsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Additions/&lt;br /&gt;(recoveries)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td rowspan="2" valign="middle" style="width:09.42%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td rowspan="2" valign="middle" style="width:07.04%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Balances&lt;br /&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Additions/&lt;br /&gt;(recoveries)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td rowspan="2" valign="middle" style="width:09.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:11.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Interest&lt;br /&gt;(i)&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Debt&lt;br /&gt;recognition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Interest&lt;br /&gt;(i)&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Debt&lt;br /&gt;recognition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for civil and commercial proceedings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;112
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(35)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;109
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;104
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(66)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(65)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;158
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for labor claims&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;159
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(27)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(92)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;232
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(223)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;100
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for regulatory, tax and other matters claims&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;71
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;283
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(140)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(67)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;148
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Total current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;207
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;278
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(42)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(172)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;271
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;619
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(206)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(355)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;406
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for civil and commercial proceedings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;240
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;261
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;150
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(104)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;360
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for labor claims&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;329
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;130
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(159)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;377
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;315
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;141
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(232)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;601
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for regulatory, tax and other matters claims&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;407
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;43
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;416
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;83
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(283)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;294
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;189
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;64
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;298
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;43
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;371
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Total non-current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,165
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;207
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(251)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,352
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;578
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;320
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(619)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,626
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Total provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,372
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;(ii)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6.5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;234&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;207
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;(iii)&amp;nbsp;&amp;nbsp;&amp;nbsp;27&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(43)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(174)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,623
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;(iv)&amp;nbsp;&amp;nbsp;&amp;nbsp;655&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;320
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(206)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(360)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,032
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Charged to finance costs, interest on provisions line item.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Charged 187 to Provisions, 45 to PP&amp;amp;E (CAPEX) and 2 to currency translation adjustments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Use of Resolution No.&amp;nbsp;41/07 receivables.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iv)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Charged 590 to Provisions, 35 to CAPEX, 3 to currency translation adjustments and 27 to acquisition of Tuves Paraguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfOtherProvisionsExplanatory>
  <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 8 &amp;#x2013; Property, plant and equipment&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;PP&amp;amp;E consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:24.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Land, buildings and installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,576
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,310
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Computer equipment and software&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,586
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,265
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Switching and transmission equipment (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,576
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,614
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Mobile network access and external wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,256
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,078
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,138
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,915
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Other tangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;831
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;704
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;"&gt;Subtotal PP&amp;amp;E&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,963
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,024
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,629
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Valuation allowance for materials and impairment of materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(144)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;Impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(305)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(282)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,538
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,165
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:74.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 13.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:5pt;"&gt;&lt;p style="width:5pt;width:5pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Includes tower and pole, transmission equipment, switching equipment, power equipment, equipment lent to customers at no cost and handsets lent to customers at no cost.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Movements in Materials are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 87.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:25.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,629
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,652
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Increase for Tuves Paraguay acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,133
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,647
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Transfers to CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,700)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,173)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Disposal for maintenance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,125)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(507)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Currency translation adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,024
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,629
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Movements in the valuation allowance for materials and impairment of materials are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:21.15pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:27.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(52)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions &amp;#x2013; Fees for services, maintenance and materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(94)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decrease&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(144)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Movements in the impairment of PP&amp;amp;E are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:21.15pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:27.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(282)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(203)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(234)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(367)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;211
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;288
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(305)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(282)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Details on the nature and movements during the years ended December&amp;nbsp;31, 2017 and 2016 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Gross&lt;br /&gt;value&amp;nbsp;as&lt;br /&gt;of&lt;br /&gt;December&lt;br /&gt;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Tuves&lt;br /&gt;Paraguay&lt;br /&gt;acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Transfers&amp;nbsp;and&lt;br /&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Gross&lt;br /&gt;value&amp;nbsp;as&lt;br /&gt;of&lt;br /&gt;December&lt;br /&gt;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Land&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;151
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;153
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Building&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,877
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;103
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,992
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,697
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;103
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;188
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,988
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,010
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;189
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,301
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(58)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,508
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,443
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;329
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,072
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(467)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,403
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,529
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,927
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,455
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,916
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;64
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;331
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;255
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,566
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,727
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;285
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,086
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Computer equipment and systems&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,401
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;518
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,311
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(36)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,250
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;845
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;903
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;543
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;171
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;97
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(50)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;817
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;267
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;224
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(126)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;375
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;429
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;130
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;545
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Furniture&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;202
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,172
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;324
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,513
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;755
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;55
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;867
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Special projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;121
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,915
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,237
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;25
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,932)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(107)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,138
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;189
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;224
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61,157
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;171
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,905
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,775
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(870)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72,138
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accumulated&lt;br /&gt;depreciation&lt;br /&gt;as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Tuves&lt;br /&gt;Paraguay&lt;br /&gt;acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Decrease&lt;br /&gt;and&lt;br /&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accumulated&lt;br /&gt;depreciation&lt;br /&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net carrying&lt;br /&gt;value as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Land&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;153
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Building&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,171)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(52)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,210)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;782
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(712)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(97)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(52)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(861)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,127
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,793)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(633)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(113)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,596)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,912
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,910)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,146)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(226)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;257
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,025)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,378
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,984)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(593)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,577)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,878
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,342)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(703)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(282)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;118
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(8,209)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,357
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,050)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(119)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,212)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;874
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Computer equipment and systems&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,136)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,112)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(450)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,664)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,586
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(789)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(22)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(814)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(508)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(83)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(75)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(714)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;103
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Equipment lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(141)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(155)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;124
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(172)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;203
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(223)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(267)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;278
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Furniture&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(146)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(170)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;64
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(719)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(137)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(872)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;641
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(529)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(42)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(660)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;207
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Special projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(64)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,138
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(71)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(88)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;136
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39,271)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(83)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,039)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,327)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;545
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45,175)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,963
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Gross&amp;nbsp;value&lt;br /&gt;as&amp;nbsp;of&lt;br /&gt;December&lt;br /&gt;31,&amp;nbsp;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Transfers&amp;nbsp;and&lt;br /&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Gross Value&lt;br /&gt;as&amp;nbsp;of&lt;br /&gt;December&lt;br /&gt;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Land&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;151
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Building&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,771
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;95
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,877
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,238
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;82
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;377
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,697
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,880
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;64
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;147
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;959
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(40)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,010
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,242
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;128
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;250
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,435
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(612)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,443
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,208
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,407
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(86)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,529
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,791
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;272
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;830
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(52)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,916
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,449
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;60
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;220
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,727
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Computer equipment and systems&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,663
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;408
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,304
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,401
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;806
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;845
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;505
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;99
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(115)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;543
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;190
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;150
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(76)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;267
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;380
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;429
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Furniture&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;165
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;202
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;905
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;252
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,172
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;574
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;133
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;755
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Special projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,015
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,022
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,090)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,915
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;141
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;189
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51,149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,632
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,430
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,054)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61,157
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Accumulated&lt;br /&gt;depreciation&lt;br /&gt;as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Decreases&lt;br /&gt;and&lt;br /&gt;transfers &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Accumulated&lt;br /&gt;depreciation&lt;br /&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net&lt;br /&gt;carrying&lt;br /&gt;value as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Land&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;151
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Building&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,134)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(41)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,171)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;706
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(596)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(77)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(712)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;985
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,265)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(476)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(87)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,793)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,217
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,210)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(877)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(147)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;324
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,910)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,533
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,597)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(472)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,984)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,545
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,327)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(856)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(211)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;52
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,342)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,574
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(921)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(97)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(34)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,050)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;677
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Computer equipment and systems&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,778)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(997)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(363)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,136)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,265
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(773)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(789)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(475)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(50)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;115
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(508)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(101)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(116)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(141)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;126
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(183)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(223)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;206
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Furniture&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(128)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(146)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(603)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(102)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(719)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;453
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(403)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(28)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(529)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;226
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Special projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(34)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,915
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(55)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(71)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;118
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(34,583)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,358)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,033)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;703
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39,271)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DisclosureOfProvisionsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 17 &amp;#x2013; Provisions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company is a party to several civil, tax, commercial, labor and regulatory proceedings and claims that have arisen in the ordinary course of business. In order to determine the proper level of provisions, Management of the Company, based on the opinion of its internal and external legal counsel, assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. A determination of the amount of provisions required, if any, is made after careful analysis of each individual case.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The determination of the required provisions may change in the future due to new developments or unknown facts at the time of the evaluation of the claims or changes as a matter of law or legal interpretation. Consequently, as of December&amp;nbsp;31, 2017, the Company has established provisions in an aggregate amount of $2,088 ($56 to cover potential losses under these claims for regulatory contingencies deducted from assets and $2,032 included under provisions) and certain amounts deposited in the Company&amp;#x2019;s bank accounts have been restricted as to their use due to some judicial proceedings. As of December&amp;nbsp;31, 2017, these restricted funds totaled $98 (included under Other receivables, net line item in the consolidated statement of financial position).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Provisions consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Additions/&lt;br /&gt;(recoveries)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td rowspan="2" valign="middle" style="width:09.42%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td rowspan="2" valign="middle" style="width:07.04%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Balances&lt;br /&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Additions/&lt;br /&gt;(recoveries)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td rowspan="2" valign="middle" style="width:09.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:11.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Interest&lt;br /&gt;(i)&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Debt&lt;br /&gt;recognition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Interest&lt;br /&gt;(i)&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Debt&lt;br /&gt;recognition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for civil and commercial proceedings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;112
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(35)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;109
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;104
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(66)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(65)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;158
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for labor claims&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;159
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(27)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(92)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;232
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(223)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;100
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for regulatory, tax and other matters claims&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;71
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;283
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(140)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(67)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;148
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Total current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;207
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;278
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(42)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(172)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;271
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;619
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(206)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(355)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;406
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for civil and commercial proceedings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;240
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;261
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;150
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(104)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;360
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for labor claims&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;329
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;130
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(159)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;377
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;315
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;141
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(232)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;601
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Provision for regulatory, tax and other matters claims&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;407
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;43
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;416
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;83
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(283)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;294
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;189
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;64
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;298
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;43
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;371
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Total non-current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,165
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;207
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(251)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,352
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;578
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;320
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(619)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,626
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;Total provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,372
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;(ii)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6.5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;234&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;207
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;(iii)&amp;nbsp;&amp;nbsp;&amp;nbsp;27&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(43)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(174)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,623
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;(iv)&amp;nbsp;&amp;nbsp;&amp;nbsp;655&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;320
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(206)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(360)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,032
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Charged to finance costs, interest on provisions line item.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Charged 187 to Provisions, 45 to PP&amp;amp;E (CAPEX) and 2 to currency translation adjustments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Use of Resolution No.&amp;nbsp;41/07 receivables.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iv)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Charged 590 to Provisions, 35 to CAPEX, 3 to currency translation adjustments and 27 to acquisition of Tuves Paraguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;1&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Probable Contingent liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Below is a summary of the most significant claims and legal actions for which provisions have been established:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Profit sharing bonds&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Various legal actions are brought, mainly by former employees of the Company against the Argentine government and Telecom Argentina, requesting that Decree No.&amp;nbsp;395/92 &amp;#x2013; which expressly exempted Telef&amp;#xF3;nica and the Company from issuing the profit sharing bonds provided in Law No.&amp;nbsp;23,696 &amp;#x2013; be struck down as unconstitutional. The plaintiffs also claim the compensation for damages they suffered because such bonds have not been issued.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In August&amp;nbsp;2008, the Argentine Supreme Court of Justice found Decree No.&amp;nbsp;395/92 unconstitutional when resolving a similar case against Telef&amp;#xF3;nica.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Since the Argentine Supreme Court of Justice&amp;#x2019;s judgment on this matter, the Divisions of the Courts of Appeal ruled that Decree No.&amp;nbsp;395/92 was unconstitutional. As a result, in the opinion of the legal counsel of the Company, there is an increased probability that the Company has to face certain contingencies, notwithstanding the right of reimbursement that attends Telecom Argentina against the National State.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Said Court decision found the abovementioned Decree unconstitutional and ordered that the proceedings be remanded back to the court of origin so that such court could decide which defendant was compelled to pay &amp;#x2013;the licensee and/or the Argentine government- and the parameters that were to be taken into account in order to quantify the remedies requested (percent of profit sharing, statute of limitations criteria, distribution method between the program beneficiaries, etc). It should be mentioned that there is no uniformity of opinion in the Courts in relation to each of those concepts.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Later, in &amp;#x201C;Ramollino Silvana c/Telecom Argentina S.A.&amp;#x201D;, the Argentine Supreme Court of Justice, on June&amp;nbsp;9, 2015, ruled that the profit sharing bonds do not correspond to employees who joined Telecom Argentina after November&amp;nbsp;8, 1990 and that were not members of the PPP.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This judicial precedent is consistent with the criteria followed by the Company for estimating provisions for these demands, based on the advice of its legal counsel, which considered remote the chances of paying compensation to employees not included in the PPP.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Legal action&amp;#x2019;s statute of limitations criteria: Argentine Supreme Court of Justice ruling &amp;#x201C;Dominguez c/ Telef&amp;#xF3;nica de Argentina S.A.&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In December&amp;nbsp;2013, the Argentine Supreme Court ruled on a similar case to the above referred legal actions, &amp;#x201C;Dom&amp;#xED;nguez c/ Telef&amp;#xF3;nica de Argentina S.A&amp;#x201D;, overturning a lower court ruling that had barred the claim as having exceeded the applicable statute of limitations since ten years had passed since the issuance of Decree No.&amp;nbsp;395/92.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Argentine Supreme Court of Justice ruling states that the Civil and Commercial Proceedings Court must hear the case again to consider statute of limitations arguments raised by the appellants that, in the opinion of the Argentine Supreme Court of Justice, were not considered by the lower court and are relevant to the resolution of the case.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;After the Argentine Supreme Court of Justice&amp;#x2019;s ruling and until the date of issuance of these consolidated financial statements, two chambers of the Civil and Commercial Federal Proceedings Court have issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice in its ruling, acknowledging that the statute of limitations must be applied periodically &amp;#x2013;as of the time of each balance sheet- but limited to five years; and Chamber III ruled, by a majority of votes, that the statute of limitations must not be applied periodically, but that instead, was exceeded ten years after the issuance of Decree No.&amp;nbsp;395/92.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Criteria for determining the relevant profit to calculate compensation: ruling of the Civil and Commercial Federal Proceedings Court in Plenary Session &amp;#x201C;Parota c/ Estado Nacional y Telef&amp;#xF3;nica de Argentina S.A.&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On February&amp;nbsp;27, 2014, the Civil and Commercial Appeals Court issued its decision in plenary session in the case &amp;#x201C;Parota, C&amp;#xE9;sar c/ Estado Nacional&amp;#x201D;, as a result of a complaint filed against Telef&amp;#xF3;nica de Argentina S.A, ruling: &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;&amp;#x201C;that the amount of profit sharing bonds the corresponding to former employees of Telef&amp;#xF3;nica de Argentina S.A. should be calculated based on the taxable income of Telef&amp;#xF3;nica de Argentina S.A. on which the income tax liability is to be assessed&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Court explained that in order to make such determination: &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;&amp;#x201C;it is necessary to clarify that &amp;#x201C;taxable income&amp;#x201D; (pre-tax income) means the amount of income subject to the income tax that the company must pay, which generally means gross income, including all revenue obtained during the fiscal year (including contingent or extraordinary revenue), minus all ordinary and extraordinary expenses accrued during such fiscal year&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, the Company&amp;#x2019;s Management, with the advice of its legal counsel, has recorded the provisions for contingencies that it estimates are sufficient to cover the risks associated with these legal actions, having considered the available legal background as of the date of issuance of these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, on June&amp;nbsp;3, 2013 Telecom Argentina was notified of a lawsuit filed by four unions claiming the issuance of a profit sharing bonds (hereinafter &amp;#x201C;the bonds&amp;#x201D;) for future periods and for periods for which the statute of limitations is not expired. To enforce this claim, the plaintiffs require that Decree No.&amp;nbsp;395/92 should be declared unconstitutional.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This collective lawsuit is for an unspecified amount. The plaintiffs presented the criteria that should be applied for the determination of the percentage of participation in the Company&amp;#x2019;s profit. The lawsuit requiring the issuance of a profit sharing bond represents an obligation with potential future economic impact for Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In June&amp;nbsp;2013, the Company filed its answer to the claim, arguing that the labor courts lack of jurisdiction. On October&amp;nbsp;30, 2013, the judge rejected the lack of jurisdiction plea, established a ten year period as statute of limitation and deferred ruling on the defenses of res judicata, lis pendens and on the third party citation required after a hearing is held by the court. Telecom Argentina has appealed the judge&amp;#x2019;s ruling.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;12, 2013 this hearing took place and the intervening court differed the defense of statute of limitations filed by the Company to the moment of the final ruling, among other matters. It also ordered the plaintiff to establish that they have permission to bring the case on behalf Telecom Argentina&amp;#x2019;s employees included in the claim; meanwhile the trial proceeding will be suspended. The plaintiff appealed the decision and the judge deferred this issue to the time of sentencing.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, the appeal regarding lack of jurisdiction raised by the Company is pending, until the documentation requested by the court to the plaintiffs was resolved.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company, based on the advice of its legal counsel, believes that there are strong arguments to defend its rights in this claim based, among other things, in the expiration of the statute of limitations of the claim for the unconstitutionality of Decree No.&amp;nbsp;395/92, the lack of active legal standing for collective claim for bonds issuance -due to the existence of individual claims-, among other reasons regarding lack of active legal standing.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Sales representative claims&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Former sales representatives of Personal have brought legal actions for alleged improper termination of their contracts and have submitted claims for payment of different items such as commission differences, value of the customers&amp;#x2019; portfolio and lost profit, among other matters. Personal believes, based on the advice of its legal counsel, that certain items included in the claims would not be sustained while other items, if sustained, would result in significantly lower amounts than those claimed. As of the date of issuance of these consolidated financial statements, some legal actions are in the discovery phase and with expert opinions in progress.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Personal&amp;#x2019;s Management, based on the advice of its legal counsel, has recorded provisions that it estimates are sufficient to cover the risks associated with these claims, which are considered that would not have a negative impact on Personal&amp;#x2019;s results and financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Regulator&amp;#x2019;s Penalty Activities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina is subject to various penalty procedures, in most cases promoted by the Regulatory Authority, for delays in the reparation and installation of service to fix-line customers. Although generally a penalty considered on an individual basis does not have a material effect on Telecom Argentina&amp;#x2019;s equity, there is a significant disproportion between the amounts of the penalty imposed by the Regulatory Authority and the revenue that the affected customer has generated to Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In determining the provisions for regulatory charges and sanctions, the Telecom Argentina&amp;#x2019;s Management, with the assessment of its legal counsel, determines the likelihood of such sanctions being imposed, the amount thereof based on historical information and judicial precedents, also contemplating various probable scenarios of statute of limitation for charges and sanctions received, the current levels of execution of sanctions and the eventual results of legal actions that Telecom Argentina has undertaken to demonstrate, among other things, the disproportionate sanctions imposed by the Regulatory Authority since 2013.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina has recorded certain provisions that it deems sufficient to cover the above mentioned sanctions and charges, estimating that they should not prosper in amounts individually higher than 200 thousand UT (9,380 argentine pesos) per each alleged violation against its clients in the normal course of business, in accordance with the legal and regulatory analysis performed as of December&amp;nbsp;31, 2017. If Telecom Argentina and its legal advisors&amp;#x2019; arguments do not prevail, the Management of Telecom Argentina estimates that the amount of provisions for regulatory charges and sanctions might be increased in approximately $103 as of December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Interest rate applicable to&amp;nbsp;&amp;nbsp;the matters under Labor Courts of the City of Buenos Aires&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On May&amp;nbsp;21, 2014 the National Labor Court of Appeals agreed, as a result of a divided vote, that the interest rate applicable to the matters under its jurisdiction in the City of Buenos Aires shall be the nominal annual rate for personal loans with free use of funds of the &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Argentine National Bank&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; for a 49 to 60 month term (as of December&amp;nbsp;31, 2015 the mentioned rate was 3% per month). The Court also resolved that in those cases that the Court sentences are still pending, this new rate shall be applied as from the date on which each amount is due.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As from 2002 the above mentioned Court had resolved to apply the interest rate resulting from the monthly average of the interest rate used by the National Bank of Argentina for the granting of loans (as of December&amp;nbsp;31, 2015 the mentioned average rate was 2.055% per month).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This prospective criterion was sustained until the date of issuance of these consolidated financial statements as of December&amp;nbsp;31, 2016, since Telecom Group&amp;#x2019;s Management, with the assistance of its legal counsel, considered that there were strong legal grounds to challenge the retroactive application of the new rate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:30.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;However, later, the lower labor courts applied the new rate criterion retroactively as from the date that each amount is considered due. The Company has appealed these decisions, but the Labor Court of Appeals validated the criterion mentioned in recent cases and extraordinary appeals have been dismissed before the Supreme Court. For this reason, during 2017, the Company recorded additional provisions as it deemed sufficient to cover the impacts that these rulings could have.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;2&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Possible Contingencies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition to the possible contingencies related to regulatory matters described in Note 2 h)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt; SU Fund in Telecom Argentina&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; and in the last paragraph of section &amp;#x201C;Regulator&amp;#x2019;s Penalty Activities&amp;#x201D; mentioned above, is a summary of the most significant claims and legal actions for which no provisions have been established, although it cannot be ensured the final outcome of these lawsuits:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;&amp;#x201C;Consumidores Financieros Asociaci&amp;#xF3;n Civil para su Defensa&amp;#x201D; claim&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In November&amp;nbsp;2011, Personal was notified of a lawsuit filed by the &amp;#x201C;Consumidores Financieros Asociaci&amp;#xF3;n Civil para su Defensa&amp;#x201D; claiming that Personal made allegedly abusive charges to its customers by implementing per-minute billing and setting an expiration date for prepaid telecommunication cards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The plaintiff claim Personal to: i) cease such practices and bill its customers only for the exact time of telecommunication services used; ii) reimburse the amounts collected in excess in the ten years preceding the date of the lawsuit; iii) credit its customers for unused minutes on expired prepaid cards in the ten years preceding the date of the lawsuit; iv) pay an interest equal to the lending rate charged by the Banco de la Naci&amp;#xF3;n Argentina; and v) pay punitive damages provided by article 52 bis of Law No.&amp;nbsp;24,240.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Personal responded in a timely manner, arguing the grounds by which the lawsuit should be dismissed, with particular emphasis on the regulatory framework that explicitly endorses Personal&amp;#x2019;s practices, now challenged by the plaintiff in disregard of such regulations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The plaintiffs are seeking damages for unspecified amounts. Although the Company believes there are strong defenses according to which the claim should not succeed, in the absence of jurisprudence on the matter, the Company&amp;#x2019;s Management (with the advice of its legal counsel) has classified the claim as possible until a judgment is rendered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This claim was at a preliminary stage as of the date of issuance of these consolidated financial statements. However, the judge has ordered the accumulation of this claim with two other similar claims against Telef&amp;#xF3;nica M&amp;#xF3;viles Argentina S.A. and AMX Argentina S.A. So, the three legal actions will continue within the Federal Civil and Commercial Court No.&amp;nbsp;9.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Lawsuit against Personal on changes in services prices&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In June&amp;nbsp;2012 the consumer trade union &amp;#x201C;Proconsumer&amp;#x201D; filed a lawsuit against Personal claiming that the company did not provide the clients with enough information regarding the new prices for the services provided by Personal between May&amp;nbsp;2008 and May&amp;nbsp;2011. It demands the reimbursement of the increase in the price billed to customers for a period of two months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s Management considers that Personal had adequately informed its clients the modifications of the terms and conditions in which the service would be provided, and therefore, believes that this lawsuit should not succeed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September&amp;nbsp;5, 2012 the Court took notice of the lawsuit. On June&amp;nbsp;26, 2013, the judge upheld the jurisdictional plea filed by Personal and ordered to send the lawsuit to the Administrative and Contentious court, which decided that the jurisdiction corresponded to the Commercial Court. That decision was appealed by Personal through an extraordinary motion. The extraordinary motion was denied and Personal filed a complaint with the Argentine Supreme Court of Justice, which on May&amp;nbsp;27, 2016 provided that the demand will continue its proceedings in the commercial courts. The lawsuit is in the discovery phase and both parts are preparing the evidence required.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s Management considers that there are solid arguments for the favorable resolution of this lawsuit, but, in the event it is resolved unfavorably, it would not have a significant impact on Personal&amp;#x2019;s results and financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Proceedings related to value added services - Mobile contents&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;1, 2015 Personal was notified of a claim seeking damages for unspecified amounts initiated by consumer trade union &amp;#x201C;Cruzada C&amp;#xED;vica para la defensa de los consumidores y usuarios de Servicios p&amp;#xFA;blicos&amp;#x201D;. The plaintiff invokes the collective representation of an undetermined number of Personal customers.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:34.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The plaintiff claims the way that content and trivia are contracted, in particular the improper billing of messages sent offering those services and their subscription. Additionally, it proposes the application of a punitive damages to Personal.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This claim is substantially similar to other claims made by a consumer association (Proconsumer) where collective representation of customers is also invoked. As of the date of issuance of these consolidated financial statements, those claims are at preliminary stages.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Personal has answered the claims through the presentation of legal and factual defenses, subpoenaing third parties involved in the provision of VAS. Likewise, with the advice of its legal counsel, Personal believes to have strong arguments for its defense in these lawsuits. However, given the absence of jurisprudential precedents, the final outcome of these claims cannot be assured.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Claims of some Content Providers to the Company&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the framework of the general reorganization of the content business started out by Personal in 2016, and given the expiration of agreements with content providers, some of the latter have been notified that such agreements will not be renewed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;By virtue of that communication, four of those companies initiated and obtained in court, precautionary measures against Personal, in order to avoid that the duly notified decision of not renewing the agreements be effective, and thus, forcing Personal to refrain from disconnecting or interrupting the contractual relationship on the scheduled dates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On February&amp;nbsp;24, 2017, the ENACOM notified Personal the Resolution 2017-1122-APN-ENACOM # MCO (Resolution No.&amp;nbsp;1,122), which set out that Mobile Operators providers of audiotext and mass calling Value Added Services may receive, in every respect, a percentage that should not exceed 40% of the services invoiced on behalf and to the order those provider.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, the Resolution sets forth a 30-day period to file under the ENACOM the interconnection contracts or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March&amp;nbsp;22, 2017, Personal&amp;#x2019;s Management, with the assistance of its legal advisors and due to its solid grounds, filed an administrative appeal against Resolution No.&amp;nbsp;1,122 before the former Ministry of Communications (MINCOM - currently the Ministry of Modernization.) In addition, Personal has brought legal actions to safeguard its rights.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, it should be noted that the Company has renewed the commercial agreements with most of the providers of these contents, which are still in force.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September&amp;nbsp;29, 2017, the ENACOM notified Personal with ENACOM Resolution No.&amp;nbsp;2,408/17, whereby it rejected the reconsideration appeals filed by Movistar and Claro against Resolution No.&amp;nbsp;1,122, and the suspension of the effects of said resolution requested by Personal, Movistar and Claro. In addition, in the same act, it rejected the reconsideration appeal filed by Personal against ENACOM Note No.&amp;nbsp;29/17 (in connection with the supplier MOVICLIPS). The appeal filed by Personal against Resolution No.&amp;nbsp;1,122 with the former MINCOM is still pending resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;&amp;#x201C;Asociaci&amp;#xF3;n por la Defensa de Usuarios y Consumidores c/Telecom Personal S.A.&amp;#x201D; claim&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In 2008 the &amp;#x201C;Asociaci&amp;#xF3;n por la Defensa de Usuarios y Consumidores&amp;#x201D; sued Personal, seeking damages for unspecified amounts, claiming the billing of calls to the automatic answering machine and the collection system called &amp;#x201C;send to end&amp;#x201D; in collective representation of an undetermined number of Personal customers. The claim is currently in evidence phase.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the third quarter of 2015 Personal took knowledge of an adverse court ruling in a similar trial, promoted by the same consumers association against other mobile operator.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:38pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s Management, with the advice of its legal counsel, believes that it has strong arguments for its defense, but given the new jurisprudential precedent, the outcome of this claim cannot be ensured.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Radioelectric Spectrum Fees&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In October&amp;nbsp;2016 Personal modified the criteria used for the statement of some of its commercial plans (&amp;#x201C;Abono fijo&amp;#x201D;) for purposes of paying the radioelectric spectrum fees (derecho de uso de espectro radioel&amp;#xE9;ctrico or &amp;#x201C;DER&amp;#x201D;), taking into account certain changes in such plans&amp;#x2019; composition. This meant a reduction in the amount of fees paid by Personal.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In March&amp;nbsp;2017, the ENACOM demanded Personal to rectify its statements, requiring that such plans&amp;#x2019; statements continue to be prepared based on the previous criteria. Personal&amp;#x2019;s Management believes that it has solid legal arguments to defend its position, which are actually confirmed by Resolution ENACOM No.&amp;nbsp;840/18. On August&amp;nbsp;15, 2017, Personal received a note for the differences owed, and on August&amp;nbsp;31, 2017 presented the corresponding administrative note. Personal&amp;#x2019;s Management believes that it has solid legal arguments to defend its position. However, it cannot be assured that such arguments will be accepted by the ENACOM.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The difference resulting from both sets of liquidation criteria is of approximately $403 since October&amp;nbsp;2016, plus interests.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;3&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Remote Contingencies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Group faces other legal proceedings, fiscal and regulatory considered normal in the development of its activities. The Company Directors and its legal advisors estimate it will not generate an adverse impact on their financial position and the result of its operations, or its liquidity. In accordance with IAS 37 provisions, not any provision has been constituted related to the resolution of these issues&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;4&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Contingency Asset&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;&amp;#x201C;AFA Plus Project&amp;#x201D; Claim&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On July&amp;nbsp;20, 2012, the Company entered into an agreement with the Argentine Football Association (&amp;#x201C;AFA&amp;#x201D;), for the provision of services to a system called &amp;#x201C;Argentine Football System Administration&amp;#x201D; (&amp;#x201C;AFA Plus Project&amp;#x201D;) related to the secure access to first division football stadiums whereby Telecom Argentina should provide the infrastructure and systems to enable the AFA to manage the aforementioned project. The recovery of investments and expenses incurred by Telecom Argentina and its profit margin would come from charging AFA with a referring price stated in 20% of the popular ticket price per each football fan that attend the stadiums during the term of the agreement, so the recoverability of the Company&amp;#x2019;s assets related to the Project depended on AFA implementing the &amp;#x201C;AFA Plus Project&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;From 2012 and in compliance with its contractual obligations, the Company made investments and incurred in expenses amounting to $182 as of December&amp;nbsp;31, 2017, of which $143 are included in PP&amp;amp;E for the provision and installation of equipment and the execution of civil works for improving the football stadiums, registration centers equipment, inventories and material storage and attend other expenses directly associated with AFA Plus Project.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For several specific reasons of the Project, the football environment and the country context, the AFA Plus system was not implemented by AFA, not even partially. Accordingly, Telecom Argentina has not been able to begin collecting the agreed price.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Finally, throughout the agreement, Telecom Argentina received no compensation from AFA for the services provided and the work performed. In September&amp;nbsp;2014, AFA notified the Company of its decision to terminate the agreement with Telecom Argentina, modifying the AFA Plus Project, and also informed that it will assume the payment of the investments and expenditures incurred by the Company. Accordingly, negotiations between the parties have started.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In February&amp;nbsp;2015, AFA made a proposal to compensate the investments and expenditures incurred by the Company through advertising exchange exclusively related to the AFA Plus Project (or the one that replaces this Project in the future), in the amount of US$ 12.5 million. The proposal considered that if the advertising compensation was not realized in one year, AFA would pay to Telecom the agreed amount. The Company analyzed the quality of the assets offered by AFA in its offer of advertising exchange, and rejected the offer as insufficient.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;New negotiations were conducted in 2015 to improve the mentioned offer (requiring a combination of cash payments and advertising) but a satisfactory agreement was not reached and negotiations were suspended for AFA internal affairs.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In October&amp;nbsp;2015, the Company formally demanded that AFA pay the amounts due ($179.2 plus interest from its implementation). AFA rejected the claim but agreed to resume negotiations for a closing agreement which was then suspended by the AFA electoral process.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In January&amp;nbsp;2016 both parties resumed conciliatory negotiations, while the Company reserved its right to exercise legal claims on the amounts due.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In June&amp;nbsp;2016 the Company initiated a compulsory pre-judicial mediation procedure. The first audience, held on July&amp;nbsp;12, 2016, was attended by both parties. A second audience was held on August&amp;nbsp;3, 2016 and a third and the last one was held on August&amp;nbsp;23, 2016, which resulted in no agreement between the parties.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, the Company initiated a new pre-judicial mediation procedure which was finished without agreement on February&amp;nbsp;15, 2018, and its preparing the lawsuit against AFA in order to claim the owed amounts through the judicial system. The Company&amp;#x2019;s Management with the assistance of its external advisor believes that they have solid and legal arguments for claiming and are evaluating the actions to be followed for recovering the investments and expenses made.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It is worth mentioning that the impairment recorded by the Company arising from the uncertainties related to the recoverable value of assets recognized by the AFA Plus Project (Works in Progress and Materials amounting to $143 as of December&amp;nbsp;31, 2017) have been only recorded for the purpose to comply with accounting standards and in no way involves giving up or limiting the rights given to the Company as a genuine creditor for the AFA Plus Project agreement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfProvisionsExplanatory>
  <ifrs-full:DisclosureOfRecognisedFinanceLeaseAsAssetsByLesseeExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Book value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Lease term&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E &amp;#x2013; Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Accumulated depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(64)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Net carrying value as of December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfRecognisedFinanceLeaseAsAssetsByLesseeExplanatory>
  <ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Balances&lt;br /&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;text-decoration:underline;"&gt;Transfers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Cash&lt;br /&gt;Flows&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;text-decoration:underline;"&gt;Accrued interests&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Exchange&lt;br /&gt;differences&lt;br /&gt;and&lt;br /&gt;currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Balances as &lt;br /&gt;of December&lt;br /&gt;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,707
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,572)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;135
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Bank loans &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,401
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,092)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;882
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;992
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,194
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Notes &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,650
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(566)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;131
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,158
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Accrued interests&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;152
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(816)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;880
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;366
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,731
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.20%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Total current financial debt (Note 12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,912
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(a)&lt;br /&gt;(2,104)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;928
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,499
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,235
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Correspond to $1,730 of debt proceeds, $2,986 of principal payments and $848 of interest payments.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory>
  <ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Note 27 &amp;#x2013; Related party balances and transactions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(a)&amp;nbsp;Controlling group&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Until November&amp;nbsp;30, 2017 Nortel was the holder of the 54.74% stake in the Company, meaning that exercised control of the Company in the terms of Section&amp;nbsp;33 of LGS. As of that date, Nortel owned all of the Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Preferred shares (51% of total shares of the Company) and 7.64% of the Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Preferred shares (3.74% of total shares of the Company).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a result of the Company&amp;#x2019;s Treasury Shares Acquisition Process described in Note 19.d), Nortel&amp;#x2019;s equity interest in Telecom Argentina amounted to 55.60% of the Company&amp;#x2019;s outstanding shares as of November&amp;nbsp;30, 2017. Pursuant to Section&amp;nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&amp;#x2019; Meetings.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All of the common shares of Nortel belonged to Sofora. As of November&amp;nbsp;30, 2017 these shares represented 78.38% of the capital stock of Nortel.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Sofora&amp;#x2019;s capital stock consisted of common stock shares, with a par value of $1 argentine peso each and one vote per share. As of November&amp;nbsp;30, 2017, Sofora&amp;#x2019;s total shares were held by Fintech, as a result of the total amortization of the Sofora&amp;#x2019;s shares held by WAI during the fiscal year 2017 (see Note 31.1).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, after the effect of the Corporate reorganization of the Telecom Group and its controlling companies (Note 31), Fintech is the direct controller of Telecom Argentina with a share of 39.5% of Telecom Argentina&amp;#x2019;s capital stock. Before such reorganization, Fintech was the indirect controller since the acquisition of Sofora&amp;#x2019;s control to Telecom Italia on March&amp;nbsp;8, 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Fintech, a Delaware (United States) limited liability company, is a wholly-owned direct subsidiary of Fintech Advisory Inc. and its primary purpose is to hold, directly and indirectly, the securities of Telecom Argentina. Fintech Advisory Inc., a Delaware (United States) company, is directly controlled by Mr.&amp;nbsp;David Mart&amp;#xED;nez. Fintech Advisory Inc. is an investor and investment manager in equity and debt securities of sovereign and private entities primarily in emerging markets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In connection with the Shareholders&amp;#x2019; Agreement entered into by the Telecom Italia Group and WAI, through which Fintech acquired all the rights and obligations of the Telecom Italia Group, it was no longer into effect with respect to (i)&amp;nbsp;the political rights therein provided, on May&amp;nbsp;23, 2017, when 17% of Sofora&amp;#x2019;s shares were amortized; and (ii)&amp;nbsp;the rest of its provisions, on June&amp;nbsp;22, 2017, when 15% of Sofora&amp;#x2019;s shares were amortized (see Note 31.1).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, Cablevisi&amp;#xF3;n Holding S.A. is the legal controlling company of Telecom Argentina as a result of becoming effective on January&amp;nbsp;1, 2018 the Merger described in Note 32 and the shareholders agreement signed on July&amp;nbsp;7, 2017, also mentioned in such note. The change of control was authorized by Resolution ENACOM No.&amp;nbsp;5644-E/2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(b)&amp;nbsp;Related parties&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For the purposes of these consolidated financial statements, related parties are those individuals or legal entities which are related (in terms of IAS 24) to Fintech, ABC Telecomunicaciones S.A. (non-controlling shareholder of N&amp;#xFA;cleo) and TU VES S.A &amp;#x2013;Chile (non-controlling shareholder of Tuves Paraguay), except companies under sect. 33 of the LGS.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For the years presented, the Telecom Group has not conducted any transactions with Key Managers and/or persons related to them, except the mentioned in e) below.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(c)&amp;nbsp;Balances with related parties&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Type of related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:18.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;CURRENT ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Banco Atlas S.A.(a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Editorial Azeta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;CURRENT LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Experta ART S.A. (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Haras El Capricho S.A. (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Telteco S.A. (c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Penta S.A (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Financial Debt &amp;#x2013; Notes (current and non-current)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;La Estrella Sociedad An&amp;#xF3;nima de Seguros de Retiro (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;172
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Experta ART S.A. (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;151
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;323
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(d)&amp;nbsp;Transactions with related parties and companies under sect. 33 of the LGS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 56.7pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Companies under sect. 33 of the LGS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Transaction&amp;nbsp;description&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:27.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Nortel&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Rental revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Direct parent Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:18.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:18.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 56.7pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Related parties&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Transaction description&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Type of related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="top" style="width:26.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;text-decoration:underline;"&gt;Services rendered&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 35.4pt;line-height:106.67%;text-indent: -35.4pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Editorial Azeta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Voice retail&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Banco Atlas S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Voice retail&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Penta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Voice retail&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:18.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total services rendered&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:06.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:06.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:18.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Transaction description&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Type of related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="top" style="width:26.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;text-decoration:underline;"&gt;Services received&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Editorial Azeta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Penta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Rental&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total services received&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Such companies relate to ABC Telecommunications Group of Paraguay (Non-controlling shareholders&amp;#x2019; of N&amp;#xFA;cleo).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Such companies relate to W de Argentina &amp;#x2013; Inversiones S.A. until May&amp;nbsp;23, 2017.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (c)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Such company relates to a member of the Board of Directors appointed by W de Argentina &amp;#x2013; Inversiones S.A. until May&amp;nbsp;23, 2017.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-indent:18pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The transactions discussed above were made on terms no less favorable to the Telecom Group than would have been obtained from unaffiliated third parties. The Board of Directors approved transactions representing more than 1% of the total shareholders&amp;#x2019; equity of the Company, after being approved by the Audit Committee in compliance with Law No.&amp;nbsp;26,831.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In connection with the change of control explained, on March&amp;nbsp;8, 2016, Fintech acquired 51% of Sofora&amp;#x2019;s shares from the Telecom Italia Group. As a result, since January&amp;nbsp;1, 2016 until such date (in which the Telecom Italia Group ceased to be a related party of the Telecom Group), the transactions carried out with the Group amounted to $111 for services rendered, $72 for services received and $18 for purchase of PP&amp;amp;E for the year ended December&amp;nbsp;31, 2016; and amounted to $564 for services rendered, $352 for services received and $103 for purchase of PP&amp;amp;E for the year ended December&amp;nbsp;31, 2015. It should be mentioned that no transactions with related parties of Fintech were identified since March&amp;nbsp;8, 2016 according to IAS 24.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, with the first trance amortization of Sofora&amp;#x2019;s ordinary shares owned by WAI (see Note 31.1 to these consolidated financial statements), as of May&amp;nbsp;23, 2017 WAI ceased to be a related party of the Telecom Group. The operations carried out with the aforementioned Group since January&amp;nbsp;1, 2017 until such date amounted to $7 for services rendered, $72 for services received and $34 for financial costs related to loans. Operations carried out in the year ended December&amp;nbsp;31, 2016 amounted to $7 for services rendered, $153 for services received, $1 for PP&amp;amp;E acquisition, and $55 for financial costs related to loans. While amounted to $120 services rendered and $4 for purchase of PP&amp;amp;E in the year ended December&amp;nbsp;31, 2015.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(e)&amp;nbsp;Key Managers&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Compensation for Directors and Key Managers, including social security contribution, amounted to $323, $200 and $106 for the years ended December&amp;nbsp;31, 2017, 2016 and 2015, respectively, and was recorded as expenses under the line item &amp;#x201C;Employee benefits expenses and severance payments&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="top" style="width:38.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Salaries (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;81
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Variable compensation (*) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;121
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Social security contributions &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;58
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Hiring benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;63
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;58
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;25
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;323
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;200
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:61.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Gross compensation. Social security contributions and income tax retentions that are deducted from the gross compensation are in charge of the employee.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017 and 2016, respectively, an amount of $45 and $66 remained unpaid.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The estimated compensation of Telecom Argentina&amp;#x2019;s Board of Directors for fiscal year 2017 is approximately $49.8. The compensation of Telecom Argentina&amp;#x2019;s Board of Directors approved by the General Shareholders Meetings of the years 2016 and 2015 were $ 34.6 and $20, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The members and alternate members of the Board of Directors do not hold executive positions in the Company or Company&amp;#x2019;s subsidiaries.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
  <ifrs-full:DisclosureOfRevenueExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 21 &amp;#x2013; Revenues&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues and other income include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.75pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:44.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Voice&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,505
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,010
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,338
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Internet&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,715
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,994
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,557
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Data&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,577
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,919
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,780
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,797
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,923
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,675
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Outbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Postpaid&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,380
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,951
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,401
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Abono Fijo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,241
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,365
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,919
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Prepaid&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,359
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,548
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,345
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total outbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,980
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;24,864
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,665
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Inbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From Fixed Services &amp;#x2013; CPP&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,012
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;779
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;624
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From Mobile Services &amp;#x2013; TLRD&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,698
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;932
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;924
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total inbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,710
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,711
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,548
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,599
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,474
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,045
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal Personal Mobile Services&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,289
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,049
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,258
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Outbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Postpaid&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;81
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;36
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Abono Fijo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;999
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;766
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;458
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Prepaid&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,445
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,134
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;742
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total outbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,525
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,962
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,236
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From Fixed Services &amp;#x2013; Interconnection&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From Mobile Services &amp;#x2013; TLRD&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;133
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;118
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;80
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total inbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;141
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;127
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;219
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;293
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;222
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,885
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,382
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,547
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total service revenues (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56,971
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,354
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,480
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;663
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Personal Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,446
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,535
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,796
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;260
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;159
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total equipment revenues (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total revenues (a)&amp;nbsp;+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,186
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,240
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,496
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;71
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;39
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Personal Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Nucleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total other income (c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;(*) 133&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;(*)&amp;nbsp;&amp;nbsp;83&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total revenues and other income (a)+(b)+(c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(*) Includes 21 y 17 of PP&amp;amp;E disposal of years 2017 and 2016, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfRevenueExplanatory>
  <ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Discount rate (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;4.6% - 9.2%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;4.8% - 6.2%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;6.5% - 8.5%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Projected increase rate in compensation (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;8.0% - 16.3%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;8.0% - 22.5%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;12.0% - 26.8%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:100.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(1)&amp;nbsp;Represents estimates of real rate of interest rather than nominal rate in $.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(2)&amp;nbsp;In line with an estimated inflationary environment for the next three financial years.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory>
  <ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 19 &amp;#x2013; Equity&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Equity includes:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:11.7pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:26.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equity attributable to Telecom Argentina (Controlling Company)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,086
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,336
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equity attributable to non-controlling interest (Note 1.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;793
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;542
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equity (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,879
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,878
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Additional information is given in the consolidated statements of changes in equity.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(a)&amp;nbsp;Capital information&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017 the total capital stock of Telecom Argentina amounted to $984,380,978 pesos, represented by an equal number of ordinary shares, of $1 argentine peso of nominal value, of which 969,159,605 outstanding shares were entitled to one vote, since 15,221,373 treasury shares were acquired by the Company and are kept in the portfolio.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence of the Corporate reorganization described in Note 31, Telecom Argentina&amp;#x2019;s breakdown of capital stock as of December&amp;nbsp;31, 2017 is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="middle" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Registered, subscribed and authorized for public offering&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Outstanding shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Treasury shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total capital stock&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Ordinary shares, $1 argentine peso of nominal value each&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Class&amp;nbsp;&amp;#x201C;A&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;340,994,852
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;340,994,852
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;height:11.35pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Class&amp;nbsp;&amp;#x201C;B&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;627,930,005
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;643,151,378
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Class&amp;nbsp;&amp;#x201C;C&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;969,159,605
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;984,380,978
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:45.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Each ADS represents 5 Class&amp;nbsp;B shares and are traded on the NYSE under the ticker symbol TEO.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All of the Company&amp;#x2019;s shares as of December&amp;nbsp;31, 2017 were authorized by the CNV, the Buenos Aires Stock Exchange (the &amp;#x201C;BYMA&amp;#x201D;) and the New York Stock Exchange (the &amp;#x201C;NYSE&amp;#x201D;) for public trading. Taking into account the particular transfer conditions of the Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; and Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares, only Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; shares were available for public trading in the BYMA and the NYSE.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Each ADS represents 5 Class&amp;nbsp;B shares and are traded on the NYSE under the ticker symbol TEO.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, the capital stock was fully integrated and registered in IGJ.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of January&amp;nbsp;1, 2018, due to the merger between Telecom Argentina and Cablevisi&amp;#xF3;n S.A., the new breakdown of capital stock is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Outstanding&amp;nbsp;shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Treasury&amp;nbsp;shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total&amp;nbsp;capital&amp;nbsp;stock&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;A&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;683,856,600
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;683,856,600
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;B&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;627,930,005
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;643,151,378
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;C&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234,748
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Class&amp;nbsp;&amp;#x201C;D&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;841,666,658
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;841,666,658
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,153,688,011
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,221,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,168,909,384
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:18.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Since the increase of Telecom&amp;#x2019;s capital stock is the result of the merger between Telecom Argentina as absorbing company and Cablevisi&amp;#xF3;n S.A. as absorbed company, according to the terms approved by the respective Shareholders Meeting, 342,861,748 Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; shares and 841,666,658 Class&amp;nbsp;&amp;#x201C;D&amp;#x201D; shares are fully integrated and in process of registration. Additional information is given in Note 32 to these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(b)&amp;nbsp;Share Ownership Plan&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In 1992, a Decree from the Argentine government, which provided for the creation of the Company upon the privatization of ENTel, established that 10% of the capital stock then represented by 98,438,098 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares was to be included in the PPP (an employee share ownership program sponsored by the Argentine government). Pursuant to the PPP, the Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares were held by a trustee for the benefit of former employees of the state-owned company who remained employed by the Company and who elected to participate in the plan.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In 1999, Decree No.&amp;nbsp;1,623/99 of the Argentine government eliminated the restrictions on some of the Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares held by the PPP, although it excluded Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares of the Fund of Guarantee and Repurchase subject to an injunction against their use. In March&amp;nbsp;2000, the shareholders&amp;#x2019; meeting of the Company approved the conversion of up to unrestricted 52,505,360 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares into Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; shares (these shares didn&amp;#x2019;t belong to the Fund of Guarantee and Repurchase), most of which was sold in a secondary public offering in May&amp;nbsp;2000.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Annual General and Extraordinary Meetings held on April&amp;nbsp;27, 2006, approved that the power for the additional conversion of up to 41,339,464 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; ordinary shares into the same amount of Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; ordinary shares, be delegated to the Board of Directors. As granted by the Meetings, the Board transferred the powers to convert the shares to some of the Board&amp;#x2019;s members and/or the Company&amp;#x2019;s executive officers. As of December&amp;nbsp;31, 2011, all the 41,339,464 shares were converted into Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; ordinary shares in eleven tranches.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The remaining 4,593,274 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares were affected by an injunction measure recorded in file &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt;&amp;#x201C;Garc&amp;#xED;as de Vicchi, Amerinda y otros c/ Sindicaci&amp;#xF3;n de Accionistas Clase C del Programa de Propiedad Participada s/nulidad de acto jur&amp;#xED;dico&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;#x201D;, which was released. The General Ordinary and Extraordinary and Special Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; Shares Meetings held on December&amp;nbsp;15, 2011, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;approved that the power for the additional conversion of up to 4,593,274 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares into the same amount of Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; shares in one or more tranches, be delegated to the Board of Directors. Of such amount, 4,358,526 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares have already been converted into Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; shares in 10 tranches.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, 234,748 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares are still pending to be converted into Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; shares.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(c)&amp;nbsp;Capital Market Act - Law No.&amp;nbsp;26,831&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;28, 2012 the new Capital Market Law (Law No.&amp;nbsp;26,831) was published in the Official Gazette. This Law eliminates self-regulation of the capital market; grants new powers to the CNV and supersedes Law No.&amp;nbsp;17,811 and Decree No.&amp;nbsp;677/01, among other rules. The Law became effective on January&amp;nbsp;28, 2013. Since that date, governs the universal scope of the Statutory Regime of Public Offer of Mandatory Acquisition, as provided the Law, which states: &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;&amp;#x201C;Article&amp;nbsp;90. &amp;#x2013; Universal scope. The Statutory Regime of Public Offer of Mandatory Acquisition regulated in this chapter and the residual rules&amp;nbsp;of participation regulated in the following chapter includes all listed companies, even those that, under the previous regime, have opted to be excluded of its application.&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(d)&amp;nbsp;Acquisition of Treasury Shares&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s Ordinary Shareholders&amp;#x2019; Meeting held on April&amp;nbsp;23, 2013, which was adjourned until May&amp;nbsp;21, 2013, approved at its second session of deliberations, the creation of a &amp;#x201C;Voluntary Reserve for Capital Investments&amp;#x201D; of $1,200, granting powers to the Company&amp;#x2019;s Board of Directors to decide its total or partial application, and to approve the methodology, terms and conditions of such investments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In connection with the above mentioned, on May&amp;nbsp;22, 2013, the Board of Directors approved a Company&amp;#x2019;s Treasury Shares Acquisition Program in the market in Argentine pesos (the &amp;#x201C;Treasury Shares Acquisition Program&amp;#x201D;) so as to avoid any possible damages to the Company and its shareholders derived from fluctuations and unbalances between the shares&amp;#x2019; price and the Company&amp;#x2019;s solvency, for the following maximum amount and deadline:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;"&gt;Maximum amount to be invested:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; $1,200.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;"&gt;Deadline for the acquisitions:&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; until April&amp;nbsp;30, 2014.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the offer made on November&amp;nbsp;7, 2013 by Fintech for the acquisition of the controlling interest of the Telecom Italia Group in Telecom Argentina, Telecom Argentina suspended the acquisition of treasury shares and its Board of Directors considered appropriate to request the opinion of the CNV on the applicability of the new provisions contained in the rules&amp;nbsp;issued by that entity (Title II, Chapter I, Art.13 and concurring) with respect to the continuation of the Treasury Shares Acquisition Program.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The CNV did not answer the Company&amp;#x2019;s request and the Telecom Argentina&amp;#x2019;s Board of Directors, at its meeting held on May&amp;nbsp;8, 2014, decided to conclude the request considering that the Treasury Shares Acquisition Program finished on April&amp;nbsp;30, 2014, which had been approved by Telecom Argentina&amp;#x2019;s Board of Directors Meeting held on May&amp;nbsp;22, 2013.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina&amp;#x2019;s Board of Directors, at its meeting held on June&amp;nbsp;27, 2014, decided to request a new opinion from the CNV to confirm whether Telecom Argentina is obliged to refrain from acquiring treasury shares in the market under Section&amp;nbsp;13, Chapter I, Title II of the CNV rules&amp;nbsp;(NT 2013).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant to Section&amp;nbsp;67 of Law No.&amp;nbsp;26,831, the Company should sell its treasury shares within three years of the date of acquisition, although the Company&amp;#xB4;s Shareholders&amp;#x2019; Meetings provides an extension. Pursuant to Section&amp;nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&amp;#x2019; Meetings. No restrictions apply to Retained Earnings as a result of the creation of a specific reserve for such purposes named &amp;#x201C;Voluntary Reserve for Capital Investments&amp;#x201D;, which as of December&amp;nbsp;31, 2017 amounts to $461. The Company&amp;#x2019;s Shareholders&amp;#x2019; Meeting held on April&amp;nbsp;29, 2016 approved a three year extension to the term established in Section&amp;nbsp;67 of Law No.&amp;nbsp;26,831 for the disposal of the treasury shares.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017 the Company owns 15,221,373 treasury shares, representing 1.55% of its total capital. The acquisition cost of these shares in the market amounted to $461.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(e)&amp;nbsp;Law No.&amp;nbsp;27,260 of &amp;#x201C;Historical Repair to Retired and Pensioned&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On July&amp;nbsp;22, 2016, Law No.&amp;nbsp;27,260 of &amp;#x201C;Historic Reparation for Retired Persons and Pensioners&amp;#x201D;, abolishing Law No.&amp;nbsp;27,181 on &amp;#x201C;Declaration of public interest of the protection of the social participations of the National State that make up the investment portfolio of the &amp;#x201C;Sustainability Guarantee Fund of the Argentine Pension Integrated System&amp;#x201D; in its Section&amp;nbsp;35, was published in the Official Gazette. In addition, Section&amp;nbsp;30 of Law No.&amp;nbsp;27,260 provides that the transfer of shares of public corporations authorized by the CNV that are part of the FGS is banned without a previous and express authorization of the Federal Congress if, as a result of such transfer, the FGS&amp;#x2019;s holding of the above referred securities becomes less than 7% of the aggregate assets of the FGS. The following exceptions apply: &amp;#x201C;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;1.Tender offers addressed to all holders of such assets at a fair price authorized by the CNV, pursuant to the terms of Chapters II,&amp;nbsp;III and IV of Title III of Law No.&amp;nbsp;26,831. 2. Swaps of shares for other shares of the same or another corporation as a result of a merger, split or other corporate reorganization.&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(f)&amp;nbsp;Decree No.&amp;nbsp;894/2016: exercise of corporate, political and economic rights by the ANSES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On July&amp;nbsp;28, 2016, Decree No.&amp;nbsp;894/2016 was published in the Official Gazette, providing that in those corporations which shares are part of the Sustainability Guarantee Fund of the Argentine Pension Integrated System&amp;#x2019; portfolio, the corporate, political and economic rights corresponding to such shares shall not be exercised by the Secretary of Economic Politics and Development Planning, but shall instead be exercised by the Federal Management of Social Security (&amp;#x201C;ANSES&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, Decree No.&amp;nbsp;894/2016 provides that the Directors appointed by ANSES shall have the functions, duties and powers provided in the LGS, the Capital Market Law No.&amp;nbsp;26,831 and their complementary regulations, all other rules&amp;nbsp;applicable to corporations in which they act as directors, and their bylaws and internal regulations, and that they shall be exposed to all the liabilities applicable under such rules, not being subject to the provisions of Decree No.&amp;nbsp;1,278/2012 and No.196/2015 (the latter in connection with its delimitation of responsibility).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
  <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 3 &amp;#x2013; Significant accounting policies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Going concern&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The consolidated financial statements for the years ended December&amp;nbsp;31, 2017, 2016 and 2015 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Foreign currency translation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Items included in the financial statements of each of the Group&amp;#x2019;s entities are measured using the currency of the primary economic environment in which the entity operates (&amp;#x201C;the functional currency&amp;#x201D;). The consolidated financial statements are presented in Argentine pesos ($), which is the functional currency of all Telecom Group&amp;#x2019;s companies located in Argentina. The functional currency for the foreign subsidiaries of the Telecom Group is the respective legal currency of each country.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The financial statements of the Company&amp;#x2019;s foreign subsidiaries (N&amp;#xFA;cleo, Personal Env&amp;#xED;os, Telecom USA and Tuves Paraguay since June&amp;nbsp;30, 2017) are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated statement of cash flows are translated at the average exchange rates for each year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;c)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Foreign currency transactions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction or valuation where items are re-measured. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Financial income/expenses as Foreign currency exchange gains or losses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;d)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Consolidation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;These consolidated financial statements include the accounts of Telecom Argentina and its subsidiaries over which it has effective control (N&amp;#xFA;cleo, Micro Sistemas, Telecom USA, Personal Env&amp;#xED;os, Tuves Paraguay &amp;#x2013; only as of December&amp;nbsp;31, 2017- and the second semester of 2017 and Telecom Personal until November&amp;nbsp;30, 2017) as of December&amp;nbsp;31, 2017, 2016 and 2015.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Control exists when the investor (Telecom Argentina) has power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They should be deconsolidated from the date that control ceases.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated companies are consolidated on a line-by-line basis and non-controlling interests in the equity and in the profit (loss) for the year are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All intercompany accounts and transactions have been eliminated in the preparation of these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial year-end of all the subsidiaries&amp;#x2019; financial statements coincides with that of the Parent and are prepared as of the same closing date and in accordance with the same accounting policies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;e) Acquisition of the controlling interest in Tuves Paraguay&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;6, 2016 Tuves Paraguay&amp;#x2019;s controlling shareholder (TU VES S.A &amp;#x2013; Chile) accepted N&amp;#xFA;cleo&amp;#x2019;s proposal for executing the Tuves Paraguay&amp;#x2019;s shares purchase option, which was subject to the approval of the Comisi&amp;#xF3;n Nacional de Telecomunicaciones (&amp;#x201C;CONATEL&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On April&amp;nbsp;11, 2017, the CONATEL&amp;#x2019;s Board of Directors through Resolution No.&amp;nbsp;460/17authorized TU VES S.A. (Chile) to transfer N&amp;#xFA;cleo 350 shares of Tuves Paraguay, that represent 70% Tuves Paraguay&amp;#x2019; total capital stock.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Accordingly, and pursuant to the provisions of the shares&amp;#x2019; purchase agreement, on June&amp;nbsp;30, 2017, the transaction was performed and N&amp;#xFA;cleo acquired the 70% capital stock and votes of Tuves Paraguay through the payment of approximately $0.1 (35 million of Guaran&amp;#xED;es) and the partial capitalization of receivables that N&amp;#xFA;cleo had at such date for approximately $147 (49,396 million of Guaran&amp;#xED;es).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Tuves Paraguay is a Paraguayan company whose main purpose is the provision of telecommunications services and also the distribution of digital audio and television signals to homes, in accordance with the license granted by CONATEL.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The acquisition of control of Tuves Paraguay was recognized in the consolidated financial statements as of June&amp;nbsp;30, 2017, in accordance with the provisions of IFRS 3 &amp;#x201C;Business Combinations&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For this purpose, the total purchase price provided by IFRS 3 of approximately $149 (50,056 million of Guaran&amp;#xED;es) was determined including the book value of the call option as of the date of the transaction, the assets and liabilities of Tuves Paraguay were measured at fair value, recognizing a higher value of PP&amp;amp;E and identifying a customer relationship and a goodwill of approximately $2 within Intangible Assets (662 million of Guaran&amp;#xED;es), which will be annually reviewed through its impairment test.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;f) Revenues&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues are recognized to the extent that it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably. Final outcome may differ from those estimates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues are stated net of discounts and returns.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company discloses its revenues into two groups: services and equipment. Service revenues are the main source of income for the Company and are disclosed by nature: Voice services,&amp;nbsp;Internet services and Data transmission services. This classification of revenues is given by different commercial offers and products, type of contracts and kind of customers. Equipment sales represent a precursor of the mentioned service revenues; therefore, the Group only sells equipment to customers and, from time to time, the Management of the Company and N&amp;#xFA;cleo decide to sell mobile handsets at prices lower than their respective costs in order to acquire new contracts with a minimum non-cancelable period of permanence.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Other income mainly includes penalties collected from suppliers and gains on disposal of PP&amp;amp;E, which are realized in the ordinary course of business but are not the main business objective.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s principal sources of revenues are:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Fixed telecommunication services and products&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Domestic services revenues consist of monthly basic fees, measured service, long-distance calls and monthly fees for additional services, including call forwarding, call waiting, three-way calling, itemized billing and voicemail.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues are recognized when services are rendered. Unbilled revenues from the billing cycle dating to the end of each month are calculated based on traffic and are accrued at the end of the year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from corresponding accounts receivable. Revenues derived from other telecommunications services, principally network access, long distance and airtime usage, are recognized on a monthly basis as services are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from the sale of prepaid calling cards are recognized on the basis of the minutes used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &amp;#x201C;Deferred revenue on prepaid calling cards&amp;#x201D; under Deferred revenues line item in the statement of financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Interconnection charges represent amounts received by the Company from other local service providers and long-distance carriers for calls that are originated on their networks and transit and/or terminate on the Company&amp;#x2019;s network. Revenue is recognized as services when they are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Traffic revenues from interconnection and roaming are reported gross of the amounts due to other telecommunication operators.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred (as well as the related costs not in excess of the amount of revenues) over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship (approximately 8 years in the case of fixed telephony&amp;#x2019;s voice services).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Reconnection fees charged to customers when resuming service after suspension are deferred and recognized ratably over the average life for those customers who are assessed a reconnection fee. Associated direct expenses are also deferred over the estimated customer relationship period up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from sales of goods, such as telephone and other equipment, are recognized when the significant risks and rewards of ownership are transferred to the buyer.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract are recognized as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenue on construction contracts recognized in the year ended December&amp;nbsp;31, 2017 amounted to $614. The 2017 agreement provides finance within 48 months from January&amp;nbsp;1, 2017, the date when the implementation of the project was effective. $83 and $17 are receivables as of December&amp;nbsp;31, 2017 and 2016, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cost on construction contracts recognized in the year ended December&amp;nbsp;31, 2017 amounted to $429.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;No revenue or costs on construction contracts were recorded for years 2016 and 2015.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenue from international telecommunications services mainly includes voice and data services and international point-to-point leased circuits. Revenues from international long-distance service reflect payments under bilateral agreements between the Company and foreign telecommunications carriers, covering inbound international long-distance calls. Revenues are recognized as services when they are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Data and Internet revenues mainly consist of fixed monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet connectivity services (dial-up and broadband). These revenues are recognized as services when they are rendered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Mobile telecommunication services and products&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Group provides mobile services throughout Argentina via cellular and PCS networks. Cellular fees consist of monthly basic fees, airtime usage charges, roaming, charges for TLRD, CPP charges and additional charges for VAS, including call waiting, call forwarding, three-way calling, voicemail, SMS, GPRS, Mobile Internet and for other miscellaneous cellular services. These revenues are recognized as services when they are rendered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from the corresponding accounts receivable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from the sale of prepaid calling cards are recognized on the basis of the traffic used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &amp;#x201C;Deferred revenue on prepaid calling cards&amp;#x201D; under Deferred revenues line item in the statement of financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from sales of goods, such as handsets, sim cards, tablets, smartphones and other equipment are recognized when the significant risks and rewards of ownership are transferred to the buyer.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company and N&amp;#xFA;cleo offer to their subscribers a customer loyalty program. Under such program the Company and N&amp;#xFA;cleo grant award credits as part of the sales transactions which can be subsequently redeemed for goods or services provided by Personal and N&amp;#xFA;cleo or third parties. The fair value of the award credits is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. Those revenues are classified as service or goods revenues depending on the goods or services redeemed by the customers.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Applicable to both fixed telephony and mobile telephony, for offerings including separately identifiable components (as equipment and service), the Company and its subsidiaries recognize revenues related to the sale of the equipment when it is delivered to the final customer whereas service revenues are recorded when rendered. The total revenue generated by this type of transactions is assigned to the separately identifiable units of accounting based on their fair values, provided that the total amount of revenue to be recognized does not exceed the contract revenue. IFRS does not prescribe a specific method for such assignation of revenue. However, telecommunications industry practice generally applies the method known as &amp;#x201C;residual method&amp;#x201D;, which was used in the preparation of these consolidated financial statements. The &amp;#x201C;residual method&amp;#x201D; requires identifying all the components that comprise a transaction and allocating its fair value on an individual basis to each of them. Under this method, the fair value of a delivered item (which could not be individually determined) is determined as the difference between the total arrangement consideration and the sum of the fair values of those elements for which fair value can be estimated on a stand-alone basis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;g) Financial instruments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;g.1) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Financial assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Upon acquisition, in accordance with IFRS 9, financial assets are subsequently measured at either&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt; amortized cost&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, or &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;fair value&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, on the basis of both:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(a)&amp;nbsp;the entity&amp;#x2019;s business model for managing the financial assets; and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(b)&amp;nbsp;the contractual cash flow characteristics of the financial asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;A financial asset shall be measured at &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;amortized cost&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; if both of the following conditions are met:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(a)&amp;nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(b)&amp;nbsp;the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, for assets that met the abovementioned conditions,&amp;nbsp;IFRS provides for an option to designate, at inception, those assets as measured at &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;fair value&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an &amp;#x2018;accounting mismatch&amp;#x2019;) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;A financial asset that is not measured at &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;amortized cost&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; according to the paragraphs above is measured at &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;fair value&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial assets include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Cash and cash equivalents&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Time deposits are valued at their amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Investments in Lebacs are valued at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Trade and other receivables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Investments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2016, Telecom Argentina received in payment certain Provincial Government bonds denominated in argentine pesos (Provincia de Mendoza and Provincia de Buenos Aires) that bear interests in argentine pesos. These Provincial Government bonds are valued at amortized cost and their results are included in Financial results as investment gains.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the IRR and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Financial expenses as Foreign currency exchange gains or losses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Likewise, Telecom Argentina and Personal acquired Government bonds. Taking into account the business model chosen to manage these financial assets, and according to the provisions of IFRS 9, these bonds are recorded at their fair value and its results were included in Financial results &amp;#x2013; Other investments gains.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Investments in Lebacs are valued at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The 2003 Telecommunications Fund is recorded at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Impairment of financial assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;At every annual or interim closing date, assessments are made as to whether there is any objective evidence that a financial asset or a group of financial assets may be impaired. If any such evidence exists, an impairment loss is recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Certain circumstances of impairment of financial assets that the Group assesses to determine whether there is objective evidence of an impairment loss could include: delay in the payments received from customers; customers that enter bankruptcy; the disappearance of an active market for that financial asset because of financial difficulties; observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets, significant financial difficulty of the obligor, among others.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;g.2) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Financial liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial liabilities comprise trade payables (excluding Derivatives), financial debt, salaries and social security payables (see Note 3.o) below) and certain other liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial liabilities other than derivatives are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;g.3) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Derivatives&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Derivatives are used by Telecom Group to manage its exposure to exchange rate and sometimes interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All derivative financial instruments are measured at fair value in accordance with IFRS 9.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Derivative financial instruments qualify for Hedge Accounting only when:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a) The hedging relation consists only on hedging instruments and hedged items eligible;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;b) Since its inception the hedging relation and the purpose and risk management strategy, are formally designated and documented;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;c) the hedge is expected to fulfill the efficacy requirements described in Note 20 &amp;#x2013; Hedge Accounting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;When a derivative financial instrument is designated as a cash flow hedge (the hedge of the exposure to variability in cash flows of an asset or liability, a firm commitment or a highly probable forecasted transaction) the effective portion of any gain or loss on the derivative financial instrument is recognized directly in OCI. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is recognized in the consolidated income statement immediately. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;If hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are directly recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For additional information about derivatives operations during 2017 and 2016, see Note 20.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;h) Inventories&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Inventories are measured at the lower of cost and estimated net realizable value. Cost is determined on a weighted average cost basis. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Allowances are made for obsolete and slow-moving inventories.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;From time to time, the Management of the Company and N&amp;#xFA;cleo decide to sell mobile handsets at prices lower than their respective costs. This strategy is aimed at achieving higher service revenues or at retention of high value customers by reducing customer access costs while maintaining the companies&amp;#x2019; overall mobile business profitability since the customer subscribes a monthly service contract for indefinite period with a minimum period of permanence and, if the contract is abandoned in advance, the mobile company has the right to cancel, totally or partially, the bonus granted to the customer at the beginning of the contractual relationship. For the estimation of the net realizable value in these cases the Company considers the estimated selling price in normal course of business less applicable variable selling expenses plus the expected margin from the service contract signed during its minimum non-cancelable term.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;i) PP&amp;amp;E&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;PP&amp;amp;E is stated at acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All other subsequent costs are recognized as expense in the period in which they are incurred, unless they are improvements. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;PP&amp;amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized in the statement of financial position under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related tangible assets in the Depreciation and amortization item line.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are annually reviewed. Changes in the above liability are recognized as an increase or decrease of the cost of the relative asset and are depreciated prospectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Depreciation of PP&amp;amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of the assets; the ranges of the estimated useful lives of the main PP&amp;amp;E are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 73.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Asset&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Estimated useful&lt;br /&gt;life (in years)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Buildings received from ENTel&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Buildings acquired subsequent to 11/8/90&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;2 &amp;#x2013; 5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;10 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Wireless network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;5 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;7 &amp;#x2013; 15&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Computer equipment and software&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;2 &amp;#x2013; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;j) Intangible assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets are recognized when the following conditions are met: the asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets with a finite useful life are stated at cost, less accumulated amortization and impairment losses, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets with an indefinite useful life are stated at cost, less accumulated impairment losses, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets comprise the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Subscriber acquisition costs (&amp;#x201C;SAC&amp;#x201D;)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Direct and incremental costs incurred for the acquisition of new subscribers are capitalized when the conditions for the recognition of an intangible asset are met.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The cost of acquiring broadband customers meets the conditions established by IFRS for its recognition as intangible asset. The amount of costs deferred is limited to the non-contingent part of the revenues generated by that subscriber. The costs above revenues are expensed when incurred.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Capitalized SAC related to the acquisition of broadband customers are amortized on a straight-line basis over the average period of the customer relationship.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The cost of acquiring postpaid and &amp;#x201C;cuentas claras&amp;#x201D; subscribers in mobile telephony meet the conditions established by IFRS for its recognition as intangible asset. In the event of early cancellation, grants the right to cancel bonuses granted at the beginning of the contractual relationship (i.e, equipment bonuses). SAC are mainly comprised of upfront commissions paid to third parties and, to a lower extent, of subsidies granted to customers on the sale of handsets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In all other cases, subscriber acquisition costs are expensed when incurred.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Capitalized SAC related to the acquisition of post-paid and &amp;#x201C;cuentas claras&amp;#x201D; subscribers are amortized on a straight-line basis over the term in which the customer must pay a cancellation charge, in case of early termination of the relationship.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Service connection or habilitation costs&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Direct costs incurred for connecting customers to the network are accounted for as intangible assets and then amortized over the term of the contract with the customer if required conditions are met. For indefinite period contracts, the deferral of these costs is limited to the amount of non contingent revenue from the customer and expensed over the average period life of the customer relationship. Costs exceeding that amount are expensed as incurred. Connection costs are generated mainly for the installation of fixed lines and amortized over an average period of 8 years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- 3G/4G licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As described in Note 2.i, it includes 3G and 4G frequencies awarded by the SC to Personal in November&amp;nbsp;2014 and June&amp;nbsp;2015. In accordance with Article&amp;nbsp;12 of the Auction Terms and Conditions they were granted for a period of 15 years as from the date of awarding notification. After this deadline, the Regulatory Authority may extend the term at Personal&amp;#xB4;s request. The extension of the term, the related cost and conditions shall be defined by the Regulatory Authority.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Consequently, the Company&amp;#x2019;s management has concluded that the 3G and 4G licenses have a finite useful life and therefore are amortized under the straight-line method over 180 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence of Section&amp;nbsp;4 (d)&amp;nbsp;of PEN Decree No.&amp;nbsp;1,340/16, which is described in Note 2.i), the remaining useful life of the frequencies included in lot 8 of the auction was re-estimated in 4Q16. It was considered that 700 Mhz bands would be released since May&amp;nbsp;2017 and, in compliance with the mentioned Decree, the period of 15 years from such date was computed. After that, such date was re-estimated being the effective day of release on April&amp;nbsp;2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- PCS license (Argentina)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company, based on an analysis of all of the relevant factors, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- PCS and Band B licenses (Paraguay)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;PCS license is amortized under the straight-line method over 60 months. These licenses were successively renewed for a period of 5 years, the amortization finalized during year 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, Band B license finished its amortization during year 2012.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June&amp;nbsp;2017, N&amp;#xFA;cleo required the renewal of this license. Before the expiration date, CONATEL issued, according with the telecommunications law, resolutions of temporary extensions which are valid for 90 days, with the possibility of one only extension for the same term.&amp;nbsp;&amp;nbsp;Therefore, it is expected to have the definitive renewal en the next months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Internet and data transmission license (Paraguay)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;N&amp;#xFA;cleo&amp;#x2019;s license 60 months amortization was finished in fiscal year 2016. However, on July&amp;nbsp;2017 CONATEL granted the Company with the renewal of such licenses.&amp;nbsp;&amp;nbsp;Therefore, the term of the license is extended until May&amp;nbsp;2021.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Rights of use&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company purchases network capacity under agreements which grant the exclusive right to use a specified amount of capacity for a specified period of time. Acquisition costs are capitalized as intangible assets and amortized over the terms of the respective capacity agreements, generally 180 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Exclusivity agreements&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Exclusivity agreements were entered into with certain retailers and third parties relating to the promotion of the Company&amp;#x2019;s services and products. Amounts capitalized are being amortized over the life of the agreements, with expiration up to financial year 2028.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;-&amp;nbsp;&amp;nbsp;Cubecorp &amp;#x2018;s Customer relationships&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Customer relationships identified as part of the purchase price allocation performed upon the acquisition of Cubecorp Argentina S.A. (a company engaged in data center business) in financial year 2008, are being amortized over the estimated duration of the relationship for customers in the data center business (180 months).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;-&amp;nbsp;&amp;nbsp;Tuves Paraguay&amp;#x2019;s Customer relationships&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It is related to the acquisition of Tuves Paraguay (see Note 3.e). It is amortized over the term of the relationship with the acquired customers, which is estimated in 78 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;-&amp;nbsp;&amp;nbsp;Goodwill&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It is related to the acquisition of Tuves Paraguay (see Note 3.e) measured as the difference between the fair value of the amount transferred less the fair value of the identified net assets. The goodwill has indefinite useful life and the impairment must be analyzed at least annually.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;k) Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Finance leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. The Company recognizes finance leases as assets and liabilities in its statements of financial position at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Subsequently, minimum lease payments are apportioned between a finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents, if any, are charged as expenses in the periods in which they are incurred.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The depreciation policy for depreciable leased assets is consistent with that for depreciable assets that are owned.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017 the Telecom Group hold finance leases which represents liabilities in the amount of $13. The total payable at these leases&amp;#x2019; maturity amounts to $13. PP&amp;amp;E related to these financial leases and several of the mentioned leases contracts characteristics as of December&amp;nbsp;31, 2017 are detailed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Book value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Lease term&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E &amp;#x2013; Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;3 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Accumulated depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(64)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Net carrying value as of December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:31.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.68%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Operating leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits under various non-cancellable operating leases that expire on various dates through 2035. Rental expenses are included under Interconnection costs and other telecommunication charges and Other operating expenses items lines in the consolidated income statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:16.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;l) Impairment of intangible assets and PP&amp;amp;E&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;At least annually, the Company assesses whether there are any indicators of impairment of assets that are subject to amortization. Both internal and external sources of information are used for this purpose. Internal sources include, among others, obsolescence or physical damage of the asset, and significant changes in the use of the asset and the economic performance of the asset compared to estimated performance. External sources include, among others, the market value of the asset, changes in technology, markets or laws, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of the Group over market capitalization.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be recognized in the statement of income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The recoverable value of an asset is the higher of its fair value less costs to sell and its value in use. In calculating the value in use, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs. The Company considers each legal entity of the Group as a cash-generating unit.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;When the conditions that gave rise to an impairment loss no longer exist, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, up to the carrying amount that would have been recorded if no impairment loss had been recognized. The reversal of an impairment loss is recognized as income in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets with an indefinite useful life (including intangible assets under development or not ready to use) are not subject to amortization and are tested at least annually for impairment. The only intangible asset with an indefinite useful life held by the Company as of December&amp;nbsp;31, 2017 and 2016 is the PCS license (Argentina), which is entirely allocated to the Personal Mobile Service operating segment. Its recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For the years presented, the Company estimates that does not exist indicators of impairment of assets that are subject to amortization, with the exception of those related to process of modernization and replacement of its mobile network access technology in the Argentine Republic and a group of longstanding work in progress.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The net effects of the constitution and recovery of the mentioned impairments are recorded under &amp;#x201C;Impairment of PP&amp;amp;E&amp;#x201D; line item. Additional information disclosed in Note 22.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;m) Other liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 21.3pt;text-indent: -21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Pension benefits&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Argentine laws provide for pension benefits to be paid to retired employees from government pension plans and/or privately managed fund plans to which employees may elect to contribute. Amounts payable to such plans are accounted for on an accrual basis. The Company does not sponsor any stock option plan.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pension benefits shown under Other liabilities represent benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service. There is no vested benefit obligation until the occurrence of those conditions. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The actuarial assumptions used are based on market interest rates, past experience and Management&amp;#x2019;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the following rates and salary ranges:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Discount rate (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;4.6% - 9.2%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;4.8% - 6.2%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;6.5% - 8.5%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Projected increase rate in compensation (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;8.0% - 16.3%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;8.0% - 22.5%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;12.0% - 26.8%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:100.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(1)&amp;nbsp;Represents estimates of real rate of interest rather than nominal rate in $.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(2)&amp;nbsp;In line with an estimated inflationary environment for the next three financial years.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 19.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additional information on pension benefits is provided in Note 16.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 21.3pt;text-indent: -21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Legal fee&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant to Law No.&amp;nbsp;26,476 - Tax Regularization Regime (&amp;#x201C;R&amp;#xE9;gimen de Regularizaci&amp;#xF3;n Impositiva Ley N&amp;#xBA; 26,476&amp;#x201D;), the Company is subject to a legal fee which shall be paid in twelve monthly consecutive installments without interest as from final judgment. It is carried at amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;n) Deferred revenues&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Deferred revenues include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Deferred revenues on prepaid calling cards&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. See Note 3.f. Revenues &amp;#x2013; Fixed telecommunication services and products and Mobile telecommunication services and products.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Deferred revenues on connection fees&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. See Note 3.f. Revenues &amp;#x2013; Fixed telecommunication services and products and Mobile telecommunication services and products.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Customer Loyalty Programs&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The fair value of the award credits regarding the Company and N&amp;#xFA;cleo&amp;#x2019;s customer loyalty program is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. See Note 3.f. Revenues &amp;#x2013; Mobile telecommunication services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Deferred revenue on sale of capacity and related services&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided. Those revenues are recorded under &amp;#x201C;Data&amp;#x201D; line item.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Deferred income for CONATEL&amp;#x2019;s government grants&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2010 and 2011, the CONATEL awarded to N&amp;#xFA;cleo public tenders for the expansion of the network infrastructure that provides a platform for access to mobile services and basic services in social interest areas in Paraguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Government grants are recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either in the statement of financial position as deferred income or as a reduction of the carrying amount of related asset. The Company elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets were recognized at the cost incurred by N&amp;#xFA;cleo in the construction of the engaged infrastructure and the government grant was accounted for as deferred income and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;o) Salaries and social security payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note 3.g.2) above for a description of the accounting policy regarding the measurement of financial liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;&amp;#x201C;prejubilaciones&amp;#x201D;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;). The employee&amp;#x2019;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;p) Taxes payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company is subject to different taxes and levies such as municipal taxes, tax on deposits to and withdrawals from bank accounts, turnover taxes, regulatory fees (including SU) and income taxes,&amp;nbsp;among others, that represent an expense for the Group. It is also subject to other taxes over its activities that generally do not represent an expense (internal taxes, VAT, ENARD tax).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The principal taxes that represent an expense for the Company are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Income taxes&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Income taxes are recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the year comprises current and deferred tax.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return). All income tax payments are made by each of the subsidiaries as required by the tax laws of the countries in which they operate. The Company records income taxes in accordance with IAS 12.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Deferred taxes are recognized using the &amp;#x201C;liability method&amp;#x201D;. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the consolidated financial statements.&amp;nbsp;&amp;nbsp;&amp;nbsp;A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries that generate a deferred income tax liability, where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Deferred tax assets relating to unused tax loss carry forwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets arising from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and when future taxable income would be sufficient to apply those temporary differences.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The book value of a deferred tax asset shall be revised at the end of every reporting period. The company shall reduce the carrying amount of a deferred tax asset if it is probable that future taxable income will not be available to offset the benefits of the deferred tax asset. This reduction shall be reassessed at each reporting period and reversed if it becomes probable that future taxable income to offset the deferred tax asset will be available.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The statutory income tax rate in Argentina was 35% for all years presented. Cash dividends received from a foreign subsidiary are computed on the statutory income tax rate. As per Argentinean Tax Law, income taxes paid abroad may be recognized as tax credits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;However, for the calculation of deferred tax as of December&amp;nbsp;31, 2017, Law No.27.430 (issued on December&amp;nbsp;29, 2017, see Section&amp;nbsp;at the end of Note 3.p) was considered as a reference.&amp;nbsp;&amp;nbsp;This law states a decrease from 35% to 30% in the income tax rate for companies for fiscal years started from January&amp;nbsp;1, 2018 to December&amp;nbsp;31, 2019; and a decrease to 25% for fiscal years started from January&amp;nbsp;1, 2020. Therefore, the company considered, following the statements of IAS 12, the periods in which temporary differences as of December&amp;nbsp;31, 2017, will be reversed to apply the proper tax rate in the calculation of deferred tax. The effect of changes in future rates of income tax was included as &amp;#x201C;Effect of changes in income tax rate&amp;#x201D; in the reconciliation between the amount charged in results and pre-tax income in Note 14.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The statutory income tax rate in Paraguay was 10% for all years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5% (this is the criterion used by N&amp;#xFA;cleo for the recording of its deferred tax assets and liabilities, representing an effective tax rate of 15%). However, the effect of the additional income tax rate according to the Argentine tax law in force on the undistributed profits of N&amp;#xFA;cleo is fully recognized as it is considered probable that those results will flow in the form of dividends.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The statutory income tax rate in the United States was 39.50% for the years ended December&amp;nbsp;31, 2017, 2016 and 2015.&amp;nbsp;&amp;nbsp;Since January&amp;nbsp;1, 2018, a new Income Tax Law is applicable in the United States, which modifies the flat rate to 21% changing the legal income tax rate from 39.5% to 26.5%. This change in the tax rate has a similar impact in deferred tax than the explained above regarding the changes in Argentina&amp;#x2019;s income tax rate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Turnover tax&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Under Argentine tax law, the Company is subject to a tax levied on revenues and other income. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (services and equipment). Average rates resulting from the turnover tax charge over the total revenues were approximately 5.4%, 5.3% and 5.2% for the years ended December&amp;nbsp;31, 2017, 2016 and 2015, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;- Other taxes and levies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.h). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues, excluding the SU tax and other deductions stated by regulations. The rate is 1% of total billed revenues and adopts the &amp;#x201C;pay or play&amp;#x201D; mechanism for compliance with the mandatory contribution to the SU fund.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;"&gt;Telecom Argentina&amp;#x2019;s declaration as proper taxpayer&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant to Law No.&amp;nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and comply with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina has already filed this request related to the payment of the tax on personal property&amp;#x2013; on behalf of Shareholders. As a consequence, Telecom Argentina recorded in 2017 the reversal of the current tax credit on personal property &amp;#x2013; on behalf of Shareholders and the corresponding liability that it had recorded as of December&amp;nbsp;31, 2016 which amounted to $8 and has discontinued recording such receivables and liabilities since January&amp;nbsp;1, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Likewise, Nortel and Sofora (companies absorbed by Telecom) filed such exemption.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Notwithstanding, it cannot be assured that in the future, Telecom Argentina can fulfill those requirements and maintain the referred exemption.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;"&gt;Tax reform and consensus on taxation &amp;#x2013; Laws No.&amp;nbsp;27,429, 27,430 and 27,432&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Tax reform&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;29, 2017, the PEN issued Law No.&amp;nbsp;27,430 which established a comprehensive reform of the tax system with effect beginning in fiscal year 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Among others, the law includes modifications in tax income in both corporate income tax and individual income tax, value added tax, internal taxes, social security contributions, tax procedure code and tax criminal procedure code.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The main changes with impact in corporate taxes are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Income Tax:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Modification of corporate income tax and withholding tax on dividends&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law decreases the corporate income tax rate from 35% to 30% for fiscal years starting January&amp;nbsp;1, 2018 to December&amp;nbsp;31, 2019, and to 25% for fiscal years starting January&amp;nbsp;1, 2020 and onwards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law also establishes a withholding tax on dividends at a 7% rate on profits accrued during fiscal years starting January&amp;nbsp;1, 2018 to December&amp;nbsp;31, 2019, and a 13% rate on profits accrued in fiscal years starting January&amp;nbsp;1, 2020 and onwards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Income of fiscal years closed until December&amp;nbsp;31, 2017 will not be subject to withholding tax at the moment of distribution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The new withholding tax rates apply to distributions made to shareholders qualifying either as resident individuals or nonresidents.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, the Law repeals the &amp;#x201C;equalization tax&amp;#x201D; (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) on income accrued from January&amp;nbsp;1, 2018 and onwards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Results derived from transfers of shares&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The effective tax rate applicable for individuals residents and non-residents is 15% (in case of non-residents its applicable over a presumed income equivalent to 90% of the transfer price). For local companies the applicable rate is 30% for both fiscal years 2018 and 2019, and 25% onwards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;However, in the case of individuals residing in Argentina, the results derived from transfers of shares are exempted from taxes to the extent that it is a placement through public offering authorized by the Argentine Securities Commission or that the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the Argentine Securities Commission.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The exemptions will only apply if the foreign beneficiaries do not reside in or the funds do not arise from &amp;#x201C;non-cooperating&amp;#x201D; jurisdictions. It also establishes an exemption for interest income and capital gains on the sale of negotiable obligations and share certificates issued abroad that represent shares issued by Argentine companies (ADRs).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Optional tax revaluation of assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The law established the revaluation of the cost of diverse assets &amp;#x2013;in case of disposal- and the revaluation of the deductible depreciation for all the acquisitions or investments since January&amp;nbsp;1, 2018 on the base of IPIM evolution from that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, the law establishes an option to revaluate for tax purposes their assets located in Argentina that generate taxable income. The revaluation option is applicable for the Company on the assets as of December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Under the Law, the new tax value of the assets will be determined by applying a &amp;#x201C;revaluation factor,&amp;#x201D; as established in the Law, to the tax value originally determined in each year or period of the asset&amp;#x2019;s acquisition or construction. In the case of immovable or movable property qualifying as fixed assets, the value may be determined by an independent appraiser under certain conditions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law imposes a one-time special tax on the amount of the revaluation. The applicable rate will vary depending on the assets revaluated:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Real estate (regarded as capital assets): 8%&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Real estate (regarded as inventories): 15%&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Shares, quotas and other participations in Argentine companies owned by resident individuals: 5%&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; All other assets (except inventories and cars, which may not be revaluated): 10%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:34.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The option must be exercised on all the taxpayer&amp;#x2019;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation is updated on the base of the variation of Internal Wholesale Price Index since January&amp;nbsp;1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law requires taxpayers that opt for the special revaluation regime to withdraw from any judicial or administrative process in which they are claiming, for tax purposes, an adjustment process of any kind regarding the period of the option, and those who started process in previous fiscal years must desist from making a new claim. (See Note 14 -Income tax &amp;#x2013; Actions for recourse filed with the Tax Authority).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The company is currently taking actions to evaluate the convenience of exercing this option. As of the date of issuance of these consolidated financial statements, the regulations hasn&amp;#x2019;t established the term in which the option can be exercised.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Internal Taxes and Tax Collection ENARD:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26%. In addition, the law provides for the repeal of the tax collection at source of the charge required by the ENARD.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, pursuant to Decree No.&amp;nbsp;979/2017, as from November&amp;nbsp;15, 2017, the effective internal tax rate that levies the sale of imported mobile phones and other wireless networks is reduced from 20.48% to 11.73%.&amp;nbsp;&amp;nbsp;Said rate, pursuant to Law No.&amp;nbsp;27,430, will decrease gradually until its complete phase out as from January&amp;nbsp;1, 2024. In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November&amp;nbsp;15, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Tax on deposits to and withdrawals from bank accounts:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant Law No 27.432&amp;nbsp;The National Executive Power may decide that the percentage of the tax that on the date of entry into force of this law is not computable as payment on account of income tax, will be progressively reduced by up to twenty percent (20%) per year as of January&amp;nbsp;1, 2018, and also may decide that, in 2022, the tax provided for in Law 25,413 and its amendments as a payment on account of income tax will be computed in full.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Social Security:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Law gradually reduces the percentage of employers&amp;#x2019; contributions to be paid by large companies from 21% to 19.5% in 2022.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It establishes a non-taxable base for calculating employers&amp;#x2019; contributions of $ 2,400 Argentine pesos for 2018, which will increase until reaching $12,000 Argentine pesos in 2022. The Law gradually phases out employers&amp;#x2019; contributions creditable against VAT.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Tax Consensus&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, on January&amp;nbsp;2, 2018, Law No.&amp;nbsp;27,429 - &amp;#x201C;Tax Consensus&amp;#x201D; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, the National Government, the Provinces and the Autonomous City of Buenos Aires agreed to fulfill certain commitments. Among the commitments regarding Turnover Tax undertaken by the Provinces, the most relevant are the immediate elimination of differential treatments based on the place of business or the location of the taxpayer&amp;#x2019;s establishment or the location where goods are manufactured and the establishment of exemptions and application of tax rates that shall not exceed those set for each activity and period under the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease until reaching 3% in 2022, and in the case of mobile telephone 7% in 2018, which will decrease until reaching 5% in 2022.) As to stamp tax rates, for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January&amp;nbsp;1, 2019, with a gradual decrease until its complete phase out as from January&amp;nbsp;1, 2022 and the repeal of all payroll taxes.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;q) Provisions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Group records provisions for risks and charges when it has a present obligation, legal or constructive, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as &amp;#x201C;Finance expenses&amp;#x201D;. Additional information is given in Note 17.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in Note 3.i) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;r) Dividends&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Dividends payable are reported as a change in equity in the year in which they are approved by the Shareholders&amp;#x2019; Meeting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;s) Finance income and expenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Finance income and expenses include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;interest accrued on the related financial assets and liabilities using the effective interest rate method;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
				&lt;font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
				&lt;font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;gains and losses on foreign exchange and financial instruments;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
				&lt;font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;other financial results.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;t) Treasury Shares Acquisition&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In connection with the Treasury Shares Acquisition Process described in Note 19 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &amp;#x201C;Treasury shares acquisition cost&amp;#x201D;. No profit or loss resulting from holding such instruments of own Equity shall be recognized in the income statement. If the treasury shares are sold, the account &amp;#x201C;Treasury shares acquisition cost&amp;#x201D; shall be recorded within Equity under the &amp;#x201C;Treasury shares negotiation premium&amp;#x201D; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &amp;#x201C;Treasury shares negotiation discount&amp;#x201D; caption.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;u)&amp;nbsp;&amp;nbsp;Cost of the increase of the share in controlled companies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March&amp;nbsp;31, 2017 the Board of Directors of Nortel approved the sale of the share in Personal (120,000 shares) to Telecom Argentina (that represented 0.008% of Telecom Personal) in an amount of $ 4, which were paid in April&amp;nbsp;2017.&amp;nbsp;&amp;nbsp;As a result, Telecom Argentina reached 100% of interest in Telecom Personal.&amp;nbsp;&amp;nbsp;Through this transaction, the difference between the purchase value and the investment acquired valued using the Equity Method ($ 3) was recorded in &amp;#x201C;Cost of the increase of the share in controlled companies&amp;#x201D; in the Equity attributable to controlling interest as of December&amp;nbsp;31, 2017, according with IFRS 10.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;v) Earnings per share&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (see Note 25).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;w) Use of estimates&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Financial statement item / area&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accounting estimates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;"&gt;
						&lt;font style="display:inline;font-size:3pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Revenue recognition is influenced by:&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;#x2022; the expected duration of the relationship with the customer for deferred revenues regarding upfront connection fees;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;#x2022; the estimation of traffic measures.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;"&gt;
						&lt;font style="display:inline;font-size:3pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Useful lives and residual value of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;PP&amp;amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. The Company periodically reviews, at least at each financial year-end, the estimated useful lives of its PP&amp;amp;E and amortizable intangible assets.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;"&gt;
						&lt;font style="display:inline;font-size:3pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Recoverability of PP&amp;amp;E and intangible assets with finite useful life&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;At least at every annual closing date, an assessment is made regarding whenever events or changes in circumstances indicate that PP&amp;amp;E and amortizing intangible assets may be impaired.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The recoverable amount is the higher of the fair value (less costs to sell) and its value in use. The identification of impairment indicators and the estimation of the value in use for assets (or groups of assets or cash generating units) require management to make significant judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on significant Management&amp;#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost,&amp;nbsp;etc.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;For the years presented the Company estimated that there are no indicators of impairment of assets that are subject to amortization, with the exception of those mentioned in the point l) of this note. However, changes in our current expectations and operating assumptions, including changes in our business strategy, technology, competition and changes in market conditions, could significantly impact these judgments and could require future adjustments to the recorded assets.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intangible assets with indefinite useful life&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The Telecom Group determined that Personal&amp;#x2019;s PCS license met the definition of an indefinite-lived intangible asset for the years presented and tests it annually for impairment. The recoverability assessment of an indefinite-lived intangible asset such as the PCS license and Tuves Paraguay&amp;#x2019;s Goodwill requires our Management to make assumptions about the future cash flows expected to be derived from such asset.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Such estimated cash flows are based on significant Management&amp;#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate,&amp;nbsp;etc. The discount rate used to determine the discounted cash flow is an annual US dollar rate of approximately 10.5%.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Our judgments regarding future cash flows may change due to future market conditions, business strategy, the evolution of technology and other factors. These changes, if any, may require adjustments to the carrying amount of the PCS license and Tuves Paraguay&amp;#x2019;s Goodwill.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Income taxes, recoverability assessment of deferred tax assets and other tax receivables&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Deferred income tax measuring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Income taxes (current and deferred) are calculated in each company of the Telecom Group according to a reasonable interpretation of the tax laws in effect in each jurisdiction where the companies operate. The recoverability assessment of deferred tax assets sometimes involves complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets takes into account the estimate of future taxable income based on the Company&amp;#x2019;s projections and on conservative tax planning.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The recoverability assessment of the tax receivable related to the actions of recourse filed by the Company&amp;#x2019;s related to income tax inflation adjustment (Note 14) is based on the existing legal arguments on this matter and the behavior of the National Tax Authority in revising the actions of recourse filed by the Company.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Since the change provided by Law No.&amp;nbsp;27,429, the corporate income tax rate decreases from 35% to 30% for fiscal years starting January&amp;nbsp;1, 2018 to December&amp;nbsp;31, 2019, and to 25% for fiscal years starting January&amp;nbsp;1, 2020 and onwards. Therefore, for the measuring of deferred tax, the fiscal year of future reversals of temporary differences that originate deferred tax/liability has been estimated, applying the income tax rate of each reversal period. The actual moment of the future income and tax deductions may differ from the estimated, and may produce impact in future income.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Receivables and payables valued at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long term receivables and payables. The estimated discount rate used to determine the discounted cash flow of non-current receivables is an annual rate in pesos of approximately 34% for year 2017. Additionally, a 13% annual U.S. dollars was used for discounting long term receivables denominated in U.S. dollars during 2017 and 2016, respectively. Discount rates for accounts receivables were 9.8% in both years and discount rates in Guaranies for loans were 8.83% and 9.42% for years 2017 and 2016, respectively.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The Company is subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory and other matters. In order to determine the proper level of provisions, Management assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. Internal and external legal counsels are consulted on these matters. A determination of the amount of provisions required, if any, is made after careful analysis of each individual issue. The determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in its method of resolving such matters, such as changes in settlement strategy.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Allowance for Doubtful Accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The recoverability of trade receivables is measured by considering the aging of the accounts receivable balances, the necessity or request of customers unsubscribe, historical write-offs, Public Sector and corporative customer creditworthiness and changes in the customer payment terms. If the financial condition of the customers were to deteriorate, the actual write-offs could be higher than expected.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the absence of a Standard or an Interpretation that specifically applies to a particular transaction, Management carefully considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of the Group, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be completed in all material respects.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;New Standards and Interpretations issued by the IASB not in force&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As required by IAS 8, the IFRS issued by the IASB not in force as of the date of these consolidated financial statements are reported below and briefly summarized. These standards have not been adopted by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;IFRS 15 (Revenue from Contracts with Customers)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In May&amp;nbsp;2014 the IASB issued IFRS 15. This IFRS applies to all revenue contracts (except for contracts that are within the scope of IAS 17, leases,&amp;nbsp;IFRS 4,&amp;nbsp;Insurance Contracts and IFRS 9, Financial&amp;nbsp;Instruments). IFRS 15 provides a single model for the recognition and measurement of revenues and replaces IAS 11,&amp;nbsp;IAS 18,&amp;nbsp;IFRIC 13,&amp;nbsp;IFRIC 15,&amp;nbsp;IFRIC 18 and SIC 31. It also establishes additional disclosure requirements and a 5-step model for revenue recognition, being the identified steps:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Identify the contract(s)&amp;nbsp;with a customer;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Identify the performance obligations in the contract;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 3)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Determine the transaction price;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 4)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Allocate the transaction price to the performance obligations in the contract; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 5)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Recognize revenue when (or as) the entity satisfies a performance obligation.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company will apply IFRS 15 using the modified retrospective approach, as it is permitted by that Standard.&amp;nbsp;&amp;nbsp;Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining services and equipments. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It is worth mentioning that in April&amp;nbsp;2016 amendments were made to IFRS 15, without changing the underlying principles of the standard, but clarifying them. The amendment provides the way of: 1) identifying a performance obligation, 2) determining whether a company is a principal or agent, and 3) determining whether license revenues must be recognized at a point in time or over time. In addition, the standard adds the following exemptions: (i)&amp;nbsp;extends the possibility of not applying the standard to the recognition of &amp;#x201C;complete contracts&amp;#x201D; to the date of transition and full contracts at the beginning of the oldest period presented; and (ii)&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;it allows to not retrospectively restate a contract in relation to the modifications that occur before the beginning of the earliest period presented, and shall instead reflect the aggregate effect, when the satisfied and unsatisfied performance obligations can be identified, and when the transaction price and its allocation can be determined&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 15 is effective from annual periods beginning on January&amp;nbsp;1, 2018. Earlier application is permitted.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company has concluded the analysis of the impact of the application of IFRS 15 and is currently measuring the effects. From that analysis resulted that IFRS 15 impacts are mainly related to contracts that include equipment revenues together with services in mobile services contracts (first sale of equipments or renewal of customer&amp;#x2019;s equipments together with postpaid and &amp;#x201C;abono fijo&amp;#x201D; services charges).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company is able to offer services as well as handsets (equipment) separately or together (it means selling the plan service with the handset).&amp;nbsp;&amp;nbsp;Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. Currently, this kind of contracts of joint selling is recorded applying the Residual Method.&amp;nbsp;&amp;nbsp;This method requires firstly, the identification of all the elements that compose the transaction and allocate to each of them, its own fair value. Under this method, the fair value of a transferred element, a handset in mobile services for example (it is not possible to allocate an specific price because the company usually sells that element at different prices depending on the plan service), is calculated as the difference between the full price of the contract subscribed with the customer and the fair value of those elements that is possible to allocate a fair value on an individual basis (in our case it would be the difference between the full price of the contract and the price of the plan service to determine the price of the handset).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;However, under the application of IFRS 15 the Residual Method is not allowed. The standard requires allocating the price to each performance obligation according to its proportional standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering a service term of 24 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;These amendments introduced by IFRS 15 will initially generate an early recognition of handset revenues that will have an impact on retained earnings (due to the partially retroactively application of the standard) with the recognition of contractual asset. Such increase is due to the fact that the discounts on&amp;nbsp;handsets will be allocated between the sale of handsets and the services. Before the application of this standard, such discount was only allocated to the sale of handsets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In view of the above mentioned, as from January&amp;nbsp;1, 2018, this standard will generate a reallocation of revenues, increasing equipment sales revenues and reducing the recognition of services revenues. It will cause the initial recognition of a contractual asset that will decrease to the extent service revenues are recognized, which will be fully derecognized in the 24th month (the stipulated contractual term).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The effect of the application of such method (determined based on the standalone selling price of each item) would generate a contractual asset of $781, which would be offset with an increase in deferred tax liabilities of $234 and an estimated increase in retained earnings as of January&amp;nbsp;1, 2018 in the amount of approximately $547 (net of income tax.)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;With regards to handset subsidies occasionally granted by the Company to new postpaid subscribers, Management believes that the capitalization of such costs will be discontinued under IFRS 15 in light of the interpretations of the new standard. On the other hand, Management believes that commissions paid for the acquisition of postpaid and &amp;#x201C;Cuentas Claras&amp;#x201D; customers in the Mobile Segment and broadband customers in the Fixed Segment will continue to be capitalized under IFRS 15, because these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the new standard.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The impact of not capitalizing handsets&amp;#x2019; subsidies in the retained earnings as of January&amp;nbsp;1, 2018 amounts to $48 (lower retained earnings of $68, net of income tax of $ 20).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amendments to IFRS 9 &amp;#x201C;Financial Instruments&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In July&amp;nbsp;2014, the IASB amended IFRS 9 &amp;#x201C;Financial Instruments&amp;#x201D;. The amendments incorporate: 1) a new classification of financial assets (valued at fair value through other comprehensive income); and 2) includes requirements related to the recognition of expected credit losses of financial assets removing the minimum requirements mentioned in IFRS 39 regarding the occurrence of events to recognize the losses and recognizing them at initial measurement if losses are expected.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Regarding the expected credit losses, according to IFRS 9 the Company must recognize such loss as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the expected credit losses of the credit.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For other financial instruments: the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&amp;#x2019;s credit risk so the lifetime expected credit losses must be recorded (expected credit losses for the full term of the financial instrument).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 9 is effective from annual periods beginning on January&amp;nbsp;1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The impact of the initial estimation of the expected credit losses related to trade receivables in retained earnings as of January&amp;nbsp;1, 2018, amounts to $357 (lower retained earnings of $482, net of income tax of $125).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amendments to IFRS 9 (Prepayment features with negative compensation)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;2017, the IASB amended IFRS 9.&amp;nbsp;&amp;nbsp;As a result, financial assets with negative compensation characteristics that could lead to reasonably negative compensation as of to the early end of a contract, can be measured at amortized cost or fair value with impact in other comprehensive income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The new standard is effective for fiscal years beginning on January&amp;nbsp;1, 2018. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;IFRS 16 (Leases)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In January&amp;nbsp;2016 IFRS 16 was issued.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This standard replaces IAS 17,&amp;nbsp;IFRIC 14 and SIC 15 and 27. The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated in this standard impact mainly on the lessees accounting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For a company having control of use of an identified asset it:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Must have the right to obtain substantially all the economic benefits of the identified assets and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Must have the right to direct the use of the identified asset.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The standard excludes short-term contracts (less than 12 months) and those in which the underlying asset has low value (as defined by the standard, low value should be defined by reference to a brand new asset rather than a used one or its net carrying amount).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The new standard is effective for fiscal years beginning on or after January&amp;nbsp;1, 2019. Earlier application is permitted for companies that have adopted IFRS 15. During 2017 the Company continued analyzing the impact that this new standard may have on the Group&amp;#x2019;s financial position, cash flows and results of operations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;IFRIC 22 (Foreign Currency Transactions and Advance Consideration)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;In December&amp;nbsp;2016 IFRIC 22 was issued.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;IFRIC 22 analyzes the accounting providing the exchange rate to apply for transactions that include the receipt or payment of an advance consideration. The interpretation concludes that the date of transaction that determines the exchange rate in the initial recognition of an asset, income or expense (or a part of it) is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration (If there is more than one payment or receipt of the advance consideration, the date of transaction is established for each payment or receipt of such advance consideration).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 22 is effective from annual periods beginning on January&amp;nbsp;1, 2018. The adoption of these amendments will not have significant impacts on the statements of financial position, results of operations or cash flows of the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;IFRIC 23 (Uncertainty over Income Tax Treatments)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;2017,&amp;nbsp;IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i)&amp;nbsp;if uncertain tax treatments must be assessed separately; (ii)&amp;nbsp;the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&amp;#x2019;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii)&amp;nbsp;how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment of the probability of occurrence); and (iv)&amp;nbsp;how the changes in facts and circumstances are considered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The new standard is effective for fiscal years beginning on January&amp;nbsp;1, 2019. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
  <ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:32.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Income tax payables (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,437
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,091
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Withholdings and payments in advance of income taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,695)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,372)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Law No.&amp;nbsp;26,476 Tax Regularization Regime (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Current income tax liability, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,748
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;724
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-bottom:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-bottom:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Law No.&amp;nbsp;26,476 Tax Regularization Regime (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Non-current Income tax liability&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(a)&amp;nbsp;Includes 3,678 for Income tax payable attributable to Telecom Personal as of November&amp;nbsp;30, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(b)&amp;nbsp;Tax liability valuated to its discount value at each time of valuation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory>
  <ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 84.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:30.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income&amp;nbsp;tax&amp;nbsp;assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:24.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Deferred&amp;nbsp;tax&amp;nbsp;liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt; As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Telecom&lt;br /&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Telecom&lt;br /&gt;USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;252
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;255
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;504
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;504
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Inventory&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Pension and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;162
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;162
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other deferred tax assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax assets&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,018
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,021
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(970)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(971)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cash dividends from foreign companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(*) (129)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(129)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(64)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(64)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile handsets financed sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(69)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(69)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Tuves Paraguay&amp;#xB4;s Deferred tax liabilities, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(***) (25)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(25)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax liabilities&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,168)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,169)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax (liability) asset, net&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(**) (150)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(148)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(****) (48)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(48)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Actions for recourse tax receivable&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;774
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;774
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total income tax assets&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;624
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;626
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:42.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Include 46 recorded in Other Comprehensive Income for the year ended December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(**)Include (3)&amp;nbsp;and (11) in Telecom Argentina y Personal, respectively, of temporary differences withdrawals related to the filing of the affidavit for the year 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(***) Originated in Tuves Paraguay acquisition.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(****) Include (2)&amp;nbsp;related to Currency translation adjustments on initial balances.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:27.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income tax assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:33.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Deferred tax liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Telecom&lt;br /&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Telecom&lt;br /&gt;USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;86
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;88
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;271
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;287
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;341
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;341
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Inventory&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Pension and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;139
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;139
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other deferred tax assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;771
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;774
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;540
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;570
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E and intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(560)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(560)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(789)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(789)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cash dividends from foreign companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(150)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(44)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(194)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile handsets financed sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(84)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(84)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other deferred tax liabilities, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(560)
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(560)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,095)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(44)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,139)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total deferred tax asset (liability), net &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;211
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;214
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(555)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14)
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(569)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Action for recourse tax receivable &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;466
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;466
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total income tax assets &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;677
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;680
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.18%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory>
  <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(c)&amp;nbsp;Balances with related parties&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Type of related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:18.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;CURRENT ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Banco Atlas S.A.(a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Editorial Azeta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:58.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;CURRENT LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Experta ART S.A. (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Haras El Capricho S.A. (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Telteco S.A. (c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Penta S.A (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Financial Debt &amp;#x2013; Notes (current and non-current)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;La Estrella Sociedad An&amp;#xF3;nima de Seguros de Retiro (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;172
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Experta ART S.A. (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;151
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;323
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:59.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(d)&amp;nbsp;Transactions with related parties and companies under sect. 33 of the LGS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 56.7pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Companies under sect. 33 of the LGS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Transaction&amp;nbsp;description&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:27.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Nortel&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Rental revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Direct parent Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:18.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:18.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 56.7pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Related parties&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Transaction description&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Type of related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="top" style="width:26.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;text-decoration:underline;"&gt;Services rendered&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 35.4pt;line-height:106.67%;text-indent: -35.4pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Editorial Azeta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Voice retail&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Banco Atlas S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Voice retail&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Penta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Voice retail&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:18.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total services rendered&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:06.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:06.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:18.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Transaction description&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Type of related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="top" style="width:26.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;text-decoration:underline;"&gt;Services received&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Editorial Azeta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Penta S.A. (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Rental&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Other related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total services received&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Such companies relate to ABC Telecommunications Group of Paraguay (Non-controlling shareholders&amp;#x2019; of N&amp;#xFA;cleo).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Such companies relate to W de Argentina &amp;#x2013; Inversiones S.A. until May&amp;nbsp;23, 2017.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (c)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Such company relates to a member of the Board of Directors appointed by W de Argentina &amp;#x2013; Inversiones S.A. until May&amp;nbsp;23, 2017.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember" unitRef="Unit12" decimals="-6">-1065000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">1065000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_ServiceConnectionOrHabilitationCostsMember" unitRef="Unit12" decimals="-6">-27000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_ServiceConnectionOrHabilitationCostsMember" unitRef="Unit12" decimals="-6">27000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">-145000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">-893000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">145000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">893000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember" unitRef="Unit12" decimals="-6">-1523000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">1535000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_RightsOfUseMember" unitRef="Unit12" decimals="-6">-29000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_ServiceConnectionOrHabilitationCostsMember" unitRef="Unit12" decimals="-6">-30000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_RightsOfUseMember" unitRef="Unit12" decimals="-6">41000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_ServiceConnectionOrHabilitationCostsMember" unitRef="Unit12" decimals="-6">30000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">-169000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">-1295000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">169000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">1295000000</ifrs-full:DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">1054000000</ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment>
  <ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">288000000</ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment>
  <ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_CommunicationAndNetworkEquipmentMember" unitRef="Unit12" decimals="-6">1000000</ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment>
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  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_RightsOfUseMember" unitRef="Unit12" decimals="-6">-2000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SoftwareDevelopedForInternalUseMember" unitRef="Unit12" decimals="-6">-35000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_PersonalCommunicationsServicePcsAndBandBParaguayMember" unitRef="Unit12" decimals="-6">177000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_RightsOfUseMember" unitRef="Unit12" decimals="-6">6000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SoftwareDevelopedForInternalUseMember" unitRef="Unit12" decimals="-6">35000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">-15000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">30000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember" unitRef="Unit12" decimals="-6">-272000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">300000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_PersonalCommunicationsServicePcsAndBandBParaguayMember" unitRef="Unit12" decimals="-6">-202000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_RightsOfUseMember" unitRef="Unit12" decimals="-6">-3000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SoftwareDevelopedForInternalUseMember" unitRef="Unit12" decimals="-6">-41000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full_CustomerrelatedIntangibleAssetsMember" unitRef="Unit12" decimals="-6">15000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_PersonalCommunicationsServicePcsAndBandBParaguayMember" unitRef="Unit12" decimals="-6">202000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_RightsOfUseMember" unitRef="Unit12" decimals="-6">7000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SoftwareDevelopedForInternalUseMember" unitRef="Unit12" decimals="-6">41000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">-26000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_SubscriberAcquisitionCostsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">35000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">1430000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_BuildingsMember" unitRef="Unit12" decimals="-6">4000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_CommunicationAndNetworkEquipmentMember" unitRef="Unit12" decimals="-6">-2000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_FixturesAndFittingsMember" unitRef="Unit12" decimals="-6">-7000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_LeaseholdImprovementsMember" unitRef="Unit12" decimals="-6">-28000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">-4000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_AssetRetirementObligationMember" unitRef="Unit12" decimals="-6">-3000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember" unitRef="Unit12" decimals="-6">-363000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_HandsetsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">-98000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_InstallationsMember" unitRef="Unit12" decimals="-6">-14000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">-147000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentMember" unitRef="Unit12" decimals="-6">-34000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">-1033000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">-211000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">-39000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TransmissionEquipmentMember" unitRef="Unit12" decimals="-6">-87000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_BuildingsMember" unitRef="Unit12" decimals="-6">11000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_CommunicationAndNetworkEquipmentMember" unitRef="Unit12" decimals="-6">3000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ConstructionInProgressMember" unitRef="Unit12" decimals="-6">22000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_FixturesAndFittingsMember" unitRef="Unit12" decimals="-6">9000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_LandMember" unitRef="Unit12" decimals="-6">2000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_LeaseholdImprovementsMember" unitRef="Unit12" decimals="-6">40000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">7000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_AssetRetirementObligationMember" unitRef="Unit12" decimals="-6">3000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember" unitRef="Unit12" decimals="-6">408000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_HandsetsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">99000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_InstallationsMember" unitRef="Unit12" decimals="-6">15000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">10000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">250000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentMember" unitRef="Unit12" decimals="-6">60000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">272000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">82000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TransmissionEquipmentMember" unitRef="Unit12" decimals="-6">147000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_BuildingsMember" unitRef="Unit12" decimals="-6">13000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_CommunicationAndNetworkEquipmentMember" unitRef="Unit12" decimals="-6">-3000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_FixturesAndFittingsMember" unitRef="Unit12" decimals="-6">-9000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_LeaseholdImprovementsMember" unitRef="Unit12" decimals="-6">-42000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">-4000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember" unitRef="Unit12" decimals="-6">-450000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_HandsetsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">-98000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_InstallationsMember" unitRef="Unit12" decimals="-6">-16000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">-226000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentMember" unitRef="Unit12" decimals="-6">-45000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">-1327000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">-282000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">-52000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TransmissionEquipmentMember" unitRef="Unit12" decimals="-6">-113000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_BuildingsMember" unitRef="Unit12" decimals="-6">12000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_CommunicationAndNetworkEquipmentMember" unitRef="Unit12" decimals="-6">3000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ConstructionInProgressMember" unitRef="Unit12" decimals="-6">25000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_FixturesAndFittingsMember" unitRef="Unit12" decimals="-6">11000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_LandMember" unitRef="Unit12" decimals="-6">2000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_LeaseholdImprovementsMember" unitRef="Unit12" decimals="-6">53000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">9000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember" unitRef="Unit12" decimals="-6">518000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_HandsetsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">97000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_InstallationsMember" unitRef="Unit12" decimals="-6">17000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">15000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">329000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentMember" unitRef="Unit12" decimals="-6">76000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">1775000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">331000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">103000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TransmissionEquipmentMember" unitRef="Unit12" decimals="-6">189000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="Duration_3_1_2017_To_3_31_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_teo_SoforaTelecomunicacionesS.a.Member_ifrs-full_CounterpartiesAxis_teo_ArgentinaInversionesS.a.Member" unitRef="Unit16" decimals="0">-8683596</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
  <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">27000000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_CommunicationAndNetworkEquipmentMember" unitRef="Unit12" decimals="-6">1000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">11000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember" unitRef="Unit12" decimals="-6">2000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_EquipmentLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">76000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ExternalWiringMember" unitRef="Unit12" decimals="-6">85000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_HandsetsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">115000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">324000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentMember" unitRef="Unit12" decimals="-6">2000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">703000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">52000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TransmissionEquipmentMember" unitRef="Unit12" decimals="-6">35000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_BuildingsMember" unitRef="Unit12" decimals="-6">95000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_CommunicationAndNetworkEquipmentMember" unitRef="Unit12" decimals="-6">37000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ConstructionInProgressMember" unitRef="Unit12" decimals="-6">-9090000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_FixturesAndFittingsMember" unitRef="Unit12" decimals="-6">26000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_LeaseholdImprovementsMember" unitRef="Unit12" decimals="-6">133000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember" unitRef="Unit12" decimals="-6">1304000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_EquipmentLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">3000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
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  <ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:36pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Maturity Date&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Trade&lt;br /&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Salaries and&lt;br /&gt;social&lt;br /&gt;security&lt;br /&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Other&lt;br /&gt;liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;319
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;January&amp;nbsp;2018 thru December&amp;nbsp;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,164
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,389
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,055
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;70
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16,678
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;January&amp;nbsp;2019 thru December&amp;nbsp;2019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,043
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;187
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,317
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;January&amp;nbsp;2020 thru December&amp;nbsp;2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,687
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,788
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;January&amp;nbsp;2021 and thereafter&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,984
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,036
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,599
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,103
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,345
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,138
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities>
  <ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 52.00%;margin-left:72.5pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Principal&amp;nbsp;nominal&lt;br /&gt;value&amp;nbsp;(in&amp;nbsp;million&amp;nbsp;of&lt;br /&gt;Guaran&amp;#xED;es)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amortization&lt;br /&gt;term&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:50.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Book&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;80,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;1.9 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;132&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;132&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;40,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;1.7 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;83&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;120,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;182&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;215&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">18016000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">16209000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">8648000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_teo_IfrsCashAndCashEquivalentsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">2831000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_teo_IfrsInvestmentsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">6082000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_teo_OtherReceivablesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">455000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_PastDueStatusAxis_teo_PastDueMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">1807000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">6841000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember_ifrs-full_PastDueStatusAxis_teo_PastDueMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">1807000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_teo_IfrsCashAndCashEquivalentsMember_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">2831000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_teo_IfrsInvestmentsMember_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">6082000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_teo_OtherReceivablesMember_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">455000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MinimumFinanceLeasePaymentsPayable contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">13000000</ifrs-full:MinimumFinanceLeasePaymentsPayable>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2015" unitRef="Unit12" decimals="-6">1357000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2015_ifrs-full_MaturityAxis_ifrs-full_LaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">31000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2015_ifrs-full_MaturityAxis_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">890000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2015_ifrs-full_MaturityAxis_ifrs-full_NotLaterThanOneYearMember" unitRef="Unit12" decimals="-6">436000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">1879000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2016_ifrs-full_MaturityAxis_ifrs-full_LaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">74000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2016_ifrs-full_MaturityAxis_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">1169000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2016_ifrs-full_MaturityAxis_ifrs-full_NotLaterThanOneYearMember" unitRef="Unit12" decimals="-6">636000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2009000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2017_ifrs-full_MaturityAxis_ifrs-full_LaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">143000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2017_ifrs-full_MaturityAxis_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">1185000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2017_ifrs-full_MaturityAxis_ifrs-full_NotLaterThanOneYearMember" unitRef="Unit12" decimals="-6">681000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:NetAssetsLiabilities contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">-9779000000</ifrs-full:NetAssetsLiabilities>
  <ifrs-full:NetAssetsLiabilities contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">-11037000000</ifrs-full:NetAssetsLiabilities>
  <ifrs-full:NetAssetsLiabilities contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit16" decimals="-6">-592000000</ifrs-full:NetAssetsLiabilities>
  <ifrs-full:NetAssetsLiabilities contextRef="As_Of_12_31_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_us-gaap_LitigationCaseAxis_teo_UniversalServiceFundPendingAdministrativeAppealsMember" unitRef="Unit12" decimals="-6">-799000000</ifrs-full:NetAssetsLiabilities>
  <ifrs-full:NetAssetsLiabilities contextRef="As_Of_12_31_2017_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_us-gaap_LitigationCaseAxis_teo_UniversalServiceFundPendingAdministrativeAppealsMember" unitRef="Unit12" decimals="-6">2925000000</ifrs-full:NetAssetsLiabilities>
  <ifrs-full:NetDeferredTaxAssets contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember" unitRef="Unit12" decimals="-6">214000000</ifrs-full:NetDeferredTaxAssets>
  <ifrs-full:NetDeferredTaxAssets contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember_us-gaap_ConsolidatedEntitiesAxis_teo_TelecomUsaMember" unitRef="Unit12" decimals="-6">3000000</ifrs-full:NetDeferredTaxAssets>
  <ifrs-full:NetDeferredTaxAssets contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember_us-gaap_ConsolidatedEntitiesAxis_us-gaap_ParentCompanyMember" unitRef="Unit12" decimals="-6">211000000</ifrs-full:NetDeferredTaxAssets>
  <ifrs-full:NetDeferredTaxAssets contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember_us-gaap_ConsolidatedEntitiesAxis_teo_TelecomUsaMember" unitRef="Unit12" decimals="-6">2000000</ifrs-full:NetDeferredTaxAssets>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">569000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_DeferredTaxLiabilitiesNetMember" unitRef="Unit12" decimals="-6">569000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_DeferredTaxLiabilitiesNetMember_us-gaap_ConsolidatedEntitiesAxis_teo_NucleoMember" unitRef="Unit12" decimals="-6">14000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_DeferredTaxLiabilitiesNetMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit12" decimals="-6">555000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">48000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_DeferredTaxLiabilitiesNetMember" unitRef="Unit12" decimals="-6">48000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember" unitRef="Unit12" decimals="-6">148000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_DeferredTaxLiabilitiesNetMember_us-gaap_ConsolidatedEntitiesAxis_teo_NucleoMember" unitRef="Unit12" decimals="-6">48000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember_us-gaap_ConsolidatedEntitiesAxis_us-gaap_ParentCompanyMember" unitRef="Unit12" decimals="-6">150000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_DeferredTaxLiabilitiesNetMember_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_ifrs-full_UnrealisedForeignExchangeGainsLossesMember_us-gaap_ConsolidatedEntitiesAxis_teo_NucleoMember" unitRef="Unit12" decimals="-6">2000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_DeferredTaxLiabilitiesNetMember_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit12" decimals="-6">11000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember_us-gaap_ConsolidatedEntitiesAxis_us-gaap_ParentCompanyMember" unitRef="Unit12" decimals="-6">3000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="As_Of_12_31_2016_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember" unitRef="Unit12" decimals="-6">7785000000</ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
  <ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="As_Of_12_31_2016_ifrs-full_ClassesOfFinancialAssetsAxis_teo_OtherReceivablesMember" unitRef="Unit12" decimals="-6">335000000</ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
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  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">7795000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">7535000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">260000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">91000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">7795000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">8215000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">663000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">7552000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">7446000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">106000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">663000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:RevenueFromSaleOfTelecommunicationEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">7552000000</ifrs-full:RevenueFromSaleOfTelecommunicationEquipment>
  <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">18000000</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
  <ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:32.15pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Financial debt&lt;br /&gt;currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Amount&lt;br /&gt;(in millions)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Effect&lt;br /&gt;(in millions)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;135
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;0.1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;871
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;0.9
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1.4
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;500
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9.3
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">2000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_EditorialAzetaS.a.Member" unitRef="Unit12" decimals="-6">2000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_FintechTelecomLLCMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit12" decimals="-6">352000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">5000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_EditorialAzetaS.a.Member" unitRef="Unit12" decimals="-6">3000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_PentaS.a.Member" unitRef="Unit12" decimals="-6">2000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit12" decimals="-6">153000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_FintechTelecomLLCMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit12" decimals="-6">72000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">6000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_EditorialAzetaS.a.Member" unitRef="Unit12" decimals="-6">3000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_PentaS.a.Member" unitRef="Unit12" decimals="-6">3000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:ServicesReceivedRelatedPartyTransactions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit12" decimals="-6">72000000</ifrs-full:ServicesReceivedRelatedPartyTransactions>
  <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates contextRef="As_Of_12_31_2015" unitRef="Unit1" decimals="INF">15221373</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
  <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates contextRef="As_Of_12_31_2016" unitRef="Unit1" decimals="INF">15221373</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
  <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates contextRef="As_Of_12_31_2017" unitRef="Unit1" decimals="INF">15221373</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
  <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassBOrdinarySharesMember" unitRef="Unit1" decimals="INF">15221373</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
  <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates contextRef="As_Of_12_31_2017_ifrs-full_ComponentsOfEquityAxis_teo_TreasurySharesCapitalNominalValueMember" unitRef="Unit1" decimals="INF">15221373</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
  <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates contextRef="As_Of_1_1_2018_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_MajorOrdinaryShareTransactionsMember" unitRef="Unit1" decimals="INF">15221373</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
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  <teo:AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_LegalProceedingsProvisionMember" unitRef="Unit12" decimals="-6">53000000</teo:AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions>
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  <teo:AdjustmentsForNetIncreaseDecreaseInAssets contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-3592000000</teo:AdjustmentsForNetIncreaseDecreaseInAssets>
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  <teo:AdvertisingExpenseFairsAndExhibitions contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">137000000</teo:AdvertisingExpenseFairsAndExhibitions>
  <teo:AdvertisingExpenseFairsAndExhibitions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">176000000</teo:AdvertisingExpenseFairsAndExhibitions>
  <teo:AdvertisingExpenseFairsAndExhibitions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">264000000</teo:AdvertisingExpenseFairsAndExhibitions>
  <teo:AdvertisingExpenseMedia contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">524000000</teo:AdvertisingExpenseMedia>
  <teo:AdvertisingExpenseMedia contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">527000000</teo:AdvertisingExpenseMedia>
  <teo:AdvertisingExpenseMedia contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">769000000</teo:AdvertisingExpenseMedia>
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  <teo:AdvertisingExpenseOther contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">171000000</teo:AdvertisingExpenseOther>
  <teo:AdvertisingExpenseOther contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">185000000</teo:AdvertisingExpenseOther>
  <teo:AgentCommissions contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">385000000</teo:AgentCommissions>
  <teo:AgentCommissions contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">149000000</teo:AgentCommissions>
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  <teo:AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember" unitRef="Unit12" decimals="-6">-6000000</teo:AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority>
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  <teo:AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">338000000</teo:AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets>
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  <teo:AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1045000000</teo:AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts>
  <teo:AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1474000000</teo:AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts>
  <teo:AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1524000000</teo:AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts>
  <teo:AmortizationOnOtherIntangibleAssets contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">23000000</teo:AmortizationOnOtherIntangibleAssets>
  <teo:AmortizationOnOtherIntangibleAssets contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">28000000</teo:AmortizationOnOtherIntangibleAssets>
  <teo:AmortizationOnOtherIntangibleAssets contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">40000000</teo:AmortizationOnOtherIntangibleAssets>
  <teo:AmountDueFromCounterParty contextRef="Duration_10_1_2015_To_10_31_2015_teo_ProjectAxis_teo_AfaPlusProjectMember" unitRef="Unit12" decimals="-5">179200000</teo:AmountDueFromCounterParty>
  <teo:AuctionedFrequencyBandsUsagePeriod contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8314Member">P15Y</teo:AuctionedFrequencyBandsUsagePeriod>
  <teo:AveragePeriodOfCustomerRelationship contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ProductsAndServicesAxis_teo_FixedTelecommunicationServicesAndProductsMember">P8Y</teo:AveragePeriodOfCustomerRelationship>
  <teo:AverageTurnoverTaxRate contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="3">0.052</teo:AverageTurnoverTaxRate>
  <teo:AverageTurnoverTaxRate contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="3">0.053</teo:AverageTurnoverTaxRate>
  <teo:AverageTurnoverTaxRate contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="3">0.054</teo:AverageTurnoverTaxRate>
  <teo:BalanceAmountPaidForFrequencyBand contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8314Member" unitRef="Unit16" decimals="-5">247300000</teo:BalanceAmountPaidForFrequencyBand>
  <teo:BoardOfDirectorsCompensationEstimatedCompensation contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-5">49800000</teo:BoardOfDirectorsCompensationEstimatedCompensation>
  <teo:BondsAtAmortizedCost contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">604000000</teo:BondsAtAmortizedCost>
  <teo:BondsAtFairValue contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">1263000000</teo:BondsAtFairValue>
  <teo:BonusesPayableNonCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">40000000</teo:BonusesPayableNonCurrent>
  <teo:BonusesPayableNonCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">99000000</teo:BonusesPayableNonCurrent>
  <teo:CallCenterFees contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1297000000</teo:CallCenterFees>
  <teo:CallCenterFees contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1428000000</teo:CallCenterFees>
  <teo:CallCenterFees contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1999000000</teo:CallCenterFees>
  <teo:CancellationOfSubBandAuctionPrice contextRef="As_Of_2_27_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_teo_LicenseAcquisitionMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember" unitRef="Unit16" decimals="-6">9000000</teo:CancellationOfSubBandAuctionPrice>
  <teo:CapacityRentalDeferredIncomeCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">41000000</teo:CapacityRentalDeferredIncomeCurrent>
  <teo:CapacityRentalDeferredIncomeCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">32000000</teo:CapacityRentalDeferredIncomeCurrent>
  <teo:CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">53000000</teo:CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts>
  <teo:CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">45000000</teo:CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts>
  <teo:CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">35000000</teo:CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts>
  <teo:CapitalExpendituresMaterialsTransferredToPlantAndEquipment contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1062000000</teo:CapitalExpendituresMaterialsTransferredToPlantAndEquipment>
  <teo:CapitalExpendituresMaterialsTransferredToPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">474000000</teo:CapitalExpendituresMaterialsTransferredToPlantAndEquipment>
  <teo:CapitalExpendituresMaterialsTransferredToPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1433000000</teo:CapitalExpendituresMaterialsTransferredToPlantAndEquipment>
  <teo:CapitalExpendituresPropertyPlantAndEquipment contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">6396000000</teo:CapitalExpendituresPropertyPlantAndEquipment>
  <teo:CapitalExpendituresPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">9632000000</teo:CapitalExpendituresPropertyPlantAndEquipment>
  <teo:CapitalExpendituresPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">9905000000</teo:CapitalExpendituresPropertyPlantAndEquipment>
  <teo:CapitalizedTradeReceivablesOffsettingOnAcquisition contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">149000000</teo:CapitalizedTradeReceivablesOffsettingOnAcquisition>
  <teo:CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">98438098</teo:CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares>
  <teo:CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit14" decimals="2">0.10</teo:CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage>
  <teo:CashAndCashEquivalentsRelatedPartyTransactions contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">2000000</teo:CashAndCashEquivalentsRelatedPartyTransactions>
  <teo:CashAndCashEquivalentsRelatedPartyTransactions contextRef="As_Of_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_BancoAtlasS.a.Member" unitRef="Unit12" decimals="-6">2000000</teo:CashAndCashEquivalentsRelatedPartyTransactions>
  <teo:CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">2000000</teo:CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
  <teo:CashPaymentsInOperatingActivities contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">36333000000</teo:CashPaymentsInOperatingActivities>
  <teo:CashPaymentsInOperatingActivities contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">45873000000</teo:CashPaymentsInOperatingActivities>
  <teo:CashPaymentsInOperatingActivities contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">54495000000</teo:CashPaymentsInOperatingActivities>
  <teo:CashReceiptsFromOperatingActivities contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">43145000000</teo:CashReceiptsFromOperatingActivities>
  <teo:CashReceiptsFromOperatingActivities contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">57238000000</teo:CashReceiptsFromOperatingActivities>
  <teo:CashReceiptsFromOperatingActivities contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">73827000000</teo:CashReceiptsFromOperatingActivities>
  <teo:ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits contextRef="Duration_6_3_2013_To_6_3_2013_ifrs-full_ClassesOfContingentLiabilitiesAxis_teo_LaborProceedingsContingentLiabilityMember" unitRef="Unit111" decimals="INF">4</teo:ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits>
  <teo:ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished contextRef="Duration_10_30_2013_To_10_30_2013_ifrs-full_ClassesOfContingentLiabilitiesAxis_teo_LaborProceedingsContingentLiabilityMember">P10Y</teo:ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished>
  <teo:ClosingForeignExchangeRateAssets contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_currency_EUR" unitRef="Unit112" decimals="3">16.625</teo:ClosingForeignExchangeRateAssets>
  <teo:ClosingForeignExchangeRateAssets contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_currency_USD" unitRef="Unit17" decimals="3">15.790</teo:ClosingForeignExchangeRateAssets>
  <teo:ClosingForeignExchangeRateAssets contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_teo_GuaraniesMember" unitRef="Unit113" decimals="3">0.003</teo:ClosingForeignExchangeRateAssets>
  <teo:ClosingForeignExchangeRateAssets contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_currency_EUR" unitRef="Unit112" decimals="3">22.283</teo:ClosingForeignExchangeRateAssets>
  <teo:ClosingForeignExchangeRateAssets contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_currency_USD" unitRef="Unit17" decimals="3">18.549</teo:ClosingForeignExchangeRateAssets>
  <teo:ClosingForeignExchangeRateAssets contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_teo_GuaraniesMember" unitRef="Unit113" decimals="3">0.003</teo:ClosingForeignExchangeRateAssets>
  <teo:ClosingForeignExchangeRateLiabilities contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_currency_EUR" unitRef="Unit112" decimals="3">16.770</teo:ClosingForeignExchangeRateLiabilities>
  <teo:ClosingForeignExchangeRateLiabilities contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_currency_USD" unitRef="Unit17" decimals="3">15.890</teo:ClosingForeignExchangeRateLiabilities>
  <teo:ClosingForeignExchangeRateLiabilities contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_teo_GuaraniesMember" unitRef="Unit113" decimals="3">0.003</teo:ClosingForeignExchangeRateLiabilities>
  <teo:ClosingForeignExchangeRateLiabilities contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_currency_EUR" unitRef="Unit112" decimals="3">22.450</teo:ClosingForeignExchangeRateLiabilities>
  <teo:ClosingForeignExchangeRateLiabilities contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_currency_USD" unitRef="Unit17" decimals="3">18.649</teo:ClosingForeignExchangeRateLiabilities>
  <teo:ClosingForeignExchangeRateLiabilities contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember_us-gaap_CurrencyAxis_teo_GuaraniesMember" unitRef="Unit113" decimals="3">0.003</teo:ClosingForeignExchangeRateLiabilities>
  <teo:CommissionExpenseAgent contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">2659000000</teo:CommissionExpenseAgent>
  <teo:CommissionExpenseAgent contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">3078000000</teo:CommissionExpenseAgent>
  <teo:CommissionExpenseAgent contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">2602000000</teo:CommissionExpenseAgent>
  <teo:CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1172000000</teo:CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts>
  <teo:CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1403000000</teo:CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts>
  <teo:CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">986000000</teo:CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts>
  <teo:CommissionExpenseCollection contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">983000000</teo:CommissionExpenseCollection>
  <teo:CommissionExpenseCollection contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1295000000</teo:CommissionExpenseCollection>
  <teo:CommissionExpenseCollection contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1147000000</teo:CommissionExpenseCollection>
  <teo:CommissionExpenseDistributionOfPrepaidCards contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">635000000</teo:CommissionExpenseDistributionOfPrepaidCards>
  <teo:CommissionExpenseDistributionOfPrepaidCards contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">763000000</teo:CommissionExpenseDistributionOfPrepaidCards>
  <teo:CommissionExpenseDistributionOfPrepaidCards contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">842000000</teo:CommissionExpenseDistributionOfPrepaidCards>
  <teo:CommitmentPeriodForDistributionOfWhitePages contextRef="Duration_4_12_2007_To_4_12_2007_ifrs-full_CounterpartiesAxis_teo_PublicomS.a.Member">P20Y</teo:CommitmentPeriodForDistributionOfWhitePages>
  <teo:CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages contextRef="Duration_4_12_2007_To_4_12_2007_ifrs-full_CounterpartiesAxis_teo_PublicomS.a.Member">P20Y</teo:CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages>
  <teo:CommitmentPeriodForPublishingAndPrintingOfWhitePages contextRef="Duration_4_12_2007_To_4_12_2007_ifrs-full_CounterpartiesAxis_teo_PublicomS.a.Member">P5Y</teo:CommitmentPeriodForPublishingAndPrintingOfWhitePages>
  <teo:CommonStockVotingRightsNumber contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit114" decimals="INF">1</teo:CommonStockVotingRightsNumber>
  <teo:CommunicationExpenseChargesForRoaming contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">374000000</teo:CommunicationExpenseChargesForRoaming>
  <teo:CommunicationExpenseChargesForRoaming contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">414000000</teo:CommunicationExpenseChargesForRoaming>
  <teo:CommunicationExpenseChargesForRoaming contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">348000000</teo:CommunicationExpenseChargesForRoaming>
  <teo:CommunicationExpenseChargesForTermination contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">941000000</teo:CommunicationExpenseChargesForTermination>
  <teo:CommunicationExpenseChargesForTermination contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">965000000</teo:CommunicationExpenseChargesForTermination>
  <teo:CommunicationExpenseChargesForTermination contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1552000000</teo:CommunicationExpenseChargesForTermination>
  <teo:CommunicationExpenseCostOfInternationalOutboundCalls contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">192000000</teo:CommunicationExpenseCostOfInternationalOutboundCalls>
  <teo:CommunicationExpenseCostOfInternationalOutboundCalls contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">268000000</teo:CommunicationExpenseCostOfInternationalOutboundCalls>
  <teo:CommunicationExpenseCostOfInternationalOutboundCalls contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">272000000</teo:CommunicationExpenseCostOfInternationalOutboundCalls>
  <teo:CommunicationExpenseFixedTelephonyInterconnectionCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">327000000</teo:CommunicationExpenseFixedTelephonyInterconnectionCosts>
  <teo:CommunicationExpenseFixedTelephonyInterconnectionCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">445000000</teo:CommunicationExpenseFixedTelephonyInterconnectionCosts>
  <teo:CommunicationExpenseFixedTelephonyInterconnectionCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">486000000</teo:CommunicationExpenseFixedTelephonyInterconnectionCosts>
  <teo:CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">336000000</teo:CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork>
  <teo:CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">461000000</teo:CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork>
  <teo:CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">490000000</teo:CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork>
  <teo:CompensationProposedForInvestmentAndExpenditure contextRef="Duration_2_1_2015_To_2_28_2015_teo_ProjectAxis_teo_AfaPlusProjectMember" unitRef="Unit16" decimals="-5">12500000</teo:CompensationProposedForInvestmentAndExpenditure>
  <teo:CompensationReceivedForServicesProvidedAndWorkPerformed contextRef="Duration_1_1_2017_To_12_31_2017_teo_ProjectAxis_teo_AfaPlusProjectMember" unitRef="Unit12" decimals="-6">0</teo:CompensationReceivedForServicesProvidedAndWorkPerformed>
  <teo:ConcessionPeriodNotified contextRef="Duration_8_8_2017_To_8_8_2017">P15D</teo:ConcessionPeriodNotified>
  <teo:ConnectionFeesDeferredIncomeCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">35000000</teo:ConnectionFeesDeferredIncomeCurrent>
  <teo:ConnectionFeesDeferredIncomeCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">36000000</teo:ConnectionFeesDeferredIncomeCurrent>
  <teo:ConnectionFeesDeferredIncomeNoncurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">87000000</teo:ConnectionFeesDeferredIncomeNoncurrent>
  <teo:ConnectionFeesDeferredIncomeNoncurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">82000000</teo:ConnectionFeesDeferredIncomeNoncurrent>
  <teo:ConstructionProjectsDeferredIncomeCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">48000000</teo:ConstructionProjectsDeferredIncomeCurrent>
  <teo:ContractTerm contextRef="Duration_8_1_2011_To_8_31_2011_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember_teo_CommitmentsAxis_teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember">P6M</teo:ContractTerm>
  <teo:ContractTerm contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember">P60M</teo:ContractTerm>
  <teo:ContributionsMadeToTelecommunicationsFund contextRef="Duration_11_1_2003_To_11_30_2003" unitRef="Unit12" decimals="-5">1500000</teo:ContributionsMadeToTelecommunicationsFund>
  <teo:ContributionToSuFundPercentageOfTotalAccruedRevenues contextRef="Duration_12_1_2014_To_12_31_2014_teo_IfrsTypeOfArrangementAxis_teo_IctServicesLicenseAgreementMember_us-gaap_ConsolidatedEntitiesAxis_us-gaap_ParentCompanyMember" unitRef="Unit14" decimals="INF">0.01</teo:ContributionToSuFundPercentageOfTotalAccruedRevenues>
  <teo:ContributionToSuFundPercentageOfTotalAccruedRevenues contextRef="Duration_12_1_2014_To_12_31_2014_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_IfrsTypeOfArrangementAxis_teo_IctServicesLicenseAgreementMember_us-gaap_ConsolidatedEntitiesAxis_us-gaap_ParentCompanyMember" unitRef="Unit14" decimals="INF">0.01</teo:ContributionToSuFundPercentageOfTotalAccruedRevenues>
  <teo:ContributionToSuFundPercentageOfTotalAccruedRevenues contextRef="Duration_5_31_2016_To_5_31_2016_teo_IfrsTypeOfArrangementAxis_teo_IctServicesLicenseAgreementMember" unitRef="Unit14" decimals="INF">0.01</teo:ContributionToSuFundPercentageOfTotalAccruedRevenues>
  <teo:CorporateReorganizationTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 31 &amp;#x2013; Corporate Reorganization of the Telecom Group and its controlling companies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;1) Amortization of Sofora shares&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In March&amp;nbsp;2017, WAI offered to Sofora and Sofora accepted, with the consent of Fintech (the controlling shareholder of Sofora), an offer to amortize in two tranches all of the 140,704,640 shares issued by Sofora and owned by WAI, according to the provisions of Sections 223 and 228 of the LGS. As a result of the amortization, Sofora agreed to pay WAI an amount equal to the par value of WAI&amp;#x2019;s shares of capital stock issued by Sofora, such amount being equivalent to $140,704,640 pesos, and issue in the name of WAI one or more dividend certificates (Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; &amp;#x201C;Bono de Goce&amp;#x201D;) evidencing WAI&amp;#x2019;s rights to dividends up to an aggregate amount of US$ 470 million minus the amounts paid to amortize the shares of Sofora owned by WAI (equivalent to US$ 8,683,596).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On May&amp;nbsp;23, 2017 the first tranche of the ordinary shares of Sofora owned by WAI (74,749,340 ordinary shares), representing 17% of Sofora&amp;#x2019;s capital stock was amortized. As a result of the mentioned amortization:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; i.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:20pt;"&gt;&lt;p style="width:20pt;width:20pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Sofora paid $74,749,340 pesos to WAI and issued a Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Bono de Goce on behalf of WAI which granted them the right to dividends in the amount of US$ 245,036,017, and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; ii.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:20pt;"&gt;&lt;p style="width:20pt;width:20pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The members and alternate members of the Board of Directors and of the Supervisory Committee of Telecom Argentina, Personal, Nortel and Sofora appointed by WAI presented their resignations. In the case of Telecom Argentina, the General Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting held on May&amp;nbsp;23, 2017, in its second tranche of deliberations held on June&amp;nbsp;6, 2017, appointed two directors, two alternate directors, one member of the Supervisory Committee and one alternate member of the Supervisory Committee to complete the term of duties of the resigning members and alternate members of the Board of Directors and of the Supervisory Committee of Telecom Argentina.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a result of obtaining one of the authorizations of ENACOM in the context of the Reorganization of the Telecom Group mentioned in 2) of this Note, on June&amp;nbsp;22, 2017, the second tranche of the ordinary shares of Sofora owned by WAI (65,955,300 shares) representing 15 % of Sofora&amp;#x2019;s capital stock before the first tranche of ordinary shares amortization, was amortized. As a result of this amortization, Sofora paid $65,955,300 pesos to WAI and issued an additional Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Bono de Goce on behalf of WAI which granted them the right to dividends in the amount of US$ 216,280,387.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The principal terms and conditions of each Bono de Goce provide that: (i)&amp;nbsp;dividend payments of up to the maximum amount under the Bono de Goce will be made only if and when Sofora resolves to pay a dividend, (ii)&amp;nbsp;dividend payments made by Sofora shall be paid to the holder of the Bono de Goce with priority over all other shareholders of Sofora, (iii)&amp;nbsp;all dividends to be paid under the Bono de Goce will be paid by Sofora with liquid and realized profits, (iv)&amp;nbsp;the maximum amount of dividends to be collected under the Bono de Goce shall accrete every year on June&amp;nbsp;1 on the amount of dividends that remain unpaid by Sofora as of May&amp;nbsp;31 of the relevant year at a 2% annually, (v)&amp;nbsp;Sofora has a right to redeem the Bono de Goce at any time after the later of 36 months from the date of issuance or the payment of 60% of the maximum amount of dividends under the Bono de Goce and, whatever occur at last (vi)&amp;nbsp;in the event that Sofora is absorbed by another continuing company of Sofora&amp;#x2019;s activities, the preference of the Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Bono de Goce will remain only in respect of those shares of the continuing company that Sofora&amp;#x2019;s shareholders receive according to the expected exchange ratio of the Reorganization, so that this preference does not affect the other shareholders of the absorbing company, meaning that, in the case of the reorganization mentioned in this Note (the &amp;#x201C;Telecom Group&amp;#x2019;s Reorganization&amp;#x201D;), the preference for the Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Bono de Goce will only be verified with respect to the Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Shares of Telecom Argentina that receives Fintech and will not affect the Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Shares or Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; Shares of Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Considering that the Reorganization of the Telecom Group is consummated, Telecom Argentina assumed all the rights and obligations of Sofora as issuer of the Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Bonos de Goce. In no event shall the dividend rights under the Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Bonos de Goce affect the dividend rights of holders of Telecom Argentina Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; or Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; Shares or any other class of shares.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;2) The Telecom Group&amp;#x2019;s Reorganization&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March&amp;nbsp;31, 2017, each of the Board of Directors of Sofora, Personal and Nortel and Telecom Argentina approved a preliminary reorganization agreement (the &amp;#x201C;Preliminary Reorganization Agreement&amp;#x201D;). Under the terms of the Preliminary Reorganization Agreement, Telecom Argentina will absorb Nortel, Sofora and Personal according to the provisions of sections 82 and 83 of the LGS.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina&amp;#x2019;s and Personal&amp;#x2019;s General Ordinary and Extraordinary Shareholders&amp;#x2019; Meetings held on May&amp;nbsp;23, 2017, and Nortel&amp;#x2019;s and Sofora&amp;#x2019;s General Extraordinary Shareholders&amp;#x2019; Meeting held on May&amp;nbsp;22, 2017 approved the Telecom Group&amp;#x2019;s Reorganization jointly with the following documents:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; i.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Special-purpose unconsolidated financial statements of their respective companies as of December&amp;nbsp;31, 2016;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; ii.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Special-purpose combined financial statements of Sofora, Nortel, Telecom Argentina y Telecom Personal as of December&amp;nbsp;31, 2016;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; iii.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The corresponding preliminary reorganization agreement approved on March&amp;nbsp;31, 2017.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, the mentioned Telecom Argentina&amp;#x2019;s General Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting approved:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;i.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the conversion of up to 161,039,447 Class&amp;nbsp;A Ordinary Shares, par value $1 entitled to one vote per share into equal Class&amp;nbsp;B Ordinary Shares, par value $1 and entitled to one vote per share to be delivered to Nortel&amp;#x2019;s Preferred Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Shares holders, as explained in Section&amp;nbsp;4th of the related preliminary reorganization agreement (the conversion was effective on December&amp;nbsp;15, 2017); and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;ii.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the amendment of the following sections of the Bylaws:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Section&amp;nbsp;4&amp;#xB0;: to establish a dynamic conversion procedure for the shares representing capital stock from one Class&amp;nbsp;to the other with equal political and equity rights; and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;b.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Section&amp;nbsp;5&amp;#xB0;: to allow the total or partial amortization of integrated shares according to the provisions of Section&amp;nbsp;223 of LGS and allow the issuance of Bonos de Goce according to the provisions of Section&amp;nbsp;228 on the mentioned Law.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;iii.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The removal of Section&amp;nbsp;9&amp;#xB0; of the Bylaws, which includes limitations for transferring Class&amp;nbsp;&amp;#x201C;A&amp;#x201D;&amp;nbsp;&amp;nbsp;Shares,&amp;nbsp;&amp;nbsp;&amp;nbsp;which is effective since the authorization of the ENACOM of the Nortel&amp;#x2019;s dissolution related to the Reorganization of the Telecom Group and the distribution to holders of Nortel&amp;#x2019;s Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Preferred Shares of a portion of Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Shares of Telecom Argentina through its conversion to Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Shares in accordance to the provisions of the corresponding preliminary reorganization agreement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, the amendment of the bylaws mentioned in items ii) and iii) above is in process of registration.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;At least, Personal&amp;#x2019;s, Nortel&amp;#x2019;s and Sofora&amp;#x2019;s Shareholders&amp;#x2019; Meeting approved the dissolution without liquidation of such companies in accordance with Section&amp;nbsp;94, item 7 of the LGS as a consequence of their incorporation to Telecom Argentina through the Telecom Group&amp;#x2019;s Reorganization.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The companies involved requested ENACOM the following authorizations provided for in the previous reorganization agreement:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a) ENACOM authorization for releasing the shares that comprised the second amortization tranche of Sofora&amp;#x2019;s ordinary shares (owned by WAI representing 15% of Sofora&amp;#x2019;s capital stock) of the allocation to the main core of shares of the investment consortium for the acquisition, in the process of privatization of ENTel, of the Sociedad Licenciataria Norte (currently Telecom Argentina) pursuant to the provisions of Decree No.&amp;nbsp;62/90 issued on January&amp;nbsp;5, 1990 and the terms of such privatization and Resolution No.&amp;nbsp;111/03 issued by the SC on December&amp;nbsp;10, 2003.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;b) ENACOM authorization for the dissolution of Nortel as a result of the Reorganization of the Telecom Group and the distribution to the holders of Nortel&amp;#x2019;s Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Preferred Shares of a portion of Telecom Argentina&amp;#x2019;s Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Shares through Its conversion to Telecom Argentina&amp;#x2019;s Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Shares pursuant to the corresponding reorganization agreement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;c) ENACOM authorization for the transfer to Telecom Argentina, as a result of the Reorganization of the Telecom Group, of all licenses for the provision of ICT Services and the records of ICT Services, together with the corresponding permissions for the use of frequencies, which were granted or awarded to Personal.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June&amp;nbsp;16, 2017, the ENACOM Authorization referred to in a) above was granted by Resolution No.&amp;nbsp;RESOL-2017-5120-APN-ENACOM # MCO, allowing the amortization of the second tranche of Sofora&amp;#x2019;s ordinary shares, described in 1).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Being approved the Reorganization of the Telecom Group by General and Special shareholders&amp;#x2019; meetings, and having expired the term for the opposition of creditors in accordance with the applicable rules, on November&amp;nbsp;13, 2017, Telecom Argentina, Nortel, Sofora, and Telecom Personal subscribed the Final Reorganization Agreement which was filed to the regulatory authorities according with the respective applicable bylaws.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On November&amp;nbsp;24, 2017, the Company, Personal, Nortel and Sofora were notified through Resolution No.&amp;nbsp;2017-4545-APN-ENACOM#MM, by which ENCAOM granted the authorizations mentioned in sections b) and c) mentioned above.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Reorganization Effective Date was at 00.00 am December&amp;nbsp;1, 2017, date on which the Chairmen of the Boards of Directors of the companies that were part of the Telecom Group subscribed the Transfer of Operations Record whereby the following was put on record: (i)&amp;nbsp;Telecom Argentina prepared its technical and operational systems with the capacity to absorb the operations of Personal, Nortel and Sofora, and ii) the effective transfer of the operations and activities of the absorbed companies to Telecom Argentina being satisfied all the following conditions to which the Reorganization of the Telecom Group was subject:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;approval of the Reorganization on the terms and conditions set forth in the Preliminary Reorganization Agreement by special shareholders&amp;#x2019; meetings in the case of Nortel;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the execution of the Final Reorganization Agreement;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the receipt of certain regulatory approvals by ENACOM;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina preparing its technical and operational systems with the capacity to absorb the operations of Personal, Nortel and Sofora.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence of the reorganization and with effect as of the date thereof: (i)&amp;nbsp;the total equities of the absorbed companies were transferred to Telecom Argentina at the book values of such items in the respective special-purpose unconsolidated financial statements. According to this, Telecom Argentina will acquire all rights, obligations and responsibilities of any nature of Personal, Sofora and Nortel; (ii)&amp;nbsp;Telecom Argentina is the continuing company of all Personal, Sofora and Nortel activities; (iii)&amp;nbsp;Personal, Sofora and Nortel were dissolved without liquidation. As of the date of issuance of these consolidated financial statements, the corresponding inscription is pending.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence of the Reorganization:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 20.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:26pt;"&gt;&lt;p style="width:26pt;width:26pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;A portion of Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Shares issued by Telecom Argentina was distributed to Fintech as the only holder of Sofora Common Shares,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 92.9pt;text-indent: -57.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 20.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; (ii)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:26pt;"&gt;&lt;p style="width:26pt;width:26pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The remaining Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; issued by Telecom Argentina were converted to Telecom Argentina Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Shares,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 20.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; (iii)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:26pt;"&gt;&lt;p style="width:26pt;width:26pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Shares issued by Telecom Argentina owned by Nortel (including Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Shares as a result of the conversion mentioned above were distributed to the holders of Nortel Preferred Shares.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina didn&amp;#x2019;t issue any new Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; Shares or Class&amp;nbsp;&amp;#x201C;A&amp;#x201D; Shares in connection with the Reorganization.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, the effectiveness of the administrative procedures of the Reorganization of the Telecom Group is subject to the following conditions, among others: (i)&amp;nbsp;to obtain the administrative approval of the CNV regarding the Reorganization of the Telecom Group, which was obtained on January&amp;nbsp;4, 2018, (ii)&amp;nbsp;the registration of the &amp;#x201C;Final Reorganization Agreement&amp;#x201D; in IGJ (which is in process), and (iii)&amp;nbsp;to obtain any other authorization that could be required from other regulatory authority (SEC, among others).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:CorporateReorganizationTextBlock>
  <teo:CostIncurredOnConstructionContracts contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_ProductsAndServicesAxis_teo_FixedTelecommunicationServicesAndProductsMember" unitRef="Unit12" decimals="-6">0</teo:CostIncurredOnConstructionContracts>
  <teo:CostIncurredOnConstructionContracts contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ProductsAndServicesAxis_teo_FixedTelecommunicationServicesAndProductsMember" unitRef="Unit12" decimals="-6">0</teo:CostIncurredOnConstructionContracts>
  <teo:CostIncurredOnConstructionContracts contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ProductsAndServicesAxis_teo_FixedTelecommunicationServicesAndProductsMember" unitRef="Unit12" decimals="-6">429000000</teo:CostIncurredOnConstructionContracts>
  <teo:CostOfEquipmentAndHandsetPurchases contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">6233000000</teo:CostOfEquipmentAndHandsetPurchases>
  <teo:CostOfEquipmentAndHandsetPurchases contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">5491000000</teo:CostOfEquipmentAndHandsetPurchases>
  <teo:CostOfEquipmentAndHandsetPurchases contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">7416000000</teo:CostOfEquipmentAndHandsetPurchases>
  <teo:CostOfFixedValueAddedServices contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">38000000</teo:CostOfFixedValueAddedServices>
  <teo:CostOfFixedValueAddedServices contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">53000000</teo:CostOfFixedValueAddedServices>
  <teo:CostOfFixedValueAddedServices contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">45000000</teo:CostOfFixedValueAddedServices>
  <teo:CostOfHandsetsLentToCustomersFreeOfCost contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">32000000</teo:CostOfHandsetsLentToCustomersFreeOfCost>
  <teo:CostOfHandsetsLentToCustomersFreeOfCost contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">54000000</teo:CostOfHandsetsLentToCustomersFreeOfCost>
  <teo:CostOfHandsetsLentToCustomersFreeOfCost contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">56000000</teo:CostOfHandsetsLentToCustomersFreeOfCost>
  <teo:CostOfMobileValueAddedServices contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1218000000</teo:CostOfMobileValueAddedServices>
  <teo:CostOfMobileValueAddedServices contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1446000000</teo:CostOfMobileValueAddedServices>
  <teo:CostOfMobileValueAddedServices contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">829000000</teo:CostOfMobileValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1256000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">38000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">1218000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1136000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">82000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1499000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">53000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">1446000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1329000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">117000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">874000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">45000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">829000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">614000000</teo:CostOfValueAddedServices>
  <teo:CostOfValueAddedServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">215000000</teo:CostOfValueAddedServices>
  <teo:CreditOfIndemnityForTuvesParaguaryAcquistion contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">29000000</teo:CreditOfIndemnityForTuvesParaguaryAcquistion>
  <teo:CurrentLiabilitiesExcludingCurrentFinancialDebt contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">13245000000</teo:CurrentLiabilitiesExcludingCurrentFinancialDebt>
  <teo:CurrentLiabilitiesExcludingCurrentFinancialDebt contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">18793000000</teo:CurrentLiabilitiesExcludingCurrentFinancialDebt>
  <teo:CurrentPayablesForInventories contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">676000000</teo:CurrentPayablesForInventories>
  <teo:CurrentPayablesForInventories contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2697000000</teo:CurrentPayablesForInventories>
  <teo:CurrentPayablesForOtherAssetsAndServices contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">3422000000</teo:CurrentPayablesForOtherAssetsAndServices>
  <teo:CurrentPayablesForOtherAssetsAndServices contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">4783000000</teo:CurrentPayablesForOtherAssetsAndServices>
  <teo:CurrentPayablesForPurchaseOfPropertyPlantAndEquipment contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">4496000000</teo:CurrentPayablesForPurchaseOfPropertyPlantAndEquipment>
  <teo:CurrentPayablesForPurchaseOfPropertyPlantAndEquipment contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">3854000000</teo:CurrentPayablesForPurchaseOfPropertyPlantAndEquipment>
  <teo:CurrentPayablesOnSalariesAndSocialSecurity contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">1610000000</teo:CurrentPayablesOnSalariesAndSocialSecurity>
  <teo:CurrentPayablesOnSalariesAndSocialSecurity contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2051000000</teo:CurrentPayablesOnSalariesAndSocialSecurity>
  <teo:CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">1372000000</teo:CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid>
  <teo:CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">1695000000</teo:CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid>
  <teo:CurrentTradePayablesExcludingAgentCommissions contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">8594000000</teo:CurrentTradePayablesExcludingAgentCommissions>
  <teo:CurrentTradePayablesExcludingAgentCommissions contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">11334000000</teo:CurrentTradePayablesExcludingAgentCommissions>
  <teo:DeadlinePeriodForDisengagement contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1814Member">P2Y</teo:DeadlinePeriodForDisengagement>
  <teo:DebtCovenantDebtIssuancePeriod contextRef="Duration_1_31_2018_To_1_31_2018_ifrs-full_BorrowingsByNameAxis_teo_SyndicatedLoanAgreementMember_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P3Y</teo:DebtCovenantDebtIssuancePeriod>
  <teo:DebtCovenantRepaymentTriggerDebtIssuanceAmount contextRef="Duration_1_31_2018_To_1_31_2018_ifrs-full_BorrowingsByNameAxis_teo_SyndicatedLoanAgreementMember_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember" unitRef="Unit16" decimals="-6">500000000</teo:DebtCovenantRepaymentTriggerDebtIssuanceAmount>
  <teo:DebtInstrumentNumberOfPayments contextRef="As_Of_12_10_2015_ifrs-full_BorrowingsByNameAxis_teo_NotesSeriesTwoMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit115" decimals="INF">1</teo:DebtInstrumentNumberOfPayments>
  <teo:DebtInstrumentNumberOfPayments contextRef="As_Of_11_16_2016_ifrs-full_BorrowingsByNameAxis_teo_NotesSeriesFourMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit115" decimals="INF">1</teo:DebtInstrumentNumberOfPayments>
  <teo:DebtInstrumentNumberOfPayments contextRef="As_Of_11_16_2016_ifrs-full_BorrowingsByNameAxis_teo_NotesSeriesThreeMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit115" decimals="INF">1</teo:DebtInstrumentNumberOfPayments>
  <teo:DecreaseInInventoryCostNetOfAllowanceForObsolescence contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">25000000</teo:DecreaseInInventoryCostNetOfAllowanceForObsolescence>
  <teo:DecreaseInInventoryCostNetOfAllowanceForObsolescence contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">49000000</teo:DecreaseInInventoryCostNetOfAllowanceForObsolescence>
  <teo:DecreaseInInventoryCostNetOfAllowanceForObsolescence contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">20000000</teo:DecreaseInInventoryCostNetOfAllowanceForObsolescence>
  <teo:DecreaseInInventoryCostNotChargedToEquipmentCost contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">3000000</teo:DecreaseInInventoryCostNotChargedToEquipmentCost>
  <teo:DecreaseInInventoryCostNotChargedToEquipmentCost contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">17000000</teo:DecreaseInInventoryCostNotChargedToEquipmentCost>
  <teo:DecreaseInInventoryCostNotChargedToEquipmentCost contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">7000000</teo:DecreaseInInventoryCostNotChargedToEquipmentCost>
  <teo:DeductionsIncludedInUnrecordedAccountsReceivable contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">1033000000</teo:DeductionsIncludedInUnrecordedAccountsReceivable>
  <teo:DeferredIncomeFromRegulatorCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">4000000</teo:DeferredIncomeFromRegulatorCurrent>
  <teo:DeferredIncomeFromRegulatorCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">5000000</teo:DeferredIncomeFromRegulatorCurrent>
  <teo:DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets contextRef="As_Of_1_1_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionHoldingMember_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_MajorPurchasesOfAssetsMember" unitRef="Unit12" decimals="-9">17000000000</teo:DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets>
  <teo:DeferredSubscriberAcquisitionCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">93000000</teo:DeferredSubscriberAcquisitionCosts>
  <teo:DeferredSubscriberAcquisitionCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">130000000</teo:DeferredSubscriberAcquisitionCosts>
  <teo:DeferredSubscriberAcquisitionCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">80000000</teo:DeferredSubscriberAcquisitionCosts>
  <teo:DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">85000000</teo:DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts>
  <teo:DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">134000000</teo:DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts>
  <teo:DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">79000000</teo:DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts>
  <teo:DepositInAuctionsSWarrantToConatel contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">278000000</teo:DepositInAuctionsSWarrantToConatel>
  <teo:DepositLiabilityRequiredByArgentineNationalCommunicationsCommission contextRef="As_Of_9_13_2012" unitRef="Unit12" decimals="-6">208000000</teo:DepositLiabilityRequiredByArgentineNationalCommunicationsCommission>
  <teo:DepositPaidForLicenseAcquisition contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember" unitRef="Unit12" decimals="-6">278000000</teo:DepositPaidForLicenseAcquisition>
  <teo:DepositPayableForLicenseAcquisition contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember" unitRef="Unit16" decimals="-6">15000000</teo:DepositPayableForLicenseAcquisition>
  <teo:DepositsWithArgentineNationalCommunicationsCommissionUnderProtest contextRef="As_Of_10_1_2012_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember" unitRef="Unit12" decimals="-6">23000000</teo:DepositsWithArgentineNationalCommunicationsCommissionUnderProtest>
  <teo:DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember">P3M</teo:DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod>
  <teo:DepositsWithBanks contextRef="As_Of_1_31_2011_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember" unitRef="Unit12" decimals="-6">112000000</teo:DepositsWithBanks>
  <teo:DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;e) Acquisition of the controlling interest in Tuves Paraguay&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;6, 2016 Tuves Paraguay&amp;#x2019;s controlling shareholder (TU VES S.A &amp;#x2013; Chile) accepted N&amp;#xFA;cleo&amp;#x2019;s proposal for executing the Tuves Paraguay&amp;#x2019;s shares purchase option, which was subject to the approval of the Comisi&amp;#xF3;n Nacional de Telecomunicaciones (&amp;#x201C;CONATEL&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On April&amp;nbsp;11, 2017, the CONATEL&amp;#x2019;s Board of Directors through Resolution No.&amp;nbsp;460/17authorized TU VES S.A. (Chile) to transfer N&amp;#xFA;cleo 350 shares of Tuves Paraguay, that represent 70% Tuves Paraguay&amp;#x2019; total capital stock.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Accordingly, and pursuant to the provisions of the shares&amp;#x2019; purchase agreement, on June&amp;nbsp;30, 2017, the transaction was performed and N&amp;#xFA;cleo acquired the 70% capital stock and votes of Tuves Paraguay through the payment of approximately $0.1 (35 million of Guaran&amp;#xED;es) and the partial capitalization of receivables that N&amp;#xFA;cleo had at such date for approximately $147 (49,396 million of Guaran&amp;#xED;es).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Tuves Paraguay is a Paraguayan company whose main purpose is the provision of telecommunications services and also the distribution of digital audio and television signals to homes, in accordance with the license granted by CONATEL.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The acquisition of control of Tuves Paraguay was recognized in the consolidated financial statements as of June&amp;nbsp;30, 2017, in accordance with the provisions of IFRS 3 &amp;#x201C;Business Combinations&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For this purpose, the total purchase price provided by IFRS 3 of approximately $149 (50,056 million of Guaran&amp;#xED;es) was determined including the book value of the call option as of the date of the transaction, the assets and liabilities of Tuves Paraguay were measured at fair value, recognizing a higher value of PP&amp;amp;E and identifying a customer relationship and a goodwill of approximately $2 within Intangible Assets (662 million of Guaran&amp;#xED;es), which will be annually reviewed through its impairment test.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;d)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Consolidation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;These consolidated financial statements include the accounts of Telecom Argentina and its subsidiaries over which it has effective control (N&amp;#xFA;cleo, Micro Sistemas, Telecom USA, Personal Env&amp;#xED;os, Tuves Paraguay &amp;#x2013; only as of December&amp;nbsp;31, 2017- and the second semester of 2017 and Telecom Personal until November&amp;nbsp;30, 2017) as of December&amp;nbsp;31, 2017, 2016 and 2015.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Control exists when the investor (Telecom Argentina) has power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They should be deconsolidated from the date that control ceases.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated companies are consolidated on a line-by-line basis and non-controlling interests in the equity and in the profit (loss) for the year are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All intercompany accounts and transactions have been eliminated in the preparation of these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Financial year-end of all the subsidiaries&amp;#x2019; financial statements coincides with that of the Parent and are prepared as of the same closing date and in accordance with the same accounting policies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;u)&amp;nbsp;&amp;nbsp;Cost of the increase of the share in controlled companies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March&amp;nbsp;31, 2017 the Board of Directors of Nortel approved the sale of the share in Personal (120,000 shares) to Telecom Argentina (that represented 0.008% of Telecom Personal) in an amount of $ 4, which were paid in April&amp;nbsp;2017.&amp;nbsp;&amp;nbsp;As a result, Telecom Argentina reached 100% of interest in Telecom Personal.&amp;nbsp;&amp;nbsp;Through this transaction, the difference between the purchase value and the investment acquired valued using the Equity Method ($ 3) was recorded in &amp;#x201C;Cost of the increase of the share in controlled companies&amp;#x201D; in the Equity attributable to controlling interest as of December&amp;nbsp;31, 2017, according with IFRS 10.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;n) Deferred revenues&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Deferred revenues include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Deferred revenues on prepaid calling cards&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. See Note 3.f. Revenues &amp;#x2013; Fixed telecommunication services and products and Mobile telecommunication services and products.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Deferred revenues on connection fees&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. See Note 3.f. Revenues &amp;#x2013; Fixed telecommunication services and products and Mobile telecommunication services and products.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Customer Loyalty Programs&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The fair value of the award credits regarding the Company and N&amp;#xFA;cleo&amp;#x2019;s customer loyalty program is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. See Note 3.f. Revenues &amp;#x2013; Mobile telecommunication services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Deferred revenue on sale of capacity and related services&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided. Those revenues are recorded under &amp;#x201C;Data&amp;#x201D; line item.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Deferred income for CONATEL&amp;#x2019;s government grants&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During 2010 and 2011, the CONATEL awarded to N&amp;#xFA;cleo public tenders for the expansion of the network infrastructure that provides a platform for access to mobile services and basic services in social interest areas in Paraguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Government grants are recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either in the statement of financial position as deferred income or as a reduction of the carrying amount of related asset. The Company elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets were recognized at the cost incurred by N&amp;#xFA;cleo in the construction of the engaged infrastructure and the government grant was accounted for as deferred income and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Going concern&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The consolidated financial statements for the years ended December&amp;nbsp;31, 2017, 2016 and 2015 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;New Standards and Interpretations issued by the IASB not in force&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As required by IAS 8, the IFRS issued by the IASB not in force as of the date of these consolidated financial statements are reported below and briefly summarized. These standards have not been adopted by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;IFRS 15 (Revenue from Contracts with Customers)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In May&amp;nbsp;2014 the IASB issued IFRS 15. This IFRS applies to all revenue contracts (except for contracts that are within the scope of IAS 17, leases,&amp;nbsp;IFRS 4,&amp;nbsp;Insurance Contracts and IFRS 9, Financial&amp;nbsp;Instruments). IFRS 15 provides a single model for the recognition and measurement of revenues and replaces IAS 11,&amp;nbsp;IAS 18,&amp;nbsp;IFRIC 13,&amp;nbsp;IFRIC 15,&amp;nbsp;IFRIC 18 and SIC 31. It also establishes additional disclosure requirements and a 5-step model for revenue recognition, being the identified steps:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Identify the contract(s)&amp;nbsp;with a customer;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Identify the performance obligations in the contract;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 3)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Determine the transaction price;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 4)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Allocate the transaction price to the performance obligations in the contract; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; 5)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Recognize revenue when (or as) the entity satisfies a performance obligation.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company will apply IFRS 15 using the modified retrospective approach, as it is permitted by that Standard.&amp;nbsp;&amp;nbsp;Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining services and equipments. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It is worth mentioning that in April&amp;nbsp;2016 amendments were made to IFRS 15, without changing the underlying principles of the standard, but clarifying them. The amendment provides the way of: 1) identifying a performance obligation, 2) determining whether a company is a principal or agent, and 3) determining whether license revenues must be recognized at a point in time or over time. In addition, the standard adds the following exemptions: (i)&amp;nbsp;extends the possibility of not applying the standard to the recognition of &amp;#x201C;complete contracts&amp;#x201D; to the date of transition and full contracts at the beginning of the oldest period presented; and (ii)&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;it allows to not retrospectively restate a contract in relation to the modifications that occur before the beginning of the earliest period presented, and shall instead reflect the aggregate effect, when the satisfied and unsatisfied performance obligations can be identified, and when the transaction price and its allocation can be determined&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 15 is effective from annual periods beginning on January&amp;nbsp;1, 2018. Earlier application is permitted.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company has concluded the analysis of the impact of the application of IFRS 15 and is currently measuring the effects. From that analysis resulted that IFRS 15 impacts are mainly related to contracts that include equipment revenues together with services in mobile services contracts (first sale of equipments or renewal of customer&amp;#x2019;s equipments together with postpaid and &amp;#x201C;abono fijo&amp;#x201D; services charges).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company is able to offer services as well as handsets (equipment) separately or together (it means selling the plan service with the handset).&amp;nbsp;&amp;nbsp;Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. Currently, this kind of contracts of joint selling is recorded applying the Residual Method.&amp;nbsp;&amp;nbsp;This method requires firstly, the identification of all the elements that compose the transaction and allocate to each of them, its own fair value. Under this method, the fair value of a transferred element, a handset in mobile services for example (it is not possible to allocate an specific price because the company usually sells that element at different prices depending on the plan service), is calculated as the difference between the full price of the contract subscribed with the customer and the fair value of those elements that is possible to allocate a fair value on an individual basis (in our case it would be the difference between the full price of the contract and the price of the plan service to determine the price of the handset).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;However, under the application of IFRS 15 the Residual Method is not allowed. The standard requires allocating the price to each performance obligation according to its proportional standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering a service term of 24 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;These amendments introduced by IFRS 15 will initially generate an early recognition of handset revenues that will have an impact on retained earnings (due to the partially retroactively application of the standard) with the recognition of contractual asset. Such increase is due to the fact that the discounts on&amp;nbsp;handsets will be allocated between the sale of handsets and the services. Before the application of this standard, such discount was only allocated to the sale of handsets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In view of the above mentioned, as from January&amp;nbsp;1, 2018, this standard will generate a reallocation of revenues, increasing equipment sales revenues and reducing the recognition of services revenues. It will cause the initial recognition of a contractual asset that will decrease to the extent service revenues are recognized, which will be fully derecognized in the 24th month (the stipulated contractual term).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The effect of the application of such method (determined based on the standalone selling price of each item) would generate a contractual asset of $781, which would be offset with an increase in deferred tax liabilities of $234 and an estimated increase in retained earnings as of January&amp;nbsp;1, 2018 in the amount of approximately $547 (net of income tax.)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;With regards to handset subsidies occasionally granted by the Company to new postpaid subscribers, Management believes that the capitalization of such costs will be discontinued under IFRS 15 in light of the interpretations of the new standard. On the other hand, Management believes that commissions paid for the acquisition of postpaid and &amp;#x201C;Cuentas Claras&amp;#x201D; customers in the Mobile Segment and broadband customers in the Fixed Segment will continue to be capitalized under IFRS 15, because these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the new standard.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The impact of not capitalizing handsets&amp;#x2019; subsidies in the retained earnings as of January&amp;nbsp;1, 2018 amounts to $48 (lower retained earnings of $68, net of income tax of $ 20).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amendments to IFRS 9 &amp;#x201C;Financial Instruments&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In July&amp;nbsp;2014, the IASB amended IFRS 9 &amp;#x201C;Financial Instruments&amp;#x201D;. The amendments incorporate: 1) a new classification of financial assets (valued at fair value through other comprehensive income); and 2) includes requirements related to the recognition of expected credit losses of financial assets removing the minimum requirements mentioned in IFRS 39 regarding the occurrence of events to recognize the losses and recognizing them at initial measurement if losses are expected.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Regarding the expected credit losses, according to IFRS 9 the Company must recognize such loss as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the expected credit losses of the credit.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For other financial instruments: the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&amp;#x2019;s credit risk so the lifetime expected credit losses must be recorded (expected credit losses for the full term of the financial instrument).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 9 is effective from annual periods beginning on January&amp;nbsp;1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The impact of the initial estimation of the expected credit losses related to trade receivables in retained earnings as of January&amp;nbsp;1, 2018, amounts to $357 (lower retained earnings of $482, net of income tax of $125).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Amendments to IFRS 9 (Prepayment features with negative compensation)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;2017, the IASB amended IFRS 9.&amp;nbsp;&amp;nbsp;As a result, financial assets with negative compensation characteristics that could lead to reasonably negative compensation as of to the early end of a contract, can be measured at amortized cost or fair value with impact in other comprehensive income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The new standard is effective for fiscal years beginning on January&amp;nbsp;1, 2018. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;IFRS 16 (Leases)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In January&amp;nbsp;2016 IFRS 16 was issued.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This standard replaces IAS 17,&amp;nbsp;IFRIC 14 and SIC 15 and 27. The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated in this standard impact mainly on the lessees accounting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For a company having control of use of an identified asset it:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Must have the right to obtain substantially all the economic benefits of the identified assets and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Must have the right to direct the use of the identified asset.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The standard excludes short-term contracts (less than 12 months) and those in which the underlying asset has low value (as defined by the standard, low value should be defined by reference to a brand new asset rather than a used one or its net carrying amount).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The new standard is effective for fiscal years beginning on or after January&amp;nbsp;1, 2019. Earlier application is permitted for companies that have adopted IFRS 15. During 2017 the Company continued analyzing the impact that this new standard may have on the Group&amp;#x2019;s financial position, cash flows and results of operations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;IFRIC 22 (Foreign Currency Transactions and Advance Consideration)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;In December&amp;nbsp;2016 IFRIC 22 was issued.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;IFRIC 22 analyzes the accounting providing the exchange rate to apply for transactions that include the receipt or payment of an advance consideration. The interpretation concludes that the date of transaction that determines the exchange rate in the initial recognition of an asset, income or expense (or a part of it) is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration (If there is more than one payment or receipt of the advance consideration, the date of transaction is established for each payment or receipt of such advance consideration).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IFRS 22 is effective from annual periods beginning on January&amp;nbsp;1, 2018. The adoption of these amendments will not have significant impacts on the statements of financial position, results of operations or cash flows of the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;IFRIC 23 (Uncertainty over Income Tax Treatments)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;2017,&amp;nbsp;IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i)&amp;nbsp;if uncertain tax treatments must be assessed separately; (ii)&amp;nbsp;the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&amp;#x2019;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii)&amp;nbsp;how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment of the probability of occurrence); and (iv)&amp;nbsp;how the changes in facts and circumstances are considered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The new standard is effective for fiscal years beginning on January&amp;nbsp;1, 2019. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;m) Other liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 21.3pt;text-indent: -21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Pension benefits&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Argentine laws provide for pension benefits to be paid to retired employees from government pension plans and/or privately managed fund plans to which employees may elect to contribute. Amounts payable to such plans are accounted for on an accrual basis. The Company does not sponsor any stock option plan.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pension benefits shown under Other liabilities represent benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service. There is no vested benefit obligation until the occurrence of those conditions. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The actuarial assumptions used are based on market interest rates, past experience and Management&amp;#x2019;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the following rates and salary ranges:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Discount rate (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;4.6% - 9.2%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;4.8% - 6.2%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;6.5% - 8.5%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:49.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Projected increase rate in compensation (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;8.0% - 16.3%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;8.0% - 22.5%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;12.0% - 26.8%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:100.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(1)&amp;nbsp;Represents estimates of real rate of interest rather than nominal rate in $.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(2)&amp;nbsp;In line with an estimated inflationary environment for the next three financial years.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 19.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additional information on pension benefits is provided in Note 16.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 21.3pt;text-indent: -21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Legal fee&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant to Law No.&amp;nbsp;26,476 - Tax Regularization Regime (&amp;#x201C;R&amp;#xE9;gimen de Regularizaci&amp;#xF3;n Impositiva Ley N&amp;#xBA; 26,476&amp;#x201D;), the Company is subject to a legal fee which shall be paid in twelve monthly consecutive installments without interest as from final judgment. It is carried at amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;o) Salaries and social security payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note 3.g.2) above for a description of the accounting policy regarding the measurement of financial liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;&amp;#x201C;prejubilaciones&amp;#x201D;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;). The employee&amp;#x2019;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;w) Use of estimates&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Financial statement item / area&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accounting estimates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;"&gt;
						&lt;font style="display:inline;font-size:3pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Revenue recognition is influenced by:&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;#x2022; the expected duration of the relationship with the customer for deferred revenues regarding upfront connection fees;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;#x2022; the estimation of traffic measures.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;"&gt;
						&lt;font style="display:inline;font-size:3pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Useful lives and residual value of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;PP&amp;amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. The Company periodically reviews, at least at each financial year-end, the estimated useful lives of its PP&amp;amp;E and amortizable intangible assets.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;"&gt;
						&lt;font style="display:inline;font-size:3pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Recoverability of PP&amp;amp;E and intangible assets with finite useful life&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;At least at every annual closing date, an assessment is made regarding whenever events or changes in circumstances indicate that PP&amp;amp;E and amortizing intangible assets may be impaired.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The recoverable amount is the higher of the fair value (less costs to sell) and its value in use. The identification of impairment indicators and the estimation of the value in use for assets (or groups of assets or cash generating units) require management to make significant judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on significant Management&amp;#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost,&amp;nbsp;etc.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;For the years presented the Company estimated that there are no indicators of impairment of assets that are subject to amortization, with the exception of those mentioned in the point l) of this note. However, changes in our current expectations and operating assumptions, including changes in our business strategy, technology, competition and changes in market conditions, could significantly impact these judgments and could require future adjustments to the recorded assets.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intangible assets with indefinite useful life&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The Telecom Group determined that Personal&amp;#x2019;s PCS license met the definition of an indefinite-lived intangible asset for the years presented and tests it annually for impairment. The recoverability assessment of an indefinite-lived intangible asset such as the PCS license and Tuves Paraguay&amp;#x2019;s Goodwill requires our Management to make assumptions about the future cash flows expected to be derived from such asset.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Such estimated cash flows are based on significant Management&amp;#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate,&amp;nbsp;etc. The discount rate used to determine the discounted cash flow is an annual US dollar rate of approximately 10.5%.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Our judgments regarding future cash flows may change due to future market conditions, business strategy, the evolution of technology and other factors. These changes, if any, may require adjustments to the carrying amount of the PCS license and Tuves Paraguay&amp;#x2019;s Goodwill.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Income taxes, recoverability assessment of deferred tax assets and other tax receivables&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Deferred income tax measuring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Income taxes (current and deferred) are calculated in each company of the Telecom Group according to a reasonable interpretation of the tax laws in effect in each jurisdiction where the companies operate. The recoverability assessment of deferred tax assets sometimes involves complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets takes into account the estimate of future taxable income based on the Company&amp;#x2019;s projections and on conservative tax planning.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The recoverability assessment of the tax receivable related to the actions of recourse filed by the Company&amp;#x2019;s related to income tax inflation adjustment (Note 14) is based on the existing legal arguments on this matter and the behavior of the National Tax Authority in revising the actions of recourse filed by the Company.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Since the change provided by Law No.&amp;nbsp;27,429, the corporate income tax rate decreases from 35% to 30% for fiscal years starting January&amp;nbsp;1, 2018 to December&amp;nbsp;31, 2019, and to 25% for fiscal years starting January&amp;nbsp;1, 2020 and onwards. Therefore, for the measuring of deferred tax, the fiscal year of future reversals of temporary differences that originate deferred tax/liability has been estimated, applying the income tax rate of each reversal period. The actual moment of the future income and tax deductions may differ from the estimated, and may produce impact in future income.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Receivables and payables valued at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long term receivables and payables. The estimated discount rate used to determine the discounted cash flow of non-current receivables is an annual rate in pesos of approximately 34% for year 2017. Additionally, a 13% annual U.S. dollars was used for discounting long term receivables denominated in U.S. dollars during 2017 and 2016, respectively. Discount rates for accounts receivables were 9.8% in both years and discount rates in Guaranies for loans were 8.83% and 9.42% for years 2017 and 2016, respectively.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The Company is subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory and other matters. In order to determine the proper level of provisions, Management assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. Internal and external legal counsels are consulted on these matters. A determination of the amount of provisions required, if any, is made after careful analysis of each individual issue. The determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in its method of resolving such matters, such as changes in settlement strategy.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Allowance for Doubtful Accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;The recoverability of trade receivables is measured by considering the aging of the accounts receivable balances, the necessity or request of customers unsubscribe, historical write-offs, Public Sector and corporative customer creditworthiness and changes in the customer payment terms. If the financial condition of the customers were to deteriorate, the actual write-offs could be higher than expected.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In the absence of a Standard or an Interpretation that specifically applies to a particular transaction, Management carefully considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of the Group, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be completed in all material respects.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock>
  <teo:DestinationBand contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1814Member" unitRef="Unit111" decimals="1">12.2</teo:DestinationBand>
  <teo:DestinationBand contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1814Member" unitRef="Unit111" decimals="1">12.7</teo:DestinationBand>
  <teo:DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">44000000</teo:DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent>
  <teo:DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">53000000</teo:DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent>
  <teo:DirectorsAndSupervisoryCommitteesFees contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">36000000</teo:DirectorsAndSupervisoryCommitteesFees>
  <teo:DirectorsAndSupervisoryCommitteesFees contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">60000000</teo:DirectorsAndSupervisoryCommitteesFees>
  <teo:DirectorsAndSupervisoryCommitteesFees contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">66000000</teo:DirectorsAndSupervisoryCommitteesFees>
  <teo:DisbursementOfSubsidy contextRef="Duration_1_1_2010_To_12_31_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember_teo_CommitmentsAxis_teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember" unitRef="Unit12" decimals="-6">4000000</teo:DisbursementOfSubsidy>
  <teo:DisbursementOfSubsidy contextRef="Duration_1_1_2010_To_12_31_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember_teo_CommitmentsAxis_teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember" unitRef="Unit12" decimals="-6">11000000</teo:DisbursementOfSubsidy>
  <teo:DisclosureOfAdditionalInformationOfNetCashFlowProvidedByOperatingActivitiesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Collections&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Collections from customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;71,113
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;55,928
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41,930
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interests from customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;762
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;366
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;182
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interests from investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;670
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;59
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;190
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile operators collections&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,282
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;885
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;843
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;73,827
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57,238
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;43,145
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;For the acquisition of goods and services and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(19,557)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17,120)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12,784)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;For the acquisition of inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,520)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,343)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Salaries and social security payables and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,669)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,113)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,885)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;CPP payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,132)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(393)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(413)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Income taxes (include tax returns and payments in advance)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,400)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,700)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,631)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other taxes and taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,399)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,731)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,775)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Foreign currency exchange differences related to the payments to suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(818)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,433)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(502)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;"&gt;Inventory suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(269)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(182)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;"&gt;PP&amp;amp;E suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(425)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,467)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(188)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;"&gt;Other suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(119)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(144)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(31)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;473
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(101)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54,495)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45,873)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(36,333)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Net cash flow provided by operating activities&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,332
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,365
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,812
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfAdditionalInformationOfNetCashFlowProvidedByOperatingActivitiesTableTextBlock>
  <teo:DisclosureOfAdvertisingExpensesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Media advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(769)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(527)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fairs and exhibitions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(264)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(176)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(137)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other advertising costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(185)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(171)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(153)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,218)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(874)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(814)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfAdvertisingExpensesTableTextBlock>
  <teo:DisclosureOfBalanceSheetInformationTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;a name="_Hlk511081927"&gt;&lt;/a&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;For the year ended December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt 2.15pt 0pt 0pt;"&gt;
				&lt;font style="margin:0pt 2.15pt 0pt 0pt;font-family:Wingdings;line-height:107.08%;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt 2.15pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Balance sheet information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.25pt;"&gt;
			&lt;tr&gt;
				&lt;td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;PP&amp;amp;E,&amp;nbsp;net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,039
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,901
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,598
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,499
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,538
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;406
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,482
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;211
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,693
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,098
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on PP&amp;amp;E (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,254
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,161
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;490
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,651
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,905
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on intangible assets (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;153
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,032
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,085
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,238
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total capital expenditures in PP&amp;amp;E and intangible assets (a)+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,407
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,193
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;543
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,736
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,143
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total additions on PP&amp;amp;E and intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,886
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,173
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;517
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,690
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,576
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,260)
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;"&gt;For the year ended December&amp;nbsp;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Balance sheet information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;PP&amp;amp;E, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,468
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,541
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,156
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,697
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,165
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;429
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,086
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,164
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,592
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on PP&amp;amp;E (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,820
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,249
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;563
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,812
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,632
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on intangible assets (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;197
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,481
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,557
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,754
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total capital expenditures in PP&amp;amp;E and intangible assets (a)+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,017
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,730
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;639
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,369
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,386
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total additions on PP&amp;amp;E and intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,525
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,708
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;627
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,335
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,860
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,892)
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;"&gt;For the year ended December&amp;nbsp;31, 2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:35pt;"&gt;&lt;p style="width:35pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"&gt; q&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Balance sheet information&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;PP&amp;amp;E, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,280
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,899
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,784
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,683
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,963
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;443
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,131
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;86
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,217
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,659
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on PP&amp;amp;E (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,846
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,157
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;393
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,550
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,396
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Capital expenditures on intangible assets (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;233
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,395
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,471
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,704
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total capital expenditures in PP&amp;amp;E and intangible assets (a)+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,079
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,552
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;469
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,021
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,100
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total additions on PP&amp;amp;E and intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,514
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,158
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;490
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,162
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net financial asset (debt)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,277)
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfBalanceSheetInformationTableTextBlock>
  <teo:DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Year&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Fixed&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Mobile&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;br /&gt;consolidated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Services revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,868
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37,236
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57,104
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,421
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;316
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,737
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18,262)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21,017)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39,279)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,421)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,737)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income for services revenues and other (1)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,711
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,114
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,825
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Equipments revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;663
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,552
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,160)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income (loss) from equipments revenues (2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;139
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,392
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,531
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income before depreciation and amortization (3)=(1)+(2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,850
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,506
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,236)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,692)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,928)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E (5)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income (6)=(3)+(4)+(5)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,593
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,519
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net effect of the intersegment eliminations (7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,105)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,105
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income before D&amp;amp;A (8)=(3)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,745
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,611
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income (9)=(6)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(512)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,624
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.25pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Year&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Fixed&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Mobile&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;br /&gt;consolidated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Services revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,989
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30,448
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,437
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,947
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;158
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,105
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,464)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(19,247)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32,711)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(158)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,947)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,105)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income for services revenues and other (1)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,314
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,412
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,726
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Equipments revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,795
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(136)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,052)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income (loss) from equipments revenues (2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,743
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,698
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income before depreciation and amortization (3)=(1)+(2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,269
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,155
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,897)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,301)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,198)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E (5)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(384)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income (6)=(3)+(4)+(5)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,470
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net effect of the intersegment eliminations (7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,789)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,789
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income before D&amp;amp;A (8)=(3)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,480
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,944
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income (9)=(6)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(416)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,259
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.5pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Year&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Fixed&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Mobile&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;br /&gt;consolidated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Services revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,714
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,810
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,524
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,834
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;137
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,971
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,863)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15,216)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(25,079)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(137)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,834)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,971)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income for services revenues and other (1)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,548
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,897
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,445
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Equipments revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,955
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,513)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income (loss) from equipments revenues (2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,442
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,421
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income before D&amp;amp;A for services and other income (3)=(1)+(2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,527
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,339
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,526)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,912)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E (5)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(91)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(108)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income (6)=(3)+(4)+(5)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;910
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,319
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net effect of the intersegment eliminations (7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,697)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,697
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income before D&amp;amp;A (8)=(3)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;830
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,036
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income (9)=(6)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(787)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,016
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock>
  <teo:DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:12pt;"&gt;Note 4 &amp;#x2013; Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Cash and cash equivalents and Investments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cash and cash equivalents and investments consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:22.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Cash&amp;nbsp;and&amp;nbsp;cash&amp;nbsp;equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Cash&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;52
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Banks&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,312
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;878
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Time deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;105
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;898
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;604
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other short-term investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;99
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,509
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Lebacs at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,263
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total cash and cash equivalents&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,945
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;371
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,456
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at fair value &amp;#x2013; dollar linked&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;293
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at amortized cost in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost &amp;#x2013; dollar linked&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other short-term investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,433
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;270
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Lebacs at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;109
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total current investments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,426
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,751
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at amortized cost in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,228
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;255
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost &amp;#x2013; dollar linked&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;386
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tuves Paraguay S.A. shares purchase option&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;2003 Telecommunications Fund&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total non-current investments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,657
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;347
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Additional information on the consolidated statements of cash flows&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company applies the indirect method to reconcile the net income for the year with the cash flows generated by its operations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For purposes of the statements of cash flows, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (with a maturity of three months or less from the date of acquisition). Bank overdrafts are disclosed in the statement of financial position as financial debts. During 2017, 2016 and 2015 bank overdrafts have been part of the permanent short-term financing structure of Personal, so, net funds requests under that method (with maturities less than three months) are included in financing activities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additional information on the breakdown of the net cash flow provided by operating activities is given below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Collections&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Collections from customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;71,113
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;55,928
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41,930
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interests from customers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;762
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;366
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;182
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interests from investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;670
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;59
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;190
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile operators collections&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,282
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;885
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;843
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;73,827
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57,238
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;43,145
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;For the acquisition of goods and services and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(19,557)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17,120)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12,784)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;For the acquisition of inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,520)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,343)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Salaries and social security payables and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,669)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,113)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,885)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;CPP payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,132)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(393)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(413)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Income taxes (include tax returns and payments in advance)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,400)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,700)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,631)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other taxes and taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,399)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,731)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,775)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Foreign currency exchange differences related to the payments to suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(818)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,433)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(502)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;"&gt;Inventory suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(269)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(182)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;"&gt;PP&amp;amp;E suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(425)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,467)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(188)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;"&gt;Other suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(119)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(144)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(31)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;473
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(101)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54,495)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45,873)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(36,333)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Net cash flow provided by operating activities&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,332
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,365
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,812
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Changes in assets/liabilities components:&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Net decrease (increase) in assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,072)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,773)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,364)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(902)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;276
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(754)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(618)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;837
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,522)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,592)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,660)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,640)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Net increase (decrease) in liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,067
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,391)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,368
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(58)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(48)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;513
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;369
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;221
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other taxes payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;982
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;483
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;68
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provisions (Note 17)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(360)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(174)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(163)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,321
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,179)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,890
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Main non-cash operating transactions:&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Offsetting of capitalized trade receivables of Tuves Paraguay acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Offsetting of tax on personal property &amp;#x2013; on behalf of Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Income tax offset with VAT and internal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Offsetting of other receivables with regulatory provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;VAT offset with income tax payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;SAC acquisitions offset with trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;313
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;305
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;212
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other receivables of PP&amp;amp;E sales offset with trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;25
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Most significant investing activities:&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Fixed assets acquisitions include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 2pt;"&gt;
			&lt;font style="display:inline;font-size:2pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;CAPEX (Note 8)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,905)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,632)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,396)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Acquisition of Materials (net transfers to CAPEX, Note 8)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,433)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(474)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,062)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,338)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,106)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,458)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Payments of trade payables originated in prior years acquisitions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,342)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,832)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,367)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Acquisition of fixed assets through incurrence of trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,862
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,298
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,592
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Assets retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile handsets lent to customers at no cost (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,727)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,541)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,148)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 13.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:5pt;"&gt;&lt;p style="width:5pt;width:5pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Under certain circumstances, Personal and N&amp;#xFA;cleo lend handsets to customers at no cost pursuant to term agreements. Handsets remain the property of the companies and customers are generally obligated to return them at the end of the respective agreements.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets acquisitions include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Acquisition of licenses 3G and 4G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,256)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other intangible assets acquisitions (Note 9)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,238)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,754)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,448)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Payments of trade payables originated in prior years acquisitions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(93)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(201)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(116)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;SAC acquisition offset with trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(313)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(305)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(212)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Acquisition of intangible assets through incurrence of trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;673
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;462
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;466
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(971)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,798)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,310)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The following table presents the cash flows from purchases, sales and maturities of securities which were not considered cash equivalents in the statement of cash flows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,002)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(971)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,049)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Sales of Government bonds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,986
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,051
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds collection&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;276
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;165
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other short-term investments and time deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,063)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(265)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Sales of Other short-term investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;176
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Argentine companies notes collection&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,627)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(20)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(976)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Financing activities components:&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The following table presents the financing activities components of the consolidated statements of cash flows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,344
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,150
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,869
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;716
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;1 ,730&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,124
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;435
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total financial debt proceeds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,730
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,337
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,301
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,572)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,793)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(566)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(848)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(143)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(31)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total payment of debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,986)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,936)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(31)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(58)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,243)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(405)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interests on Notes and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(340)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(205)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interests on bank loans and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(418)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(125)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(63)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total payment of interest and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(848)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,573)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(471)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Dividends paid by company breakdown are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="top" style="width:35.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;N&amp;#xFA;cleo to ABC Telecomunicaciones&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Telecom Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,151)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,000)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(804)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Dividends advance declared by Sofora and paid by Telecom in December&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,192)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,000)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(849)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Telecom Argentina&amp;#x2019;s Dividends Distribution&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Fiscal year 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s Board of Directors&amp;#x2019; Meeting held on December&amp;nbsp;18, 2017, resolved in exercise of the powers delegated by the Ordinary Shareholders&amp;#x2019; Meeting held on the same date, to allocate $4,150.3 (equivalent to $4.28 pesos per outstanding share) from the &amp;#x201C;Voluntary reserve for future dividends payments&amp;#x201D; to a cash dividend distribution that was available to shareholders as from December&amp;nbsp;29, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Fiscal year 2016&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s Board of Directors&amp;#x2019; Meeting held on April&amp;nbsp;29, 2016, resolved to allocate $2,000 (equivalent to $2.06 pesos per outstanding share) of the &amp;#x201C;Voluntary reserve for future dividends payments&amp;#x201D; to a cash dividend distribution in two installments: $700 that was available to shareholders as from May&amp;nbsp;13, 2016 and $1,300 that was available to shareholders since August&amp;nbsp;26, 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Fiscal year 2015&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s Ordinary Shareholders&amp;#x2019; Meeting held on April&amp;nbsp;29, 2015, approved the payment of cash dividends of $804 (equivalent to $0.83 pesos per outstanding share), which was made available to shareholders on May&amp;nbsp;11, 2015.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Advance of dividends declared by Sofora and paid by Telecom&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;29, 2017, Telecom Argentina as surviving company of the merger, paid the pending advance of dividends of $2.9 declared by Sofora in its Board of Directors&amp;#x2019; meeting held on November&amp;nbsp;29, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 15pt;"&gt;
			&lt;font style="display:inline;font-size:15pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;N&amp;#xFA;cleo&amp;#x2019;s Dividends Distribution&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Fiscal year 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;N&amp;#xFA;cleo&amp;#x2019;s shareholders, at their meeting held on March&amp;nbsp;28, 2017, approved the distribution of cash dividends for an amount equivalent to $109 (that correspond to 40,000 million of Guaran&amp;#xED;es translated to argentine pesos at the exchange rate of the approval day), with the following schedule of payments:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:46.8pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Month of dividends&lt;br /&gt;payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Dividends&lt;br /&gt;corresponding to&lt;br /&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Dividends&lt;br /&gt;corresponding to non-&lt;br /&gt;controlling&lt;br /&gt;shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;May&amp;nbsp;2017 (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;37&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;17&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;54&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;October&amp;nbsp;2017 (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;37&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;18&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;74&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;109&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(*)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt; As of the payment date, the amounts were 39 and 18, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(**)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt; As of the payment date, the amounts were 41 and 20, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Fiscal year 2015&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;N&amp;#xFA;cleo&amp;#x2019;s shareholders, at their meeting held on March&amp;nbsp;26, 2015, approved the distribution of cash dividends for an amount equivalent to $63 (that correspond to 35,000 million of Guaran&amp;#xED;es translated to argentine pesos at the exchange rate of the approval day), with the following schedule of payments:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Ordinary Shareholders&amp;#x2019; Meeting also delegate in Nucleo&amp;#x2019;s Board of Directors the possibility and opportunity of distribution of a second cash dividends for an amount of up to 35,000 million of Guaran&amp;#xED;es (equivalent to approximately $80).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Finally, the Board of Directors, at their meeting held on December&amp;nbsp;17, 2015, approved the distribution of cash dividends for an amount $80 (that correspond to 35,000 million of Guaran&amp;#xED;es translated to argentine pesos at the exchange rate of the approval day). According to this, the total dividends amount paid during 2015 was as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:46.8pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Month of dividends&lt;br /&gt;payment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Dividends&lt;br /&gt;corresponding to&lt;br /&gt;Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:31.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Dividends&lt;br /&gt;corresponding to non-&lt;br /&gt;controlling &lt;br /&gt;shareholders &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;&amp;#x2013;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt; ABC&lt;br /&gt;Telecomunicaciones&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.32%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;May&amp;nbsp;2015 (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;63
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;December&amp;nbsp;2015 (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;80
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total &amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;96
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;143
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:25.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:31.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(*)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt; As of the payment date, the amounts were 41 and 19, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(**)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;As of the payment date, the amounts were 52 and 26, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 15pt;"&gt;
			&lt;font style="display:inline;font-size:15pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;"&gt;Additional information required by IAS 7&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In January&amp;nbsp;2016,&amp;nbsp;IAS 7 was amended through the incorporation of paragraphs 44A to 44E. This amendment included additional information requirements that allow financial statements&amp;#x2019; users to assess changes in liabilities generated by financing activities. Reconciliation between the opening and closing balances of liabilities generated by financing activities is disclosed below.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Balances&lt;br /&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;text-decoration:underline;"&gt;Transfers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Cash&lt;br /&gt;Flows&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;text-decoration:underline;"&gt;Accrued interests&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Exchange&lt;br /&gt;differences&lt;br /&gt;and&lt;br /&gt;currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Balances as &lt;br /&gt;of December&lt;br /&gt;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,707
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,572)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;135
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Bank loans &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,401
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,092)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;882
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;992
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,194
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Notes &amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,650
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(566)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;131
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,158
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:34.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Accrued interests&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;152
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(816)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;880
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;366
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,731
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.20%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Total current financial debt (Note 12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,912
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(a)&lt;br /&gt;(2,104)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;928
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,499
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,235
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 15.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:3pt;"&gt;&lt;p style="width:3pt;width:3pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Correspond to $1,730 of debt proceeds, $2,986 of principal payments and $848 of interest payments.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock>
  <teo:DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:22.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Cash&amp;nbsp;and&amp;nbsp;cash&amp;nbsp;equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Cash&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;52
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Banks&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,312
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;878
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Time deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;105
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;898
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;604
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other short-term investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;99
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,509
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Lebacs at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,263
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total cash and cash equivalents&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,945
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;371
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,456
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at fair value &amp;#x2013; dollar linked&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;293
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at amortized cost in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost &amp;#x2013; dollar linked&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other short-term investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,433
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;270
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Lebacs at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;109
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total current investments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,426
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,751
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds at amortized cost in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,228
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;255
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost &amp;#x2013; dollar linked&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provincial government and Municipal bonds at amortized cost in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;386
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tuves Paraguay S.A. shares purchase option&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;2003 Telecommunications Fund&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total non-current investments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,657
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;347
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:75.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock>
  <teo:DisclosureOfChangesInAllowancesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Current allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(25)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Non-current allowance for regulatory matters&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(84)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Compensation of Telecom Argentina&amp;#x2019;s regulatory liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(56)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:24.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Non-current allowance for tax on personal property&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfChangesInAllowancesTableTextBlock>
  <teo:DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Net decrease (increase) in assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,072)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,773)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,364)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(902)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;276
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(754)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(618)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;837
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,522)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,592)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,660)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,640)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Net increase (decrease) in liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,067
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,391)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,368
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(58)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(48)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;513
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;369
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;221
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other taxes payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;982
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;483
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;68
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Provisions (Note 17)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(360)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(174)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(163)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,321
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,179)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,890
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock>
  <teo:DisclosureOfCommissionExpensesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Agent commissions &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,602)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,078)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,659)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Agent commissions capitalized as SAC (Note 3.j)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;986
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,403
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,172
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Distribution of prepaid cards commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(842)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(763)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(635)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Collection commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,147)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,295)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(983)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(26)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(116)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(88)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,631)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,849)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,193)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfCommissionExpensesTableTextBlock>
  <teo:DisclosureOfCompanySEquityTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:11.7pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:26.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equity attributable to Telecom Argentina (Controlling Company)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,086
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,336
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equity attributable to non-controlling interest (Note 1.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;793
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;542
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equity (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,879
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,878
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Additional information is given in the consolidated statements of changes in equity.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfCompanySEquityTableTextBlock>
  <teo:DisclosureOfCostOfValueAddedServicesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Cost of mobile value added services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(829)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,446)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,218)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Cost of fixed value added services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(53)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(874)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,499)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,256)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfCostOfValueAddedServicesTableTextBlock>
  <teo:DisclosureOfDeferredRevenueTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:30.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On prepaid calling cards &amp;#x2013; Fixed and Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;292
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;261
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On construction projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;48
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On connection fees &amp;#x2013; fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;36
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On capacity rental&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On mobile customer loyalty programs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;95
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;87
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From CONATEL &amp;#x2013; mobile services N&amp;#xFA;cleo (Note 18.d)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;515
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;443
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current deferred revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On capacity rental &amp;#x2013; Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;195
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
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				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;252
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On connection fees &amp;#x2013; Fixed services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;82
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;87
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;On mobile customer loyalty programs&lt;/font&gt;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;148
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
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				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
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				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;425
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
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				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total deferred revenues&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;940
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;888
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfDeferredRevenueTableTextBlock>
  <teo:DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 62.35pt;text-indent: -62.35pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 1 &amp;#x2013; Description of business and basis of preparation of the consolidated financial statements&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;The Company and its operations&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina was created through the privatization of ENTel, the state-owned company that provided telecommunication services in Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina&amp;#x2019;s license, as originally granted, was exclusive to provide telephone services in the northern region of Argentina since November&amp;nbsp;8, 1990 through October&amp;nbsp;10, 1999. As from such date, the Company also began providing telephone services in the southern region of Argentina and competing in the previously exclusive northern region.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company provides mainly fixed-line public and mobile telecommunication services, international long-distance service, data transmission and Internet services in Argentina and through its subsidiaries, mobile telecommunications services Paraguay and international wholesale services in the United States of America. Information on the Telecom Group&amp;#x2019;s licenses and the regulatory framework is described in Note 2.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Ordinary and Extraordinary Shareholders Meeting held on June&amp;nbsp;22, 2015 approved the Telecom Argentina&amp;#x2019;s corporate purpose change, adapting it to the new definition of ICT services of the LAD and, thus, including the possibility of providing Audiovisual Communication Services. The Company obtained authorization from the AFTIC and later of the CNV and IGJ, which registered the amendment of the Company&amp;#x2019;s bylaws on September&amp;nbsp;26, 2015.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence of the merger between the Company and Cablevisi&amp;#xF3;n S.A. (Note 32), Telecom Argentina as surviving entity will develop starting on fiscal year 2018 the operations that Cablevisi&amp;#xF3;n S.A. had as of December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For the year 2017, entities included in the consolidation process and the respective equity interest owned by Telecom Argentina is presented as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.00%;margin-left:21.6pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subsidiaries&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Percentage of capital&lt;br /&gt;stock owned and&lt;br /&gt;voting rights as of&lt;br /&gt;12/31/17 (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Indirect&lt;br /&gt;control&lt;br /&gt;through&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:18.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Date of acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:25.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Segment that consolidates&lt;br /&gt;(Note 28)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Telecom USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;100.00%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;09.12.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Micro Sistemas (ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;100.00%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;12.23.97&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Personal (iii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;07.06.94&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Personal Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;N&amp;#xFA;cleo (iv)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;67.50%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;02.03.98&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Personal Env&amp;#xED;os (iv)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;67.50%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;07.24.14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Tuves Paraguay (v)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;47.25%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;06.30.17&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:21.6pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Percentage of equity interest owned has been rounded.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Dormant entity as of and for the fiscal years ended December&amp;nbsp;31, 2017, 2016 and 2015.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Until November&amp;nbsp;30, 2017, Telecom Argentina owned 100% of Personal. Since December&amp;nbsp;1, 2017 the reorganization described in Note 31 was effective and from that date, mobile services provided by Personal are continued by Telecom.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iv)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Non-controlling interest of 32.50% is owned by the Paraguayan company ABC Telecomunicaciones S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(v)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Non-controlling interest of 22.75% is owned by the Paraguayan company ABC Telecomunicaciones S.A and 30% is owned by TU VES S.A. (Chile). On June&amp;nbsp;30, 2017, the transaction by which N&amp;#xFA;cleo acquired the 70% of shares and votes of Tuves Paraguay was performed.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Segment reporting&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;An operating segment is defined as a component of an entity that engages in business activities from which it may earn revenues and incur expenses, and whose financial information is available, held separately, and evaluated regularly by the Telecom Group&amp;#x2019;s Chief Executive Officer (&amp;#x201C;CEO&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Operating segments are reported in a consistent manner with the internal reporting provided to the CEO, who is responsible for allocating resources and assessing performance of the operating segments under the accounting principles effective (IFRS as issued by the IASB). The accounting policies applied for segment information are the same for all operating segments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Information regarding segment reporting is included in Note 28.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;c)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Basis of preparation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;These consolidated financial statements are a free translation from the original consolidated financial statements issued in Spanish and filed to the CNV in Argentina and contain the same information to the original version.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As required by CNV, these consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB, and in accordance with RT 26 (as amended by RT 29 and RT 43) of FACPCE as adopted by the CPCECABA.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires Management to exercise its judgment in the process of applying the Telecom Group&amp;#x2019;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these consolidated financial statements are disclosed in Note 3.w).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;These consolidated financial statements (except for cash flow information) are prepared on an accrual basis of accounting. Under this basis, the effects of transactions and other events are recognized when they occur. Therefore income and expenses are recognized at fair value on an accrual basis regardless of when they are received or paid. When significant, the difference between the fair value and the nominal amount of income and expenses is recognized as finance income or expense using the effective interest method over the relevant period.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The accompanying consolidated financial statements have also been prepared on a going concern basis (further details are provided in Note 3.a) and the figures are expressed in millions of pesos, otherwise indicated.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;These consolidated financial statements for the year ended December&amp;nbsp;31, 2017 were approved by resolution of the Board of Directors&amp;#x2019; meeting held on March&amp;nbsp;7, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;d)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Financial statement formats&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The financial statement formats adopted are consistent with IAS 1. In particular:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;"&gt;the consolidated statements of financial position&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; have been prepared by classifying assets and liabilities according to &amp;#x201C;current and non-current&amp;#x201D; criterion. Current assets and liabilities are those that are expected to be realized/settled within twelve months after the year-end;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;"&gt;the consolidated income statements&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; have been prepared by classifying operating expenses by nature of expense as this form of presentation is considered more appropriate and represents the way that the business of the Group is monitored by the Management, and, additionally, are in line with the usual presentation of expenses in the telecommunication industry;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;"&gt;the consolidated statements of comprehensive income&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; include the profit or loss for the year as shown in the consolidated income statement and all components of other comprehensive income;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;"&gt;the consolidated statements of changes in equity&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; have been prepared showing separately (i)&amp;nbsp;profit (loss) for the year, (ii)&amp;nbsp;other comprehensive income (loss) for the year, and (iii)&amp;nbsp;transactions with shareholders (owners and non-controlling interest);&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;"&gt;the consolidated statements of cash flows&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; have been prepared by presenting cash flows from operating activities according to the &amp;#x201C;indirect method&amp;#x201D;, as permitted by IAS 7.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;These consolidated financial statements contain all material disclosures required under IFRS. Some additional disclosures required by the LGS and/or by the CNV have been also included, among them, complementary information required in the last paragraph of Article&amp;nbsp;1 Chapter III Title IV of the CNV General Resolution No.&amp;nbsp;622/13. Such information is disclosed in Notes 7, 8, 9, 17, 20, 22 and 26 to these consolidated financial statements, as admitted by IFRS.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;e)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Application of IAS 29 (Financial reporting in hyperinflationary economies)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;IAS 29 establishes the conditions under which an entity shall restate its financial statements if it is located in an economic environment considered &amp;#x201C;hyperinflationary&amp;#x201D;. It should be mentioned that if the qualitative and / or quantitative characteristics to consider an economy as a &amp;#x201C;hyperinflationary&amp;#x201D; economy set out in paragraph 3 of IAS 29 occur, the restatement of financial statements must be made retroactively from the date of the revaluation used as deemed cost (in the case of Group companies located in Argentina, since February&amp;nbsp;2003) or from the acquisition date for assets acquired after that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company&amp;#x2019;s Management periodically verifies the evolution of official statistics as well as the general factors of the economic environment in the countries in which the Telecom Group operates. The Company&amp;#x2019;s Management also considers the opinion of other organizations interested in this matter: the national and international accounting profession, domestic and foreign audit firms, national and the United States&amp;#x2019; capital market regulators, and, in particular, the International Practices Task Force (&amp;#x201C;IPTF&amp;#x201D;), aware that the conclusions to which a financial statement issuer arrives must be consistent with the vision of those organizations for an uniform application of IAS 29.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Although the standard does not establish an absolute rate at which hyperinflation is deemed to arise, usually - in compliance with the provisions of IAS 29- a cumulative inflation rate over three years approaching or exceeding 100% is used as reference in conjunction with other qualitative factors related to the macroeconomic environment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company analyzes the economic environment as required by the provisions of IAS 29, based on the inflation rates published by the National Institute of Statistics and Census (INDEC), following the same criteria adopted by the accounting profession in the Argentine Republic.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The tables below show the evolution of these indexes in the last three years according to official statistics (INDEC), except for November&amp;nbsp;and December&amp;nbsp;2015, and Consumer Price and Internal Wholesale Price for the period November&amp;nbsp;2015-April&amp;nbsp;2016, when the INDEC was unable to publish Internal Wholesale Price Index and suggested to use Price Index published by the Province of San Luis and the City of Buenos Aires.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 84.00%;margin-left:36pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017 &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Consumer Price Index&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Consumer Price Index (annual)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;20.6%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;36.3% &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;24.8%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Consumer Price Index (3 years accumulated)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;65.8%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;103.7%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;104.9%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 4pt;"&gt;
						&lt;font style="display:inline;font-size:4pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Internal Wholesale Price Index&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Internal Wholesale Price Index (annual)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;19.2%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;34.6% &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;18.8%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Internal Wholesale Price Index (3 years accumulated)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;75.4%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;105.8% &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;90.7%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6.5pt;"&gt;(*) Consumer Price Index and Internal Wholesale Price Index published by INDEC until October&amp;nbsp;were 11.9% and 10.6% respectively. These rates (which contain ten months accumulated), were updated with November&amp;nbsp;and December&amp;nbsp;2015 Consumer Price Index average rates for this two months (7.8%) published by the Province of San Luis and the City of Buenos Aires.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6.5pt;"&gt;(**) Due to the unavailability of Consumer Price Index published by the INDEC, the Company estimated 16.6% for the period January-April&amp;nbsp;2016; this estimation is an average of the indexes published by the Province of San Luis and the City of Buenos Aires for that period.&amp;nbsp;&amp;nbsp;The Consumer Price Index at national level published by the INDEC for the period May-December&amp;nbsp;2016 was 16.9%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Annual Price Index for the year 2017 (Consumer Price Index: 24.8%,&amp;nbsp;Internal Wholesale Price: 18.8%) show a decrease in the level of inflation rates as compare to 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the high inflation levels in Argentina registered in late years, the Company&amp;#x2019;s Management has further assessed the characteristics set out in paragraph 3 of IAS 29, including (i)&amp;nbsp;the quantitative condition provided in section (e)&amp;nbsp;&amp;#x201C;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;the cumulative inflation rate over three years is approaching, or exceeds, 100%&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x201D;, as well as (ii)&amp;nbsp;the qualitative characteristics contained in paragraphs a) to d) of that paragraph.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;From the analysis assessed as of December&amp;nbsp;31, 2017, the Company&amp;#x2019;s Management considers that the quantitative condition provided in section e) of IAS 29 hasn&amp;#x2019;t been met considering Internal Wholesale Price Index, while the qualitative conditions of the Argentine economy are mixed (some of them would recommend the existence of a high inflation environment and others have not substantially changed respect to previous years, when it was concluded that financial statements should not be restated). Under these circumstances, and in order to objectify the analysis, the Company&amp;#x2019;s Management gave priority to the conclusions reached by some international auditing firms to which the Company&amp;#x2019;s Management had access, which considered that, to date, there was insufficient evidence to consider the Argentine economy as &amp;#x201C;hyperinflationary&amp;#x201D; under IAS 29 terms. Similar conclusions for US GAAP were reached by the IPTF, according to its memo issued on May&amp;nbsp;16, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;An extract of the mentioned memo stated that: &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;&amp;#x201C;Considering the guidance in ASC 830, it does not appear that Argentina would be required to be considered highly-inflationary for the reporting periods from January&amp;nbsp;1, 2017 to June&amp;nbsp;30, 2017 for calendar year-end registrants. Registrants would be expected to have appropriate controls in place to monitor Argentina&amp;#x2019;s reported inflation data throughout 2017 and consider other pertinent economic indicators to determine if and when Argentina should be considered highly-inflationary &amp;#x201C;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;While there are differences in the definition of a &amp;#x201C;hyperinflationary&amp;#x201D; and &amp;#x201C;highly inflationary&amp;#x201D; environments between IFRS and US GAAP, respectively, the Company believes that the assessment of the macroeconomic situation of a country should be substantially similar under both accounting frameworks and, on this condition, considered consistent the conclusions arrived by the IPTF with those provided in the analysis assessed by international audit firms according to IFRS and US GAAP.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The Company&amp;#x2019;s Management will continue monitoring the characteristics and the evolution of the inflation rates in Argentina in order to comply properly with IAS 29 provisions, with special consideration of the pronouncements of argentine regulators &amp;#x2013; which as of the date of issuance of these consolidated financial statements are forbidden to accept the filing of financial statements restated for inflation according to Decree No.664/03 and its supplementary standards. The Company&amp;#x2019;s Management will also monitor the pronouncements of foreign regulators, as well as the evaluation that the domestic and international accounting profession will perform with regards to the uniform application of IAS 29 together with other issuers that apply IFRS in the Argentine Republic.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;f) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Merger of Cubecorp Argentina S.A. (&amp;#x201C;Cubecorp&amp;#x201D;)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In July&amp;nbsp;2008, Telecom Argentina acquired 100% of the shares of Cubecorp. With this acquisition, Telecom Argentina strengthens its Data Center services, as the Data Center acquired is equipped with world class infrastructure, which permits to offer clients with high reliability, availability and scalability customized to their needs.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In March&amp;nbsp;2009, the Board of Directors of Cubecorp and Telecom Argentina approved the Merger Agreement, by which both companies would merge (subject to the approval of the CNV and to the approval of the Shareholders&amp;#x2019; Meetings of Cubecorp and Telecom Argentina), being Telecom Argentina the surviving company and Cubecorp the dissolved without liquidation company. The CNV determined no legal or accounting observations for the merger and ordered the publication of the Merger Agreement in the Buenos Aires Stock Exchange&amp;#x2019;s (&amp;#x201C;the BCBA&amp;#x201D;) Daily Bulletin and in the CNV&amp;#x2019;s website (www.cnv.gov.ar, section &amp;#x201C;Autopista de Informaci&amp;#xF3;n Financiera&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Extraordinary Shareholders&amp;#x2019; Meeting of Cubecorp held on March&amp;nbsp;19, 2009, and the Annual General Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Telecom Argentina held on April&amp;nbsp;28, 2010 approved the merger, the corresponding financial statements and, in the case of the Meeting of Cubecorp, the dissolution without liquidation of Cubecorp as provided by Law No.&amp;nbsp;19,550 section 94 art. 7. Additionally, the Final Merger Agreement with Cubecorp was authorized, effective January&amp;nbsp;1st, 2009. The period specified in the Law No.&amp;nbsp;19,550 section 83 was completed and the Final Merger Agreement was granted on June&amp;nbsp;2, 2010.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June&amp;nbsp;7, 2010, the process of registration of the merger with the CNV began, whose Board of Directors, on June&amp;nbsp;24, 2010, decided to hold the proceeding until the CNDC authorizes the acquisition of shares of Cubecorp by Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September&amp;nbsp;5, 2017, Telecom Argentina was notified of the Secretary of Commerce Resolution No.&amp;nbsp;2017-656-APN-SECC # MP that authorized the operation of economic concentration consisting of the purchase of 100% of Cubecorp&amp;#x2019;s shares.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September&amp;nbsp;6, 2017, Telecom Argentina requested the CNV to provide administrative compliance to the Merger of Telecom Argentina with Cubecorp in accordance with the provisions of Chapter X Title II of the CNV Rules&amp;nbsp;(NT 2013) and send the proceedings to the IGJ for registration.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;12, 2017, the Board of Directors of the CNV ordered the merger by absorption of Telecom Argentina, as an acquiring company, and Cubecorp, as an absorbed company, and sent the proceedings to the IGJ for registration.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On February&amp;nbsp;27, 2018, the dissolution without liquidation of Cubecorp since the effect of the merger with the Company was registered in IGJ.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;g) Corporate reorganization of the Telecom Group&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;1, 2017, the corporate reorganization of the Telecom Group was effective as described in Note 31. Since as of the date of the Telecom Group&amp;#x2019;s Reorganization date (i)&amp;nbsp;Nortel and Sofora, that were holding companies with no operations or assets other than direct and indirect interests, respectively, in Telecom Argentina and (ii)&amp;nbsp;Personal was a wholly-owned subsidiary of Telecom Argentina, Telecom&amp;#x2019;s equity didn&amp;#x2019;t change after the merger, showing only minor changes (incorporation of net assets from the investment of $ 14 and liabilities of the same amount, both from Nortel and Sofora as of November&amp;nbsp;30, 2017). The Reorganization was accounted for under the absorbed Companies basis of accounting, as permitted by IFRS as issued by the IASB. Under this method, assets and liabilities of the absorbed Companies were incorporated by Telecom Argentina at their respective book values.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock>
  <teo:DisclosureOfDetailedInformationAboutDepreciationAndEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 73.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Asset&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Estimated useful&lt;br /&gt;life (in years)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Buildings received from ENTel&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Buildings acquired subsequent to 11/8/90&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;2 &amp;#x2013; 5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;10 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Wireless network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;5 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;7 &amp;#x2013; 15&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Computer equipment and software&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;3 &amp;#x2013; 5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.82%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.72%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:20.46%;padding:0pt;"&gt;
					&lt;p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;2 &amp;#x2013; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfDetailedInformationAboutDepreciationAndEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock>
  <teo:DisclosureOfDividendsTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7.5pt;"&gt;Dividends declared and paid by Telecom Argentina during the year&lt;br /&gt; ($ 4.28, $2.06, and $0.83 &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;peso per share, respectively)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(*)&amp;nbsp; 4,151&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(*)&amp;nbsp; 2,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;804
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 2pt;"&gt;
						&lt;font style="display:inline;font-size:2pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7.5pt;"&gt;Proposed for approval at the Annual General Meeting (not recognized as a liability as of December&amp;nbsp;31)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7.5pt;"&gt;(**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(*) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;By reversal of the Voluntary reserve for future dividends payments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(**) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;The Company&amp;#x2019;s Board of Directors has proposed to the Shareholder&amp;#x2019;s Meeting the confirmation of the dividends&amp;#x2019; distribution in advance (Note 33.b) and the allocation of the outstanding retained earnings ($1,989) to the constitution of a &amp;#x201C;Voluntary reserve for future dividends payments&amp;#x201D;, with delegation to the Board of Directors its subsequent reversal and availability.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfDividendsTableTextBlock>
  <teo:DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:28.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Salaries&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(8,741)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,954)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,166)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Social security expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,846)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,147)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,642)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Severance indemnities and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(944)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(521)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(319)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other employee benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(187)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(178)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(126)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12,718)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,800)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,253)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock>
  <teo:DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Maintenance of hardware and software&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(671)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(546)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(331)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Technical maintenance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,393)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,329)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(854)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Service connection fees for fixed lines and Internet lines&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(600)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(267)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(224)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Service connection fees capitalized as SAC (Note 3.j)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Service connection fees capitalized as Intangible assets (Note 3.j) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;41
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;36
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other maintenance costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(716)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(396)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Obsolescence of inventories &amp;#x2013; Mobile Services (Note 7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Call center fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,999)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,428)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,297)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other fees for services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,211)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(862)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(793)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Directors and Supervisory Committee&amp;#x2019;s fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(66)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(60)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(36)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,600)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,006)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,919)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock>
  <teo:DisclosureOfFinanceIncomeAndExpensesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:32.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;20
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Gains on other short-term investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;121
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;169
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Gains on investments (Argentine companies notes and Governments bonds)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;979
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;287
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;432
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;763
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;373
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;183
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Foreign currency exchange gains&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,217
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;273
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;316
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;TUVES share purchase option&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total finance income&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,115
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,006
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,130
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(928)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,613)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(566)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on salaries and social security payable, other taxes payables and accounts payable&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(49)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(37)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(26)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on provisions (Note 17)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(320)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(207)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(137)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Loss on discounting of salaries and social security payables, other taxes payable and other liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Foreign currency exchange losses (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,224)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,328)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,456)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;TUVES share purchase option&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(24)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interest on pension benefits (Note 16)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(38)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(28)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total finance expenses&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,601)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,250)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,232)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total finance income, net&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(486)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,244)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,102)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Includes 40, 5 and 432 of foreign currency exchange gains (losses), net generated by NDF for the years ended on December&amp;nbsp;31, 2017, 2016 and 2015, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfFinanceIncomeAndExpensesTableTextBlock>
  <teo:DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:113.3pt;"&gt;
			&lt;tr&gt;
				&lt;td colspan="9" valign="top" style="width:100.00%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;12.31.17&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="3" valign="bottom" style="width:45.72%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 19.5pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amount of foreign currency (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Exchange rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amount in local currency (ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;372
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;18.549&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(iii)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;nbsp; 7,094&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;120,029
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;0.003&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;399
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;EURO&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;22.283&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;70
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,563
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(939)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;18.649&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17,568)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(233,891)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;0.003&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(773)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;EURO&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;22.450&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(259)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18,600)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,037)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;US$ = United States dollar; G= Guaran&amp;#xED;es.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Includes 371 corresponding to Government bonds at fair value (equivalent to US$ 12 million).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:113.3pt;"&gt;
			&lt;tr&gt;
				&lt;td colspan="9" valign="top" style="width:100.00%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;12.31.16&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td colspan="3" valign="bottom" style="width:45.72%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 19.5pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amount of foreign currency (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Exchange rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Amount in local currency (ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;241
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;15.790&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(iii)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;&amp;nbsp; 4,067&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;250,865
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;0.003&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;684
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;EURO&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;16.625&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;124
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,875
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;US$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(859)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;15.890&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,648)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(311,279)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;0.003&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(848)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;EURO&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;16.770&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(158)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14,654)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,779)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;US$ = United States dollar; G= Guaran&amp;#xED;es.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Includes 735 corresponding to Government bonds at fair value (equivalent to US$ 45 million).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock>
  <teo:DisclosureOfFinancingActivitiesComponentsTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,344
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,150
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,869
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;716
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;1 ,730&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,124
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;435
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total financial debt proceeds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,730
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,337
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,301
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,572)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,793)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(566)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(848)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(143)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(31)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total payment of debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,986)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,936)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(31)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(58)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,243)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(405)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interests on Notes and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(340)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(205)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Interests on bank loans and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(418)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(125)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(63)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total payment of interest and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(848)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,573)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(471)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfFinancingActivitiesComponentsTableTextBlock>
  <teo:DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Gains and losses by category &amp;#x2013; Year 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Net gain/(loss)&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Of which interest&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial assets at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,211
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;947
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial liabilities at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,213)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(940)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial assets at fair value through profit or loss (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;904
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial liabilities at fair value through profit or loss (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(95)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.22%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Includes 121 corresponding to other short-term investments and 783 corresponding to Government bonds.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Corresponding to NDF.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Gains and losses by category &amp;#x2013; Year 2016&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:6.3pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Net&amp;nbsp;gain/(loss)&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.02%;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Of which interest&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial assets at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;707
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;374
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial liabilities at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,010)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,667)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial assets at fair value through profit or loss (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;305
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Financial liabilities at fair value through profit or loss (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,999)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,293)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:65.26%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Includes 61 corresponding to other short-term investments,&amp;nbsp;&amp;nbsp;6 corresponding to NDF, 11 corresponding to Tuve&amp;#x2019;s share purchase option and 227 corresponding to Government bonds.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11.7pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Corresponding to NDF.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock>
  <teo:DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed telephony interconnection costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(486)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(445)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(327)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Cost of international outbound calls&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(272)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(268)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(192)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Lease of circuits and use of public network&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(490)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(461)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(336)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile Services - charges for roaming&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(348)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(414)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(374)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile Services - charges for TLRD&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,552)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(965)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(941)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,148)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,553)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,170)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock>
  <teo:DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:25.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As of December&amp;nbsp;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="middle" style="width:23.48%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;As of December&amp;nbsp;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Book value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Fair value (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Book value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Fair value (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 2pt;"&gt;
						&lt;font style="display:inline;font-size:2pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:12.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Government bonds (dollar linked)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;293
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;301
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Government bonds in foreign currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,377
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,387
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;258
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;264
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provincial and Municipal government bonds currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;419
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;417
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provincial government bonds in pesos&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provincial and Municipal government bonds (dollar linked)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;59
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;74
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;70
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,169
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,172
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;349
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;351
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:50.94%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;(*)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt; According to IFRS selling costs are not deducted.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock>
  <teo:DisclosureOfMainNonCashOperatingTransactionsTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Offsetting of capitalized trade receivables of Tuves Paraguay acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Offsetting of tax on personal property &amp;#x2013; on behalf of Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Income tax offset with VAT and internal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Offsetting of other receivables with regulatory provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;VAT offset with income tax payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;SAC acquisitions offset with trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;313
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;305
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;212
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other receivables of PP&amp;amp;E sales offset with trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;25
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfMainNonCashOperatingTransactionsTableTextBlock>
  <teo:DisclosureOfMostSignificantInvestingActivitiesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Fixed assets acquisitions include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;CAPEX (Note 8)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,905)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,632)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,396)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Acquisition of Materials (net transfers to CAPEX, Note 8)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,433)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(474)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,062)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,338)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,106)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,458)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Payments of trade payables originated in prior years acquisitions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,342)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,832)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,367)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Acquisition of fixed assets through incurrence of trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,862
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,298
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,592
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Assets retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile handsets lent to customers at no cost (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,727)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,541)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,148)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 13.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:5pt;"&gt;&lt;p style="width:5pt;width:5pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Under certain circumstances, Personal and N&amp;#xFA;cleo lend handsets to customers at no cost pursuant to term agreements. Handsets remain the property of the companies and customers are generally obligated to return them at the end of the respective agreements.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Intangible assets acquisitions include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Acquisition of licenses 3G and 4G&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,256)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other intangible assets acquisitions (Note 9)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,238)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,754)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,448)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Payments of trade payables originated in prior years acquisitions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(93)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(201)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(116)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;SAC acquisition offset with trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(313)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(305)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(212)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Acquisition of intangible assets through incurrence of trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;673
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;462
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;466
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(971)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,798)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,310)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The following table presents the cash flows from purchases, sales and maturities of securities which were not considered cash equivalents in the statement of cash flows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,002)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(971)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,049)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Sales of Government bonds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,986
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,051
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Government bonds collection&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;276
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;165
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other short-term investments and time deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,063)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(265)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Sales of Other short-term investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;176
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Argentine companies notes collection&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,627)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(20)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(976)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfMostSignificantInvestingActivitiesTableTextBlock>
  <teo:DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:36.45pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:29.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the fiscal year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(633)
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(386)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions &amp;#x2013;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,113)
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,228)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,162
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;989
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Currency translation adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12)
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(8)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(596)
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(633)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock>
  <teo:DisclosureOfOperatingExpensesByFunctionTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Operating costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32,287)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(27,628)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(20,578)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Administration costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,306)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,453)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,827)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Commercialization costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16,708)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14,829)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11,594)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other expenses &amp;#x2013; provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(590)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(187)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(113)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Gain on disposal of PP&amp;amp;E and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(53,207)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45,480)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(34,311)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOperatingExpensesByFunctionTableTextBlock>
  <teo:DisclosureOfOperatingIncomeTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Operating income from services and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57,104
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,437
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,524
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39,279)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32,711)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(25,079)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income before depreciation and amortization (a)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,825
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,726
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,445
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,928)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,198)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income from services and other income&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,581
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,145
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,808
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Operating income (loss) from equipment sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Cost of equipments and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income (loss) from equipment sales (b)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,531
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,698
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,421
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Consolidated net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income before depreciation and amortization (a)&amp;nbsp;+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,928)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,198)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOperatingIncomeTableTextBlock>
  <teo:DisclosureOfOperatingIncomeTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 23 &amp;#x2013; Operating income&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Operating income from services and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57,104
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,437
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,524
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39,279)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32,711)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(25,079)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income before depreciation and amortization (a)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,825
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,726
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,445
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,928)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,198)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income from services and other income&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,581
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,145
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,808
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Operating income (loss) from equipment sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Cost of equipments and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income (loss) from equipment sales (b)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,531
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,698
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,421
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Consolidated net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income before depreciation and amortization (a)&amp;nbsp;+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,928)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,198)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The breakdown of Operating income by segment is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Year&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Fixed&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Mobile&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;br /&gt;consolidated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Services revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,868
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37,236
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57,104
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,421
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;316
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,737
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18,262)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21,017)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39,279)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,421)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,737)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income for services revenues and other (1)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,711
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,114
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,825
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Equipments revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;663
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,552
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,160)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income (loss) from equipments revenues (2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;139
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,392
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,531
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income before depreciation and amortization (3)=(1)+(2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,850
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,506
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,236)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,692)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,928)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E (5)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(295)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(316)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income (6)=(3)+(4)+(5)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,593
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,519
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net effect of the intersegment eliminations (7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,105)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,105
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income before D&amp;amp;A (8)=(3)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,745
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,611
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income (9)=(6)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(512)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,624
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.25pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Year&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Fixed&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Mobile&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;br /&gt;consolidated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Services revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,989
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30,448
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,437
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,947
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;158
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,105
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,464)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(19,247)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(32,711)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(158)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,947)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,105)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income for services revenues and other (1)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,314
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,412
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,726
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Equipments revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,795
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(136)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,052)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income (loss) from equipments revenues (2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,743
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,698
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income before depreciation and amortization (3)=(1)+(2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,269
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,155
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,897)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,301)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,198)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E (5)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(384)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(383)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income (6)=(3)+(4)+(5)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,373
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,470
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net effect of the intersegment eliminations (7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,789)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,789
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income before D&amp;amp;A (8)=(3)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,480
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,944
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income (9)=(6)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(416)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,259
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.5pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;"&gt;Year&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Fixed&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Mobile&lt;br /&gt;services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&lt;br /&gt;consolidated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Services revenues and other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,714
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;23,810
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,524
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,834
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;137
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,971
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,863)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15,216)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(25,079)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Intersegment operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(137)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,834)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,971)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income for services revenues and other (1)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,548
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,897
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,445
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Equipments revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,955
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Third party operating expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,513)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subtotal income (loss) from equipments revenues (2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,442
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,421
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total operating income before D&amp;amp;A for services and other income (3)=(1)+(2)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,527
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,339
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;D&amp;amp;A (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,526)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,912)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Disposals and impairment of PP&amp;amp;E (5)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(91)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(108)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(199)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Operating income (6)=(3)+(4)+(5)&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;910
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,319
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net effect of the intersegment eliminations (7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,697)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,697
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income before D&amp;amp;A (8)=(3)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;830
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,036
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net segment contribution to the Operating income (9)=(6)+(7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(787)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,016
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOperatingIncomeTextBlock>
  <teo:DisclosureOfOtherLiabilitiesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:21.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Compensation for directors and members of the Supervisory Committee&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Guarantees received&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;69
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Pension benefits (Note 3.m)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;214
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;164
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Legal fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;220
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;170
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total other liabilities&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;305
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;239
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:78.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOtherLiabilitiesTableTextBlock>
  <teo:DisclosureOfOtherReceivablesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;"&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Prepaid expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;554
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;620
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Deposit in auction&amp;#x2019;s warrant to CONATEL (Note 2.i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;278
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Expenditure reimbursement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;134
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;126
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax credits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;218
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;46
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Restricted funds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Receivables for return of handsets under warranty&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;PP&amp;amp;E disposal receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;20
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Guarantee deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax on personal property &amp;#x2013; on behalf of Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;NDF (Note 20) (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;171
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;140
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,514
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,032
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,491
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,011
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;(*) Includes 60 of Financial NDF as of December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Prepaid expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;266
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;258
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Credit on SC Resolution No.&amp;nbsp;41/07 and IDC (Note 2.m and n)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Restricted funds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Regulatory receivables (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;39
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax on personal property &amp;#x2013; on behalf of Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax credits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Guarantee deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;color:#212121;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Credit of indemnity for Tuves Paraguay acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;color:#212121;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Financial NDF (Note 20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;500
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;435
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for regulatory matters (Note 2.m and n)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(56)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for tax on personal property&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for tax on other credits (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;419
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;360
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total other receivables&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,910
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,371
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 11.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 6pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:7pt;"&gt;&lt;p style="width:7pt;width:7pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 6pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;6 allocated to Taxes with the Regulatory Authority and 1 to Currency translation adjustments.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOtherReceivablesTableTextBlock>
  <teo:DisclosureOfOtherReceivablesTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Note 6 &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;&amp;#x2013;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt; Other receivables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Other receivables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Prepaid expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;554
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;620
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Deposit in auction&amp;#x2019;s warrant to CONATEL (Note 2.i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;278
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Expenditure reimbursement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;134
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;126
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax credits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;218
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;46
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Restricted funds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Receivables for return of handsets under warranty&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;PP&amp;amp;E disposal receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;20
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Guarantee deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax on personal property &amp;#x2013; on behalf of Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;NDF (Note 20) (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;171
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;140
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,514
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,032
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,491
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,011
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;(*) Includes 60 of Financial NDF as of December&amp;nbsp;31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Prepaid expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;266
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;258
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Credit on SC Resolution No.&amp;nbsp;41/07 and IDC (Note 2.m and n)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Restricted funds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;33
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Regulatory receivables (Paraguay)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;39
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax on personal property &amp;#x2013; on behalf of Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax credits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Guarantee deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;color:#212121;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Credit of indemnity for Tuves Paraguay acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;color:#212121;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Financial NDF (Note 20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;500
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;435
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for regulatory matters (Note 2.m and n)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(56)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for tax on personal property&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for tax on other credits (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;419
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;360
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total other receivables&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,910
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,371
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 11.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 6pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:7pt;"&gt;&lt;p style="width:7pt;width:7pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 6pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;"&gt;6 allocated to Taxes with the Regulatory Authority and 1 to Currency translation adjustments.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Movements in the allowances are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Current allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(25)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:25.08%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Non-current allowance for regulatory matters&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(84)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Compensation of Telecom Argentina&amp;#x2019;s regulatory liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(56)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:24.98%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Non-current allowance for tax on personal property&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:73.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOtherReceivablesTextBlock>
  <teo:DisclosureOfOtherTaxesPayableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 15 &amp;#x2013; Other taxes payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Other taxes payables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 78.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:23.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;VAT, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;564
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;360
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Tax withholdings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Internal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;162
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;138
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Tax on SU (Note 2.h)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;119
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;110
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Regulatory fees &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Turnover tax&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;383
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Municipal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;82
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Retention Decree No.583/10 ENARD&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Tax on personal property &amp;#x2013; on behalf of Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,505
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,149
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOtherTaxesPayableTextBlock>
  <teo:DisclosureOfQuarterlyConsolidatedInformationTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 29 &amp;#x2013; Quarterly consolidated information (unaudited information)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Quarter&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating&lt;br /&gt;income before&lt;br /&gt;D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Operating&lt;br /&gt;income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Financial Results,&lt;br /&gt;net (loss) gain&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net&lt;br /&gt;income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Net income&lt;br /&gt;attributable&lt;br /&gt;to Telecom&lt;br /&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Fiscal year 2015:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;March&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,872
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,634
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,680
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,041
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,028
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;June&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,624
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,501
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,468
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(30)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;937
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;928
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;September&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,094
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,529
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,311
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(73)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;800
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;801
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;December&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,906
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,202
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,770
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(910)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;657
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;646
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,496
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,102)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,435
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,403
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Fiscal year 2016:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;March&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,455
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,402
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,997
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(557)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;935
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;925
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;June&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,951
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,362
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,724
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(489)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;802
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;800
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;September&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,412
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,446
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,802
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(636)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;758
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;746
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;December&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,422
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,214
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,320
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(562)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,510
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,504
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,240
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,244)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,005
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,975
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Fiscal year 2017:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;March&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,726
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,638
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,893
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;124
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,966
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,955
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;June&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,818
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,706
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,958
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(384)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,673
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,660
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;September&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16,719
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,902
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,167
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,056
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,026
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;December&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,923
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,110
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,094
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(210)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,029
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,989
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,186
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(486)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,724
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,630
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfQuarterlyConsolidatedInformationTextBlock>
  <teo:DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:21.15pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:27.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(282)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(203)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(234)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(367)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;211
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;288
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(305)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(282)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock>
  <teo:DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 87.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:25.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,629
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,652
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Increase for Tuves Paraguay acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,133
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,647
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Transfers to CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,700)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,173)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Disposal for maintenance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,125)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(507)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Currency translation adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,024
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,629
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:72.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.96%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock>
  <teo:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Gross&lt;br /&gt;value&amp;nbsp;as&lt;br /&gt;of&lt;br /&gt;December&lt;br /&gt;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Tuves&lt;br /&gt;Paraguay&lt;br /&gt;acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Transfers&amp;nbsp;and&lt;br /&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Gross&lt;br /&gt;value&amp;nbsp;as&lt;br /&gt;of&lt;br /&gt;December&lt;br /&gt;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Land&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;151
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;153
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Building&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,877
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;103
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,992
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,697
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;103
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;188
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,988
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,010
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;189
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,301
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(58)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,508
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,443
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;329
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,072
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(467)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,403
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,529
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,927
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,455
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,916
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;64
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;331
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;255
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,566
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,727
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;285
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,086
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Computer equipment and systems&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,401
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;518
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,311
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(36)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,250
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;845
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;903
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;543
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;171
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;97
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(50)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;817
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;267
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;224
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(126)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;375
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;429
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;130
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(23)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;545
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Furniture&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;202
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;234
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,172
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;324
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,513
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;755
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;55
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;867
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Special projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;121
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,915
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,237
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;25
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,932)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(107)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,138
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;189
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;224
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61,157
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;171
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,905
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,775
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(870)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72,138
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:29.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accumulated&lt;br /&gt;depreciation&lt;br /&gt;as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Tuves&lt;br /&gt;Paraguay&lt;br /&gt;acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Decrease&lt;br /&gt;and&lt;br /&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Accumulated&lt;br /&gt;depreciation&lt;br /&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Net carrying&lt;br /&gt;value as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Land&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;153
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Building&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,171)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(52)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,210)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;782
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(712)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(97)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(52)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(861)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,127
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,793)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(633)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(113)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,596)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,912
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,910)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,146)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(226)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;257
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,025)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,378
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,984)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(593)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,577)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,878
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,342)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(703)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(282)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;118
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(8,209)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,357
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,050)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(119)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,212)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;874
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Computer equipment and systems&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,136)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,112)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(450)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(10,664)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,586
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(789)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(22)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(814)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(508)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(83)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(75)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(714)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;103
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Equipment lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(141)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(155)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;124
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(172)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;203
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(223)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(57)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(267)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;278
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Furniture&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(146)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(170)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;64
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(719)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(137)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(872)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;641
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(529)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(42)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(660)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;207
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Special projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(64)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;57
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,138
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(71)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(88)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;136
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39,271)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(83)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,039)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,327)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;545
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45,175)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26,963
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:28.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Gross&amp;nbsp;value&lt;br /&gt;as&amp;nbsp;of&lt;br /&gt;December&lt;br /&gt;31,&amp;nbsp;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Transfers&amp;nbsp;and&lt;br /&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Gross Value&lt;br /&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;as&amp;nbsp;of&lt;br /&gt; December&lt;br /&gt; &amp;nbsp;&amp;nbsp;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Land&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;151
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Building&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,771
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;95
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,877
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,238
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;82
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;377
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,697
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,880
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;64
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;147
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;959
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(40)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,010
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,242
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;128
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;250
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,435
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(612)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,443
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,208
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,407
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(86)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,529
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,791
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;272
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;830
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(52)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,916
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,449
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;60
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;220
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,727
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Computer equipment and systems&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,663
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;408
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,304
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,401
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;806
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;37
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;845
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;505
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;99
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(115)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;543
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;190
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;150
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(76)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;267
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;380
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;429
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Furniture&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;165
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;202
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;905
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;252
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,172
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;574
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;133
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;755
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Special projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,015
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,022
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,090)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,915
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;141
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;189
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51,149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,632
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,430
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,054)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61,157
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:36.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Accumulated&lt;br /&gt;depreciation&lt;br /&gt;as of&lt;br /&gt;December&amp;nbsp;31,&lt;br /&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Currency&lt;br /&gt;translation&lt;br /&gt;adjustments&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Decreases&lt;br /&gt;and&lt;br /&gt;transfers &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Accumulated&lt;br /&gt;depreciation&lt;br /&gt;as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net&lt;br /&gt;carrying&lt;br /&gt;value as of&lt;br /&gt;December&lt;br /&gt;31, 2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Land&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;151
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Building&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,134)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(41)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,171)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;706
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(596)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(77)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(712)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;985
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Transmission equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,265)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(476)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(87)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,793)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,217
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,210)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(877)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(147)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;324
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,910)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,533
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;External wiring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,597)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(472)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;85
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,984)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,545
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,327)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(856)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(211)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;52
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,342)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,574
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Power equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(921)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(97)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(34)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,050)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;677
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Computer equipment and systems&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,778)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(997)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(363)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,136)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,265
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Telephony equipment and instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(773)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(789)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(475)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(50)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;115
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(508)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(101)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(116)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(141)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;126
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(183)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(223)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;206
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Furniture&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(128)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(11)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(146)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(603)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(102)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(719)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;453
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Improvements in third parties buildings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(403)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(28)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(529)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;226
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Special projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(34)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;42
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,915
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(55)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(71)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;118
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(34,583)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,358)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,033)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;703
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(39,271)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;21,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:37.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock>
  <teo:DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:21.15pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:27.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(52)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions &amp;#x2013; Fees for services, maintenance and materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(94)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decrease&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(144)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(68)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock>
  <teo:DisclosureOfRevenueAndOtherIncomeTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.75pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:44.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Voice&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,505
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,010
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,338
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Internet&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,715
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,994
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,557
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Data&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,577
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,919
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,780
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,797
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,923
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,675
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Outbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Postpaid&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,380
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,951
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,401
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Abono Fijo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,241
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,365
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,919
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Prepaid&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,359
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,548
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,345
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total outbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;29,980
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;24,864
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,665
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Inbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From Fixed Services &amp;#x2013; CPP&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,012
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;779
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;624
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From Mobile Services &amp;#x2013; TLRD&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,698
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;932
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;924
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total inbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,710
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,711
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,548
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,599
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,474
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,045
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal Personal Mobile Services&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,289
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;28,049
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;22,258
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Outbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Postpaid&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;81
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;36
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Abono Fijo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;999
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;766
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;458
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Prepaid&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,445
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,134
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;742
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total outbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,525
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,962
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,236
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From Fixed Services &amp;#x2013; Interconnection&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;From Mobile Services &amp;#x2013; TLRD&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;133
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;118
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;80
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total inbound&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;141
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;127
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;219
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;293
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;222
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,885
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,382
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,547
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total service revenues (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56,971
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45,354
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34,480
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;663
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Personal Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,446
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,535
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,796
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;260
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;159
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total equipment revenues (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total revenues (a)&amp;nbsp;+ (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,186
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,240
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,496
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;"&gt;Other income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;71
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;66
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;39
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Personal Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;62
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Nucleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total other income (c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;(*) 133&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;(*)&amp;nbsp;&amp;nbsp;83&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;44
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total revenues and other income (a)+(b)+(c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,319
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,323
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,540
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(*) Includes 21 y 17 of PP&amp;amp;E disposal of years 2017 and 2016, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfRevenueAndOtherIncomeTableTextBlock>
  <teo:DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 87.00%;margin-left:13.05pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:29.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Vacation and bonuses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,433
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,102
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;499
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;383
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;119
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;125
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,051
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,610
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;160
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;144
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt; &amp;nbsp;Bonuses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;99
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;259
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;184
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total salaries and social security payables&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,310
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,794
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock>
  <teo:DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Turnover tax&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,528)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,817)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,122)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Taxes with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,049)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,078)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(917)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Tax on deposits to and withdrawals from bank accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(626)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(539)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(403)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Municipal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(531)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(395)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(289)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(373)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(296)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(212)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,107)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,125)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,943)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.36%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock>
  <teo:DisclosureOfTradePayablesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:30.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current&amp;nbsp;trade&amp;nbsp;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,854
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,496
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other assets and services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,783
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,422
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventory&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,697
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;676
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,334
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,594
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Agent commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;385
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,483
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,979
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;101
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;152
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;101
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;152
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,584
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,131
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTradePayablesTableTextBlock>
  <teo:DisclosureOfTradePayablesTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 10 &amp;#x2013; Trade payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Trade payables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; purchase of materials and supplies;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; purchase of handsets and equipment;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; agent and retails commissions;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; procurement of services; and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; purchase of goods included in PP&amp;amp;E.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:30.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current&amp;nbsp;trade&amp;nbsp;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,854
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,496
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Other assets and services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,783
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,422
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventory&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,697
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;676
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,334
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,594
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Agent commissions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;149
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;385
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,483
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,979
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;101
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;152
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;101
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;152
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,584
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,131
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.26%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTradePayablesTextBlock>
  <teo:DisclosureOfTradeReceivablesTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:27.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed and mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,232
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,210
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(596)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(633)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,636
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,577
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed and mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;208
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total trade receivables, net&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,785
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTradeReceivablesTableTextBlock>
  <teo:DisclosureOfTradeReceivablesTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 5 &amp;#x2013; Trade receivables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Trade receivables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:27.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed and mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,232
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,210
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(596)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(633)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,636
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,577
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Non-current trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed and mobile services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;208
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Total trade receivables, net&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,648
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,785
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Movements in the allowance for current doubtful accounts are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:36.45pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:29.64%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.22%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.42%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the fiscal year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(633)
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(386)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions &amp;#x2013;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,113)
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,228)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,162
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;989
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Currency translation adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(12)
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(8)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(596)
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(633)
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.44%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.90%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTradeReceivablesTextBlock>
  <teo:DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:9pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Variation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,636
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,577
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,059
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Other receivables (not considering financial NDF)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,431
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,011
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;420
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,854
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,278
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;576
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Current liabilities (not considering financial debt)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(18,793)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(13,245)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,548)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Operative working capital - negative&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,872)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,379)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,493)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;"&gt;Over revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;"&gt;(10.5)%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;"&gt;(6.4)%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,831
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,945
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,114)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Financial NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;60
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;60
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,426
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,751
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,675
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Current financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,194)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,266)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;72
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Net Current financial asset&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,123
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,430
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;693
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Negative operating working capital (current assets &amp;#x2013; current liabilities)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,749)
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(949)
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,800)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:67.78%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Liquidity rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;0.83
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;0.94
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(0.11)
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock>
  <teo:DisclosureOnRegulatoryFrameworkTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Note 2 - REGULATORY FRAMEWORK&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;a) Regulatory Authority&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina is regulated by a set of rules&amp;nbsp;and regulations that comprise the regulatory framework of the telecommunication sector in Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Until the issuance of Law No.&amp;nbsp;27,078, the LAD, which was published in the Official Gazette on December&amp;nbsp;19, 2014 and has been in force since its publication, the telecommunication services provided by Telecom Argentina and its domestic subsidiaries were regulated by the CNC, a decentralized agency within the scope of the SC, which was also under the scope of the Ministry of Federal Planning, Public Investment and Services. (See &amp;#x201C;&amp;#x2014;Law No.&amp;nbsp;27,078&amp;#x2014;Argentine Digital Law&amp;#x201D; below).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The LAD created the Federal Authority of Information and Communication Technologies (&amp;#x201C;AFTIC&amp;#x201D;), as a decentralized and autonomous agency within the scope of the National Executive Power (PEN), which would act as the Regulatory Authority of the LAD and would replace, for all purposes, of the SC and the CNC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The LAD conferred the AFTIC the regulation, control, supervision and verification functions concerning Information and Communication Technologies (&amp;#x201C;ICT&amp;#x201D;) in general, and in particular of the telecommunications, postal service and all those matters integrated to its field in accordance with the provisions of the LAD.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;By the end of December&amp;nbsp;2015, the PEN issued the Decree of Need and Urgency (&amp;#x201C;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Decreto de Necesidad y Urgencia&amp;#x201D;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; or hereinafter the &amp;#x201C;DNU&amp;#x201D;) No.&amp;nbsp;267/15 published in the Official Gazette on January&amp;nbsp;4, 2016. The DNU substantially amends Law No.&amp;nbsp;26,522 (Audiovisual Communication Services &amp;#x2013; &amp;#x201C;SCA&amp;#x201D;) and Law No.&amp;nbsp;27,078 (LAD) and also creates the National Communications Agency (&amp;#x201C;ENACOM&amp;#x201D;) as a new Regulatory Authority of those laws. The ENACOM replaces the AFTIC and AFSCA (&amp;#x201C;Federal Authority of Audiovisual Communication Services&amp;#x201D;). This new Authority acts as an autonomous agency within the scope of the Ministry of Communications. See &amp;#x201C;&amp;#x2014;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Decree No.&amp;nbsp;267/15 - Amendments to the &amp;#x201C;LAD&amp;#x201D;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; below.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The ENACOM has started its operations on January&amp;nbsp;5, 2016 with the 4 directors appointed by the PEN through Decree No.&amp;nbsp;7/16, thus resulting in the constitution of the ENACOM as established by Article&amp;nbsp;23 of Decree No.&amp;nbsp;267/15.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Board of ENACOM is composed of a Chairman and three directors appointed by the PEN, as well as three directors appointed by the Bicameral Commission of Audiovisual Communication and ICT services. The quorum is met with the attendance of four members. No special eligibility conditions are established to be a member of the Board; the only limitation is the non-existence of incompatibilities, under the terms of Law No.&amp;nbsp;25,188 (&amp;#x201C;Public Ethic&amp;#x201D;). The ENACOM members can be removed directly and without cause by the PEN.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:16.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On August&amp;nbsp;11, 2017, the National Government issued Decree No.&amp;nbsp;632, whereby it approved the organizational structure of the Ministry of Modernization, according to the organization chart established in said Decree. Pursuant to this Decree, the ENACOM is now placed within the sphere of the Ministry of Modernization.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;b) Regulatory framework of the services provided by Telecom Argentina and its subsidiaries&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Among the principal features of the regulatory framework governing the services provided by the Company and its domestic subsidiaries is worth mentioning:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; -&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The LAD, as amended by Decree of Need and Urgency No.&amp;nbsp;267/15 and Decree No.&amp;nbsp;1,340/16;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; -&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Law No.&amp;nbsp;19,798 remains in force only to the extent that it does not conflict with the provisions set out under the LAD;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; -&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Privatization Regulations;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; -&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Transfer Agreement;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; -&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Licenses for providing telecommunication services granted to Telecom Argentina and Telecom Personal through several regulations (transferred to the Company after the reorganization &amp;#x2013; Note 31), and the List of Conditions and their respective regulations;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, Law No.&amp;nbsp;27,078 states that Decree No.&amp;nbsp;764/00 and its amendments shall remain in force to the extent that it does not conflict with the provisions set out under the LAD, for the time required by the Regulatory Authority to draw up the regulations concerning the Licensing Framework for ICT Services, the Interconnection Regulation, the Universal Service Regulation and the Administration, Management and Control of the Spectrum Regulation. Also, the LAD states that Law No.&amp;nbsp;19,798 (&amp;#x201C;Ley Nacional de Telecomunicaciones&amp;#x201D; passed in 1972) and its amendments shall remain in force in respect of those regulations not opposing its provisions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;N&amp;#xFA;cleo and Tuves Paraguay are supervised by the &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Comisi&amp;#xF3;n Nacional de Telecomunicaciones de Paraguay&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, the National Communications Commission of Paraguay (&amp;#x201C;CONATEL&amp;#x201D;) and its subsidiary Personal Env&amp;#xED;os S.A. is supervised by the &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Banco Central de la Rep&amp;#xFA;blica del Paraguay&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;. Additionally, Telecom USA, Telecom Argentina&amp;#x2019;s subsidiary in the United States, is supervised by the Federal Communications Commission (the &amp;#x201C;FCC&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;c) Licenses granted as of December&amp;nbsp;31, 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;To Telecom Argentina&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:37.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, Telecom Argentina has been granted the following non-expiring licenses to provide the following services in Argentina:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Local fixed telephony;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Public telephony;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Domestic and international long-distance telephony;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Domestic and international point-to-point link services;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Domestic and international telex services;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;VAS, data transmission, videoconferencing and transportation of audio and video signals; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Internet access.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17.85pt;text-indent:19.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additionally, the Company holds licenses originally granted to Personal which were transferred to Telecom since the Reorganization (Note 31). Such non-expiring licenses have been granted to provide mobile telecommunication services (STM) in the Northern Region of Argentina and data transmission and Value Added Services throughout the country, mobile radio communication services (SRMC) in the AMBA area, as well as a non-expiring license to provide PCS services throughout the country, and it is registered to provide national and international long-distance telephone services. Additionally, from November&amp;nbsp;2014 Personal has been granted a license to provide Mobile Advanced Communications Services (SCMA) for 15 years as disclosed in Note 2.i).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;To Telecom Argentina&amp;#x2019;s subsidiaries&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18.15pt;text-indent:22.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;N&amp;#xFA;cleo has been granted a license to provide mobile telecommunication services (STM and PCS) throughout Paraguay. In addition, N&amp;#xFA;cleo has been granted a license for the installation and provision of Internet and Data throughout Paraguay. All these licenses have been granted for renewable five-year periods. See Note 2.i), regarding the auction process for 700 MHz band spectrum in Paraguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18.15pt;text-indent:22.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Personal Env&amp;#xED;os, a company controlled by N&amp;#xFA;cleo, was authorized by the Central Bank of Paraguay to operate as an Electronic Payment Company (EMPE) through Resolution No.&amp;nbsp;6 issued on March&amp;nbsp;30, 2015, and its corporate purpose is restricted to such service.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18.15pt;text-indent:22.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Tuves Paraguay, a company controlled by N&amp;#xFA;cleo, has a license for the provision of telecommunications services and also the distribution of digital audio and television signals to homes, for the term of five years. The license was granted in March&amp;nbsp;2010 and renewed in March&amp;nbsp;2015 for a term of five years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;d) Events of revocation of the Licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina&amp;#x2019;s license is revocable in the case of non-compliance with certain obligations, including but not limited to:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;repeated interruption of all or a substantial portion of service;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a modification of corporate purpose without prior approval of the Regulatory Bodies or change of&amp;nbsp;domicile to a jurisdiction outside Argentina;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the transfer of the license to third parties without prior approval of the Regulatory Bodies;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the sale, encumbrance or transfer of assets which has the effect of reducing services supplied without the prior approval of the Regulatory Bodies;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;any transfer of shares resulting in a direct or indirect loss of control in Telecom Argentina which has not been executed ad referendum of the approval of the ENACOM and informed within 30 days following its completion (according to the provisions of article 8 of Decree No.&amp;nbsp;267/15); and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the bankruptcy of Telecom Argentina.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;STM / SRMC / PCS / SCMA&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Personal&amp;#x2019;s licenses (transferred to the Company), are revocable in case of non-compliance with certain obligations, including but not limited to:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;repeated interruptions of Personal&amp;#x2019;s services as set forth in the List of Conditions;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;any transfer of the license and/or the related rights and obligations, without the approval of the Regulatory Authority (according to the provision of article 8 of Decree No.&amp;nbsp;267/15);&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;any encumbrance of the license;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;any voluntary insolvency proceedings or bankruptcy of Telecom; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a liquidation or dissolution of Telecom, without the prior approval of the Regulatory Authority.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the Auction Terms and Conditions for the awarding of frequency bands for SCMA (and some bands for SRMC and PCS), approved by SC Resolution No.&amp;nbsp;38/14, the authorization to use radio electric spectrum (as defined in the Auction) will be revocable under the following circumstances:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;repeated or persistent breaches of obligations related to quality indicators of services provided under the terms of the Regulation for the Quality of Telecommunications Services approved by SC Resolution No.&amp;nbsp;5/13 (further information on filings of the Company and Personal against the sanction processes initiated by the Regulatory Authority related to quality matters is disclosed in k) below);&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;repeated or persistent failure of infrastructure sharing obligations and the conditions set for automatic roaming agreements established in the Terms and Conditions;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;repeated or persistent failure of the coverage obligations set in Annex III of the Terms and Conditions;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;assignment, transfer, encumbrance, lease or sale to third parties of the authorization for the use of the awarded bands, without authorization of the Regulatory Authority (according to the provision of article 8 of Decree No.&amp;nbsp;267/15).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;N&amp;#xFA;cleo and Tuves Paraguay&amp;#x2019;s licenses are revocable mainly in the case of:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;repeated interruptions of the services;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;any voluntary insolvency proceedings or bankruptcy of N&amp;#xFA;cleo and Tuves Paraguay; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;non-compliance with certain service obligations.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the Resolution No.&amp;nbsp;6/14 of the Central Bank of Paraguay, Personal Env&amp;#xED;os&amp;#x2019; license to provide Electronic Payment services may be revoked by:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;insolvency proceedings or bankruptcy,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
				&lt;font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;sanctions imposed by the Central Bank of Paraguay, with prior administrative proceedings regarding the performance of operations that are forbidden by the legislation in force.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;e) Law No.&amp;nbsp;27,078 &amp;#x2013; Argentine Digital Law&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Among the most relevant contents in the LAD, which amended the regulatory framework in force as of December&amp;nbsp;19, 2014, as regards telecommunications are:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the rule&amp;nbsp;on prices and rates establishing that the licensees of ICT services shall set their prices which shall have to be fair and reasonable, cover the exploitation costs and tend to the efficient&amp;nbsp;supply and reasonable operation margin;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the exemptions of taxes, establishing that tax exemptions or reductions, prices and encumbrances of ICT in general and in telecommunications in particular may be set on a precarious basis when the nature of certain activities so warrant;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; c)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the amendments as regards Universal Service (See &amp;#x201C;&amp;#x2014;Universal Service Regulation&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;&amp;#x201D; &amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;below);&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; d)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the asymmetric regulation as universalization tools towards the development of an effective competition; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; e)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a maximum period for granting each authorization or use of frequencies of the radioelectric spectrum must be established (section 28 &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;in fine&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The LAD declared of public interest the development of ICT and its associated resources in order to establish and ensure complete neutrality of networks and to guarantee every user the right to access, use, send, receive or offer any content, application, service or protocol through Internet without any restrictions, discrimination, distinction, blocking, interference, obstruction or degradation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The LAD set forth that the licensees of the ICT services may supply audiovisual communication services with the exception of those provided through satellite link, in which case, the corresponding license must be requested from the proper authority. Also, the LAD allowed ICT service licensees included in the restrictions of the Audiovisual Services Communications Law (among them, Telecom Argentina) to provide audiovisual communications services. Nevertheless, that regulation was partially amended by Decree No.&amp;nbsp;267/15 (see &amp;#x201C;&amp;#x2014;Decree No.&amp;nbsp;267/15&amp;#x2014;Amendments to the LAD&amp;#x201D; below).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the LAD provisions, Telecom Argentina amended its corporate purpose during 2015, which was approved by AFTIC Resolution No.&amp;nbsp;19/15. Further information is disclosed in &amp;#x201C;&amp;#x2014;Introduction&amp;#x2014;The Company&amp;#x201D; and in Note 1.a) to these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Also, the LAD established the framework for suppliers and licensees entering the audiovisual communication services market (among them, Telecom Argentina and its Argentine subsidiaries) setting forth that the Federal Authority of Audiovisual Communication Services (replaced by the ENACOM since Decree No.&amp;nbsp;267/15 enforcement) would determine the go-to-market conditions of audiovisual communication services for ICT suppliers and licensees. The LAD also stated a gradual implementation plan through the setting up of promotion areas for limited periods of time determined according to public interest, within which the ICT licensees with significant market power would not be able to provide audiovisual communication services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It also set forth that the ICT service should be provided throughout the national territory, considered for that end as a unique area of exploitation and supply, and the modification of the interconnection schedule, imposing higher obligations to the operators and more rights to the Argentine government for the regulation in this sense of the wholesale market.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the LAD provisions, the SBT holds its status of public service (section 54), but with a different scope than the previous regulations provisions. It was defined as the national and international telephone voice service, through the local networks, notwithstanding the technology used for its transportation, provided that it complies with the objective of allowing its users to communicate with each other (section 6 paragraph c)). In addition, in section 90 of Title XI, it established that said definition, comprises the senses of the definition established in the Auction Terms and Conditions for the International Public Auction process for the Privatization of the Supply of the Telecommunications Service timely approved by Decree No.&amp;nbsp;62/90.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The LAD introduced substantial changes to the SU regulation established by Decree No.&amp;nbsp;558/08. Among its provisions the LAD creates a new SU Fund and provides that the investment contributions for the SU programs shall be managed through this fund, which assets, belong to the Federal Government (See &amp;#x201C;&amp;#x2014;Universal Service Regulation&amp;#x201D; below)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Law No.&amp;nbsp;19,798 Telecommunications Act (passed in 1972), as amended, continues in effect only with respect to those provisions that do not contradict the provisions of the new LAD (including, for example, Article&amp;nbsp;39 of Law No.&amp;nbsp;19,798 referred to exemption from all taxes on the use of soil, subsoil and airspace for telecommunications services).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The LAD also revoked Decree No.&amp;nbsp;764/00, as amended, but provisions of the decree that do not contradict the LAD will remain in effect during the time it takes to the Regulatory Authority to issue new licensing, interconnection services, universal service and spectrum regulations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;f) Decree No.&amp;nbsp;267/15 &amp;#x2013; Amendments to the LAD&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;On January&amp;nbsp;4, 2016, Decree No.&amp;nbsp;267/15 was issued, amending Law No.&amp;nbsp;26,522 (Audiovisual&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Communication Services) and Law No.&amp;nbsp;27,078 (LAD). As mentioned above, &amp;#x201C;ENACOM&amp;#x201D; was created as the Regulatory Authority applicable of these laws. However, some of its provisions were subsequently amended by Decree No.&amp;nbsp;1,340/16.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The main amendments to the LAD consist of:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The incorporation of Broadcasting Services provided by subscription (physical or radio electric link, such as Cable TV) as an ICT service within the scope of the LAD, and excluding it from Law No.&amp;nbsp;26,522. Satellite Television Services will remain within the scope of Law No.&amp;nbsp;26,522. Furthermore, Decree No.&amp;nbsp;267/15 states that the ownership of a satellite television license provided by subscription is incompatible with having any other kind of ICT services license. Provision amended by Decree No.&amp;nbsp;1,340/16.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Broadcasting supplied by subscription licenses (such as Cable TV) issued before the application of Decree No.&amp;nbsp;267/15 will be considered for all purposes as in compliance with LAD upon the respective registration for such service provision. Furthermore, the Decree states a 10 years extension from January&amp;nbsp;1, 2016, for the use of frequency spectrum to radio electric link provided by subscription license holders.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Among the amendments that replaces Section&amp;nbsp;6 of the LAD is the incorporation of &amp;#x201C;video on demand service,&amp;#x201D; defined as a service offered by an ICT services supplier to provide access to software under demand on a catalogue basis. On January&amp;nbsp;7, 2016, the Company and Personal presented to ENACOM an application for the registration of &amp;#x201C;Video On Demand or On Demand Video Service&amp;#x201D;, describing the service characteristics which registration was requested. As of the date of issuance of these consolidated financial statements, the ENACOM resolution is still pending.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Decree No.267/15 replaced the LAD&amp;#x2019;s article No.&amp;nbsp;94, and states that SBT suppliers, fixed telephony license holders within the scope of Decree No.264/98, and mobile telecommunication license holders within the scope of Decree No.1,461/93 are prohibited from providing Broadcasting under subscription services &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(defined as any form of communication, primarily one-way, for the transmission of signals to be received by a determinable public, either by physical or by radio connection, for example, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;video cable and IP TV services) until January&amp;nbsp;1, 2018 (this term can be extended by 1 additional year). Also, the Decree replaces article 95 of the LAD and provides several obligations for fixed telephony licensees granted by Decree No.264/98 and mobile services providers with licenses granted by Decree No.1,461/93, which choose to provide broadcasting under subscription services. This provision was subsequently amended by Decree No.&amp;nbsp;1,340/16.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;In addition, shareholders of a 10% or more interest in companies that provide public services may not be holders of a Subscription Radio Record. However, this will not apply in the following cases: (i)&amp;nbsp;non-profit companies to whom the national, provincial or municipal State has granted the license, concession or permission to provide a public service (such as telecommunications cooperatives); (ii)&amp;nbsp;those mentioned in section 94 (including the Company and Personal) who will be only able to provide the service after the expiration of the period specified therein.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Section&amp;nbsp;28 of Decree No.&amp;nbsp;267/15 created, in the field of the Ministry of Communications, the &amp;#x201C;Commission for the Elaboration of the Draft Law for the Reform, Updating and Unification of Laws No.&amp;nbsp;26,522 and 27,078&amp;#x201D; (Comisi&amp;#xF3;n para la Elaboraci&amp;#xF3;n del Proyecto de Ley de Reforma, Actualizaci&amp;#xF3;n y Unificaci&amp;#xF3;n de las Leyes N&amp;#xB0; 26,522 y 27,078&amp;#x201D;). The Commission is responsible for the study of the reform of both laws under the principles set out herein.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On April&amp;nbsp;15, 2016, the Ministry of Communications through Resolution No.&amp;nbsp;9/16 provided that the Commission shall be composed by 6 members and 1 Secretary, who will perform their duties &amp;#x201C;ad honorem.&amp;#x201D; The Resolution also appointed its members. The Commission should submit a draft Law for the reform, updating and adaptation of a unified system of the Regulatory Framework Law for the Telecommunications and Audiovisual Communication Services in Argentina, within the following 180 calendar days from the date of its constitution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Through Resolution No.&amp;nbsp;1,098-E/16 published on October&amp;nbsp;31, 2016, the Ministry of Communications extended for 180 days the deadline for the preparation of the draft reform of Laws No.&amp;nbsp;26,522 and 27,078. As of the date of issuance of these consolidated financial statements, the elaboration of the draft reform of Laws No.&amp;nbsp;26,522 and 27,078 is still pending.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Furthermore, the Decree provides that licenses transfers and interest transfers &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;involving the loss of company control &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;must be approved by ENACOM, stating a new procedure provided by section 8 of Decree No.&amp;nbsp;267/15. That licenses transfers and interest in licensees&amp;#x2019; transfers will be considered ad referendum of ENACOM approval.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Decree No.&amp;nbsp;267/15 repealed Section&amp;nbsp;15 and Section&amp;nbsp;48 (second paragraph) of the LAD. Therefore, the following provisions have no longer effect: (i)&amp;nbsp;the condition of essential and strategic public&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;services of ICT regarding the access to the telecommunications network for the &amp;#x201C;ICT services&amp;#x201D; license holders; and (ii)&amp;nbsp;the Regulatory Authority power to regulate tariffs due to public interest reasons.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;On April&amp;nbsp;8, 2016, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the Chamber of Representatives voted in favor of the validity &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;of DNU No.&amp;nbsp;267/15. According to this, such Decree &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;acquired the status of Law&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The Decree establishes several amendments to the Audiovisual Communications Services Law (SCA).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Among the main amendments established by this Emergency Decree to both laws, it should be noted that the licenses for the exploitation of physical link and radio-electric link subscription television services that had been granted under Laws No.&amp;nbsp;22,285 and No.&amp;nbsp;26,522 are now called &amp;#x201C;Registrations&amp;#x201D; for the exploitation of physical link and radio-electric link subscription television services of a &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt;Licencia &amp;#xDA;nica Argentina Digital&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;However, it should be noted that pursuant to Section&amp;nbsp;21 of Decree No.&amp;nbsp;267/15 and until the enactment of a law that will unify the fee regime provided under Laws Nos. 26,522 and 27,078, the physical link and radio-electric link subscription television services will continue to be subject only to the fee regime provided under Law No.&amp;nbsp;26,522. Therefore, they shall not be subject to the investment contribution or the payment of the Control, Oversight and Verification Fee provided under Sections 22 and 49 of Law No.&amp;nbsp;27,078.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;g) Decree No.&amp;nbsp;1,340/16 - Amendments to DNU No.&amp;nbsp;267/15&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Decree No.&amp;nbsp;1,340/16 issued by PEN and published in the Official Gazette on January&amp;nbsp;2, 2017 provides the rules&amp;nbsp;for achieving a greater convergence of networks and services under &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;competitive conditions&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;, promoting the deployment of next generation networks and the penetration of Broadband Internet access throughout the national territory, in accordance with the provisions of Laws No.&amp;nbsp;26,522 and 27,078. This Decree &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;introduces some amendments &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;to DNU No.&amp;nbsp;267/15, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;which has the status of Law&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Among the most relevant provisions, it establishes:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;- Fix the 15-year-term, as from the publication of the Decree, as differential condition in the terms provided by section 45 of Law No.&amp;nbsp;27,078, for the protection of last-mile fixed NGN networks for Broadband deployed by ICT licensees for Broadband regarding the regulations of open access to Broadband and infrastructure to be stated, notwithstanding the provisions of section 56 of said Law.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;- That the Ministry of Communications or ENACOM, as appropriate, shall establish the rules&amp;nbsp;for the administration, management, and control of the radio spectrum, according to guidelines for the promotion of competition as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;a) the ENACOM, in a period not exceeding 6 months since the publication of the Decree, shall call for National and International Public Auction Process for the allocation of new frequency bands for the provision of mobile communications services, according to the service attributions following the recommendations of the International Telecommunication Union (ITU), to maximize and increase the radio resources assigned thereto;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;b) for the purposes of the provisions of section 28 of Annex IV of Decree No.&amp;nbsp;764/00 and section 29 of Law No.&amp;nbsp;27,078, rules&amp;nbsp;and procedures shall be adopted ensuring the reattribution of radio spectrum frequencies with economic compensation and shared use to frequencies previously allocated to other service and assigned to ICT or SCA providers who request to re-use them for the provision of mobile or fixed wireless services with LTE or higher technologies. To this effect, the Regulatory Authority shall impose coverage obligations and specific goals;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;c) for the purposes of the provisions of sections 27 and 28 of Law No.&amp;nbsp;27,078 and section 2 subparagraphs c) and d) of Decree No.&amp;nbsp;798/16, the ENACOM shall have the power to assign radio spectrum frequencies on demand, establishing compensation, deployment and coverage obligations, within the corresponding deadlines, to: 1) current local or regional providers of ICT services in their service areas; and 2) current providers of MCS, on the terms provided in section 3 of Decree No.&amp;nbsp;798/16;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;d) the term of authorizations for the use of frequencies of the SCMA, as well as the corresponding deployment obligations, shall be computed since the effective migration of services currently operating in these bands in the scope of Area II, defined according to the provisions of Decree No.&amp;nbsp;1,461/93 and its amendments (additional information on the impact on the Company is provided in Note 3.j) and Note 18.e) to these consolidated financial statements).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;- That Operators included in section 94 of the LAD (among them, Telecom Argentina), may register the Broadcasting Service by subscription, by physical or radio connection as of the enforcement of this&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Decree, setting January&amp;nbsp;1, 2018 as initial date for the provision of such service in the AMBA (and extended AMBA), and in the cities of Rosario (Santa Fe Province) and C&amp;#xF3;rdoba (C&amp;#xF3;rdoba Province). The Decree also provides that, for the rest of the country, the initial date for the provision of the services of these operators shall be determined by the ENACOM (See Resolution E 5641 E/ 2017).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;- That ICT&amp;#x2019;s licensees and Satellite Link Subscription Broadcasting licensees, who as of December&amp;nbsp;29, 2016 simultaneously provided both services, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;may retain ownership of &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;both types of licenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;- That ICT&amp;#x2019;s services providers carrying out joint service offerings, shall detail the price of each of them, including the breakdown of these values, and the discounts or benefits applied to each service or product of the aforementioned offer, not being able to subsume, under any condition, the hiring of any service to the hiring of another, so as to prevent the consumer from obtaining the service individually or separately.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;- That within 180 days of the Decree enforcement, the Ministry of Communications will establish the necessary guidelines for the creation of the &amp;#x201C;Public Protection, Defense and Security Operations Network&amp;#x201D; (&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Red de Protecci&amp;#xF3;n P&amp;#xFA;blica y Operaciones de Socorro, Defensa y Seguridad)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; under the terms of section 12 of Law No.&amp;nbsp;27,208 &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;to secure suitable communications for public safety agencies&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;- That for the purposes of the provisions of section 92 of Law No.&amp;nbsp;27,078 and section 2, paragraph g) of Decree No.&amp;nbsp;798 issued on June&amp;nbsp;21, 2016, MINCOM shall ensure the following principles on interconnection matters:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;color:#000000;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Until the interconnection prices determination systems provided by the National Interconnection Regulation are implemented, averages of regional Latin America prices shall be considered for similar functions and facilities, corrected by parameters which comply with the conditions of the sector, as determined by the Authority of Application;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;color:#000000;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;In accordance with section 46 of Law No.&amp;nbsp;27,078, the National Interconnection Regulation shall provide asymmetric interconnection rates for mobile services for a 3 years period from the effective service implementation, extendable for a maximum of 18 months.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;color:#000000;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; c)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The National Interconnection Regulation shall provide rules&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;concerning the automatic national roaming service&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;, forcing mobile services providers, for a maximum period of 3 years, to make such service available to other providers in areas where they do not have their own network coverage.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The temporary limitation provided in the previous paragraph &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;shall not be enforceable &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;in those cases in which mobile services are provided by cooperatives and small and medium-sized companies with exclusively regional coverage.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile service providers shall&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; freely&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; enter into agreements to secure, among other issues, technical, economic, operational and legal conditions. Such agreements may not be discriminatory or may not establish technical conditions that prevent, delay or obstruct interconnection services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The National Interconnection Regulation will enable ENACOM to define reference prices for a maximum period of 3 years, taking into &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;consideration &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;the costs of the assets involved (subject to exploitation) and a reasonable return rate to ensure speed, neutrality, non-discrimination and competition between mobile service providers. Likewise, they shall not contain technical, interconnection, operational or other conditions that delay, obstruct or create &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;barriers for the remaining mobile services providers to access the market&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;h) Universal Service Regulation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Decree No.&amp;nbsp;764/00&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Law No.&amp;nbsp;27,078 states that Decree No.&amp;nbsp;764/00 and its amendments shall remain in full force to the extent that the provisions of such Decree do not conflict with the law until the Regulatory Bodies have drawn up the regulations concerning the Licensing Framework for ICT Services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;With respect to Universal Service Regulation, Annex III of Decree No.&amp;nbsp;764/00 required entities that receive revenues from telecommunications services to contribute 1% of these revenues (net of taxes) to the Universal Service Fiduciary Fund (the &amp;#x201C;SU Fund&amp;#x201D;). The regulation adopted a &amp;#x201C;pay or play&amp;#x201D; mechanism for compliance with the mandatory contribution to the SU Fund. The regulation also established the exemption to contribute to the FSU in the following events: (i)&amp;nbsp;for local services provided in areas with teledensity lower than 15%, and ii) when certain conditions exists in connection with a formula which combines the foregone revenues and the market share of other operators than Telecom Argentina and Telef&amp;#xF3;nica who provide local telephony. Additionally, the regulation created a committee responsible for the administration of the SU Fund and the development of specific SU programs.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June&amp;nbsp;8, 2007, the SC issued Resolution No.&amp;nbsp;80/07 which stipulated that until the SU Fund was effectively implemented, telecommunication service providers, such as Telecom Argentina and Personal, were required to deposit any contributions accrued since the issuance of such Resolution into a special individual account held in their name at Banco de la Naci&amp;#xF3;n Argentina. CNC Resolution No.&amp;nbsp;2,713/07, issued in August&amp;nbsp;2007, established how these contributions are to be calculated.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;SU Regulation established by Decree No.&amp;nbsp;558/08&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Decree No.&amp;nbsp;558/08, published on April&amp;nbsp;4, 2008, introduced certain changes to the SU Fund regime, replacing the Annex III of the Decree No.&amp;nbsp;764/00. Decree No.&amp;nbsp;558/08 established that the SC would assess the value of service providers&amp;#x2019; direct program contributions in compliance with obligations promulgated by Decree No.&amp;nbsp;764/00. It would also determine the level of funding required in the SU Fund for programs pending implementation. In the same manner, in order to guarantee the continuity of certain projects, the SC was given the choice to consider as SU contributions certain other undertakings made by telecommunication services providers and compensate providers for these undertakings.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In defining &amp;#x201C;Universal Service,&amp;#x201D; the new regulation established two categories: (a)&amp;nbsp;geographical areas with uncovered or unsatisfied needs and (b)&amp;nbsp;customer groups with unsatisfied needs. It also determined that the SC would have exclusive responsibility for the issuance of general and specific resolutions regarding the new regulation, as well as for its interpretation and application.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It also established that the SC would review SU programs which were established under the previous regulation, guaranteeing the continuity of those already being administered and implementing those that had been under review. The financing of SU ongoing programs which were recognized as such were determined by the SC, whereas telecommunications providers appointed to participate in future SU Programs were selected by competitive auction.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Decree required Telecom Argentina and Telef&amp;#xF3;nica to extend the coverage of their fixed line networks, within their respective original region of activity, within 60 months from the effective date of publication of the Decree.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Decree required telecommunications service providers to contribute 1% of their revenues (from telecommunication services, net of taxes) to the SU Fund and kept the &amp;#x201C;pay or play&amp;#x201D; mechanism for compliance with the mandatory monthly contribution to the SU Fund or, to claim the corresponding receivable, as the case may be.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Providers of telecommunications services should rely on the advice of a Technical Committee made up of seven members (two members should be appointed by the SC, one member should be appointed by the CNC, three members should be appointed by the telecommunication services providers &amp;#x2013; two of which should be appointed by Telecom Argentina and Telef&amp;#xF3;nica and one by the rest of the providers &amp;#x2013; and another member had to be appointed by independent local operators). This Technical Committee was informed by the SC of the programs to be financed and was responsible for managing and controlling the SU Fund, carrying out technical-economic evaluations of existing projects and supervising the process of competitive auction and adjudication of new SU programs, with the prior approval by the SC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Technical Committee was created. Additionally, telecommunications service providers sent the proposed Fiduciary agreement to the SC. The SC approved it in January&amp;nbsp;2009 through Resolution No.&amp;nbsp;7/09.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;9, 2008, the SC issued Resolution No.&amp;nbsp;405/08 which was objected by the Company and Personal. These objections were resolved by the SC through its Resolution No.&amp;nbsp;154/10.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On November&amp;nbsp;11, 2010, the SC issued Resolution No.&amp;nbsp;154/10 adopted the methodology for the deposit of the SU contributions to the trustee&amp;#x2019;s escrow account. The Resolution included several provisions related to the determination of the contributions that correspond to the periods before and after Decree No.&amp;nbsp;558/08 was issued. It also provided that until the SC determined the existence of programs, the amounts that would correspond to their implementation would be discounted by the telecommunication providers when determining their contribution to the SU Fund. If completed the verification from the SC there were unrecognized amounts, they should be contributed into the SU Fund or for the development of new works of the SU, with the approval of the SC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;30, 2010, the trustee notified Telecom Argentina and Personal the trustee&amp;#x2019;s escrow account number in which they should deposit the SU contributions under the provisions of SC Resolution No.&amp;nbsp;154/10.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Amendments of the LAD to the SU Regulation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In December&amp;nbsp;2014, the LAD introduced substantial modifications to the SU regulations pursuant to Decree No.&amp;nbsp;558/08. Among its provisions the LAD establishes the creation of a new SU Fund and the fact that the investment contributions corresponding to the SU programs be managed through said fund, whose assets shall belong to the National Government.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The licensees of ICT Services (among them, Telecom Argentina and Personal) are obliged to make investment contributions to the SU Fund equivalent to one per cent (1%) of the total accrued revenues for the provision of the ICT Services included in the scope of application of the law, net of imposed taxes and charges. The investment contribution shall not be transferred to the users whatsoever. In turn, the Regulatory Authority may dispose, once the SU objectives are reached, the total or partial, permanent or temporary exemption, of the obligation to perform said investment contributions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This law also establishes that by virtue of that set forth by Sections 11.1 and 11.2 of the Management Trust Agreement of the SU Fund of Decree No.&amp;nbsp;558/08, the resources therein foreseen in section 8 of Annex III of Decree No.&amp;nbsp;764/00 and its amendments shall be integrated to the SU Fund created by the LAD in the conditions determined by the Regulatory Authority.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;The SU Funds shall be applied by means of specific programs. Its content and the corresponding awarding mechanisms shall be defined by the Regulatory Authority who may entrust the execution of these plans directly to the entities included in article 8, paragraph b), of Law No.&amp;nbsp;24,156, or, complying with the selection mechanisms that may correspond, respecting publication and competition principles, to other entities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September&amp;nbsp;10, 2015 Telecom Argentina and Personal filed before the AFTIC their respective SU contribution affidavits corresponding to the revenues recorded in July&amp;nbsp;2015, clarifying that these presentations were made with the understanding that the operational rules&amp;nbsp;related to the SU Fund contribution, regulated by Decree No.&amp;nbsp;558/08 and related provisions, are in force. Additionally, Personal proceeded to deposit the corresponding contribution in the new SU Fund account reported through the Official Notice published by the AFTIC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In its filings, Telecom Argentina and Personal had stated that the filing of the affidavits and, in the case of Personal, the deposit did not imply explicit or implicit consent of the regulations issued by the LAD and expressly reserved their rights in relation to the unconstitutionality of the provisions set forth in articles 21, 22, 91 and related provisions of said law, as well as the claim of any rights arising from the acknowledgement of this argument.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:24pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, the Company has not received any response to its filings.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;ENACOM Resolution No.&amp;nbsp;2,642/16 approved the new SU Regulation, which was published on May&amp;nbsp;31, 2016, in the context of the new disposals established by the LAD.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The new regulation retains the obligation of contributing 1% of total income related to the provision of ICT services net of taxes and fees, anticipating the possibility of granting exemptions, in which case the subjects liable for payment, must comply with the obligations established by the Regulatory Authority.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In accordance with ENACOM Resolution No.&amp;nbsp;6,981-E/16 issued on October&amp;nbsp;19, 2016, the FFSU and the FFSU Investment Contribution Settlement and Interest Report forms were approved and are in force since January&amp;nbsp;1, 2017, being operationally implemented since March&amp;nbsp;2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Taking into consideration the changes introduced in the Affidavits Form&amp;nbsp;approved by the regulation, the Company and Personal made a presentation to the Regulatory Authority exposing the need to introduce amendments to the forms in order to explain the deductions of the SU services that both companies are providing.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On May&amp;nbsp;4, 2017, ENACOM Resolution No.&amp;nbsp;2,884/17 was published in the Official Gazette. This Resolution amends the Form&amp;nbsp;of the FFSU contributions, adding, within the possible deductions, the &amp;#x201C;Discount Annex. SC Resolution No.&amp;nbsp;154/10 Section&amp;nbsp;1, Sub-section B) i), second paragraph&amp;#x201D;. Such Resolution allows deducting, until the Regulatory Authority expresses its opinion, any amounts that eventually may correspond to SU Initial Programs or other than those provided for in Annex III of Decree No.&amp;nbsp;764/00, in accordance with the provisions of Section&amp;nbsp;2 of Decree No.&amp;nbsp;558/08 and Section&amp;nbsp;6 of Annex III of Decree No.&amp;nbsp;764/00, replaced by Decree No.&amp;nbsp;558/08.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;ENACOM Resolution No.&amp;nbsp;8,770-E/16, issued on December&amp;nbsp;19, 2016, amends section 21 of the RGSU (General Regulation of the Universal Service&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, providing that programs developed in accordance with sections 19 and 20 of the Regulation will be awarded by Resolution of the ENACOM Board of Directors through any of the following mechanisms, as proposed by the Chairman of the ENACOM Board of Directors:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a) Direct implementation of the programs to entities included in section 8 paragraphs b) of Law No.&amp;nbsp;24,156, or&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;b) Public or private, national or international, single or multiple-stage auction or offering.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Priority will be given to projects to be developed in those municipalities that have adopted the regulations proposed in the code of good practices for the deployment of mobile communications networks developed by Argentine Federation of Municipalities and the Operators of Mobile Communications and supported by the former SC of the former Ministry of Federal Planning, Public Investment and Services on August&amp;nbsp;20, 2009 or those contemplating regulations of similar characteristics.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; financial statements&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, there are still pending administrative appeals filed by Telecom Argentina in 2012 against several resolutions that rendered ineffective deductions in the SU payments with reference to several programs provided by Telecom Argentina in the &amp;#x201C;play&amp;#x201D; mode of the SU. The magnitudes of the deductions challenged by the Regulatory Authority are disclosed below in Note 2.h) &amp;#x201C;SU Fund in Telecom Argentina&amp;#x201D;, transforming the asset position of Telecom Argentina ($2,925) into a potential liability position. As a reference Telecom Argentina potential obligation of the SU for the period July&amp;nbsp;2007 to December&amp;nbsp;2017 represents approximately $799. However, the Company&amp;#x2019;s Management, with the assistance of its legal advisors, considers that has solid fact and legal arguments to defend the criteria that Telecom Argentina has held and holds with regard to the SU scheme.&amp;nbsp;&amp;nbsp;Additional information is provided on Note 2.o) to these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;SU Fund in Telecom Argentina&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Several years after the market&amp;#x2019;s liberalization and the effectiveness of the first SU regulations, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;incumbent operators &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;have not received &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;any &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;set-offs for providing services as required by the SU regime and the LAD.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;As of the date of issuance of these consolidated financial statements and in compliance with SC Resolution No.&amp;nbsp;80/07 and No.&amp;nbsp;154/10 and CNC Resolution No.&amp;nbsp;2,713 /07, Telecom Argentina has filed its monthly calculations since July&amp;nbsp;2007 for the review of the Regulatory Authority and estimated a receivable of $2,925 (unaudited). This receivable has not yet been recorded as of December&amp;nbsp;31, 2017 since it is subject to the approval of the SU programs, the review of the Regulatory Authority and the availability of funds in the SU Trust.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;On April&amp;nbsp;8, 2011, the SC issued Resolution No.&amp;nbsp;43/11 notifying Telecom Argentina that investments associated with &amp;#x201C;High-Cost Areas&amp;#x201D; &amp;#x2013; amounting &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;to &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;approximately $2,691 since July&amp;nbsp;2007 &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;to date &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;and which are included in the abovementioned receivable - did not qualify as an Initial Indicative Program. Telecom Argentina filed a claim on this resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Telecom Argentina was notified of SC Resolutions No.&amp;nbsp;53, 54, 59, 60, 61, 62, 69 and 70/12, pursuant to which the &amp;#x201C;Special Service of Information 110&amp;#x201D;, the &amp;#x201C;Discounts for Retired People, Pensioners and Low Consumption Households&amp;#x201D;, the services of &amp;#x201C;Social Public Telephony and Loss-Making Public Telephony&amp;#x201D;, the &amp;#x201C;Services and Discounts relating to the Information Society Program argentin@internet.todos&amp;#x201D;, the &amp;#x201C;Services for Deaf-Mute People&amp;#x201D;, the &amp;#x201C;Free Access to Special Emergency Services and Special Community Services&amp;#x201D;, the &amp;#x201C;Value Added Service 0611 and 0612&amp;#x201D; and the &amp;#x201C;Long Distance Semipublic Service &amp;#x201C;, respectively, did not qualify as an Initial Indicative Program, pursuant to the terms of Article&amp;nbsp;26 of Annex III of Decree No.&amp;nbsp;764/00, and that, they did not constitute different services involving a SU provision, and therefore they cannot be financed with SU Funds, pursuant to the terms of Article&amp;nbsp;2 of Decree No.&amp;nbsp;558/08.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina&amp;#x2019;s&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; Management, with the advice of its legal &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;counsel&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;, has filed appeals against SC Resolutions Nos. 53, 54, 59, 60, 61, 62, 69 and 70 presenting the legal arguments based on which such resolutions should be revoked. The deductions that were objected by the SC Resolutions amount to approximately $1,033 and are included in the credit balance mentioned in the second paragraph.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; of the date of issuance of these consolidated financial statements the resolution of this appeal is still pending.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; September&amp;nbsp;13, 2012, the CNC required Telecom Argentina to deposit approximately $208&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;.&amp;nbsp;Telecom Argentina&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; has filed a recourse refusing the CNC&amp;#x2019;s request on the grounds that appeals against &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;the &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;SC Resolutions are still pending&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; of resolution&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:24pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;As of the date of issuance of these consolidated financial statements, although it cannot be assured that these issues will be favorably resolved at the administrative stage, Telecom Argentina&amp;#x2019;s Management, with the assistance of its legal advisors, considers that it has solid legal and de facto arguments to support the position of Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;SU Fund in Personal&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Since January&amp;nbsp;2001, Personal has recorded a liability related to its obligation to make contributions to the SU Fund. In addition, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;since July&amp;nbsp;2007 and &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;in compliance with SC Resolution No.&amp;nbsp;80/07 and No.&amp;nbsp;154/10 and CNC Resolution No.&amp;nbsp;2,713/07, Personal &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;deposited the correspondent contributions of approximately $112 into an account held under their name at the Banco de la Naci&amp;#xF3;n Argentina in January&amp;nbsp;2011.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During the first quarter of 2011, the above -mentioned funds were transferred to the trustee&amp;#x2019;s escrow account, in compliance with the provisions of SC Resolution No.&amp;nbsp;154/10 previously described. Since January&amp;nbsp;2011, the SU Fund monthly contributions were made into such escrow account.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;26, 2011, the SC issued Resolution No.&amp;nbsp;9/11 establishing the &amp;#x201C;Infrastructure and Facilities Program.&amp;#x201D; The Resolution provided that telecommunication service providers could contribute to investment projects under this program, exclusively the amounts corresponding to their pending obligations of investment contributions born under Annex III of Decree No.&amp;nbsp;764/00, before the effective date of Decree No.&amp;nbsp;558/08.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In March&amp;nbsp;2011, Personal submitted to the SC a $70 investment project, pursuant to SC Resolution No.&amp;nbsp;9/11, for the development of a network infrastructure in locations in the Northern Region of Argentina with no mobile coverage. Personal submitted its calculations from 2001/2007 related to the mentioned project to be financed through its own SU contribution of such periods as required by the SC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On April&amp;nbsp;9, 2014 Personal filed an amended proposal for the project within the scope of resolution No.&amp;nbsp;9/11, pursuant to the SC&amp;#x2019;s request. This new filing consists only of additional detailed information about the project&amp;#x2019;s scope. As of the date of issuance of these consolidated financial statements the Project is pending of approval.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On July&amp;nbsp;5, 2012, the SC issued Resolution No.&amp;nbsp;50/12 pursuant to which it notified that the services referred to by the Mobile Communications Services Providers, which were filed as High Cost Areas or services provided in non-profitable areas, services provided to clients with physical limitations (deaf-mute and blind people), rural schools, and the request relating to the installation of radio-bases and/or investment in the infrastructure development in various localities, did not constitute items that may be discounted from the amount of contributions to the SU pursuant to the last part of Article&amp;nbsp;3, of Resolution No.&amp;nbsp;80/07, or Article&amp;nbsp;2 of Decree No.&amp;nbsp;558/08. It also provided that certain amounts already deducted would be used for investment projects within the framework of the Program of SC Resolution No.&amp;nbsp;9/11, or deposited in the SU Fund, as applicable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Personal has filed an administrative &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;action&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; against SC Resolution No.&amp;nbsp;50/12 requesting its nullity. As of the date of issuance of these consolidated financial statements&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, this &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;matter is still pending.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October&amp;nbsp;1, 2012, responding to an SC&amp;#x2019;s requirement, Personal deposited under protest approximately $23 in the SU Fund, corresponding to the assessment of the SU services provided by Personal since the issuance of Decree No.&amp;nbsp;558/08, reserving its right to take all actions it may deem appropriate to claim its reimbursement, as informed to the SC and the CNC on October&amp;nbsp;15, 2012. Since August&amp;nbsp;2012, Personal is paying under protest of those concepts in their monthly affidavits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It cannot be assured&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; that this issue would be favorably resolved &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;in&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; the administrative stage&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, or, later at a judicial stage&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;i) Spectrum&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;SC Resolution No.&amp;nbsp;38/14&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On July&amp;nbsp;7, 2014, SC Resolution No.&amp;nbsp;38 was published in the Official Gazette which announced a Public Auction process (the &amp;#x201C;Auction process&amp;#x201D;) for the awarding of the remaining frequencies of the Personal Communication Services (PCS), of the Cellular Mobile Radiocommunication Services (SRMC), as well as those of the new spectrum for the Advanced Mobile Communications Service (SCMA) recently created.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Terms and Conditions organized the aggregate of the spectrum to be auctioned in 10 Lots, being the first one to be auctioned exclusively among entering operators. The Public Auction took place on October&amp;nbsp;31, 2014. Personal presented its economic bids and was awarded Lots 2, 5, 6 and 8. Telef&amp;#xF3;nica M&amp;#xF3;viles Argentina S.A. (Movistar), Am&amp;#xE9;rica M&amp;#xF3;vil S.A. (Claro) and Arlink S.A also participated in the Auction.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Through SC Resolution No.79/14 the SCMA service was awarded to Personal, while through SC Resolutions No.&amp;nbsp;80/14, 81/14, 82/14 and 83/14 that were published in the Official Gazette on November&amp;nbsp;27, 2014, the following frequency bands were awarded to Personal:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;SC&lt;br /&gt;Resolution&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Lot&lt;br /&gt;No.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Frequency Band&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Exploitation&lt;br /&gt;area/ (Service)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Amount&lt;br /&gt;paid (in&lt;br /&gt;millions of&lt;br /&gt;US$)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Capitalized cost&lt;br /&gt;of acquisition (in&lt;br /&gt;millions of $)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;80/14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;PCS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;1890-1892.5 MHz and 1970-1972.5 MHz&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Northern (3G)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5.0
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;43
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;81/14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;SRMC&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;830.25-834 MHz and 875.25-879 MHz&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;AMBA (3G)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45.0
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;387
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;82/14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;PCS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;1862.5-1867.5 MHz and 1942.5-1947.5 MHz&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Southern (3G)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6.0
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;83/14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;SCMA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;1730-1745 MHz and 2130-2145 MHz&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Country (4G) partial awarding&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;354.7
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,049
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;410.7
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(*) 3,530&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Includes $18 corresponding to the tax on debits to bank accounts that were capitalized in the cost of the licenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Personal paid for the awarded frequency bands, and also constituted the corresponding performance guarantees. In the case of Lot No.&amp;nbsp;8, the payment was made on account of the single and total price offered for this Lot.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Personal asked that the assignment of the Frequency Bands for the SCMA services in Lot No.&amp;nbsp;8, which was partially awarded to Personal through SC Resolution No.83/14, be completed and reserved the applicable rights.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The full awarding of Lot No.&amp;nbsp;8 became essential for compliance with the commitments foreseen in the Auction Terms and Conditions. Once the awarding process was completed, Personal had access to SCMA Frequency Bands 713-723/768-778, and had to pay the equivalent to US$ 247.3 million (pending balance of the auction&amp;#x2019;s amount), and give a warrant of accomplishment of 15% of such amount.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Auction Terms and Conditions provided authorizations for the use of the auctioned frequency bands for a period of fifteen (15) years from the notification of the award. After this deadline the Regulatory Authority would extend the terms of use upon formal request of the awarded operator (which price and conditions would be set forth by the Regulatory Authority).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Auction Terms and Conditions also established strict coverage and network deployment commitments which require significant investments to Personal. Additional information is provided in Note 18.e) to these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Through SC Resolution No.&amp;nbsp;25/15, issued on June&amp;nbsp;11, 2015, Personal was assigned the rest of Frequency Bands which composed Lot 8 and that were pending of assignment by the SC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June&amp;nbsp;25, 2015 Personal paid the offered amounts corresponding to the awarded Frequency Bands (which were equivalent to US$247.3 million) pursuant to the provisions of the Auction Terms and Conditions and its complementary clarifying documents, as a result of which the whole amount of the sum offered for Lot 8 was paid. In addition, in its bid documents, Personal stated that such Lot formed a unique and comprehensive block for purposes of complying with the obligations undertaken in connection with the deployment of the SCMA, also expressing that the Federal Government has the obligation to cause the awarded bands to be free from occupants and interferences.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;SC Resolution No.18/14, provided that the 698 to 806MHz frequency bands had to be disengaged before a two years deadline. Expired that period, the irradiating systems involved in the migration had to finish their emissions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; financial statements&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, the deadline provided by SC Resolution No.&amp;nbsp;18/14 for the disengagement of the 698 to 806MHz frequency band expired on July&amp;nbsp;18, 2016. However, such frequency band continues to be busy.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;ENACOM Resolution No.&amp;nbsp;6,396/16, published in the Official Gazette on July&amp;nbsp;22, 2016, provided that the licensees within the scope of the migration provided by SC Resolution No.&amp;nbsp;18/14 that are currently providing services within the 698 to 806MHz frequency band, may choose to: (i)&amp;nbsp;temporarily continue providing their respective services in other frequencies corresponding to the bands allocated to the&amp;nbsp;broadcasting service, particularly 512-698 MHz frequency band, subject to technical feasibility verified in each case, and for the term provided in section 2 of Resolution No.&amp;nbsp;6,396/16; or (ii)&amp;nbsp;request the assignment of a bandwidth equivalent to that currently authorized, in 12.2 to 12.7 GHz destination band.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, the &amp;#x201C;Authorization Agreement for the Use of Frequency Bands&amp;#x201D;, related to the bands awarded to Personal as a result of the public auction called pursuant to the provisions of SC Resolution No.&amp;nbsp;38/14 is still pending of execution by the Regulatory Authority.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the provisions of Decree No.&amp;nbsp;1,340/16, the term of the authorizations for the use of frequencies of the Advanced Mobile Communications Service, as well as the corresponding deployment obligations, will be computed from the actual migration of the services currently operating in these bands in Area II (AMBA) (additional information on the impact on the Company is disclosed in Note 3.j) and Note 18.e) to these consolidated financial statements).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;18, 2017, Personal filed a letter to ENACOM expressing its interest in participating in the Auction, Offering or Reattribution procedure/s of frequency bands timely available within the scope provided by Law No.&amp;nbsp;27,078 and consistent regulations, subject to the analysis of the conditions defined at that time. This includes the bands currently attributed to the Mobile Communications Service or Advanced Mobile Communications Service, as thus also any other band which, in the future, be attributed to the provision of such services among other frequencies in bands 2.5-2.6 Ghz, 3.4-3.7 GHz, 450 Mhz, 600 MHz, 700 MHz, 800 MHz, 850 MHz, 900 MHz, 1900 MHz, AWS, and extended AWS.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Regulations of Refarming with Financial Compensation and Shared Use of Frequencies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;31, 2017, Resolution of the Ministry of Communications 171-E 2017 was issued, approving the &amp;#x201C;Regulations of Refarming with Financial Compensation and Shared Use of Frequencies&amp;#x201D; (Reglamento de Refarming con Compensaci&amp;#xF3;n Econ&amp;#xF3;mica y Uso Compartido de Frecuencias). As a summary, the following provisions can be highlighted:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Instructs ENACOM to analyze the technical feasibility and implement the allocation to the mobile service, with primary status, of the 450-470 MHz, 698-960 MHz and 2,300-2,400 MHz frequency bands. All of the above is to be used in the provision of SCMA or any other arising from technological developments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Provides the preventive suspension of the reception of awarding procedures in 1,427-1,518 and 3,300-3,600 MHz frequency bands.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Modifies the spectrum cap, setting it in 140 MHz per provider for each area and/or operating location. For such purposes, the spectrum assigned to each company, its subsidiaries or controlling shareholders, directly or indirectly, or subject to common control or those holding more than 30% of the shares of another company, will be considered if, with such equity interest, holds a position of substantial influence in the decisions of such company. Any other subject or body may be included in the calculation of the spectrum awarded to any other subject or entity assigned to that spectrum when it is understood that any contractual linkage has been entered into to circumvent this limit.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; Instructs ENACOM to modify the &amp;#x201C;National Scheme of Attribution of Radio Spectrum Bands&amp;#x201D; (Cuadro Nacional de Atribuci&amp;#xF3;n de Bandas del Espectro Radioel&amp;#xE9;ctrico &amp;#x2013; &amp;#x201C;ER&amp;#x201D;) for the purpose of making available for MCS providers frequency bands suitable to that end.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; From the publication of the new bandwidth table and its respective channels, MCS providers will have a maximum of 15 working days to request their express assignment. Such allocations shall be made on equal terms and conditions as those required from other providers of similar service in the same band. This provision is complemented by section 9 of Resolution No.&amp;nbsp;1,034-E/17.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;#x2022; The regulatory authority is delegated to ENACOM, who will provide the necessary complementary or explanatory rules&amp;nbsp;for a better application of these provisions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Through the Annex attached to the resolution, the &amp;#x201C;Refarming Regulation&amp;#x201D; is approved including a series of definitions that enable to properly understand the scope of the resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, ENACOM Resolution No.&amp;nbsp;1,033-E/17, issued on February&amp;nbsp;20, 2017 provided to allocate the frequency bands between 905-915 MHz, and 950-960 MHz to the Mobile Service with primary status, for the provision of the Advanced Mobile Communications Service.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;ENACOM Resolution No.&amp;nbsp;1,034-E/17, also issued on February&amp;nbsp;20, 2017, allocated the frequency band between 2,500-2,690 MHz to the Mobile Service with primary status, and the use of the frequency band between 2,500-2,690 MHz for the provision of SCMA in addition to current services when their coexistence is possible.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March&amp;nbsp;7, 2017 ENACOM Resolution No.&amp;nbsp;1,299-E/17 was published in the Official Gazette. This Resolution approved the Refarming Project with Financial Compensation and Shared Use of Frequencies to&amp;nbsp;Nextel Communications Argentina SRL (&amp;#x201C;Nextel&amp;#x201D;), currently Telecom since the merger with Cablevisi&amp;#xF3;n S.A. &amp;#x2013;See Note 32, to provide the Advanced Mobile Communications Service, granting this company the registration for the provision of such service, and authorizing it to:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.25pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;use frequencies between 905-915 MHz and 950-960 MHz in accordance with the provisions of ENACOM Resolution No.&amp;nbsp;1,033-E/17 and channels 7 to 10, and 7&amp;#x2019; to 10&amp;#x2019; in FDD mode, provided in the Annex of Resolution No.&amp;nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project approved by the Resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.3pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;use frequencies between 2,550-2,560 MHz, and between 2,670-2,680 MHz exclusively for migrating users from pre-existing services, for a 2-year period, term in which it should additionally resolve the final destination of those users. Once the migration is completed, or the 2-year term expires, whichever occurs last, Nextel may use channels 11 and 12, and the corresponding 11&amp;#x2019; and 12&amp;#x2019; in FDD mode, provided in the Annex to Resolution No.&amp;nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project hereby approved.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Resolution provides as URV for the radio spectrum the following bands involved in the project:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;900 MHz Band = 0.1841 (US$/MHz/inhabitant)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;2,600 MHz Band = 0.0423 (US$/MHz/inhabitant)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;RV for frequencies involved in the Project in FDD mode is set in US$178,419,397 calculated pursuant to Section&amp;nbsp;7 of MINCOM Resolution No.&amp;nbsp;171-E/17, based on the URV provided in the foregoing section.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The rule&amp;nbsp;establishes that the following discounts and weighting factors will be applied, which shall be calculated pursuant to section 7 of MINCOM Resolution No.&amp;nbsp;171-E/17, and which in detail will be used in order to determine the amount of the Financial Compensation that will be part of the agreement to be settled.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.3pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Discounts:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;- The amount equivalent to the frequencies of the spectrum whose return is provided in section 7 therein, and whose value will be calculated according to the URV provided in section 8 herein, as appropriate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-The amount corresponding to the valuation of the Coverage Obligations provided by section 10 of the regulation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.25pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Weighting Factors:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-The speed of networks and service deployment calculated from the amount of investment for the first five years, with respect to the total Project hereby approved.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-The speed of deployment of the Coverage Obligations provided in section 10 therein.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The implementation of the Project is subject to the issuance of the agreement specifying the terms, conditions, goals, obligations and other issues inherent to the provision of Advanced Mobile Communications Service.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;ENACOM Resolution No.&amp;nbsp;3,687-E/17 call for the on-demand frequency allocation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;ENACOM Resolution No.&amp;nbsp;3,687-E/17, published in the Official Gazette on May&amp;nbsp;12, 2017, provided the call for the on-demand frequency allocation of the 2,500 to 2,690 MHz radio spectrum, stating the procedure, obligations and compensations to be fulfilled by the Mobile Communications Service providers who qualify to participate, in accordance with the provisions of Section&amp;nbsp;4 of Decree No.&amp;nbsp;1,340/17.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Resolution provided to group the frequency channels to be allocated in three (3)&amp;nbsp;Lots: two (2)&amp;nbsp;Lots of 30 MHz, containing three (3)&amp;nbsp;frequency channels in the FDD mode each, and one (1)&amp;nbsp;Lot of 40 MHz, containing two (2)&amp;nbsp;frequency channels in FDD mode (20 MHz) and four (4)&amp;nbsp;frequency channels in TDD mode (40 MHz) with a TDD channels trade option for a Lot of 10 MHz in FDD for two years extent if certain conditions are met, according to the channeling provided in ENACOM Resolution No.&amp;nbsp;1,034-E/17 and its amendment (ENACOM Resolution N&amp;#xB0; 1,956-E/17). According to the characteristics of the 2,500 to 2,690 MHz band, the authorization of use of the frequency channels that compose each Lot must be issued by each locality.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On May&amp;nbsp;24, 2017, Personal filed to ENACOM the Envelope with its On-demand Allocation Request, according to the provisions of Resolution No.&amp;nbsp;3,687-E/17.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On July&amp;nbsp;5, 2017, ENACOM notified Personal of its Resolution No.&amp;nbsp;5,478-E/17 through which the frequencies included in Lot A were assigned to Telef&amp;#xF3;nica M&amp;#xF3;viles Argentina S.A., the frequencies included in Lot B were assigned to AMX Argentina S.A. and the frequencies included in Lot C were assigned to&amp;nbsp;Personal (all of them stated in Annex I of ENACOM Resolution No.&amp;nbsp;3,687 E/17), in the locations detailed in the respective Annexes (attached to Resolution No.&amp;nbsp;5,478-E/17) as requested by each provider. The Resolution provides that the enforcement of its provisions will be operative, within the Departments of San Rafael, General Alvear and Malarg&amp;#xFC;e, of the Province of Mendoza, once the judicial decision ordered by the Federal Court of San Rafael in the legal process entitled &amp;#x201C;CABLE TELEVISORA COLOR S.A. c/ PEN AND OTHER S/ AMPARO Ley 19,986-File No.&amp;nbsp;5,472/17&amp;#x201D; had been revoked.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The spectrum allocation will last 15 years since CABA plus other 13 areas are free of interference over a total of 18 provincial capitals plus Rosario, Mar del Plata and Bahia Blanca and will demand payment of up to approximately US$ 55.9 million (subject to certain compensation clauses for early or late releases) to be paid by localities released from interference on every January&amp;nbsp;of the following year of the year of the effective release. The conditions for the spectrum allocation include certain obligations regarding the service launch by localities, penalty clauses for non-compliance with the deadlines established by localities (which would involve the frequency return plus a fine equivalent to 15% of the spectrum value of the locality involved) and certain guarantees required, among them, the deployment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Spectrum in 700 MHz Band licenses (Paraguay)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September&amp;nbsp;2017 the public consultation process was started for the auction of 700 MHZ band spectrum. The list of conditions was issued on October&amp;nbsp;30, 2017 and in December&amp;nbsp;of the same year the prequalification of offerors was done being N&amp;#xFA;cleo one of the prequalified and having to pay a deposit of US$ 15 million in December&amp;nbsp;2017 (equivalent to approximately $278 as of December&amp;nbsp;31, 2017, and included in other current receivables). The process finished on January&amp;nbsp;4, 2018 with the simultaneous auction of 7 sub-bands of 5 + 5 MHz each one, N&amp;#xFA;cleo was awarded with two of them for an amount of US$ 12 million for each sub-band subject to the compliance with certain conditions provided by CONATEL&amp;#x2019;s resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On February&amp;nbsp;27, 2018 the auction&amp;#x2019;s price was cancelled for US$ 9 million in compliance with CONATEL&amp;#x2019;s resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;j) SC Resolution No.&amp;nbsp;5/13 &amp;#x2013; Telecommunication service quality regulation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On July&amp;nbsp;2, 2013, SC Resolution No.&amp;nbsp;5/13 was published in the Official Gazette. This Resolution approved a &amp;#x201C;telecommunication service quality regulation&amp;#x201D;, establishing, among others, new quality parameters required for telecommunication services provided through mobile and fixed public networks, for all the operators in Argentina, as well as the obligation to provide periodic information to the CNC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;CNC Resolution No.&amp;nbsp;3,797/13 was published in the Official Gazette on November&amp;nbsp;13, 2013, supplementing SC Resolution No.&amp;nbsp;5/13 and approving the Audit Procedures and Technical Verification of Service Quality Regulation of Telecommunications Services Manual.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant to the provisions of CNC Resolution No.&amp;nbsp;3,797/13, Telecom Argentina and Personal have submitted their respective &amp;#x201C;Technical Reports&amp;#x201D; (detailed technical specifications of the measurement process) and have made their submissions providing the required information pursuant to the provisions of SC Resolution No.&amp;nbsp;5/13.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On August&amp;nbsp;14, 2014 the CNC notified Telecom Argentina and Personal that the audits and technical verifications that the Regulatory Authority shall perform on the supply of services regarding licenses of Telecom Argentina and Personal will be performed following the processes and methods of measurement exhibited in the respective presentations of the &amp;#x201C;Technical Reports.&amp;#x201D; The CNC also notified Telecom Argentina that these shall be carried out using the principles set forth in SC Resolutions No.&amp;nbsp;5/13 and CNC No.&amp;nbsp;3,797/13. Notwithstanding, the CNC developed verification tasks of the mobile services by means of tests of calls and data with measuring mobile devices in different locations of the country using procedures different from those defined in the Quality Regulation and published the results at &amp;#x201C;quenosecorte.gob.ar.&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Within the scope of said verifications, the CNC initiated penalty processes against Personal for alleged non-compliance with CNC Resolution No.&amp;nbsp;3,797/13. The Management of the Company has in a timely basis submitted its solid legal defense against these claims.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Since the enforceability of this Resolution is subject to the compliance of certain steps for its implementation with the previous approval of the Regulatory Authority, Telecom Argentina and Personal have carried out the corresponding reservations of their rights in each of their submissions. In addition, Telecom Argentina has stated in its different submissions that, due to the special circumstances that affected its tariff structure, the compliance of the burdensome operative and customer service parameters set forth in SC Resolution No.&amp;nbsp;5/13&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; should not apply.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;k) Regulation of Virtual Mobile Operators&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;SC Resolution No.&amp;nbsp;68/14, published in the Official Gazette on October&amp;nbsp;28, 2014, approved the Regulation of Virtual Mobile Operators (&amp;#x201C;VMO&amp;#x201D;) and the Basic Requirements for VMO Agreements. Among its provisions, the Resolution states that the Network Mobile Operators (&amp;#x201C;NMO&amp;#x201D;) that have spectrum and infrastructure, shall annually file a reference offer for those interested in providing services as VMO, in which they will set forth the technical and economic conditions, which shall be reasonable and non-discriminatory.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Resolution also provides the modalities and procedures for the provision of such services. According to article 2 of the Annex of the Resolution, the Regulation is applicable to SCMA.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Ministry of Communications Resolution No.&amp;nbsp;38/16, issued on May&amp;nbsp;5, 2016, approved the new Regulation of Virtual Mobile Operators (&amp;#x201C;VMO&amp;#x201D;) and revoked SC Resolution No.&amp;nbsp;68/14, which had approved the Regulation of Virtual Mobile Operators previously provided by former SC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The mentioned Resolution provides that Network Mobile Operators (&amp;#x201C;NMO&amp;#x201D;), which have spectrum and infrastructure (among them, Personal), must submit, within 120 calendar days since the Resolution publication, a Reference Offer (&amp;#x201C;the RO&amp;#x201D;) for those interested in providing VMO services. The RO must be published annually in the NMO and on the Regulatory Authority official web site, and shall provide the economic and technical conditions (that will be freely established between the parties, reasonable, and non-discriminatory), clearly detailing the prices and conditions of each of the benefits and services to be provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This new Regulation is applicable for Mobile Communications Service (SCM), which includes Mobile Telecommunication Services (STM), Cellular Mobile Radio-communications Services (SRMC), Personal Communications Services (PCS) and Mobile Advanced Communications Services (SCMA). The Resolution also provides the procedures for the Services Agreements subscription between the NMO and the VMO, which will determine the terms and conditions under which the NMO will provide telecommunications network access and, where appropriate, telecommunications network interconnection the VMO.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September&amp;nbsp;1, 2016, Personal filed a presentation to the Ministry of Communications through which it exposed substantial grounds for finding essential the suspension of the deadline for submission of the OR provided in Section&amp;nbsp;2 of Ministry of Communications Resolution No.&amp;nbsp;38/16, until the 700MHz frequencies comprising Lot 8 (awarded and paid by Personal) were in full conditions of use and until the spectrum of Lot 1 of the Frequency Bands Public Auction developed by SC Resolution No.&amp;nbsp;38/14 was allocated and &amp;#x201C;on-air.&amp;#x201D; Through the mentioned presentation it was also requested: a) the removal of Section&amp;nbsp;10 of Annex I of the above-mentioned rule&amp;nbsp;(which does not allow agreements with VMO on an exclusive basis); b) that ENACOM enclose interference measurements carried out in the 700MHz Band awarded to Personal; and c) that ENACOM informs whether it has definitively resolved all the claims filed by the users of such band.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Notwithstanding its presentation, on January&amp;nbsp;12, 2017, ENACOM charged Personal for non- compliance with the RO presentation. Personal has submitted its discharge rejecting the accusation and has submitted its RO, which validity is subject to the resolution of the legal issues exposed in its submissions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;l) Decree No.&amp;nbsp;798/16: National Plan for the Development of Competitiveness Conditions and Quality of Mobile Communications Services&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Decree No.&amp;nbsp;798 published in the Official Gazette on June&amp;nbsp;22, 2016 &amp;#x2013; issued within the scope of the Ministry of Communications&amp;#x2013; approved the National Plan for the Development of Competitiveness Conditions and Quality of the Mobile Communications Services, which has its strategic focus on encouraging greater efficiency in the market, with quality services at fair and reasonable prices.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The above mentioned plan provides that within 90 days the Ministry of Communications shall (i)&amp;nbsp;start the process of adaptation of the scheme approved by Resolution SC No.&amp;nbsp;157/97 (CPP scheme) to the provisions of the LAD; (ii)&amp;nbsp;update the General Regulation of MCS customers along with the process initiated by the Resolution SC No.&amp;nbsp;12/13, proving for the existence of mechanisms that would allow customers to access information about the quality of the service and to get benefits and/or compensation in their services in case of non-compliance with the established quality standards; (iii)&amp;nbsp;start the process of adaptation of the &amp;#x201C;Regulation on Administration, Management and Control of Frequency Bands&amp;#x201D; (&amp;#x201C;Reglamento sobre&amp;nbsp;Administraci&amp;#xF3;n, Gesti&amp;#xF3;n y Control del Espectro Radioel&amp;#xE9;ctrico&amp;#x201D;), to the provisions of the LAD, in order to introduce greater competitiveness in all services; (iv)&amp;nbsp;update the &amp;#x201C;National Scheme for the Granting of Frequency Bands&amp;#x201D; (Cuadro Nacional de Atribuci&amp;#xF3;n de Bandas del Espectro Radioel&amp;#xE9;ctrico) so as to increase the availability of frequencies for the provision of mobile communications services, for which purpose the procedures provided in section 30 of the LAD will be initiated; (v)&amp;nbsp;incorporate to the &amp;#x201C;Universal Service General Regulation&amp;#x201D; (Reglamento General del Servicio Universal) approved by Resolution ENACOM No.&amp;nbsp;2.642/16, the granting of priority to consider -in programs with SU Funds- projects eligible to be developed in those Municipalities which have adopted the legislation proposed in the &amp;#x201C;Code of Good Practices for the Deployment of Mobile Communication Networks&amp;#x201D; (C&amp;#xF3;digo de Buenas Pr&amp;#xE1;cticas para el Despliegue de Redes de Comunicaciones M&amp;#xF3;viles) provided by the &amp;#x201C;Argentine Federation of Municipalities and the Operators of Mobile Communications&amp;#x201D; (Federaci&amp;#xF3;n Argentina de Municipios y los Operadores de Comunicaciones M&amp;#xF3;viles) and supported by the former SC of the former Ministry of Federal Planning, Public Investment and Services on August&amp;nbsp;20, 2009, or those contemplating rules&amp;nbsp;of similar characteristics that would not prevent, in fact or Law, the deployment of such networks; (vi)&amp;nbsp;develop a National Contingency Plan for disaster situations; and (vii)&amp;nbsp;Update the National Interconnection Regulations and Licensing for Telecommunications Services and the Scheme of Portability Number approved by Resolution SC No.&amp;nbsp;98/10.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This Decree also provides that the Ministry of Communications, through the ENACOM, shall, in a 60-calendar-day term, prepare measurement protocols that would enable to show the quality perception of MCS users, taking into account UIT parameters, and review and update quality standards for the ICT service networks through all the corresponding areas.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, the ENACOM shall perform measurements of non-ionizing radiations in order to control that these remain within non-harmful levels to human health, and the &amp;#x201C;Administration Agency for State Property&amp;#x201D; (Agencia de Administraci&amp;#xF3;n de Bienes del Estado - AABE) shall in its role as governing Body of the state property policy, perform procedures and administrative acts and relevant contracts to grant the use for valuable consideration of terraces, roofs, towers, solar and/or any installation, plant or property sector of the State that are suitable for the installation of supporting structures of antennas, equipment and installations associated with telecommunications, information technologies and communications and/or audiovisual communication services. The AABE will make available for the licensees of such services and for independent companies sharing passive infrastructure, the listing of state properties potentially suitable for such facilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Among other aspects, the Decree provides that, as a way to encourage the rapid deployment of networks and the infrastructure sharing, rent fees will not be charged for a 1-year period for the use of state property in which base stations are installed within 3 months of publication of the rule&amp;nbsp;in the Autonomous City of Buenos Aires, or within 6 months in the rest of the country. Under the same condition, this period will be extended to 3 years when the infrastructure is shared by two Mobile Services Licensees, and to 4 years when it is shared by more than two. Identical benefit will be granted if it is a sharing independent company of passive infrastructure, and the above conditions are met.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In this regard, it is worth mentioning the agreement signed on April&amp;nbsp;27, 2016 between Personal, AMX Argentina S.A., Telef&amp;#xF3;nica M&amp;#xF3;viles Argentina S.A., the Ministry of Communications and the Government of the City of Buenos Aires, to facilitate the deployment of network infrastructure in the area of Comuna 1 of the Autonomous City of Buenos Aires, including the use of roofs and luminaries of the GCBA.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Through Resolution No.&amp;nbsp;5/2017 of the Ministry of the Interior, Public Works and Housing Court of Appraisals of the Nation (February&amp;nbsp;1, 2017), initial monthly rent fees for the year 2017 were approved, for the use against payment of terraces, roofs, solar towers or any installation, plant or sector of state property that are suitable for the installation of supporting structures of antennas, equipment and installations associated with telecommunications, information technologies and communications and audiovisual communication services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;m) &amp;#x201C;Tax Stability&amp;#x201D; principle: impact of variations in social security contributions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March&amp;nbsp;23, 2007, the SC issued Resolution No.&amp;nbsp;41/07 relating to the impact of variations in social security contributions occurring after November&amp;nbsp;8, 1990 and the proposed use for the resulting savings and increases in contribution rates that have occurred.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina had recorded a liability related to the savings caused by reductions in the levels of social security contributions initially earmarked for the Argentina@internet.todos Program. The mentioned savings were substantially generated during fiscal year 2000. Resolution No.&amp;nbsp;41/07 allowed Telecom Argentina to recover the increases in social security contributions that it has to pay as a consequence of the increase in social contributions rates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Within this context and considering applicable the principle of tax stability provided by the Transfer Agreement approved by Decree No.&amp;nbsp;2,332/90, the Resolution authorized the aforementioned savings being offset with the amounts arising from the application of the mentioned increases.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The offset of both concepts and the determination of a balance, were subject to the audit results performed by the Regulatory Authority according to the information provided by Telecom Argentina. The mentioned audit was performed during the third quarter of 2007. Telecom Argentina took knowledge of the proceedings, in which the CNC recognized a receivable arising from increases in social contributions within the scope of Resolution No.&amp;nbsp;41/07, and cancelled payables arising from reduction in social contributions taxes with the Regulatory Authority and other sanctions imposed to Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December&amp;nbsp;31, 2017, Telecom Argentina has a net receivable of $33 which, in addition to the receivable of $23 corresponding to the &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Impuesto a los D&amp;#xE9;bitos y Cr&amp;#xE9;ditos bancarios&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; (&amp;#x201C;IDC&amp;#x201D;) as explained below, is included in under the item &amp;#x201C;Other receivables&amp;#x201D; in these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Since Resolution No.&amp;nbsp;41/07 provides Telecom Argentina the right to offset receivables with existing and/or future regulatory liabilities and, given Telecom Argentina&amp;#x2019;s intention to exercise this right, the receivable was recorded net of several provisions. As of December&amp;nbsp;31, 2017, the provisions which can be offset with the receivables arising from Resolution No.&amp;nbsp;41/07 and from IDC amounted to $56.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It should be noted that, as of December&amp;nbsp;2008, the Company began to transfer to its customers the highest social contributions accrued as of October&amp;nbsp;2008 applying the same methodology used for the transfer of the IDC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;n) Tax on deposits to and withdrawals from bank accounts charged to customers&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On February&amp;nbsp;6, 2003, the Ministry of Economy and Public Finance, through Resolution No.72/03, defined the method to allow, going forward, rate increases on Basic Telephone Services reflecting the impact of the IDC. The amount of tax charged must be shown separately in customers&amp;#x2019; bills. Telecom Argentina has determined the existence of a remaining unrecovered amount of approximately $23 that arose before the issuance of Resolution No.72/03.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In April&amp;nbsp;2007, Telecom Argentina provided the CNC with supporting documentation about this amount and in May&amp;nbsp;2007 filed its preliminary economic evaluation to the Regulatory Authority. Telecom Argentina took knowledge of the Regulatory Authority&amp;#x2019;s documentation which corroborates the amount claimed by it and provides a similar offsetting method pursuant to Resolution No.41/07 (as described in &amp;#x201C;&amp;#x2014;Tax Stability principle: impact of variations in Social Security contributions&amp;#x201D; above). As a result, Telecom Argentina recorded as &amp;#x201C;Non-current Other receivable&amp;#x201D; a total of $23. This receivable is also included in the provisions for regulatory matters described above.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;o) Renegotiation of the contract with the public administration&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Convertibility period of the peso to the US dollar: dollarization of rates&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On November&amp;nbsp;28, 1991 Telecom Argentina and Telef&amp;#xF3;nica signed an agreement with the Argentine government related to the rate regime, which was ratified by Decree No.&amp;nbsp;2,585/91 and was effective from December&amp;nbsp;18, 1991. The most relevant aspects included in this agreement that amended the rate regime provided by the Transfer Agreement were:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The rate, measured in basic telephone pulses, was set in US dollars, adjustable twice a year (April&amp;nbsp;and October) based on the variation of the U.S. C.P.I. (all items). These rate adjustments did not require the prior approval of the Regulatory Authority. Since 2000 these rate adjustments were not applied according to agreements signed with the SC, which delayed its implementation. Subsequently, in October&amp;nbsp;2001, an injunction prevented the continuity of application.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The customers billing continued performing in local currency.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Rates pesification&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;: regulated public services rates freezing&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;6, 2002, the Argentine Government enacted Law No.&amp;nbsp;25,561, &amp;#x201C;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;Ley de Emergencia P&amp;#xFA;blica y Reforma del R&amp;#xE9;gimen Cambiario&amp;#x201D;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; (the &amp;#x201C;Public Emergency Law&amp;#x201D;). This Law, by Article&amp;nbsp;8, annulled adjustment clauses in dollars or other foreign currencies and indexation clauses based on price index and any other indexation method. As a consequence, from that date Telecom Argentina&amp;#x2019;s rates were set in pesos at the exchange rate P$1 per US$ 1. As a consequence, regulated fixed service tariffs remained frozen until the end of the year 2015. Such freezing of tariffs violated the Transfer Contract and regulations that supplemented it.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Transfer Agreement and the resolution of the regulatory issues that negatively affected the operations of Telecom Argentina since the enactment of the Public Emergency Law and the Exchange Regime System Reform in January&amp;nbsp;2002 (pesification of rates, lack of compensation for SU features, increased penalties for delays in repairing and installation in fixed telephony,&amp;nbsp;etc.), have not been fulfilled by the National Government making it responsible for the damages caused.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Additional information on Telecom Argentina&amp;#x2019;s tariffs pesification, Letters of Understanding with the National Government/UNIREN and Price Cap are presented in consolidated financial statements of prior years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;p) ENACOM Resolution No.&amp;nbsp;5,641-E/2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:14.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Through this Resolution, published on December&amp;nbsp;22, 2017, the ENACOM decided:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;1.- To extend until January&amp;nbsp;1, 2019 the term for the Licensees referred to in Section&amp;nbsp;94 of Law No.&amp;nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&amp;nbsp;5 of Decree No.&amp;nbsp;1,340/16, which have less than 80,000 inhabitants. To extend until January&amp;nbsp;1, 2019 the term for the Licensees referred to in Section&amp;nbsp;94 of Law No.&amp;nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&amp;nbsp;5 of Decree No.&amp;nbsp;1,340/16, which have more than 80,000 inhabitants and where those services are rendered only by Cooperatives and Small-and-Medium Sized Companies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;2.- To provide that in all those locations in Argentina that do not fall within the scope of the second paragraph of Section&amp;nbsp;5 of Decree No.&amp;nbsp;1,340/16, whatever the size of their population, where the Subscription Broadcasting Service by means of physical or radio-electric link is rendered by, at least, a licensee that has more than 700,000 subscribers nationwide, the Licensees mentioned in Section&amp;nbsp;94 of Law No.&amp;nbsp;27,078 may start providing services as from January&amp;nbsp;1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;3.- The Licensees mentioned in Section&amp;nbsp;94 of Law No.&amp;nbsp;27,078 (among them, Telecom) that are authorized to provide Subscription Broadcasting Service by means of physical or radio-electric link pursuant to Section&amp;nbsp;2 of said law may not make an integrated offering to provide said service with the rest of the services that they are currently providing in those locations until January&amp;nbsp;1, 2019.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;4.- To provide that in those locations in Argentina where subscription broadcasting services by means of physical or radio-electric link are not provided, the Licensees mentioned in Section&amp;nbsp;94 of Law No.&amp;nbsp;27,078 may, as from January&amp;nbsp;1, 2018, request authorization to provide services in the respective coverage areas, subject to an evaluation by the ENACOM.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;q) Other Regulations&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Buy Argentine Act&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the provisions of Article&amp;nbsp;1 of Law No.&amp;nbsp;25,551, which is regulated by Decree No.1,600/02, Telecom Argentina, as a public fixed telephone service licensee, and their respective direct subcontractors, shall give preference to the purchase or lease domestic goods and services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Article&amp;nbsp;2 of the mentioned law provides that a good or service is of domestic origin when it has been produced or extracted in Argentina, provided that the cost of raw materials, supplies or nationalized imported materials do not exceed 40% of the goods or services gross production value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Article&amp;nbsp;3 of the mentioned law provides that the preference established in Article&amp;nbsp;1 to domestic goods or services will apply when, for identical or similar goods or services, under cash payment terms, the price is equal to or lower than the price of imported goods or services, increased by 7% when the offering of the good or services is carried out by companies qualified as SME, and 5% when the offering of the good or services is carried out by other companies. For comparison purposes, the price of imported goods shall include import duties and taxes and all expenses required for its nationalization.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The mentioned law provides that the hiring companies shall announce their tenders in the Official Gazette as required by the regulation involved, so as to provide all possible bidders timely access to information that enables them to participate in the mentioned tender. It is worth mentioning that the communication provided in the hiring processes law for purchases subject to the Buy Argentine Act, establishes a considerable period prior to the issuance of the purchase order. The mentioned Act also establishes criminal sanctions for non-compliance.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Relating to services acquisitions, Decree No.1,600/02 refers to Law No.&amp;nbsp;18,875, which provides the obligation to hire only companies, consultants and domestic professionals, as defined in the mentioned Law. Any exceptions must be approved by the competent Ministry.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In August&amp;nbsp;2004, the CNC Resolution No.&amp;nbsp;2,350/04, approved the &amp;#x201C;Procedure for the accomplishment of the Buy Argentine Act&amp;#x201D;, which includes the obligation to submit semiannual affidavits related to the compliance with the Act. The Act provides an administrative sanctions procedure for non-compliance with this information procedure.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It is worth mentioning that this Act provides to Telecom Argentina less operational flexibility related to, among other matters, the terms lengthening in tenders, authorizations management prior to acquisitions and higher administrative expenses for the required semiannual information submission.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;&amp;#x201C;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;ENACOM Resolution No.&amp;nbsp;4,656-E/2017 &amp;#x2013; Model Agreement for the authorization for infrastructure sharing&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Board of Directors of ENACOM issued Resolution No.&amp;nbsp;4656-E/2017, published in the Official Gazette on June&amp;nbsp;12, 2017, approving the model agreement for the &amp;#x201C;Authorization for the Sharing of Active and / or Passive Infrastructure , Automatic Roaming and Goals of Service&amp;#x201D; to be celebrated with each of the current providers of the Advanced Mobile Communications Service (&amp;#x201C;SCMA&amp;#x201D;) who were awarded with the frequency bands for the provision of the Personal Communications service (&amp;#x201C;PCS&amp;#x201D;), the Cellular Mobile Radiocommunication Services (&amp;#x201C;SRMC&amp;#x201D;) and the SCMA approved by SC Resolution No.&amp;nbsp;38/2014, delegating to the President of ENACOM the powers to subscribe the agreement within 15 working days .&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On August&amp;nbsp;8, 2017, the ENACOM notified Personal through ENACOM Note No.&amp;nbsp;206/2017, the concession of a 15-day period to coordinate the signing of the Authorization Agreement for the Sharing of Active and / or Passive Infrastructure, Automatic Roaming and Goals of Service. Personal presented the required documentation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On November&amp;nbsp;2, 2017, the ENACOM issued Resolution No.&amp;nbsp;3420-E/2017, through which it was decided to extend the delegation made in Resolution No.&amp;nbsp;4656-E/2017 for a 180 day-period.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of the date of issuance of these consolidated financial statements, the agreement is still pending of subscription.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Consultation documents under the &amp;#x201C;General Regulation of Public Hearings and Consultation Documents for Communication Services&amp;#x201D; provisions and &amp;#x201C;General Regulation for the Participatory Elaboration of Standards&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina and Personal have timely filed through the ICT Secretary their opinions and proposals for the following consultations and documents issued during 2017:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Document &amp;#x201C;Consultation on ICT Network Service Quality&amp;#x201D;, &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;issued through SECTIC Resolution No.&amp;nbsp;3-E/17 issued on March&amp;nbsp;13, 2017;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Document &amp;#x201C;Interconnection and Access General Regulation Project&amp;#x201D;,&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; issued through&amp;nbsp;&amp;nbsp;SECTIC Resolution No.&amp;nbsp;2-E/17, issued on March&amp;nbsp;13, 2017;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Document &amp;#x201C;Public Hearing for Internet Matters&amp;#x201D;,&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; issued through SECTIC Resolution No.&amp;nbsp;7-E/17, issued on May&amp;nbsp;12, 2017;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Project &amp;#x201C;Number Portability Regulation&amp;#x201D; (including fixed telephony service)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, issued through SECTIC Resolution No.&amp;nbsp;1-E/17, issued on September&amp;nbsp;29, 2017.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Project &amp;#x201C;Regulation of the ICT Services&amp;#x2019; quality&amp;#x201D;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, issued through Resolution 2-E/2017, issued on December&amp;nbsp;14, 2017.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;New General Rules&amp;nbsp;Governing ICT Services Licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:24.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;2, 2018, the Ministry of Modernization issued Resolution No.&amp;nbsp;697/2017, whereby it approved the new General Rules&amp;nbsp;Governing ICT Services Licenses. This Resolution repealed the General Rules&amp;nbsp;approved through Annex I of Decree No.&amp;nbsp;764/2000, as from the date it became effective (February&amp;nbsp;1, 2018), and it also repealed ENACOM Resolutions No.&amp;nbsp;2,483/2016 and No.&amp;nbsp;1,394/2016 (except for Section&amp;nbsp;12 of its Annex I, which will remain in effect).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;New General Rules&amp;nbsp;Governing ICT Services Customers&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January&amp;nbsp;4, 2018, the Ministry of Modernization issued Resolution No.&amp;nbsp;733/2017, whereby it approved the new General Rules&amp;nbsp;Governing ICT Services Customers. This Resolution will become effective on March&amp;nbsp;5, 2018, repealing SC Resolutions No.490/1997, and Annexes I and III of SC Resolution No.&amp;nbsp;10,059/1999 and its supplementing regulations. Annex II of SC Resolution No.&amp;nbsp;10,059/1999 shall remain in effect, as applicable, until the enactment of the penalty regime provided under Section&amp;nbsp;63 of Law No.&amp;nbsp;27,078. Such New General Rules&amp;nbsp;repeal the current general rules&amp;nbsp;governing mobile and basic telephony services customers, thus becoming the only general rules&amp;nbsp;that govern ITC services customers, including Internet access services and subscription broadcasting services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company is evaluating the impact of certain regulations (such as the 180-day period during which prepaid credit can be used) and analyzing eventual actions against other regulations that would violate its rights (for example, Section&amp;nbsp;56, which provides for compensation in favor of the customer, and Section&amp;nbsp;79, which establishes the obligation to replace any channels eliminated from the programming grid with other channels of similar quality.)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:16.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Decree No.&amp;nbsp;1,060/2017 - Development of mobile communication services networks&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:16.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;This Decree, published in the Official Gazette on December&amp;nbsp;21, 2017, provides for the facilitation of the development of mobile communication services networks, establishing, among other provisions, that the jurisdictions and agencies comprised in subsections a) and b) of Section&amp;nbsp;8 of Law No.&amp;nbsp;24,156 shall ensure information technology and communication services licensees and independent operators of passive infrastructure multiple or shared access, for consideration, to passive infrastructures for the deployment of networks under neutral, unbiased, transparent, fair and non-discriminatory conditions, without the possibility of granting any exclusiveness or preference whatsoever, in fact or in law, provided that such access does not compromise the continuity and security of the services provided by its holder.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For the purposes of this Decree, an Independent Operator of Passive Infrastructure is any individual or legal entity that, without being an information technology and communication services provider, has aerial, ground or underground infrastructure serving as support to networks to render those services, mainly comprised of towers, masts, posts, ducts, channels, conduits, cameras, cables, easement, right of way, optic fiber laying, antennae. Independent operators of passive infrastructure will not be required to have a license, authorization or permit to lease their infrastructure, notwithstanding the obligation to notify the ENACOM of the beginning of their activities to be entered in the registry that said agency will keep to that effect and to comply with the reporting obligations, as required. These operators may not have any legal title whatsoever granting them exclusiveness or preference for the deployment of infrastructure.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Decree also provides that:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;1) The Ministry of Modernization:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;a.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:2pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;shall issue comprehensive general rules&amp;nbsp;with supplementary regulations for infrastructure&amp;nbsp;&amp;nbsp;sharing;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;b.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:2pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;shall develop, within a term of 180 days, a multi-year spectrum plan in order to maximize and&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;increase the radio electric resources for the deployment of next-generation mobile networks and mobile services and mobile communication services in order to support traffic growth and improve service quality;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;c.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:2pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;shall issue supplementary or clarifying regulations relating to Section&amp;nbsp;29 of Law No.&amp;nbsp;27,078, establishing efficient procedures and avoiding distortions in competition;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;d.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:2pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;shall identify radio electric spectrum frequency bands for the development of new services and wireless applications and issue regulations allowing for their shared and unauthorized use.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;2) It shall substitute Section&amp;nbsp;3 of Decree No.&amp;nbsp;798 dated June&amp;nbsp;21, 2016 with the following:&lt;br /&gt;&amp;#x201C;SECTION&amp;nbsp;3.- Mobile communications service (SCM, for its Spanish acronym) is defined as wireless telecommunications service with multiple capabilities which, irrespective of its operating frequency, through the use of mobile network architectures and the use of digital access technology, supports low and high user mobility, allows for the interoperability with other fixed and mobile networks for worldwide roaming.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It comprises Mobile Telephone Service (STM), Cellular Mobile Radiocommunications Service (SRMC), Personal Communication Service (PCS), Mobile Advanced Communications Service (SCMA, for its Spanish acronym) and their technological evolution.&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;3) The frequencies that are allocated and authorized to render radio electric trunking services (&amp;#x201C;SRCE&amp;#x201D;, for its Spanish acronym) may only be used to provide those services. The ENACOM may allocate frequencies to provide SCM and demand the return of the frequencies and migration of services pursuant to Section&amp;nbsp;28 and 30 of Law No.&amp;nbsp;27,078, and its regulations, or, at the request of the interested party, apply Section&amp;nbsp;4, subsection b) of Decree No.&amp;nbsp;1,340 dated December&amp;nbsp;30, 2016, and its regulations, establishing an economic compensation in favor of the National Government.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;4) SBT licensees may provide this service through the use of radio electric spectrum frequencies using those allocated for the provision of 4G mobile services, notwithstanding the provision of fixed telephone service pursuant to Section&amp;nbsp;2, subsection a) of the Personal Communications Service (PCS) General Rules&amp;nbsp;approved as an annex to Section&amp;nbsp;1 of Decree No.&amp;nbsp;266 dated March&amp;nbsp;10, 1998, through the execution of agreements with the licensees of those frequencies, which shall be reported to the ENACOM.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;5) Delegate on the Ministry of Modernization the power to issue the penalty rules&amp;nbsp;provided under Section&amp;nbsp;63 of Law No.&amp;nbsp;27,078, which shall repeal the current rules&amp;nbsp;approved under Decree No.&amp;nbsp;1,185 dated June&amp;nbsp;22, 1990, as amended and supplemented.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Registrations and authorizations to use the spectrum that are now held by the Company as a result of corporate reorganizations:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;1)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 48pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Personal S.A.:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On November&amp;nbsp;24, 2017, Telecom Argentina and Telecom Personal S.A. were served with ENACOM Resolution No.&amp;nbsp;4,544-E/2017, whereby that agency decided:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(i)&amp;nbsp;to authorize Telecom Personal to transfer in favor of Telecom Argentina the registrations of Mobile Telephone Services, Cellular Mobile Radiocommunications Services; Personal Communications Services Area I,&amp;nbsp;II,&amp;nbsp;III, and Mobile Advanced Communications Services, as well as the resources, permits and frequencies granted in its name;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(ii)&amp;nbsp;to revoke the licenses granted to Telecom Personal to render Data Transmission, Value Added and National and International Long-Distance Telephone Services;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(iii)&amp;nbsp;to authorize the transaction reported by Telecom whereby the controlling companies Sofora Telecomunicaciones S.A. and Nortel Inversora S.A. are dissolved without liquidation pursuant to the Bidding Terms and Conditions approved under Decree No.&amp;nbsp;62/1990.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;2)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Cablevisi&amp;#xF3;n S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December&amp;nbsp;22, 2017, Telecom Argentina and Cablevisi&amp;#xF3;n S.A. were served with ENACOM Resolution No.&amp;nbsp;5,644-E/2017, whereby that agency decided, among other things, to authorize Cablevisi&amp;#xF3;n S.A. to transfer in favor of Telecom Argentina:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;The Registration of physical and/or radio electric link broadcasting services, including the permits/frequencies required to provide radio electric link broadcasting services, as well as the area authorizations to provide those services (via physical and radio electric link), which may operate in Area II, defined as provided under Decree No.&amp;nbsp;1,461/93, as amended, and the city of Rosario, Province of Santa Fe, and the city of C&amp;#xF3;rdoba, Province of C&amp;#xF3;rdoba, as from January&amp;nbsp;1, 2018, as provided under Section&amp;nbsp;5 of National Decree No.&amp;nbsp;1,340/2016, and in the rest of the areas authorized on the dates and in the modalities provided under ENACOM Resolution No.&amp;nbsp;5,641/2017 dated December&amp;nbsp;20, 2017;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;The Registration of the Radio Electric Trunking Service (SRCE); and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(iii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;The authorizations and permits to use frequencies and allocations of numbering and sign-posting resources to provide the above-mentioned services held by Cablevisi&amp;#xF3;n S.A., pursuant to effective regulations, and the agreement executed by Nextel Communications Argentina S.R.L. on April&amp;nbsp;12, 2017 (IF-2017-08818737-APN-ENACOM#MCO), whereby Telecom Argentina, in its capacity as absorbing company of Cablevisi&amp;#xF3;n S.A., shall, within a term of two years as from the date on which the merger is approved by the National Antitrust Commission and the ENACOM or any agency that may substitute them in the future, return the radio electric spectrum that exceeds the limit set under Section&amp;nbsp;5 of Resolution No.&amp;nbsp;171-E/17 issued by the Ministry of Communications and/or any regulation that may repeal it in the future. To those effects, the Company shall file with the ENACOM, no later than one year in advance upon the expiration of the two-year term, a proposal to conform to that limit. The ENACOM may accept the proposal, reject it and/or request a new filing with any changes it may deem appropriate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, through that Resolution, the ENACOM authorized the change of corporate control, pursuant to Section&amp;nbsp;33 of the LGS, in Telecom Argentina once the merger became effective and the shareholders agreement dated July&amp;nbsp;7, 2017 entered into effect, as a result of which Cablevisi&amp;#xF3;n Holding S.A. became the legal controlling company of Telecom Argentina as surviving company of Cablevisi&amp;#xF3;n S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Said Resolution also approved:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;The relinquishment of the services registrations that are currently non-operative that had been requested by Cablevisi&amp;#xF3;n S.A. (SAP, SRC, STP, SLV and SAVR) and by Telecom (SRC); and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;The revocation of the licenses and registrations granted to Cablevisi&amp;#xF3;n S.A., now held by&amp;nbsp;&amp;nbsp;&amp;nbsp;Telecom.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, the Resolution provides that:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#282828;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#282828;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;Telecom shall comply with Section&amp;nbsp;95 of Law No.&amp;nbsp;27,078, which provides for the conditions under which it may operate the physical and/or radio electric link subscription television service, transcribed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company shall create a business unit to provide the audiovisual communication service and manage it separately from the public utility business unit;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It shall keep separate accounting records and bill the licensed services separately;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; c.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It shall not conduct anti-competitive practices such as tie-in practices and cross subsidies with funds from public utilities to licensed services;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; d.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It shall provide - when requested- to the competitors in licensed services access to its own support infrastructure, especially, posts, masts and ducts under market conditions. In the absence of agreement between the parties, the ENACOM shall intervene;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; e.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It shall not conduct anti-competitive practices concerning the rights to broadcast contents over its networks and facilitate a growing percentage to be established by the ENACOM to the distribution of contents from independent third parties.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; f.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;It shall respect the professional competences and job classifications of the workers in the different activities it is engaged in.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#282828;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#282828;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&amp;nbsp;&amp;nbsp;Telecom is declared to be an operator with a significant position in the retail market of Fixed Internet Access market in the locations detailed in the Report prepared by the National Directorate for the Development of Competition in Networks and Services of the ENACOM. As a result, it decided that:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom shall, within 60 days as from the date the Resolution was issued, offer the Fixed Internet Access service in those locations at a price that may not be higher than the lowest price offered by the company in Area II for that service. If a similar service is not provided in that Area, it shall apply the lowest price offered at national level by the licensee for a similar service.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:54pt;"&gt;&lt;p style="width:54pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom shall, within 60 days as from the date the Resolution was issued, report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service. Telecom shall ensure to other providers, under transparent, non-discriminatory and cost-oriented conditions, access to its own support infrastructure, especially, posts, masts and ducts.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;All the provisions mentioned above shall be in effect for a term of 2 years as from the notice of the authorization granted by ENACOM, or until it has been verified that there is effective competition in all or in some of the locations involved. The ENACOM may extend or revoke that term.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;With regard to the provision of Quadruple Play services, Section&amp;nbsp;7 of Decree No.&amp;nbsp;1,340 shall apply:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;SECTION&amp;nbsp;7 - The providers of Information Technology and Communications Services that make joint service offerings shall detail the price of each of those services, including the breakdown of those prices and discounts or benefits applied to each service or product for the above-mentioned offerings. Pursuant to Section&amp;nbsp;2, subsection i) of Law No.&amp;nbsp;25,156 and to Section&amp;nbsp;1,099 of the Civil and Commercial Code of Argentina, those providers may not subject, in any way and under any condition, the purchase of any service to the purchase of another service, thus preventing the customer from purchasing any service separately or individually.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Finally, the Company shall file, within a term of 180 days, proof of the registration of the change of authorities in Cablevisi&amp;#xF3;n Holding S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:16.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;&amp;#x201C;ENACOM Resolutions No.&amp;nbsp;840/18 and No.&amp;nbsp;1,196/18 &amp;#x2013; New regime for Radioelectric Spectrum Fees&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:16.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On February&amp;nbsp;27, 2018, Resolutions Nos. 840 and 1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard. The Company is assessing the impacts and actions in this regard.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOnRegulatoryFrameworkTextBlock>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">199000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">91000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">108000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">109000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">-1000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">383000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">16000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">367000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">-1000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">384000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">384000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">316000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">94000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">234000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">21000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">295000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DisposalAndImpairmentOfPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">295000000</teo:DisposalAndImpairmentOfPropertyPlantAndEquipment>
  <teo:DividendRights contextRef="Duration_3_1_2017_To_3_31_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_teo_SoforaTelecomunicacionesS.a.Member_ifrs-full_CounterpartiesAxis_teo_ArgentinaInversionesS.a.Member_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember" unitRef="Unit16" decimals="-6">470000000</teo:DividendRights>
  <teo:DividendRights contextRef="Duration_5_23_2017_To_5_23_2017_ifrs-full_ClassesOfShareCapitalAxis_teo_PreferenceSharesClassBonoDeGoceMember_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_teo_SoforaTelecomunicacionesS.a.Member_ifrs-full_CounterpartiesAxis_teo_ArgentinaInversionesS.a.Member" unitRef="Unit16" decimals="0">245036017</teo:DividendRights>
  <teo:DividendRights contextRef="Duration_6_22_2017_To_6_22_2017_ifrs-full_ClassesOfShareCapitalAxis_teo_PreferenceSharesClassBonoDeGoceMember_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_teo_SoforaTelecomunicacionesS.a.Member_ifrs-full_CounterpartiesAxis_teo_ArgentinaInversionesS.a.Member" unitRef="Unit16" decimals="0">216280387</teo:DividendRights>
  <teo:DividendRightsCertificateRedemptionPeriod contextRef="Duration_3_1_2017_To_3_31_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_teo_SoforaTelecomunicacionesS.a.Member_ifrs-full_CounterpartiesAxis_teo_ArgentinaInversionesS.a.Member">P36M</teo:DividendRightsCertificateRedemptionPeriod>
  <teo:DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold contextRef="Duration_3_1_2017_To_3_31_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_teo_SoforaTelecomunicacionesS.a.Member_ifrs-full_CounterpartiesAxis_teo_ArgentinaInversionesS.a.Member" unitRef="Unit14" decimals="2">0.60</teo:DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold>
  <teo:DividendRightsTermsAnnualUnpaidDividendsPercentage contextRef="Duration_5_31_2017_To_5_31_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_teo_SoforaTelecomunicacionesS.a.Member_ifrs-full_CounterpartiesAxis_teo_ArgentinaInversionesS.a.Member" unitRef="Unit14" decimals="2">0.02</teo:DividendRightsTermsAnnualUnpaidDividendsPercentage>
  <teo:DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities contextRef="Duration_4_29_2016_To_4_29_2016" unitRef="Unit12" decimals="-6">2000000000</teo:DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities>
  <teo:DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities contextRef="Duration_12_18_2017_To_12_18_2017" unitRef="Unit12" decimals="-5">4150300000</teo:DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities>
  <teo:DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">3000000</teo:DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities>
  <teo:DollarLinkedInvestmentsHeld contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">74000000</teo:DollarLinkedInvestmentsHeld>
  <teo:DollarLinkedInvestmentsHeld contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">365000000</teo:DollarLinkedInvestmentsHeld>
  <teo:EffectiveInternalTaxRateMobileTelephoneServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.0416</teo:EffectiveInternalTaxRateMobileTelephoneServices>
  <teo:EffectiveInternalTaxRateMobileTelephoneServices contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_us-gaap_TaxPeriodAxis_teo_TaxYear2018Member" unitRef="Unit14" decimals="4">0.0526</teo:EffectiveInternalTaxRateMobileTelephoneServices>
  <teo:EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego contextRef="Duration_11_15_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.0000</teo:EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego>
  <teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks contextRef="Duration_11_14_2017_To_11_14_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.2048</teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks>
  <teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks contextRef="Duration_1_1_2024_To_1_1_2024_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.1173</teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks>
  <teo:EffectiveTaxRateApplicableForIndividuals contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.15</teo:EffectiveTaxRateApplicableForIndividuals>
  <teo:EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_us-gaap_TaxPeriodAxis_teo_TaxYear2018Member" unitRef="Unit14" decimals="INF">0.35</teo:EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1421000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">-21000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1468000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">-26000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">-21000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">1442000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1698000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">-45000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1786000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">-43000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">-45000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">1743000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1531000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">139000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1411000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">-19000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">139000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EquipmentAndHandsetsSalesNetTotal contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">1392000000</teo:EquipmentAndHandsetsSalesNetTotal>
  <teo:EstimatedVariationInConsolidatedFinancialPosition contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">59000000</teo:EstimatedVariationInConsolidatedFinancialPosition>
  <teo:EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">52000000</teo:EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets>
  <teo:EstimatedVariationInExchangeRate contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit17" decimals="2">0.10</teo:EstimatedVariationInExchangeRate>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">3919000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_EliminationOfIntersegmentAmountsMember" unitRef="Unit12" decimals="-6">-419000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">1769000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">2569000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">2417000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">152000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">5006000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_EliminationOfIntersegmentAmountsMember" unitRef="Unit12" decimals="-6">-509000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">2311000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">3204000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">2975000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">229000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">6600000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_EliminationOfIntersegmentAmountsMember" unitRef="Unit12" decimals="-6">-610000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">3546000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">3664000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">3384000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">280000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FinanceCostsRelatedPartyTransactions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit12" decimals="-6">55000000</teo:FinanceCostsRelatedPartyTransactions>
  <teo:FinanceCostsRelatedPartyTransactions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit12" decimals="-6">34000000</teo:FinanceCostsRelatedPartyTransactions>
  <teo:FinancialAssetsLiabilitiesNet contextRef="As_Of_12_31_2015" unitRef="Unit12" decimals="-6">-2277000000</teo:FinancialAssetsLiabilitiesNet>
  <teo:FinancialAssetsLiabilitiesNet contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">-5892000000</teo:FinancialAssetsLiabilitiesNet>
  <teo:FinancialAssetsLiabilitiesNet contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">-3260000000</teo:FinancialAssetsLiabilitiesNet>
  <teo:FinancialAssetsLiabilitiesNetCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">2430000000</teo:FinancialAssetsLiabilitiesNetCurrent>
  <teo:FinancialAssetsLiabilitiesNetCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">3123000000</teo:FinancialAssetsLiabilitiesNetCurrent>
  <teo:FinancialDebtRelatedPartyTransactions contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">323000000</teo:FinancialDebtRelatedPartyTransactions>
  <teo:FinancialDebtRelatedPartyTransactions contextRef="As_Of_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_ExpertaArtS.a.Member" unitRef="Unit12" decimals="-6">151000000</teo:FinancialDebtRelatedPartyTransactions>
  <teo:FinancialDebtRelatedPartyTransactions contextRef="As_Of_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember" unitRef="Unit12" decimals="-6">172000000</teo:FinancialDebtRelatedPartyTransactions>
  <teo:FrequenciesInLot contextRef="Duration_9_1_2016_To_9_1_2016_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8314Member" unitRef="Unit111" decimals="0">700</teo:FrequenciesInLot>
  <teo:FrequencyBandAwardedOne contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8014Member" unitRef="Unit111" decimals="0">1890</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8114Member" unitRef="Unit111" decimals="2">830.25</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8214Member" unitRef="Unit111" decimals="1">1862.5</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8314Member" unitRef="Unit111" decimals="0">1730</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8014Member" unitRef="Unit111" decimals="1">1892.5</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8114Member" unitRef="Unit111" decimals="0">834</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8214Member" unitRef="Unit111" decimals="1">1867.5</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8314Member" unitRef="Unit111" decimals="0">1745</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1814Member" unitRef="Unit111" decimals="0">698</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1814Member" unitRef="Unit111" decimals="0">806</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8014Member" unitRef="Unit111" decimals="0">1970</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8114Member" unitRef="Unit111" decimals="2">875.25</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8214Member" unitRef="Unit111" decimals="1">1942.5</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8314Member" unitRef="Unit111" decimals="0">2130</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8014Member" unitRef="Unit111" decimals="1">1972.5</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8114Member" unitRef="Unit111" decimals="0">879</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8214Member" unitRef="Unit111" decimals="1">1947.5</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_11_27_2014_To_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8314Member" unitRef="Unit111" decimals="0">2145</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1814Member" unitRef="Unit111" decimals="0">512</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1814Member" unitRef="Unit111" decimals="0">698</teo:FrequencyBandAwardedTwo>
  <teo:GainLossOnFinancialInstruments contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">-36000000</teo:GainLossOnFinancialInstruments>
  <teo:GainLossOnFinancialInstruments contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgedItemsAxis_teo_DerivativeInstrumentForCommercialCommitmentsMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TelecomPersonalS.aMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">2000000</teo:GainLossOnFinancialInstruments>
  <teo:GainLossOnFinancialInstruments contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentMaturingFebruary2017Member_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">2000000</teo:GainLossOnFinancialInstruments>
  <teo:GainLossOnFinancialInstruments contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentMaturingMarch2017Member_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TelecomPersonalS.aMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_CashFlowHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">-1000000</teo:GainLossOnFinancialInstruments>
  <teo:GainLossOnOtherShortTermInvestments contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">169000000</teo:GainLossOnOtherShortTermInvestments>
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  <teo:GainLossOnOtherShortTermInvestments contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">121000000</teo:GainLossOnOtherShortTermInvestments>
  <teo:GrantPeriodForLicenses contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember">P15Y</teo:GrantPeriodForLicenses>
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  <teo:GuaranteesLiabilityCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">10000000</teo:GuaranteesLiabilityCurrent>
  <teo:HedgedItemLiabilitiesCurrent contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">8000000</teo:HedgedItemLiabilitiesCurrent>
  <teo:HedgedItemLiabilitiesCurrent contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentMaturingMarch2017Member_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TelecomPersonalS.aMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_CashFlowHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">2000000</teo:HedgedItemLiabilitiesCurrent>
  <teo:HedgedItemLiabilitiesNonCurrent contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">9000000</teo:HedgedItemLiabilitiesNonCurrent>
  <teo:IfrsConversionOfStockSharesAuthorized contextRef="As_Of_3_31_2000_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">52505360</teo:IfrsConversionOfStockSharesAuthorized>
  <teo:IfrsConversionOfStockSharesAuthorized contextRef="As_Of_4_27_2006_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">41339464</teo:IfrsConversionOfStockSharesAuthorized>
  <teo:IfrsConversionOfStockSharesAuthorized contextRef="As_Of_12_15_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">4593274</teo:IfrsConversionOfStockSharesAuthorized>
  <teo:IfrsConversionOfStockSharesConverted1 contextRef="Duration_12_1_2011_To_12_31_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">41339464</teo:IfrsConversionOfStockSharesConverted1>
  <teo:IfrsConversionOfStockSharesConverted1 contextRef="Duration_12_15_2011_To_12_15_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">4358526</teo:IfrsConversionOfStockSharesConverted1>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_10_5_2016_To_10_5_2016_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnIfcBankLoanNonCurrentMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit116" decimals="INF">8</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_4_1_2017_To_4_30_2017_ifrs-full_BorrowingsByNameAxis_teo_InterAmericanInvestmentCorporationLoanMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit116" decimals="INF">8</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_12_2_2010_To_12_2_2010_ifrs-full_BorrowingsByNameAxis_teo_NotesMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember">P5Y</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_12_15_2011_To_12_15_2011_ifrs-full_BorrowingsByNameAxis_teo_NotesMember_us-gaap_ConsolidatedEntitiesAxis_teo_TelecomArgentinaS.a.Member">P5Y</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_12_10_2015_To_12_10_2015_ifrs-full_BorrowingsByNameAxis_teo_NotesSeriesTwoMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember">P36M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_10_5_2016_To_10_5_2016_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnIfcBankLoanNonCurrentMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember">P6Y</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_11_16_2016_To_11_16_2016_ifrs-full_BorrowingsByNameAxis_teo_NotesSeriesFourMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember">P24M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_11_16_2016_To_11_16_2016_ifrs-full_BorrowingsByNameAxis_teo_NotesSeriesThreeMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember">P18M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_PrincipalNominalValueOneMember_us-gaap_ConsolidatedEntitiesAxis_teo_NucleoMember">P1Y10M24D</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_PrincipalNominalValueTwoMember_us-gaap_ConsolidatedEntitiesAxis_teo_NucleoMember">P1Y8M12D</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnBankLoansMember_ifrs-full_RangeAxis_ifrs-full_WeightedAverageMember_us-gaap_ConsolidatedEntitiesAxis_teo_NucleoMember">P2Y</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_1_31_2018_To_1_31_2018_ifrs-full_BorrowingsByNameAxis_teo_SyndicatedLoanAgreementMember_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember">P12M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDirectOperatingCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">20578000000</teo:IfrsDirectOperatingCosts>
  <teo:IfrsDirectOperatingCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">27628000000</teo:IfrsDirectOperatingCosts>
  <teo:IfrsDirectOperatingCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">32287000000</teo:IfrsDirectOperatingCosts>
  <teo:IfrsIncreaseDecreaseInCashAndCashEquivalents contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-1114000000</teo:IfrsIncreaseDecreaseInCashAndCashEquivalents>
  <teo:IfrsIncreaseDecreaseInCurrentFinancialDebt contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-72000000</teo:IfrsIncreaseDecreaseInCurrentFinancialDebt>
  <teo:IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">693000000</teo:IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent>
  <teo:IfrsIncreaseDecreaseInInventories contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">576000000</teo:IfrsIncreaseDecreaseInInventories>
  <teo:IfrsIncreaseDecreaseInInvestments contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1675000000</teo:IfrsIncreaseDecreaseInInvestments>
  <teo:IfrsIncreaseDecreaseInOperatingCapital contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-3493000000</teo:IfrsIncreaseDecreaseInOperatingCapital>
  <teo:IfrsIncreaseDecreaseInOtherReceivables contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">420000000</teo:IfrsIncreaseDecreaseInOtherReceivables>
  <teo:IfrsIncreaseDecreaseInWorkingCapital contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-2800000000</teo:IfrsIncreaseDecreaseInWorkingCapital>
  <teo:IfrsLesseeFinanceLeaseTermOfContract contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfAssetsAxis_teo_ComputerEquipmentAndSoftwareMember">P3Y</teo:IfrsLesseeFinanceLeaseTermOfContract>
  <teo:IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Year ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Current tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,438)
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,091)
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,721)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Deferred tax benefit &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;228
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;129
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(69)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Action for recourse income tax receivable &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;308
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;368
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;98
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income tax expense&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,902)
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,594)
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,692)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
  <teo:IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:37.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;For the years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Pre-tax income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,626
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,599
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,127
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Non taxable items &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;738
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;79
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,364
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,678
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,135
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Weighted statutory income tax rate (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34.3%
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34.3%
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;34.5%
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income tax expense at weighted statutory tax rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,235)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,947)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,774)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Income tax on cash dividends of foreign companies &amp;#x2013; N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(44)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(15)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(14)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Effect of changes in tax rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;69
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Other changes in tax assets and liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Actions for recourse income tax receivable &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;308
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;368
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;98
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Income tax expense&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(3,902)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,594)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,692)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for all the years presented. In Paraguay was 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for all the years presented.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
  <teo:IfrsScheduleOfInventoryCurrentTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Inventories consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:7.35pt;text-align:left"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:6.25pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:19.6pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 88.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Mobile handsets and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,631
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,321
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Fixed telephones and equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;18
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventories for construction projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;252
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Subtotal&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,901
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,332
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Allowance for obsolescence of inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,854
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,278
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.88%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Movements in the allowance for obsolescence of inventories are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 88.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="top" style="width:30.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years ended December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:13.58%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(86)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Additions &amp;#x2013; Fees for services, maintenance and materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(17)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Uses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;24
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;77
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(47)
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(54)
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:68.86%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
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		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:IfrsScheduleOfInventoryCurrentTableTextBlock>
  <teo:IfrsTaxesOther contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">212000000</teo:IfrsTaxesOther>
  <teo:IfrsTaxesOther contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">296000000</teo:IfrsTaxesOther>
  <teo:IfrsTaxesOther contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">373000000</teo:IfrsTaxesOther>
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  <teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">2548000000</teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome>
  <teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">6897000000</teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome>
  <teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">12726000000</teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome>
  <teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">3314000000</teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome>
  <teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">9412000000</teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome>
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  <teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">3711000000</teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome>
  <teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">14114000000</teo:IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome>
  <teo:IncomeFromSharePurchaseOption contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">9000000</teo:IncomeFromSharePurchaseOption>
  <teo:IncomeFromSharePurchaseOption contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">11000000</teo:IncomeFromSharePurchaseOption>
  <teo:IncomeTaxOffsetWithVatAndInternalTaxes contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">50000000</teo:IncomeTaxOffsetWithVatAndInternalTaxes>
  <teo:IncomeTaxPayablesGross contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">2091000000</teo:IncomeTaxPayablesGross>
  <teo:IncomeTaxPayablesGross contextRef="As_Of_11_30_2017_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit12" decimals="-6">3678000000</teo:IncomeTaxPayablesGross>
  <teo:IncomeTaxPayablesGross contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">4437000000</teo:IncomeTaxPayablesGross>
  <teo:IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">5548000000</teo:IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt>
  <teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialLiabilitiesAxis_teo_IfrsBankOverdraftsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_InterestRateRiskMember_us-gaap_CurrencyAxis_currency_ARS" unitRef="Unit12" decimals="-5">100000</teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent>
  <teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialLiabilitiesAxis_teo_IfrsLoansPayableMember_ifrs-full_TypesOfRisksAxis_ifrs-full_InterestRateRiskMember_us-gaap_CurrencyAxis_currency_USD" unitRef="Unit16" decimals="-5">9300000</teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent>
  <teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialLiabilitiesAxis_teo_NotesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_InterestRateRiskMember_us-gaap_CurrencyAxis_currency_ARS" unitRef="Unit12" decimals="-5">900000</teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent>
  <teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialLiabilitiesAxis_teo_NotesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_InterestRateRiskMember_us-gaap_CurrencyAxis_currency_USD" unitRef="Unit16" decimals="-5">1400000</teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent>
  <teo:IncreaseDecreaseInLiquidityRate contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="2">-0.11</teo:IncreaseDecreaseInLiquidityRate>
  <teo:IncreaseDecreaseInNonDeliverableForwardCurrent contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">60000000</teo:IncreaseDecreaseInNonDeliverableForwardCurrent>
  <teo:IncreaseDecreaseInTradeReceivables contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1059000000</teo:IncreaseDecreaseInTradeReceivables>
  <teo:IncreaseDecreaseThroughAcquisitionEquity id="Item-0219" contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">63000000</teo:IncreaseDecreaseThroughAcquisitionEquity>
  <teo:IncreaseDecreaseThroughAcquisitionEquity id="Item-0218" contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ComponentsOfEquityAxis_ifrs-full_NoncontrollingInterestsMember" unitRef="Unit12" decimals="-6">63000000</teo:IncreaseDecreaseThroughAcquisitionEquity>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">-251000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_LegalProceedingsProvisionMember" unitRef="Unit12" decimals="-6">-47000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" unitRef="Unit12" decimals="-6">-45000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_teo_LaborClaimsProvisionMember" unitRef="Unit12" decimals="-6">-159000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-619000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_LegalProceedingsProvisionMember" unitRef="Unit12" decimals="-6">-104000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" unitRef="Unit12" decimals="-6">-283000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_teo_LaborClaimsProvisionMember" unitRef="Unit12" decimals="-6">-232000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">278000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_LegalProceedingsProvisionMember" unitRef="Unit12" decimals="-6">47000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" unitRef="Unit12" decimals="-6">72000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_teo_LaborClaimsProvisionMember" unitRef="Unit12" decimals="-6">159000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">619000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_LegalProceedingsProvisionMember" unitRef="Unit12" decimals="-6">104000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" unitRef="Unit12" decimals="-6">283000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions>
  <teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_teo_LaborClaimsProvisionMember" unitRef="Unit12" decimals="-6">232000000</teo:IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions>
  <teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments id="Item-0139" contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_ComponentsOfEquityAxis_ifrs-full_RetainedEarningsMember" unitRef="Unit12" decimals="-6">-2869000000</teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments>
  <teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments id="Item-0137" contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_ComponentsOfEquityAxis_teo_VoluntaryReserveForFutureDividendsPaymentsMember" unitRef="Unit12" decimals="-6">2869000000</teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments>
  <teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments id="Item-0150" contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ComponentsOfEquityAxis_ifrs-full_RetainedEarningsMember" unitRef="Unit12" decimals="-6">-3403000000</teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments>
  <teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments id="Item-0148" contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ComponentsOfEquityAxis_teo_VoluntaryReserveForFutureDividendsPaymentsMember" unitRef="Unit12" decimals="-6">3403000000</teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments>
  <teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments id="Item-0194" contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ComponentsOfEquityAxis_ifrs-full_RetainedEarningsMember" unitRef="Unit12" decimals="-6">-3975000000</teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments>
  <teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments id="Item-0040" contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ComponentsOfEquityAxis_teo_VoluntaryReserveForCapitalInvestmentsMember" unitRef="Unit12" decimals="-6">-2730000000</teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments>
  <teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments id="Item-0191" contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ComponentsOfEquityAxis_teo_VoluntaryReserveForFutureDividendsPaymentsMember" unitRef="Unit12" decimals="-6">9609000000</teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments>
  <teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments id="Item-0190" contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ComponentsOfEquityAxis_teo_VoluntaryReserveForFutureInvestmentsMember" unitRef="Unit12" decimals="-6">-2904000000</teo:IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments>
  <teo:InterestAccruedOnBorrowings contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_BorrowingsByNameAxis_ifrs-full_ShorttermBorrowingsMember" unitRef="Unit12" decimals="-6">928000000</teo:InterestAccruedOnBorrowings>
  <teo:InterestAccruedOnBorrowings contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_AccruedInterestsCurrentMember" unitRef="Unit12" decimals="-6">880000000</teo:InterestAccruedOnBorrowings>
  <teo:InterestAccruedOnBorrowings contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_BankLoansCurrentMember" unitRef="Unit12" decimals="-6">11000000</teo:InterestAccruedOnBorrowings>
  <teo:InterestAccruedOnBorrowings contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_NonDeliverableForwardCurrentMember" unitRef="Unit12" decimals="-6">37000000</teo:InterestAccruedOnBorrowings>
  <teo:InterestExpenseOnPensionBenefits contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">28000000</teo:InterestExpenseOnPensionBenefits>
  <teo:InterestExpenseOnPensionBenefits contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">38000000</teo:InterestExpenseOnPensionBenefits>
  <teo:InterestExpenseOnPensionBenefits contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">47000000</teo:InterestExpenseOnPensionBenefits>
  <teo:InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">26000000</teo:InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable>
  <teo:InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">37000000</teo:InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable>
  <teo:InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">49000000</teo:InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable>
  <teo:InterestExpenseOnSharePurchaseOption contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">24000000</teo:InterestExpenseOnSharePurchaseOption>
  <teo:InterestIncomeExpenseOnFinancialInstruments contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">-1293000000</teo:InterestIncomeExpenseOnFinancialInstruments>
  <teo:InterestIncomeExpenseOnFinancialInstruments contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">7000000</teo:InterestIncomeExpenseOnFinancialInstruments>
  <teo:InterestIncomeFromCustomers contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">182000000</teo:InterestIncomeFromCustomers>
  <teo:InterestIncomeFromCustomers contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">366000000</teo:InterestIncomeFromCustomers>
  <teo:InterestIncomeFromCustomers contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">762000000</teo:InterestIncomeFromCustomers>
  <teo:InterestIncomeFromInvestments contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">190000000</teo:InterestIncomeFromInvestments>
  <teo:InterestIncomeFromInvestments contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">59000000</teo:InterestIncomeFromInvestments>
  <teo:InterestIncomeFromInvestments contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">670000000</teo:InterestIncomeFromInvestments>
  <teo:InternalTaxPayableCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">138000000</teo:InternalTaxPayableCurrent>
  <teo:InternalTaxPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">162000000</teo:InternalTaxPayableCurrent>
  <teo:InternationalAndSatelliteConnectivityExpenses contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">202000000</teo:InternationalAndSatelliteConnectivityExpenses>
  <teo:InternationalAndSatelliteConnectivityExpenses contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">215000000</teo:InternationalAndSatelliteConnectivityExpenses>
  <teo:InternationalAndSatelliteConnectivityExpenses contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">246000000</teo:InternationalAndSatelliteConnectivityExpenses>
  <teo:InvestmentCommitmentsFund contextRef="As_Of_8_31_2003" unitRef="Unit12" decimals="-6">70000000</teo:InvestmentCommitmentsFund>
  <teo:InvestmentInBonds contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">1372000000</teo:InvestmentInBonds>
  <teo:InvestmentsIncludedInUnrecordedAccountsReceivable contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2691000000</teo:InvestmentsIncludedInUnrecordedAccountsReceivable>
  <teo:InvestmentsMadeAndExpensesIncurred contextRef="As_Of_12_31_2017_teo_ProjectAxis_teo_AfaPlusProjectMember" unitRef="Unit12" decimals="-6">182000000</teo:InvestmentsMadeAndExpensesIncurred>
  <teo:InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment contextRef="As_Of_12_31_2017_teo_ProjectAxis_teo_AfaPlusProjectMember" unitRef="Unit12" decimals="-6">143000000</teo:InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment>
  <teo:KeyManagementPersonnelCompensationHiringBenefits contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">5000000</teo:KeyManagementPersonnelCompensationHiringBenefits>
  <teo:KeyManagementPersonnelCompensationOutstandingAmountPayable contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">66000000</teo:KeyManagementPersonnelCompensationOutstandingAmountPayable>
  <teo:KeyManagementPersonnelCompensationOutstandingAmountPayable contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">45000000</teo:KeyManagementPersonnelCompensationOutstandingAmountPayable>
  <teo:KeyManagementPersonnelCompensationSalaries contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">37000000</teo:KeyManagementPersonnelCompensationSalaries>
  <teo:KeyManagementPersonnelCompensationSalaries contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">54000000</teo:KeyManagementPersonnelCompensationSalaries>
  <teo:KeyManagementPersonnelCompensationSalaries contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">81000000</teo:KeyManagementPersonnelCompensationSalaries>
  <teo:KeyManagementPersonnelCompensationSocialSecurityContributions contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">18000000</teo:KeyManagementPersonnelCompensationSocialSecurityContributions>
  <teo:KeyManagementPersonnelCompensationSocialSecurityContributions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">30000000</teo:KeyManagementPersonnelCompensationSocialSecurityContributions>
  <teo:KeyManagementPersonnelCompensationSocialSecurityContributions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">58000000</teo:KeyManagementPersonnelCompensationSocialSecurityContributions>
  <teo:KeyManagementPersonnelCompensationVariableCompensation contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">26000000</teo:KeyManagementPersonnelCompensationVariableCompensation>
  <teo:KeyManagementPersonnelCompensationVariableCompensation contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">53000000</teo:KeyManagementPersonnelCompensationVariableCompensation>
  <teo:KeyManagementPersonnelCompensationVariableCompensation contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">121000000</teo:KeyManagementPersonnelCompensationVariableCompensation>
  <teo:LegalFeesNonCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">4000000</teo:LegalFeesNonCurrent>
  <teo:LegalFeesNonCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">4000000</teo:LegalFeesNonCurrent>
  <teo:LeverageRate contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="2">0.02</teo:LeverageRate>
  <teo:LicenseAcquisitionsConsiderationPaidForEachSubBand contextRef="Duration_9_1_2017_To_9_30_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_teo_LicenseAcquisitionMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember" unitRef="Unit16" decimals="-6">12000000</teo:LicenseAcquisitionsConsiderationPaidForEachSubBand>
  <teo:LicensesAcquisitionsGross contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">2256000000</teo:LicensesAcquisitionsGross>
  <teo:LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionHoldingMember_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_MajorPurchasesOfAssetsMember" unitRef="Unit12" decimals="-9">21000000000</teo:LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate>
  <teo:LiquidityRate contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit14" decimals="2">0.94</teo:LiquidityRate>
  <teo:LiquidityRate contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="2">0.83</teo:LiquidityRate>
  <teo:LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">9000000</teo:LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities>
  <teo:LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">15000000</teo:LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities>
  <teo:LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">6000000</teo:LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities>
  <teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">1000000</teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment>
  <teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">15000000</teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment>
  <teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">507000000</teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment>
  <teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">16000000</teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment>
  <teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">66000000</teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment>
  <teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">1125000000</teo:LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment>
  <teo:MaintenanceOfHardwareAndSoftware contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">331000000</teo:MaintenanceOfHardwareAndSoftware>
  <teo:MaintenanceOfHardwareAndSoftware contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">546000000</teo:MaintenanceOfHardwareAndSoftware>
  <teo:MaintenanceOfHardwareAndSoftware contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">671000000</teo:MaintenanceOfHardwareAndSoftware>
  <teo:MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive contextRef="Duration_2_24_2017_To_2_24_2017_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_us-gaap_LitigationCaseAxis_teo_ContentProvidersClaimMember" unitRef="Unit14" decimals="2">0.40</teo:MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive>
  <teo:MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_NotesMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember" unitRef="Unit16" decimals="-6">20000000</teo:MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault>
  <teo:MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_NotesMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember" unitRef="Unit16" decimals="-6">20000000</teo:MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination>
  <teo:MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="INF">0.05</teo:MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve>
  <teo:MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="2">0.01</teo:MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors>
  <teo:MobileCustomerLoyaltyProgramsDeferredIncomeCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">87000000</teo:MobileCustomerLoyaltyProgramsDeferredIncomeCurrent>
  <teo:MobileCustomerLoyaltyProgramsDeferredIncomeCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">95000000</teo:MobileCustomerLoyaltyProgramsDeferredIncomeCurrent>
  <teo:MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">106000000</teo:MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent>
  <teo:MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">148000000</teo:MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent>
  <teo:MobileHandsetsLentToCustomersAtNoCost contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">32000000</teo:MobileHandsetsLentToCustomersAtNoCost>
  <teo:MobileHandsetsLentToCustomersAtNoCost contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">54000000</teo:MobileHandsetsLentToCustomersAtNoCost>
  <teo:MobileHandsetsLentToCustomersAtNoCost contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">56000000</teo:MobileHandsetsLentToCustomersAtNoCost>
  <teo:MobileInternetServicesGuaranteedPerformanceRate contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember" unitRef="Unit117" decimals="INF">1</teo:MobileInternetServicesGuaranteedPerformanceRate>
  <teo:MobileServicesObsolescenceOfInventories contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">38000000</teo:MobileServicesObsolescenceOfInventories>
  <teo:MobileServicesObsolescenceOfInventories contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">45000000</teo:MobileServicesObsolescenceOfInventories>
  <teo:MobileServicesObsolescenceOfInventories contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">17000000</teo:MobileServicesObsolescenceOfInventories>
  <teo:MunicipalTaxes contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">289000000</teo:MunicipalTaxes>
  <teo:MunicipalTaxes contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">395000000</teo:MunicipalTaxes>
  <teo:MunicipalTaxes contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">531000000</teo:MunicipalTaxes>
  <teo:MunicipalTaxesPayableCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">35000000</teo:MunicipalTaxesPayableCurrent>
  <teo:MunicipalTaxesPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">82000000</teo:MunicipalTaxesPayableCurrent>
  <teo:NetAssetFromInvestment contextRef="As_Of_11_30_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_us-gaap_ParentCompanyMember" unitRef="Unit12" decimals="-6">14000000</teo:NetAssetFromInvestment>
  <teo:NetGainsLossesOnFinancialInstruments contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">-1999000000</teo:NetGainsLossesOnFinancialInstruments>
  <teo:NetGainsLossesOnFinancialInstruments contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-95000000</teo:NetGainsLossesOnFinancialInstruments>
  <teo:NetLiabilitiesFromInvestment contextRef="As_Of_11_30_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_us-gaap_ParentCompanyMember" unitRef="Unit12" decimals="-6">14000000</teo:NetLiabilitiesFromInvestment>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">9705000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit16" decimals="-6">611000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">10672000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit16" decimals="-6">578000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs contextRef="As_Of_12_31_2016_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit16" decimals="-6">595000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs contextRef="As_Of_12_31_2017" unitRef="Unit16" decimals="-6">518000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">9559000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit16" decimals="-6">518000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs>
  <teo:NetReceivables contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">33000000</teo:NetReceivables>
  <teo:NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">152000000</teo:NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment>
  <teo:NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">101000000</teo:NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment>
  <teo:NonCurrentPayablesOnSalariesAndSocialSecurity contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">184000000</teo:NonCurrentPayablesOnSalariesAndSocialSecurity>
  <teo:NonCurrentPayablesOnSalariesAndSocialSecurity contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">259000000</teo:NonCurrentPayablesOnSalariesAndSocialSecurity>
  <teo:NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">23000000</teo:NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts>
  <teo:NondeliverableForward contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">2000000</teo:NondeliverableForward>
  <teo:NonDeliverableForwardContractsAmount contextRef="As_Of_12_31_2016" unitRef="Unit16" decimals="-6">16000000</teo:NonDeliverableForwardContractsAmount>
  <teo:NonDeliverableForwardContractsAmount contextRef="As_Of_12_31_2017" unitRef="Unit16" decimals="-6">60000000</teo:NonDeliverableForwardContractsAmount>
  <teo:NonDeliverableForwardCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">60000000</teo:NonDeliverableForwardCurrent>
  <teo:NonDeliverableForwardCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">60000000</teo:NonDeliverableForwardCurrent>
  <teo:NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares contextRef="Duration_1_1_2017_To_12_31_2017_us-gaap_ConsolidatedEntitiesAxis_us-gaap_ParentCompanyMember">P30D</teo:NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares>
  <teo:NonTaxableIncomeExpenseNet contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">8000000</teo:NonTaxableIncomeExpenseNet>
  <teo:NonTaxableIncomeExpenseNet contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">79000000</teo:NonTaxableIncomeExpenseNet>
  <teo:NonTaxableIncomeExpenseNet contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">738000000</teo:NonTaxableIncomeExpenseNet>
  <teo:NotionalAmountDuration contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgedItemsAxis_teo_DerivativeInstrumentForCommercialCommitmentsMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TelecomPersonalS.aMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit16" decimals="-6">159000000</teo:NotionalAmountDuration>
  <teo:NotionalAmountDuration contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentMaturingFebruary2017Member_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit16" decimals="-6">7000000</teo:NotionalAmountDuration>
  <teo:NotionalAmountDuration contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentMaturingMarch2017Member_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TelecomPersonalS.aMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_CashFlowHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit16" decimals="-6">9000000</teo:NotionalAmountDuration>
  <teo:NumberOfAlternateDirectorsAppointed contextRef="Duration_5_23_2017_To_5_23_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_us-gaap_ParentCompanyMember" unitRef="Unit118" decimals="INF">2</teo:NumberOfAlternateDirectorsAppointed>
  <teo:NumberOfAlternatesAppointedToSupervisoryCommittee contextRef="Duration_5_23_2017_To_5_23_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_us-gaap_ParentCompanyMember" unitRef="Unit118" decimals="INF">1</teo:NumberOfAlternatesAppointedToSupervisoryCommittee>
  <teo:NumberOfAmortizationTranches contextRef="Duration_3_1_2017_To_3_31_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_teo_SoforaTelecomunicacionesS.a.Member_ifrs-full_CounterpartiesAxis_teo_ArgentinaInversionesS.a.Member" unitRef="Unit119" decimals="INF">2</teo:NumberOfAmortizationTranches>
  <teo:NumberOfCashDividendDistributionInstallments contextRef="Duration_4_29_2016_To_4_29_2016" unitRef="Unit116" decimals="INF">2</teo:NumberOfCashDividendDistributionInstallments>
  <teo:NumberOfChambersCivilAndCommercialFederalProceedingsCourt contextRef="Duration_12_1_2013_To_12_31_2013_ifrs-full_ClassesOfContingentLiabilitiesAxis_teo_LaborProceedingsContingentLiabilityMember" unitRef="Unit111" decimals="INF">2</teo:NumberOfChambersCivilAndCommercialFederalProceedingsCourt>
  <teo:NumberOfCompaniesThatInitiatedClaim contextRef="Duration_1_1_2017_To_2_28_2017_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_us-gaap_LitigationCaseAxis_teo_ContentProvidersClaimMember" unitRef="Unit120" decimals="INF">4</teo:NumberOfCompaniesThatInitiatedClaim>
  <teo:NumberOfCompaniesThroughWhichGroupCarriesOutActivities contextRef="As_Of_12_31_2015" unitRef="Unit120" decimals="INF">6</teo:NumberOfCompaniesThroughWhichGroupCarriesOutActivities>
  <teo:NumberOfCompaniesThroughWhichGroupCarriesOutActivities contextRef="As_Of_12_31_2016" unitRef="Unit120" decimals="INF">6</teo:NumberOfCompaniesThroughWhichGroupCarriesOutActivities>
  <teo:NumberOfDirectorsAppointed contextRef="Duration_5_23_2017_To_5_23_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_us-gaap_ParentCompanyMember" unitRef="Unit118" decimals="INF">2</teo:NumberOfDirectorsAppointed>
  <teo:NumberOfDistributions contextRef="Duration_1_31_2018_To_1_31_2018_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_MajorOrdinaryShareTransactionsMember_us-gaap_ConsolidatedEntitiesAxis_us-gaap_ParentCompanyMember" unitRef="Unit116" decimals="INF">2</teo:NumberOfDistributions>
  <teo:NumberOfDividendCertificates contextRef="Duration_3_1_2017_To_3_31_2017_ifrs-full_ClassesOfShareCapitalAxis_teo_PreferenceSharesClassBonoDeGoceMember_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_teo_SoforaTelecomunicacionesS.a.Member_ifrs-full_CounterpartiesAxis_teo_ArgentinaInversionesS.a.Member_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember" unitRef="Unit111" decimals="INF">1</teo:NumberOfDividendCertificates>
  <teo:NumberOfInhabitants contextRef="As_Of_12_31_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember" unitRef="Unit111" decimals="0">500</teo:NumberOfInhabitants>
  <teo:NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio contextRef="Duration_6_30_2017_To_6_30_2017_dei_LegalEntityAxis_teo_TelecomArgentinaS.a.Member_ifrs-full_BusinessCombinationsAxis_teo_CablevisionHoldingMember" unitRef="Unit14" decimals="INF">9871.07005</teo:NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio>
  <teo:NumberOfLegalActionsWithinFederalCivilAndCommercialCourt contextRef="Duration_11_1_2011_To_11_30_2011_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_us-gaap_LitigationCaseAxis_teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" unitRef="Unit121" decimals="INF">3</teo:NumberOfLegalActionsWithinFederalCivilAndCommercialCourt>
  <teo:NumberOfLicenseExtensions contextRef="Duration_6_1_2017_To_6_30_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_PersonalCommunicationsServiceLicenseMember" unitRef="Unit111" decimals="INF">1</teo:NumberOfLicenseExtensions>
  <teo:NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CounterpartiesAxis_teo_TelefonicaMember" unitRef="Unit111" decimals="INF">2</teo:NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty>
  <teo:NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit111" decimals="INF">1</teo:NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum>
  <teo:NumberOfReportableSegment contextRef="As_Of_12_31_2015" unitRef="Unit122" decimals="INF">3</teo:NumberOfReportableSegment>
  <teo:NumberOfReportableSegment contextRef="As_Of_12_31_2016" unitRef="Unit122" decimals="INF">3</teo:NumberOfReportableSegment>
  <teo:NumberOfReportableSegment contextRef="As_Of_12_31_2017" unitRef="Unit122" decimals="INF">3</teo:NumberOfReportableSegment>
  <teo:NumberOfSharesAcquired contextRef="Duration_3_31_2017_To_3_31_2017_ifrs-full_BusinessCombinationsAxis_teo_TelecomPersonalS.aMember" unitRef="Unit1" decimals="0">120000</teo:NumberOfSharesAcquired>
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  <teo:NumberOfSharesEachAmericanDepositarySharesRepresents contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassBOrdinarySharesMember" unitRef="Unit1" decimals="INF">5</teo:NumberOfSharesEachAmericanDepositarySharesRepresents>
  <teo:NumberOfSharesHeldForConversion contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">234748</teo:NumberOfSharesHeldForConversion>
  <teo:NumberOfStockOptionPlans contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit123" decimals="INF">0</teo:NumberOfStockOptionPlans>
  <teo:NumberOfSubBandsAwarded contextRef="Duration_9_1_2017_To_9_30_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_teo_LicenseAcquisitionMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember" unitRef="Unit111" decimals="INF">2</teo:NumberOfSubBandsAwarded>
  <teo:NumberOfSupervisoryCommitteeMembersAppointed contextRef="Duration_5_23_2017_To_5_23_2017_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_us-gaap_ParentCompanyMember" unitRef="Unit118" decimals="INF">1</teo:NumberOfSupervisoryCommitteeMembersAppointed>
  <teo:NumberOfTranches contextRef="As_Of_12_15_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit119" decimals="INF">10</teo:NumberOfTranches>
  <teo:NumberOfTranches contextRef="As_Of_12_31_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit119" decimals="INF">11</teo:NumberOfTranches>
  <teo:NumberOfTranches contextRef="As_Of_9_30_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit119" decimals="INF">2</teo:NumberOfTranches>
  <teo:NumberOfVotesPerShare contextRef="As_Of_5_23_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassBOrdinarySharesMember_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_us-gaap_ParentCompanyMember" unitRef="Unit114" decimals="INF">1</teo:NumberOfVotesPerShare>
  <teo:NumberOfVotesPerShare contextRef="As_Of_5_23_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassOrdinarySharesMember_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_us-gaap_ParentCompanyMember" unitRef="Unit114" decimals="INF">1</teo:NumberOfVotesPerShare>
  <teo:NumberOfVotesPerShare contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit19" decimals="INF">1</teo:NumberOfVotesPerShare>
  <teo:NumberOfYearsOfAccumulatedPriceIndex contextRef="Duration_1_1_2017_To_12_31_2017">P3Y</teo:NumberOfYearsOfAccumulatedPriceIndex>
  <teo:NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards contextRef="Duration_11_1_2011_To_11_30_2011_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_us-gaap_LitigationCaseAxis_teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember">P10Y</teo:NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards>
  <teo:NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected contextRef="Duration_11_1_2011_To_11_30_2011_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_us-gaap_LitigationCaseAxis_teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember">P10Y</teo:NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected>
  <teo:OperatingExpenseCommercializationCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">11594000000</teo:OperatingExpenseCommercializationCosts>
  <teo:OperatingExpenseCommercializationCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">14829000000</teo:OperatingExpenseCommercializationCosts>
  <teo:OperatingExpenseCommercializationCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">16708000000</teo:OperatingExpenseCommercializationCosts>
  <teo:OperatingExpensesRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">25079000000</teo:OperatingExpensesRelatingToServiceRevenueAndOtherIncome>
  <teo:OperatingExpensesRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">32711000000</teo:OperatingExpensesRelatingToServiceRevenueAndOtherIncome>
  <teo:OperatingExpensesRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">39279000000</teo:OperatingExpensesRelatingToServiceRevenueAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2015_To_3_31_2015" unitRef="Unit12" decimals="-6">2634000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
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  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">2509000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">8357000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">7789000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">568000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_4_1_2015_To_6_30_2015" unitRef="Unit12" decimals="-6">2501000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_7_1_2015_To_9_30_2015" unitRef="Unit12" decimals="-6">2529000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
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  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2016_To_3_31_2016" unitRef="Unit12" decimals="-6">3402000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
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  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">3269000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">11155000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">10318000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">837000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_4_1_2016_To_6_30_2016" unitRef="Unit12" decimals="-6">3362000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_7_1_2016_To_9_30_2016" unitRef="Unit12" decimals="-6">3446000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_10_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">4214000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2017_To_3_31_2017" unitRef="Unit12" decimals="-6">4638000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">19356000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">3850000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">15506000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">14399000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">1107000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_4_1_2017_To_6_30_2017" unitRef="Unit12" decimals="-6">4706000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_7_1_2017_To_9_30_2017" unitRef="Unit12" decimals="-6">4902000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortization contextRef="Duration_10_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">5110000000</teo:OperatingIncomeBeforeDepreciationAndAmortization>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">10866000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">830000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">10036000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">2527000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">8339000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">14424000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">1480000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">12944000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">3269000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">11155000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">19356000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
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  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">17611000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">3850000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">15506000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">9445000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">12726000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome>
  <teo:OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">17825000000</teo:OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome>
  <teo:OperatingIncomeFromServicesAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">4808000000</teo:OperatingIncomeFromServicesAndOtherIncome>
  <teo:OperatingIncomeFromServicesAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">6145000000</teo:OperatingIncomeFromServicesAndOtherIncome>
  <teo:OperatingIncomeFromServicesAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">10581000000</teo:OperatingIncomeFromServicesAndOtherIncome>
  <teo:OperativeWorkingCapital contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">-3379000000</teo:OperativeWorkingCapital>
  <teo:OperativeWorkingCapital contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">-6872000000</teo:OperativeWorkingCapital>
  <teo:OptionTerm contextRef="Duration_7_7_2017_To_7_7_2017_dei_LegalEntityAxis_teo_FintechAdvisoryIncMember_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_PurchasedCallOptionsTelecomArgentinaEquityMember_ifrs-full_CounterpartiesAxis_teo_CablevisionHoldingMember">P1Y</teo:OptionTerm>
  <teo:OptionTerm contextRef="Duration_7_7_2017_To_7_7_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_PurchasedCallOptionsTelecomArgentinaEquityMember_ifrs-full_CounterpartiesAxis_teo_CablevisionHoldingMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_FintechMediaLLCMember">P30D</teo:OptionTerm>
  <teo:OtherCurrentLiabilitiesOther contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">10000000</teo:OtherCurrentLiabilitiesOther>
  <teo:OtherCurrentLiabilitiesOther contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">22000000</teo:OtherCurrentLiabilitiesOther>
  <teo:OtherCurrentReceivablesExcludingFinancialNonDeliverableForward contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">1011000000</teo:OtherCurrentReceivablesExcludingFinancialNonDeliverableForward>
  <teo:OtherCurrentReceivablesExcludingFinancialNonDeliverableForward contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">1431000000</teo:OtherCurrentReceivablesExcludingFinancialNonDeliverableForward>
  <teo:OtherCurrentReceivablesOther contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">140000000</teo:OtherCurrentReceivablesOther>
  <teo:OtherCurrentReceivablesOther contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">171000000</teo:OtherCurrentReceivablesOther>
  <teo:OtherDeferredIncomeClassifiedAsCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">15000000</teo:OtherDeferredIncomeClassifiedAsCurrent>
  <teo:OtherDeferredIncomeClassifiedAsCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">7000000</teo:OtherDeferredIncomeClassifiedAsCurrent>
  <teo:OtherFeesForServices contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">793000000</teo:OtherFeesForServices>
  <teo:OtherFeesForServices contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">862000000</teo:OtherFeesForServices>
  <teo:OtherFeesForServices contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1211000000</teo:OtherFeesForServices>
  <teo:OtherIncomeRelatedPartyTransactions contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1000000</teo:OtherIncomeRelatedPartyTransactions>
  <teo:OtherIncomeRelatedPartyTransactions contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_NortelInversoraS.a.Member" unitRef="Unit12" decimals="-6">1000000</teo:OtherIncomeRelatedPartyTransactions>
  <teo:OtherIncomeRelatedPartyTransactions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1000000</teo:OtherIncomeRelatedPartyTransactions>
  <teo:OtherIncomeRelatedPartyTransactions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_NortelInversoraS.a.Member" unitRef="Unit12" decimals="-6">1000000</teo:OtherIncomeRelatedPartyTransactions>
  <teo:OtherMaintenanceCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">396000000</teo:OtherMaintenanceCosts>
  <teo:OtherMaintenanceCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">524000000</teo:OtherMaintenanceCosts>
  <teo:OtherMaintenanceCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">716000000</teo:OtherMaintenanceCosts>
  <teo:OtherNonCurrentLiabilitiesOther contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">2000000</teo:OtherNonCurrentLiabilitiesOther>
  <teo:OtherNonCurrentLiabilitiesOther contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2000000</teo:OtherNonCurrentLiabilitiesOther>
  <teo:OtherNonCurrentReceivablesOther contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">19000000</teo:OtherNonCurrentReceivablesOther>
  <teo:OtherNonCurrentReceivablesOther contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">1000000</teo:OtherNonCurrentReceivablesOther>
  <teo:OtherReceivablesOffsetWithProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">27000000</teo:OtherReceivablesOffsetWithProvisions>
  <teo:OtherReceivablesOffsetWithProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1000000</teo:OtherReceivablesOffsetWithProvisions>
  <teo:OtherShortTermInvestmentsClassifiedAsCashEquivalents contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">1509000000</teo:OtherShortTermInvestmentsClassifiedAsCashEquivalents>
  <teo:OtherShortTermInvestmentsClassifiedAsCashEquivalents contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">99000000</teo:OtherShortTermInvestmentsClassifiedAsCashEquivalents>
  <teo:OtherTaxesPayablesCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">1149000000</teo:OtherTaxesPayablesCurrent>
  <teo:OtherTaxesPayablesCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">1505000000</teo:OtherTaxesPayablesCurrent>
  <teo:OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts contextRef="As_Of_12_31_2016_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember" unitRef="Unit12" decimals="-6">1738000000</teo:OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts>
  <teo:OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember" unitRef="Unit12" decimals="-6">1807000000</teo:OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts>
  <teo:PaymentOfInterestAndRelatedExpensesOnBankOverdrafts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">405000000</teo:PaymentOfInterestAndRelatedExpensesOnBankOverdrafts>
  <teo:PaymentOfInterestAndRelatedExpensesOnBankOverdrafts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1243000000</teo:PaymentOfInterestAndRelatedExpensesOnBankOverdrafts>
  <teo:PaymentOfInterestAndRelatedExpensesOnBankOverdrafts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">58000000</teo:PaymentOfInterestAndRelatedExpensesOnBankOverdrafts>
  <teo:PaymentOfInterestOnBankLoansAndRelatedExpenses contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">63000000</teo:PaymentOfInterestOnBankLoansAndRelatedExpenses>
  <teo:PaymentOfInterestOnBankLoansAndRelatedExpenses contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">125000000</teo:PaymentOfInterestOnBankLoansAndRelatedExpenses>
  <teo:PaymentOfInterestOnBankLoansAndRelatedExpenses contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">418000000</teo:PaymentOfInterestOnBankLoansAndRelatedExpenses>
  <teo:PaymentOfInterestOnNondeliverableForwards contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">32000000</teo:PaymentOfInterestOnNondeliverableForwards>
  <teo:PaymentOfInterestOnNotesAndRelatedExpenses contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">3000000</teo:PaymentOfInterestOnNotesAndRelatedExpenses>
  <teo:PaymentOfInterestOnNotesAndRelatedExpenses contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">205000000</teo:PaymentOfInterestOnNotesAndRelatedExpenses>
  <teo:PaymentOfInterestOnNotesAndRelatedExpenses contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">340000000</teo:PaymentOfInterestOnNotesAndRelatedExpenses>
  <teo:PaymentsForPurchaseOfGovernmentBonds contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1049000000</teo:PaymentsForPurchaseOfGovernmentBonds>
  <teo:PaymentsForPurchaseOfGovernmentBonds contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">971000000</teo:PaymentsForPurchaseOfGovernmentBonds>
  <teo:PaymentsForPurchaseOfGovernmentBonds contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">3002000000</teo:PaymentsForPurchaseOfGovernmentBonds>
  <teo:PaymentsForPurchaseOfOtherShortTermInvestments contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">265000000</teo:PaymentsForPurchaseOfOtherShortTermInvestments>
  <teo:PaymentsForPurchaseOfOtherShortTermInvestments contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">2063000000</teo:PaymentsForPurchaseOfOtherShortTermInvestments>
  <teo:PaymentsMadeForAcquisitionOfInventories contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">6343000000</teo:PaymentsMadeForAcquisitionOfInventories>
  <teo:PaymentsMadeForAcquisitionOfInventories contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">5383000000</teo:PaymentsMadeForAcquisitionOfInventories>
  <teo:PaymentsMadeForAcquisitionOfInventories contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">5520000000</teo:PaymentsMadeForAcquisitionOfInventories>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">182000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">295000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">269000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">101000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">-473000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">5000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">31000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">144000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">119000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">188000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1467000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">425000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">502000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1433000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers>
  <teo:PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">818000000</teo:PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers>
  <teo:PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">7775000000</teo:PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities>
  <teo:PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">10731000000</teo:PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities>
  <teo:PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">13399000000</teo:PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities>
  <teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">116000000</teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets>
  <teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">201000000</teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets>
  <teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">93000000</teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets>
  <teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1367000000</teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment>
  <teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">4832000000</teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment>
  <teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">3342000000</teo:PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment>
  <teo:PaymentsToCallingPartyPays contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">413000000</teo:PaymentsToCallingPartyPays>
  <teo:PaymentsToCallingPartyPays contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">393000000</teo:PaymentsToCallingPartyPays>
  <teo:PaymentsToCallingPartyPays contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1132000000</teo:PaymentsToCallingPartyPays>
  <teo:PercentageOfAccumulatedConsumerPriceIndex contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit14" decimals="3">0.658</teo:PercentageOfAccumulatedConsumerPriceIndex>
  <teo:PercentageOfAccumulatedConsumerPriceIndex contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit14" decimals="3">1.037</teo:PercentageOfAccumulatedConsumerPriceIndex>
  <teo:PercentageOfAccumulatedConsumerPriceIndex contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="3">1.049</teo:PercentageOfAccumulatedConsumerPriceIndex>
  <teo:PercentageOfAccumulatedInternalWholesalePriceIndex contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit14" decimals="3">0.754</teo:PercentageOfAccumulatedInternalWholesalePriceIndex>
  <teo:PercentageOfAccumulatedInternalWholesalePriceIndex contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit14" decimals="3">1.058</teo:PercentageOfAccumulatedInternalWholesalePriceIndex>
  <teo:PercentageOfAccumulatedInternalWholesalePriceIndex contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="3">0.907</teo:PercentageOfAccumulatedInternalWholesalePriceIndex>
  <teo:PercentageOfAdditionalIndirectSharesReceivedUnderOption contextRef="Duration_12_27_2017_To_12_27_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_PurchasedCallOptionsTelecomArgentinaEquityMember_ifrs-full_CounterpartiesAxis_teo_VlgArgentinaLlcMember" unitRef="Unit14" decimals="2">0.06</teo:PercentageOfAdditionalIndirectSharesReceivedUnderOption>
  <teo:PercentageOfAdditionalSharesReceivedUnderOption contextRef="Duration_12_27_2017_To_12_27_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_PurchasedCallOptionsTelecomArgentinaEquityMember_ifrs-full_CounterpartiesAxis_teo_VlgArgentinaLlcMember" unitRef="Unit14" decimals="4">0.2155</teo:PercentageOfAdditionalSharesReceivedUnderOption>
  <teo:PercentageOfCapitalSettledAtMaturityDate contextRef="As_Of_12_10_2015_ifrs-full_BorrowingsByNameAxis_teo_NotesSeriesTwoMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit14" decimals="INF">1</teo:PercentageOfCapitalSettledAtMaturityDate>
  <teo:PercentageOfCapitalSettledAtMaturityDate contextRef="As_Of_11_16_2016_ifrs-full_BorrowingsByNameAxis_teo_NotesSeriesFourMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit14" decimals="INF">1</teo:PercentageOfCapitalSettledAtMaturityDate>
  <teo:PercentageOfCapitalSettledAtMaturityDate contextRef="As_Of_11_16_2016_ifrs-full_BorrowingsByNameAxis_teo_NotesSeriesThreeMember_us-gaap_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit14" decimals="INF">1</teo:PercentageOfCapitalSettledAtMaturityDate>
  <teo:PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="2">0.66</teo:PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates>
  <teo:PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="2">0.04</teo:PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp>
  <teo:PercentageOfConsumerPriceIndex contextRef="Duration_1_1_2015_To_10_31_2015" unitRef="Unit14" decimals="3">0.119</teo:PercentageOfConsumerPriceIndex>
  <teo:PercentageOfConsumerPriceIndex contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit14" decimals="3">0.206</teo:PercentageOfConsumerPriceIndex>
  <teo:PercentageOfConsumerPriceIndex contextRef="Duration_11_1_2015_To_12_31_2015" unitRef="Unit14" decimals="3">0.078</teo:PercentageOfConsumerPriceIndex>
  <teo:PercentageOfConsumerPriceIndex contextRef="Duration_1_1_2016_To_4_30_2016" unitRef="Unit14" decimals="3">0.166</teo:PercentageOfConsumerPriceIndex>
  <teo:PercentageOfConsumerPriceIndex contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit14" decimals="3">0.363</teo:PercentageOfConsumerPriceIndex>
  <teo:PercentageOfConsumerPriceIndex contextRef="Duration_5_1_2016_To_12_31_2016" unitRef="Unit14" decimals="3">0.169</teo:PercentageOfConsumerPriceIndex>
  <teo:PercentageOfConsumerPriceIndex contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="3">0.248</teo:PercentageOfConsumerPriceIndex>
  <teo:PercentageOfEmployeesUnionized contextRef="As_Of_12_31_2017" unitRef="Unit14" decimals="2">0.82</teo:PercentageOfEmployeesUnionized>
  <teo:PercentageOfInternalWholesalePriceIndex contextRef="Duration_1_1_2015_To_10_31_2015" unitRef="Unit14" decimals="3">0.106</teo:PercentageOfInternalWholesalePriceIndex>
  <teo:PercentageOfInternalWholesalePriceIndex contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit14" decimals="3">0.192</teo:PercentageOfInternalWholesalePriceIndex>
  <teo:PercentageOfInternalWholesalePriceIndex contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit14" decimals="3">0.346</teo:PercentageOfInternalWholesalePriceIndex>
  <teo:PercentageOfInternalWholesalePriceIndex contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="3">0.188</teo:PercentageOfInternalWholesalePriceIndex>
  <teo:PercentageOfOperativeWorkingCapital contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit14" decimals="3">-0.064</teo:PercentageOfOperativeWorkingCapital>
  <teo:PercentageOfOperativeWorkingCapital contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit14" decimals="3">-0.105</teo:PercentageOfOperativeWorkingCapital>
  <teo:PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption contextRef="Duration_7_7_2017_To_7_7_2017_dei_LegalEntityAxis_teo_FintechAdvisoryIncMember_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_PurchasedCallOptionsTelecomArgentinaEquityMember_ifrs-full_CounterpartiesAxis_teo_CablevisionHoldingMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_ifrs-full_SubsidiariesMember" unitRef="Unit14" decimals="2">0.06</teo:PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption>
  <teo:PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_InterestRateRiskMember" unitRef="Unit14" decimals="4">0.0010</teo:PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption>
  <teo:PercentageOfTreasurySharesHeld contextRef="As_Of_12_31_2015_ifrs-full_ComponentsOfEquityAxis_teo_TreasurySharesCapitalNominalValueMember" unitRef="Unit14" decimals="4">0.0155</teo:PercentageOfTreasurySharesHeld>
  <teo:PercentageOfTreasurySharesHeld contextRef="As_Of_12_31_2016_ifrs-full_ComponentsOfEquityAxis_teo_TreasurySharesCapitalNominalValueMember" unitRef="Unit14" decimals="4">0.0155</teo:PercentageOfTreasurySharesHeld>
  <teo:PercentageOfTreasurySharesHeld contextRef="As_Of_12_31_2017_ifrs-full_ComponentsOfEquityAxis_teo_TreasurySharesCapitalNominalValueMember" unitRef="Unit14" decimals="4">0.0155</teo:PercentageOfTreasurySharesHeld>
  <teo:PercentageOfVotingEquityInterestsAcquiredInterestUnderOption contextRef="Duration_7_7_2017_To_7_7_2017_dei_LegalEntityAxis_teo_FintechAdvisoryIncMember_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_PurchasedCallOptionsTelecomArgentinaEquityMember_ifrs-full_CounterpartiesAxis_teo_CablevisionHoldingMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_ifrs-full_SubsidiariesMember" unitRef="Unit14" decimals="4">0.1351</teo:PercentageOfVotingEquityInterestsAcquiredInterestUnderOption>
  <teo:PerformanceGuaranteePercentage contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8314Member" unitRef="Unit14" decimals="INF">0.15</teo:PerformanceGuaranteePercentage>
  <teo:PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer contextRef="Duration_6_1_2012_To_6_30_2012_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_us-gaap_LitigationCaseAxis_teo_ChangesInServicePricesCaseMember">P2M</teo:PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer>
  <teo:PeriodForPaymentOfLegalFeeInConsecutiveInstallments contextRef="Duration_1_1_2017_To_12_31_2017">P12M</teo:PeriodForPaymentOfLegalFeeInConsecutiveInstallments>
  <teo:PeriodForRightToLeaseAdvertisingSpacesOnWhitePages contextRef="Duration_4_12_2007_To_4_12_2007_ifrs-full_CounterpartiesAxis_teo_PublicomS.a.Member">P20Y</teo:PeriodForRightToLeaseAdvertisingSpacesOnWhitePages>
  <teo:PeriodInAdvanceWithinWhichProposalShouldBeFiled contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember">P1Y</teo:PeriodInAdvanceWithinWhichProposalShouldBeFiled>
  <teo:PeriodOfFinanceFor2017Agreement contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ProductsAndServicesAxis_teo_FixedTelecommunicationServicesAndProductsMember">P48M</teo:PeriodOfFinanceFor2017Agreement>
  <teo:PeriodOfServiceCalculatedToPayBenefits contextRef="Duration_1_1_2017_To_12_31_2017">P5Y</teo:PeriodOfServiceCalculatedToPayBenefits>
  <teo:PeriodToFileInterConnectionContracts contextRef="Duration_2_24_2017_To_2_24_2017_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_us-gaap_LitigationCaseAxis_teo_ContentProvidersClaimMember">P30D</teo:PeriodToFileInterConnectionContracts>
  <teo:PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService contextRef="Duration_1_1_2017_To_12_31_2017">P60D</teo:PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService>
  <teo:PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended contextRef="Duration_4_4_2008_To_4_4_2008">P60M</teo:PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended>
  <teo:PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended contextRef="Duration_4_4_2008_To_4_4_2008_dei_LegalEntityAxis_teo_TelefonicaMember">P60M</teo:PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended>
  <teo:PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered contextRef="Duration_1_1_2017_To_12_31_2017">P60D</teo:PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered>
  <teo:PeriodWithinWhichSpectrumShouldBeReturned contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember">P2Y</teo:PeriodWithinWhichSpectrumShouldBeReturned>
  <teo:PersonalAssetsTaxLiabilityReversed contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit12" decimals="-6">8000000</teo:PersonalAssetsTaxLiabilityReversed>
  <teo:PersonalAssetsTaxReceivableReversed contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit12" decimals="-6">8000000</teo:PersonalAssetsTaxReceivableReversed>
  <teo:PersonalPropertyTaxesPayableCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">8000000</teo:PersonalPropertyTaxesPayableCurrent>
  <teo:PrepaidCallingCardsDeferredIncomeCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">261000000</teo:PrepaidCallingCardsDeferredIncomeCurrent>
  <teo:PrepaidCallingCardsDeferredIncomeCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">292000000</teo:PrepaidCallingCardsDeferredIncomeCurrent>
  <teo:PrepaidCallingCardsDeferredIncomeNoncurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">252000000</teo:PrepaidCallingCardsDeferredIncomeNoncurrent>
  <teo:PrepaidCallingCardsDeferredIncomeNoncurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">195000000</teo:PrepaidCallingCardsDeferredIncomeNoncurrent>
  <teo:PrepaidFullOptionPrice contextRef="Duration_10_5_2017_To_10_5_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_PurchasedCallOptionsTelecomArgentinaEquityMember_ifrs-full_CounterpartiesAxis_teo_CablevisionHoldingMember" unitRef="Unit16" decimals="0">634275282</teo:PrepaidFullOptionPrice>
  <teo:PresumedIncomeEquivalentTransferPriceNonResidents contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.9</teo:PresumedIncomeEquivalentTransferPriceNonResidents>
  <teo:ProceedsFromBankLoans contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">435000000</teo:ProceedsFromBankLoans>
  <teo:ProceedsFromBankLoans contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">6124000000</teo:ProceedsFromBankLoans>
  <teo:ProceedsFromBankLoans contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1730000000</teo:ProceedsFromBankLoans>
  <teo:ProceedsFromBankOverdrafts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">3150000000</teo:ProceedsFromBankOverdrafts>
  <teo:ProceedsFromBankOverdrafts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1344000000</teo:ProceedsFromBankOverdrafts>
  <teo:ProceedsFromCollectionOfCompanyNotes contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">28000000</teo:ProceedsFromCollectionOfCompanyNotes>
  <teo:ProceedsFromCollectionOfGovernmentBonds contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">45000000</teo:ProceedsFromCollectionOfGovernmentBonds>
  <teo:ProceedsFromCollectionOfGovernmentBonds contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">165000000</teo:ProceedsFromCollectionOfGovernmentBonds>
  <teo:ProceedsFromCollectionOfGovernmentBonds contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">276000000</teo:ProceedsFromCollectionOfGovernmentBonds>
  <teo:ProceedsFromLongTermNotes contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">716000000</teo:ProceedsFromLongTermNotes>
  <teo:ProceedsFromLongTermNotes contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1869000000</teo:ProceedsFromLongTermNotes>
  <teo:ProceedsFromMergerTransactions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">6000000</teo:ProceedsFromMergerTransactions>
  <teo:ProceedsFromSaleOfGovernmentBonds contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1051000000</teo:ProceedsFromSaleOfGovernmentBonds>
  <teo:ProceedsFromSaleOfGovernmentBonds contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1986000000</teo:ProceedsFromSaleOfGovernmentBonds>
  <teo:ProfitLossFromOperatingActivitiesAsPreviouslyReported contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">892000000</teo:ProfitLossFromOperatingActivitiesAsPreviouslyReported>
  <teo:ProfitLossFromOperatingActivitiesAsPreviouslyReported contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">5337000000</teo:ProfitLossFromOperatingActivitiesAsPreviouslyReported>
  <teo:ProjectInvestmentAmount contextRef="As_Of_3_31_2011_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember" unitRef="Unit12" decimals="-6">70000000</teo:ProjectInvestmentAmount>
  <teo:PropertyPlantAndEquipmentGrossAmountCapitalized contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">7458000000</teo:PropertyPlantAndEquipmentGrossAmountCapitalized>
  <teo:PropertyPlantAndEquipmentGrossAmountCapitalized contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">10106000000</teo:PropertyPlantAndEquipmentGrossAmountCapitalized>
  <teo:PropertyPlantAndEquipmentGrossAmountCapitalized contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">11338000000</teo:PropertyPlantAndEquipmentGrossAmountCapitalized>
  <teo:ProportionOfEquityInterestInPreferredShares contextRef="Duration_11_30_2017_To_11_30_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_NortelInversoraS.a.Member_ifrs-full_ClassesOfShareCapitalAxis_teo_ClassBPreferredSharesMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit14" decimals="4">0.0764</teo:ProportionOfEquityInterestInPreferredShares>
  <teo:ProportionOfOwnershipInterestInAcquirerBeforeMerger contextRef="Duration_1_1_2017_To_6_29_2017_ifrs-full_CounterpartiesAxis_teo_CablevisionHoldingMember" unitRef="Unit14" decimals="2">0.55</teo:ProportionOfOwnershipInterestInAcquirerBeforeMerger>
  <teo:ProportionOfOwnershipInterestInAcquirerBeforeMerger contextRef="Duration_1_1_2017_To_6_29_2017_ifrs-full_CounterpartiesAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit14" decimals="2">0.45</teo:ProportionOfOwnershipInterestInAcquirerBeforeMerger>
  <teo:ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition contextRef="Duration_11_30_2017_To_11_30_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_NortelInversoraS.a.Member_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit14" decimals="4">0.5560</teo:ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">113000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">17000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">96000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">96000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">187000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">78000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">109000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">109000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">590000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">183000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesMember" unitRef="Unit12" decimals="-6">407000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">406000000</teo:ProvisionsExpense>
  <teo:ProvisionsExpense contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">1000000</teo:ProvisionsExpense>
  <teo:ProvisionsIncludingRegulatoryContingencies contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2088000000</teo:ProvisionsIncludingRegulatoryContingencies>
  <teo:ProvisionsUsedDebtRecognitionOtherLongtermProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1000000</teo:ProvisionsUsedDebtRecognitionOtherLongtermProvisions>
  <teo:ProvisionsUsedDebtRecognitionOtherLongtermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_teo_LaborClaimsProvisionMember" unitRef="Unit12" decimals="-6">1000000</teo:ProvisionsUsedDebtRecognitionOtherLongtermProvisions>
  <teo:ProvisionsUsedDebtRecognitionOtherProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">43000000</teo:ProvisionsUsedDebtRecognitionOtherProvisions>
  <teo:ProvisionsUsedDebtRecognitionOtherProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">206000000</teo:ProvisionsUsedDebtRecognitionOtherProvisions>
  <teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">42000000</teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions>
  <teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_LegalProceedingsProvisionMember" unitRef="Unit12" decimals="-6">15000000</teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions>
  <teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_teo_LaborClaimsProvisionMember" unitRef="Unit12" decimals="-6">27000000</teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions>
  <teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">206000000</teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions>
  <teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_LegalProceedingsProvisionMember" unitRef="Unit12" decimals="-6">66000000</teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions>
  <teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" unitRef="Unit12" decimals="-6">140000000</teo:ProvisionsUsedDebtRecognitionOtherShorttermProvisions>
  <teo:ProvisionsUsedPaymentsOtherLongtermProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">2000000</teo:ProvisionsUsedPaymentsOtherLongtermProvisions>
  <teo:ProvisionsUsedPaymentsOtherLongtermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" unitRef="Unit12" decimals="-6">2000000</teo:ProvisionsUsedPaymentsOtherLongtermProvisions>
  <teo:ProvisionsUsedPaymentsOtherLongtermProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">5000000</teo:ProvisionsUsedPaymentsOtherLongtermProvisions>
  <teo:ProvisionsUsedPaymentsOtherLongtermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" unitRef="Unit12" decimals="-6">5000000</teo:ProvisionsUsedPaymentsOtherLongtermProvisions>
  <teo:ProvisionsUsedPaymentsOtherProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">174000000</teo:ProvisionsUsedPaymentsOtherProvisions>
  <teo:ProvisionsUsedPaymentsOtherProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">360000000</teo:ProvisionsUsedPaymentsOtherProvisions>
  <teo:ProvisionsUsedPaymentsOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">172000000</teo:ProvisionsUsedPaymentsOtherShorttermProvisions>
  <teo:ProvisionsUsedPaymentsOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_LegalProceedingsProvisionMember" unitRef="Unit12" decimals="-6">35000000</teo:ProvisionsUsedPaymentsOtherShorttermProvisions>
  <teo:ProvisionsUsedPaymentsOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" unitRef="Unit12" decimals="-6">45000000</teo:ProvisionsUsedPaymentsOtherShorttermProvisions>
  <teo:ProvisionsUsedPaymentsOtherShorttermProvisions contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ClassesOfProvisionsAxis_teo_LaborClaimsProvisionMember" unitRef="Unit12" decimals="-6">92000000</teo:ProvisionsUsedPaymentsOtherShorttermProvisions>
  <teo:ProvisionsUsedPaymentsOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">355000000</teo:ProvisionsUsedPaymentsOtherShorttermProvisions>
  <teo:ProvisionsUsedPaymentsOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_LegalProceedingsProvisionMember" unitRef="Unit12" decimals="-6">65000000</teo:ProvisionsUsedPaymentsOtherShorttermProvisions>
  <teo:ProvisionsUsedPaymentsOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" unitRef="Unit12" decimals="-6">67000000</teo:ProvisionsUsedPaymentsOtherShorttermProvisions>
  <teo:ProvisionsUsedPaymentsOtherShorttermProvisions contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfProvisionsAxis_teo_LaborClaimsProvisionMember" unitRef="Unit12" decimals="-6">223000000</teo:ProvisionsUsedPaymentsOtherShorttermProvisions>
  <teo:PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">2256000000</teo:PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities>
  <teo:PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">1310000000</teo:PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities>
  <teo:PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1798000000</teo:PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities>
  <teo:PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">971000000</teo:PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities>
  <teo:ReceiptsFromMobileOperators contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">843000000</teo:ReceiptsFromMobileOperators>
  <teo:ReceiptsFromMobileOperators contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">885000000</teo:ReceiptsFromMobileOperators>
  <teo:ReceiptsFromMobileOperators contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1282000000</teo:ReceiptsFromMobileOperators>
  <teo:ReceivablesForReturnOfHandsetsCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">29000000</teo:ReceivablesForReturnOfHandsetsCurrent>
  <teo:ReceivablesForReturnOfHandsetsCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">15000000</teo:ReceivablesForReturnOfHandsetsCurrent>
  <teo:ReceivablesFromGuaranteeDepositsCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">10000000</teo:ReceivablesFromGuaranteeDepositsCurrent>
  <teo:ReceivablesFromGuaranteeDepositsCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">13000000</teo:ReceivablesFromGuaranteeDepositsCurrent>
  <teo:ReceivablesFromGuaranteeDepositsNonCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">12000000</teo:ReceivablesFromGuaranteeDepositsNonCurrent>
  <teo:ReceivablesFromGuaranteeDepositsNonCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">21000000</teo:ReceivablesFromGuaranteeDepositsNonCurrent>
  <teo:ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">25000000</teo:ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables>
  <teo:ReceivablesFromRegulatoryNonCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">27000000</teo:ReceivablesFromRegulatoryNonCurrent>
  <teo:ReceivablesFromRegulatoryNonCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">39000000</teo:ReceivablesFromRegulatoryNonCurrent>
  <teo:ReceivablesFromReimbursementOfExpenditureCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">126000000</teo:ReceivablesFromReimbursementOfExpenditureCurrent>
  <teo:ReceivablesFromReimbursementOfExpenditureCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">134000000</teo:ReceivablesFromReimbursementOfExpenditureCurrent>
  <teo:ReceivablesFromRestrictedFundsCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">33000000</teo:ReceivablesFromRestrictedFundsCurrent>
  <teo:ReceivablesFromRestrictedFundsCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">45000000</teo:ReceivablesFromRestrictedFundsCurrent>
  <teo:ReceivablesFromRestrictedFundsNonCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">33000000</teo:ReceivablesFromRestrictedFundsNonCurrent>
  <teo:ReceivablesFromRestrictedFundsNonCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">53000000</teo:ReceivablesFromRestrictedFundsNonCurrent>
  <teo:ReceivablesFromScResolutionAndIdcNonCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">57000000</teo:ReceivablesFromScResolutionAndIdcNonCurrent>
  <teo:ReceivablesFromScResolutionAndIdcNonCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">56000000</teo:ReceivablesFromScResolutionAndIdcNonCurrent>
  <teo:ReceivablesFromTaxCreditsCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">46000000</teo:ReceivablesFromTaxCreditsCurrent>
  <teo:ReceivablesFromTaxCreditsCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">218000000</teo:ReceivablesFromTaxCreditsCurrent>
  <teo:ReceivablesFromTaxCreditsNonCurrent contextRef="As_Of_12_31_2016_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">11000000</teo:ReceivablesFromTaxCreditsNonCurrent>
  <teo:ReceivablesFromTaxCreditsNonCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">15000000</teo:ReceivablesFromTaxCreditsNonCurrent>
  <teo:ReferringPriceRate contextRef="Duration_7_20_2012_To_7_20_2012_teo_ProjectAxis_teo_AfaPlusProjectMember" unitRef="Unit14" decimals="2">0.20</teo:ReferringPriceRate>
  <teo:RegulatoryFeesPayableCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">78000000</teo:RegulatoryFeesPayableCurrent>
  <teo:RegulatoryFeesPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">76000000</teo:RegulatoryFeesPayableCurrent>
  <teo:RegulatoryLiabilityProvisionsOffsetWithReceivables contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">56000000</teo:RegulatoryLiabilityProvisionsOffsetWithReceivables>
  <teo:RemainingUsefulLifeOfFrequencies contextRef="Duration_5_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber8314Member">P15Y</teo:RemainingUsefulLifeOfFrequencies>
  <teo:RenewedPeriodOfLicenses contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_PersonalCommunicationsServiceLicenseMember">P5Y</teo:RenewedPeriodOfLicenses>
  <teo:RepaymentsOfBankLoans contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">31000000</teo:RepaymentsOfBankLoans>
  <teo:RepaymentsOfBankLoans contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">143000000</teo:RepaymentsOfBankLoans>
  <teo:RepaymentsOfBankLoans contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">848000000</teo:RepaymentsOfBankLoans>
  <teo:RepaymentsOfBankOverdrafts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">2793000000</teo:RepaymentsOfBankOverdrafts>
  <teo:RepaymentsOfBankOverdrafts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1572000000</teo:RepaymentsOfBankOverdrafts>
  <teo:RepaymentsOfNonCurrentNotes contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">566000000</teo:RepaymentsOfNonCurrentNotes>
  <teo:RestrictionsOnDistributionOfProfitsAndDividends contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 30 &amp;#x2013; Restrictions on distribution of profits and dividends&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(a)&amp;nbsp;Restrictions on distribution of profits&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Under the LGS, the by-laws of the Company and rules&amp;nbsp;and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses, if any, must be appropriated by resolution of the shareholders to a legal reserve until such reserve reaches 20% of the outstanding capital (common stock plus inflation adjustment of common stock). On May&amp;nbsp;21, 2014, Telecom Argentina reached the maximum amount of its Legal Reserve according to LGS and CNV provisions previously disclosed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;(b)&amp;nbsp;Dividends&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company is able to distribute dividends up to the limit of retained earnings determined under the LGS, and reserves constituted to such purpose. Retained earnings as of December&amp;nbsp;31, 2017 are positive and amounted to $7,630, while Voluntary reserve for future dividends payment amounted to $9,730 (See dividends distribution approved by the Board of Directors on January&amp;nbsp;31, 2018 in Note 33).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7.5pt;"&gt;Dividends declared and paid by Telecom Argentina during the year&lt;br /&gt; ($ 4.28, $2.06, and $0.83 &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;peso per share, respectively)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(*)&amp;nbsp; 4,151&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(*)&amp;nbsp; 2,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;804
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 2pt;"&gt;
						&lt;font style="display:inline;font-size:2pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7.5pt;"&gt;Proposed for approval at the Annual General Meeting (not recognized as a liability as of December&amp;nbsp;31)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7.5pt;"&gt;(**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7.5pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:79.72%;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(*) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;By reversal of the Voluntary reserve for future dividends payments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(**) &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;The Company&amp;#x2019;s Board of Directors has proposed to the Shareholder&amp;#x2019;s Meeting the confirmation of the dividends&amp;#x2019; distribution in advance (Note 33.b) and the allocation of the outstanding retained earnings ($1,989) to the constitution of a &amp;#x201C;Voluntary reserve for future dividends payments&amp;#x201D;, with delegation to the Board of Directors its subsequent reversal and availability.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:RestrictionsOnDistributionOfProfitsAndDividends>
  <teo:RetainedEarningsBeforeIncomeTax contextRef="As_Of_1_1_2018_ifrs-full_ProductsAndServicesAxis_teo_AdvancesForMobileHandsetsAcquisitionsMember_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" unitRef="Unit12" decimals="-6">-68000000</teo:RetainedEarningsBeforeIncomeTax>
  <teo:RetainedEarningsBeforeIncomeTax contextRef="As_Of_1_1_2018_ifrs-full_ProductsAndServicesAxis_teo_CreditLossesRelatedToTradeReceivablesMember_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_teo_IncreaseDecreaseDueToApplicationOfIfrs9Member" unitRef="Unit12" decimals="-6">-482000000</teo:RetainedEarningsBeforeIncomeTax>
  <teo:RetentionDecreeCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">26000000</teo:RetentionDecreeCurrent>
  <teo:RetentionDecreeCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">30000000</teo:RetentionDecreeCurrent>
  <teo:RevaluationTaxInvestmentsInArgentineCompaniesResidents contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" unitRef="Unit14" decimals="INF">0.05</teo:RevaluationTaxInvestmentsInArgentineCompaniesResidents>
  <teo:RevaluationTaxOtherAssetsPercent contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" unitRef="Unit14" decimals="INF">0.1</teo:RevaluationTaxOtherAssetsPercent>
  <teo:RevaluationTaxRealEstateCapitalAssets contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" unitRef="Unit14" decimals="INF">0.08</teo:RevaluationTaxRealEstateCapitalAssets>
  <teo:RevaluationTaxRealEstateInventories contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" unitRef="Unit14" decimals="INF">0.15</teo:RevaluationTaxRealEstateInventories>
  <teo:RevenueFromCommercialPlans contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">7919000000</teo:RevenueFromCommercialPlans>
  <teo:RevenueFromCommercialPlans contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">458000000</teo:RevenueFromCommercialPlans>
  <teo:RevenueFromCommercialPlans contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">10365000000</teo:RevenueFromCommercialPlans>
  <teo:RevenueFromCommercialPlans contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">766000000</teo:RevenueFromCommercialPlans>
  <teo:RevenueFromCommercialPlans contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">13241000000</teo:RevenueFromCommercialPlans>
  <teo:RevenueFromCommercialPlans contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">999000000</teo:RevenueFromCommercialPlans>
  <teo:RevenueFromFixedServicesCpp contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">624000000</teo:RevenueFromFixedServicesCpp>
  <teo:RevenueFromFixedServicesCpp contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">779000000</teo:RevenueFromFixedServicesCpp>
  <teo:RevenueFromFixedServicesCpp contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1012000000</teo:RevenueFromFixedServicesCpp>
  <teo:RevenueFromInboundServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1548000000</teo:RevenueFromInboundServices>
  <teo:RevenueFromInboundServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">89000000</teo:RevenueFromInboundServices>
  <teo:RevenueFromInboundServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1711000000</teo:RevenueFromInboundServices>
  <teo:RevenueFromInboundServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">127000000</teo:RevenueFromInboundServices>
  <teo:RevenueFromInboundServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">2710000000</teo:RevenueFromInboundServices>
  <teo:RevenueFromInboundServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">141000000</teo:RevenueFromInboundServices>
  <teo:RevenueFromMobileServicesTlrd contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">924000000</teo:RevenueFromMobileServicesTlrd>
  <teo:RevenueFromMobileServicesTlrd contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">80000000</teo:RevenueFromMobileServicesTlrd>
  <teo:RevenueFromMobileServicesTlrd contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">932000000</teo:RevenueFromMobileServicesTlrd>
  <teo:RevenueFromMobileServicesTlrd contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">118000000</teo:RevenueFromMobileServicesTlrd>
  <teo:RevenueFromMobileServicesTlrd contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">1698000000</teo:RevenueFromMobileServicesTlrd>
  <teo:RevenueFromMobileServicesTlrd contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">133000000</teo:RevenueFromMobileServicesTlrd>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">44000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">39000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">5000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">83000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">66000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">16000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">1000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">133000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_FixedServicesMember" unitRef="Unit12" decimals="-6">71000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOtherTelecommunicationIncome contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">62000000</teo:RevenueFromOtherTelecommunicationIncome>
  <teo:RevenueFromOutboundServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">19665000000</teo:RevenueFromOutboundServices>
  <teo:RevenueFromOutboundServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">1236000000</teo:RevenueFromOutboundServices>
  <teo:RevenueFromOutboundServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">24864000000</teo:RevenueFromOutboundServices>
  <teo:RevenueFromOutboundServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">1962000000</teo:RevenueFromOutboundServices>
  <teo:RevenueFromOutboundServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">29980000000</teo:RevenueFromOutboundServices>
  <teo:RevenueFromOutboundServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">2525000000</teo:RevenueFromOutboundServices>
  <teo:RevenueFromRenderingOfPostpaidServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">5401000000</teo:RevenueFromRenderingOfPostpaidServices>
  <teo:RevenueFromRenderingOfPostpaidServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">36000000</teo:RevenueFromRenderingOfPostpaidServices>
  <teo:RevenueFromRenderingOfPostpaidServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">6951000000</teo:RevenueFromRenderingOfPostpaidServices>
  <teo:RevenueFromRenderingOfPostpaidServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">62000000</teo:RevenueFromRenderingOfPostpaidServices>
  <teo:RevenueFromRenderingOfPostpaidServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">8380000000</teo:RevenueFromRenderingOfPostpaidServices>
  <teo:RevenueFromRenderingOfPostpaidServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">81000000</teo:RevenueFromRenderingOfPostpaidServices>
  <teo:RevenueFromRenderingOfPrepaidServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">6345000000</teo:RevenueFromRenderingOfPrepaidServices>
  <teo:RevenueFromRenderingOfPrepaidServices contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">742000000</teo:RevenueFromRenderingOfPrepaidServices>
  <teo:RevenueFromRenderingOfPrepaidServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">7548000000</teo:RevenueFromRenderingOfPrepaidServices>
  <teo:RevenueFromRenderingOfPrepaidServices contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">1134000000</teo:RevenueFromRenderingOfPrepaidServices>
  <teo:RevenueFromRenderingOfPrepaidServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobileServicesPersonalMember" unitRef="Unit12" decimals="-6">8359000000</teo:RevenueFromRenderingOfPrepaidServices>
  <teo:RevenueFromRenderingOfPrepaidServices contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SegmentsAxis_teo_MobilesServicesNucleoMember" unitRef="Unit12" decimals="-6">1445000000</teo:RevenueFromRenderingOfPrepaidServices>
  <teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">40496000000</teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices>
  <teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">53240000000</teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices>
  <teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">65186000000</teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices>
  <teo:RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">40540000000</teo:RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome>
  <teo:RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">53323000000</teo:RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome>
  <teo:RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">65319000000</teo:RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome>
  <teo:RevenuesRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">34524000000</teo:RevenuesRelatingToServiceRevenueAndOtherIncome>
  <teo:RevenuesRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">45437000000</teo:RevenuesRelatingToServiceRevenueAndOtherIncome>
  <teo:RevenuesRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">57104000000</teo:RevenuesRelatingToServiceRevenueAndOtherIncome>
  <teo:SalariesAndSocialSecurityPayableCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">1610000000</teo:SalariesAndSocialSecurityPayableCurrent>
  <teo:SalariesAndSocialSecurityPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2051000000</teo:SalariesAndSocialSecurityPayableCurrent>
  <teo:SalariesAndSocialSecurityPayableNonCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">184000000</teo:SalariesAndSocialSecurityPayableNonCurrent>
  <teo:SalariesAndSocialSecurityPayableNonCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">259000000</teo:SalariesAndSocialSecurityPayableNonCurrent>
  <teo:SalariesAndSocialSecurityPayables contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">1794000000</teo:SalariesAndSocialSecurityPayables>
  <teo:SalariesAndSocialSecurityPayables contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2310000000</teo:SalariesAndSocialSecurityPayables>
  <teo:ScheduleOfConsumerPriceAndInternalWholesalePriceIndexesAccordingToOfficialStatisticsTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 84.00%;margin-left:36pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017 &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Consumer Price Index&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;(**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Consumer Price Index (annual)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;20.6%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;36.3% &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;24.8%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Consumer Price Index (3 years accumulated)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;65.8%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;103.7%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;104.9%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 4pt;"&gt;
						&lt;font style="display:inline;font-size:4pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Internal Wholesale Price Index&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Internal Wholesale Price Index (annual)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;19.2%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;34.6% &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;18.8%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:53.14%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Internal Wholesale Price Index (3 years accumulated)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;75.4%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;105.8% &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:15.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;90.7%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6.5pt;"&gt;(*) Consumer Price Index and Internal Wholesale Price Index published by INDEC until October&amp;nbsp;were 11.9% and 10.6% respectively. These rates (which contain ten months accumulated), were updated with November&amp;nbsp;and December&amp;nbsp;2015 Consumer Price Index average rates for this two months (7.8%) published by the Province of San Luis and the City of Buenos Aires.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6.5pt;"&gt;(**) Due to the unavailability of Consumer Price Index published by the INDEC, the Company estimated 16.6% for the period January-April&amp;nbsp;2016; this estimation is an average of the indexes published by the Province of San Luis and the City of Buenos Aires for that period.&amp;nbsp;&amp;nbsp;The Consumer Price Index at national level published by the INDEC for the period May-December&amp;nbsp;2016 was 16.9%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfConsumerPriceAndInternalWholesalePriceIndexesAccordingToOfficialStatisticsTableTextBlock>
  <teo:ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:34pt;"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"&gt;&lt;font style="display:inline;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.00%;margin-left:21.6pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Subsidiaries&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Percentage of capital&lt;br /&gt;stock owned and&lt;br /&gt;voting rights as of&lt;br /&gt;12/31/17 (i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Indirect&lt;br /&gt;control&lt;br /&gt;through&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:18.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Date of acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:25.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;"&gt;Segment that consolidates&lt;br /&gt;(Note 28)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Telecom USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;100.00%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;09.12.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Micro Sistemas (ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;100.00%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;12.23.97&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Personal (iii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;07.06.94&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Personal Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;N&amp;#xFA;cleo (iv)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;67.50%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;02.03.98&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Personal Env&amp;#xED;os (iv)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;67.50%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;07.24.14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Tuves Paraguay (v)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;47.25%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;06.30.17&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:18.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:25.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:21.6pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Percentage of equity interest owned has been rounded.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Dormant entity as of and for the fiscal years ended December&amp;nbsp;31, 2017, 2016 and 2015.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Until November&amp;nbsp;30, 2017, Telecom Argentina owned 100% of Personal. Since December&amp;nbsp;1, 2017 the reorganization described in Note 31 was effective and from that date, mobile services provided by Personal are continued by Telecom.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(iv)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Non-controlling interest of 32.50% is owned by the Paraguayan company ABC Telecomunicaciones S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:03.30%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(v)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:96.70%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;Non-controlling interest of 22.75% is owned by the Paraguayan company ABC Telecomunicaciones S.A and 30% is owned by TU VES S.A. (Chile). On June&amp;nbsp;30, 2017, the transaction by which N&amp;#xFA;cleo acquired the 70% of shares and votes of Tuves Paraguay was performed.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock>
  <teo:ScheduleOfFrequencyBandsAwardedTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;SC&lt;br /&gt;Resolution&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Lot&lt;br /&gt;No.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Frequency Band&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Exploitation&lt;br /&gt;area/ (Service)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Amount&lt;br /&gt;paid (in&lt;br /&gt;millions of&lt;br /&gt;US$)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Capitalized cost&lt;br /&gt;of acquisition (in&lt;br /&gt;millions of $)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;80/14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;PCS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;1890-1892.5 MHz and 1970-1972.5 MHz&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Northern (3G)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5.0
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;43
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;81/14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;SRMC&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;830.25-834 MHz and 875.25-879 MHz&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;AMBA (3G)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;45.0
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;387
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;82/14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;PCS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;1862.5-1867.5 MHz and 1942.5-1947.5 MHz&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Southern (3G)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6.0
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;51
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;83/14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;SCMA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;1730-1745 MHz and 2130-2145 MHz&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;"&gt;Country (4G) partial awarding&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;354.7
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,049
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;410.7
				&lt;/td&gt;
				&lt;td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;(*) 3,530&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"&gt;(*) Includes $18 corresponding to the tax on debits to bank accounts that were capitalized in the cost of the licenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
			&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfFrequencyBandsAwardedTableTextBlock>
  <teo:ScheduleOfOtherTaxesPayableTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 78.00%;margin-left:7.2pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="top" style="width:23.28%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;As of December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.62%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;VAT, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;564
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;360
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Tax withholdings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;89
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;319
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Internal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;162
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;138
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Tax on SU (Note 2.h)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;119
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;110
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Regulatory fees &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;76
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;78
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Turnover tax&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;383
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Municipal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;82
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;35
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Retention Decree No.583/10 ENARD&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;30
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;26
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; &amp;nbsp;Tax on personal property &amp;#x2013; on behalf of Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,505
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,149
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:76.72%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfOtherTaxesPayableTableTextBlock>
  <teo:ScheduleOfQuarterlyConsolidatedInformationTableTextBlock contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Quarter&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating&lt;br /&gt;income before&lt;br /&gt;D&amp;amp;A&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Operating&lt;br /&gt;income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Financial Results,&lt;br /&gt;net (loss) gain&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Net&lt;br /&gt;income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;"&gt;Net income&lt;br /&gt;attributable&lt;br /&gt;to Telecom&lt;br /&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Fiscal year 2015:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;March&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,872
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,634
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,680
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(89)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,041
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,028
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;June&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;9,624
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,501
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,468
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(30)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;937
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;928
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;September&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,094
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,529
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,311
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(73)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;800
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;801
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;December&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;11,906
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,202
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,770
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(910)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;657
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;646
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;40,496
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;10,866
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,229
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,102)
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,435
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,403
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Fiscal year 2016:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;March&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,455
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,402
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,997
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(557)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;935
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;925
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;June&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,951
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,362
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,724
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(489)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;802
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;800
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;September&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;13,412
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,446
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,802
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(636)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;758
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;746
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;December&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,422
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,214
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,320
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(562)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,510
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,504
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;53,240
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,424
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,843
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,244)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,005
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,975
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Fiscal year 2017:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:14.60%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;March&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;14,726
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,638
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,893
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;124
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,966
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,955
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;June&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;15,818
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,706
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,958
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(384)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,673
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,660
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;September&amp;nbsp;30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;16,719
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;4,902
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,167
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(16)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,056
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,026
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;December&amp;nbsp;31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17,923
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,110
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3,094
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(210)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,029
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,989
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;65,186
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;19,356
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;12,112
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(486)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,724
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,630
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfQuarterlyConsolidatedInformationTableTextBlock>
  <teo:ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment contextRef="Duration_1_1_2017_To_12_31_2017">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Sale and cost of equipment and handsets by business segment is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:44.8pt;text-align:left"&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:40.95pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:36.4pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:40.25pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:29.2pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:34pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:29.45pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 42.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 42.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 42.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 42.5pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment sales Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;663
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;91
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;61
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cost of equipment Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(524)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(136)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(82)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equipment gain (loss) &amp;#x2013; Fixed Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;139
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(45)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(21)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment and handsets sales Mobile Services - Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,446
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,535
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,796
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cost of equipment and handsets Mobile Services - Personal (net of SAC capitalizations)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,035)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,749)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,328)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equipment gain &amp;#x2013; Mobile Services &amp;#x2013; Personal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,411
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,786
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,468
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Equipment and handsets sales Mobile Services - N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;106
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;260
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;159
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Cost of equipment and handsets &amp;#x2013; Mobile Services N&amp;#xFA;cleo (net of SAC capitalizations)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(125)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(303)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(185)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equipment loss &amp;#x2013; Mobile Services &amp;#x2013; N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(19)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(43)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(26)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total equipment and handsets sale&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;8,215
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,886
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;6,016
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total cost of equipment and handsets (net of SAC capitalizations)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Total income for sale of equipment and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,531
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,698
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,421
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:62.48%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.10%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cost of equipment and handsets is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:35.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventories at the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,332)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,279)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(794)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Equipment acquisitions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(7,416)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(5,491)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,233)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;SAC deferred costs (Note 3.j)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;80
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;130
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;93
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decreases net of allowance of obsolescence&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;20
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;49
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;25
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Handsets lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;56
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;54
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;32
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Decreases not charged to cost of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;17
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;3
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"&gt;Inventories at the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,901
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;1,332
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,279
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;"&gt;Cost of equipment and handsets&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,684)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,188)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,595)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:63.16%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.84%;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment>
  <teo:ServiceConnectionFeesCapitalizedAsIntangibleAssets contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">36000000</teo:ServiceConnectionFeesCapitalizedAsIntangibleAssets>
  <teo:ServiceConnectionFeesCapitalizedAsIntangibleAssets contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">41000000</teo:ServiceConnectionFeesCapitalizedAsIntangibleAssets>
  <teo:ServiceConnectionFeesCapitalizedAsIntangibleAssets contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">50000000</teo:ServiceConnectionFeesCapitalizedAsIntangibleAssets>
  <teo:ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">14000000</teo:ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts>
  <teo:ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">14000000</teo:ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts>
  <teo:ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">23000000</teo:ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts>
  <teo:ServiceConnectionFeesFixedLinesAndInternetLines contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">224000000</teo:ServiceConnectionFeesFixedLinesAndInternetLines>
  <teo:ServiceConnectionFeesFixedLinesAndInternetLines contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">267000000</teo:ServiceConnectionFeesFixedLinesAndInternetLines>
  <teo:ServiceConnectionFeesFixedLinesAndInternetLines contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">600000000</teo:ServiceConnectionFeesFixedLinesAndInternetLines>
  <teo:ServiceTermContractPeriod contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member">P24M</teo:ServiceTermContractPeriod>
  <teo:SeveranceIndemnitiesAndTerminationBenefitsExpense contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">319000000</teo:SeveranceIndemnitiesAndTerminationBenefitsExpense>
  <teo:SeveranceIndemnitiesAndTerminationBenefitsExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">521000000</teo:SeveranceIndemnitiesAndTerminationBenefitsExpense>
  <teo:SeveranceIndemnitiesAndTerminationBenefitsExpense contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">944000000</teo:SeveranceIndemnitiesAndTerminationBenefitsExpense>
  <teo:SharePremiumPaid contextRef="Duration_7_1_2017_To_7_31_2017_dei_LegalEntityAxis_teo_FintechAdvisoryIncMember_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_PurchasedCallOptionsTelecomArgentinaEquityMember_ifrs-full_CounterpartiesAxis_teo_CablevisionHoldingMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_ifrs-full_SubsidiariesMember" unitRef="Unit16" decimals="0">3000000</teo:SharePremiumPaid>
  <teo:SharesConvertible contextRef="Duration_5_23_2017_To_5_23_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassOrdinarySharesMember_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_us-gaap_ParentCompanyMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember" unitRef="Unit1" decimals="INF">161039447</teo:SharesConvertible>
  <teo:SocialSecurityEmployersContributionBase contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_us-gaap_TaxPeriodAxis_teo_TaxYear2018Member" unitRef="Unit12" decimals="-6">2400000000</teo:SocialSecurityEmployersContributionBase>
  <teo:SocialSecurityEmployersContributionBase contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_us-gaap_TaxPeriodAxis_teo_TaxYear2022Member" unitRef="Unit12" decimals="-6">12000000000</teo:SocialSecurityEmployersContributionBase>
  <teo:SocialSecurityPayablesCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">383000000</teo:SocialSecurityPayablesCurrent>
  <teo:SocialSecurityPayablesCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">499000000</teo:SocialSecurityPayablesCurrent>
  <teo:SocialSecurityTaxEmployerContributionsPercentage contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.21</teo:SocialSecurityTaxEmployerContributionsPercentage>
  <teo:SocialSecurityTaxEmployerContributionsPercentage contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_us-gaap_TaxPeriodAxis_teo_TaxYear2022Member" unitRef="Unit14" decimals="3">0.195</teo:SocialSecurityTaxEmployerContributionsPercentage>
  <teo:StampTaxRatePercentage contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_us-gaap_TaxPeriodAxis_teo_TaxYear2019Member" unitRef="Unit14" decimals="4">0.0075</teo:StampTaxRatePercentage>
  <teo:StatuteOfLimitationsPerArgentineSupremeCourtOfJustice contextRef="Duration_12_1_2013_To_12_31_2013_ifrs-full_ClassesOfContingentLiabilitiesAxis_teo_LaborProceedingsContingentLiabilityMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P5Y</teo:StatuteOfLimitationsPerArgentineSupremeCourtOfJustice>
  <teo:StatuteOfLimitationsPerChamberIii contextRef="Duration_12_1_2013_To_12_31_2013_ifrs-full_ClassesOfContingentLiabilitiesAxis_teo_LaborProceedingsContingentLiabilityMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P10Y</teo:StatuteOfLimitationsPerChamberIii>
  <teo:SubscriberAcquisitionCostsOffsetWithTradeReceivables contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">212000000</teo:SubscriberAcquisitionCostsOffsetWithTradeReceivables>
  <teo:SubscriberAcquisitionCostsOffsetWithTradeReceivables contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">305000000</teo:SubscriberAcquisitionCostsOffsetWithTradeReceivables>
  <teo:SubscriberAcquisitionCostsOffsetWithTradeReceivables contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">313000000</teo:SubscriberAcquisitionCostsOffsetWithTradeReceivables>
  <teo:SubsidyGrantedByConatel contextRef="As_Of_12_31_2010_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember_teo_CommitmentsAxis_teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember" unitRef="Unit12" decimals="-6">12000000</teo:SubsidyGrantedByConatel>
  <teo:SubsidyGrantedByConatel contextRef="As_Of_8_31_2011_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember_teo_CommitmentsAxis_teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember" unitRef="Unit12" decimals="-6">5000000</teo:SubsidyGrantedByConatel>
  <teo:TaxAssetsCurrentAndDeferredNoncurrentNet contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">680000000</teo:TaxAssetsCurrentAndDeferredNoncurrentNet>
  <teo:TaxAssetsCurrentAndDeferredNoncurrentNet contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember" unitRef="Unit12" decimals="-6">680000000</teo:TaxAssetsCurrentAndDeferredNoncurrentNet>
  <teo:TaxAssetsCurrentAndDeferredNoncurrentNet contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember_us-gaap_ConsolidatedEntitiesAxis_teo_TelecomUsaMember" unitRef="Unit12" decimals="-6">3000000</teo:TaxAssetsCurrentAndDeferredNoncurrentNet>
  <teo:TaxAssetsCurrentAndDeferredNoncurrentNet contextRef="As_Of_12_31_2016_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember_us-gaap_ConsolidatedEntitiesAxis_us-gaap_ParentCompanyMember" unitRef="Unit12" decimals="-6">677000000</teo:TaxAssetsCurrentAndDeferredNoncurrentNet>
  <teo:TaxAssetsCurrentAndDeferredNoncurrentNet contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">626000000</teo:TaxAssetsCurrentAndDeferredNoncurrentNet>
  <teo:TaxAssetsCurrentAndDeferredNoncurrentNet contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember" unitRef="Unit12" decimals="-6">626000000</teo:TaxAssetsCurrentAndDeferredNoncurrentNet>
  <teo:TaxAssetsCurrentAndDeferredNoncurrentNet contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember_us-gaap_ConsolidatedEntitiesAxis_teo_TelecomUsaMember" unitRef="Unit12" decimals="-6">2000000</teo:TaxAssetsCurrentAndDeferredNoncurrentNet>
  <teo:TaxAssetsCurrentAndDeferredNoncurrentNet contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_IncomeTaxAssetsNetNoncurrentMember_us-gaap_ConsolidatedEntitiesAxis_us-gaap_ParentCompanyMember" unitRef="Unit12" decimals="-6">624000000</teo:TaxAssetsCurrentAndDeferredNoncurrentNet>
  <teo:TaxEffectOfCashDividendsFromForeignCompanies contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">14000000</teo:TaxEffectOfCashDividendsFromForeignCompanies>
  <teo:TaxEffectOfCashDividendsFromForeignCompanies contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">15000000</teo:TaxEffectOfCashDividendsFromForeignCompanies>
  <teo:TaxEffectOfCashDividendsFromForeignCompanies contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">44000000</teo:TaxEffectOfCashDividendsFromForeignCompanies>
  <teo:TaxesWithRegulatoryAuthority contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">917000000</teo:TaxesWithRegulatoryAuthority>
  <teo:TaxesWithRegulatoryAuthority contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1078000000</teo:TaxesWithRegulatoryAuthority>
  <teo:TaxesWithRegulatoryAuthority contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1049000000</teo:TaxesWithRegulatoryAuthority>
  <teo:TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">15000000</teo:TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders>
  <teo:TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">8000000</teo:TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders>
  <teo:TaxOnBankDebitsCapitalized contextRef="As_Of_11_27_2014_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember" unitRef="Unit16" decimals="-6">18000000</teo:TaxOnBankDebitsCapitalized>
  <teo:TaxOnDepositsToAndWithdrawalsFromBankAccounts contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">403000000</teo:TaxOnDepositsToAndWithdrawalsFromBankAccounts>
  <teo:TaxOnDepositsToAndWithdrawalsFromBankAccounts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">539000000</teo:TaxOnDepositsToAndWithdrawalsFromBankAccounts>
  <teo:TaxOnDepositsToAndWithdrawalsFromBankAccounts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">626000000</teo:TaxOnDepositsToAndWithdrawalsFromBankAccounts>
  <teo:TaxOnSUPayableCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">110000000</teo:TaxOnSUPayableCurrent>
  <teo:TaxOnSUPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">119000000</teo:TaxOnSUPayableCurrent>
  <teo:TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_us-gaap_TaxPeriodAxis_teo_TaxYear2018Member" unitRef="Unit14" decimals="INF">-0.2</teo:TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction>
  <teo:TaxRateEffectFromChangesInTaxRate contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">69000000</teo:TaxRateEffectFromChangesInTaxRate>
  <teo:TaxRateForUniversalServiceFiduciaryFund contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.01</teo:TaxRateForUniversalServiceFiduciaryFund>
  <teo:TaxRegulationRegimeLiabilityCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">5000000</teo:TaxRegulationRegimeLiabilityCurrent>
  <teo:TaxRegulationRegimeLiabilityCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">6000000</teo:TaxRegulationRegimeLiabilityCurrent>
  <teo:TaxRegulationRegimeLiabilityNonCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">7000000</teo:TaxRegulationRegimeLiabilityNonCurrent>
  <teo:TaxRegulationRegimeLiabilityNonCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2000000</teo:TaxRegulationRegimeLiabilityNonCurrent>
  <teo:TaxWithholdingsPayableCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">319000000</teo:TaxWithholdingsPayableCurrent>
  <teo:TaxWithholdingsPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">89000000</teo:TaxWithholdingsPayableCurrent>
  <teo:TechnicalMaintenance contextRef="Duration_1_1_2015_To_12_31_2015" unitRef="Unit12" decimals="-6">854000000</teo:TechnicalMaintenance>
  <teo:TechnicalMaintenance contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1329000000</teo:TechnicalMaintenance>
  <teo:TechnicalMaintenance contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1393000000</teo:TechnicalMaintenance>
  <teo:TerminationBenefitsPayableCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">125000000</teo:TerminationBenefitsPayableCurrent>
  <teo:TerminationBenefitsPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">119000000</teo:TerminationBenefitsPayableCurrent>
  <teo:TerminationBenefitsPayableNonCurrent contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">144000000</teo:TerminationBenefitsPayableNonCurrent>
  <teo:TerminationBenefitsPayableNonCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">160000000</teo:TerminationBenefitsPayableNonCurrent>
  <teo:TermOfLicenseAgreement contextRef="Duration_11_1_2014_To_11_30_2014_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_teo_IfrsTypeOfArrangementAxis_teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember">P15Y</teo:TermOfLicenseAgreement>
  <teo:TermOfLicenseAgreement contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember_teo_IfrsTypeOfArrangementAxis_teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember">P5Y</teo:TermOfLicenseAgreement>
  <teo:TermOfLicenseAgreement contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember_teo_IfrsTypeOfArrangementAxis_teo_MobileTelecommunicationServicesLicenseAgreementMember">P5Y</teo:TermOfLicenseAgreement>
  <teo:TermOfLicenseAgreement contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TuvesParaguayMember_teo_IfrsTypeOfArrangementAxis_teo_TelecommunicationServicesDistributionOfDigitalAudioAndTelevisionSignalsMember">P5Y</teo:TermOfLicenseAgreement>
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  <teo:ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome contextRef="Duration_1_1_2015_To_12_31_2015_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember" unitRef="Unit12" decimals="-6">25079000000</teo:ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome>
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  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P5Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ExternalWiringMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P3Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ExternalWiringMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P20Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ImprovementsInThirdPartiesBuildingsMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P2Y</teo:UsefulLivesPropertyPlantAndEquipment>
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  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P5Y</teo:UsefulLivesPropertyPlantAndEquipment>
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  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P10Y</teo:UsefulLivesPropertyPlantAndEquipment>
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		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;Note 25 &amp;#x2013; Earnings per share&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Company computes net income per common share by dividing net income for the year attributable to Telecom Argentina (Controlling Company) by the weighted average number of common shares outstanding during the year. Diluted net income per share is computed by dividing the net income for the year by the weighted average number of common and dilutive potential common shares then outstanding during the year. Since the Company has no dilutive potential common stock outstanding, there are no dilutive earnings per share amounts.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
			&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;
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		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;For financial years ended December&amp;nbsp;31, 2017, 2016 and 2015 the weighted average number of shares outstanding amounted to 969,159,605 due to the changes caused by the Treasury Shares Acquisition Process that began in May&amp;nbsp;2013, as described in Note 19.d) to these consolidated financial statements.&lt;/font&gt;
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		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
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    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-03" xml:lang="en-US">As approved by the Ordinary Shareholders&#x2019; Meeting of N&#xFA;cleo held on March&#xA0;26, 2015 and the Board of Directors&#x2019; meeting of N&#xFA;cleo held on December&#xA0;17, 2015.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-08" xml:lang="en-US">As approved by the Ordinary Shareholders' Meeting of N&#xFA;cleo held on March 28, 2017.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-04" xml:lang="en-US">As approved by the Company&#x2019;s Ordinary Shareholders&#x2019; Meeting held on April&#xA0;29, 2015.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-06" xml:lang="en-US">As approved by the Company's Board of Directors' Meeting held on April 29, 2016.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-12" xml:lang="en-US">As approved by the Company&#x2019;s Board of Directors&#x2019; Meeting held on December 18, 2017. The amount in pesos is $ 4,150,312,272, which was rounded in this Consolidated Statement of changes in equity to be presented in millions of pesos to 4,151.</link:footnote>
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    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-10" xml:lang="en-US">See Note 3.u.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-11" xml:lang="en-US">See Note 3.e.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-05" xml:lang="en-US">As approved by the Company's Ordinary Shareholders' Meeting held on April 29, 2016.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-09" xml:lang="en-US">As approved by the Company&#x2019;s Ordinary and Extraordinary Shareholders&#x2019; Meeting held on April&#xA0;27, 2017.</link:footnote>
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        <link:definition>42202 - Disclosure - Operating expenses - Fees for services, maintenance, materials and supplies (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingExpensesTaxesAndFeesWithRegulatoryAuthorityDetails" id="DisclosureOperatingExpensesTaxesAndFeesWithRegulatoryAuthorityDetails">
        <link:definition>42203 - Disclosure - Operating expenses - Taxes and fees with the Regulatory Authority (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingExpensesCommissionsDetails" id="DisclosureOperatingExpensesCommissionsDetails">
        <link:definition>42204 - Disclosure - Operating expenses - Commissions (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingExpensesAdvertisingDetails" id="DisclosureOperatingExpensesAdvertisingDetails">
        <link:definition>42205 - Disclosure - Operating expenses - Advertising (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingExpensesCostOfVasDetails" id="DisclosureOperatingExpensesCostOfVasDetails">
        <link:definition>42206 - Disclosure - Operating expenses - Cost of VAS (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingExpensesOtherOperatingExpensesDetails" id="DisclosureOperatingExpensesOtherOperatingExpensesDetails">
        <link:definition>42207 - Disclosure - Operating expenses - Other operating expenses (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingExpensesDepreciationAmortizationDetails" id="DisclosureOperatingExpensesDepreciationAmortizationDetails">
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        <link:definition>42209 - Disclosure - Operating expenses - Disposals and Impairment of PP&amp;E (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingExpensesExpensesDisclosedPerFunctionDetails" id="DisclosureOperatingExpensesExpensesDisclosedPerFunctionDetails">
        <link:definition>42210 - Disclosure - Operating expenses - Expenses disclosed per function (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingIncomeDetails" id="DisclosureOperatingIncomeDetails">
        <link:definition>42301 - Disclosure - Operating income (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingIncomeBreakdownOfOperatingIncomeBySegmentDetails" id="DisclosureOperatingIncomeBreakdownOfOperatingIncomeBySegmentDetails">
        <link:definition>42302 - Disclosure - Operating income - Breakdown of operating income by segment (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureFinanceIncomeAndExpensesDetails" id="DisclosureFinanceIncomeAndExpensesDetails">
        <link:definition>42401 - Disclosure - Finance income and expenses (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureFinancialRiskManagementMarketRiskDetails" id="DisclosureFinancialRiskManagementMarketRiskDetails">
        <link:definition>42601 - Disclosure - Financial risk management - Market risk (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureFinancialRiskManagementLiquidityRiskDetails" id="DisclosureFinancialRiskManagementLiquidityRiskDetails">
        <link:definition>42604 - Disclosure - Financial risk management - Liquidity risk (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureRelatedPartyBalancesAndTransactionsKeyManagersDetails" id="DisclosureRelatedPartyBalancesAndTransactionsKeyManagersDetails">
        <link:definition>42704 - Disclosure - Related party balances and transactions - Key Managers (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureSegmentInformationDetails" id="DisclosureSegmentInformationDetails">
        <link:definition>42801 - Disclosure - Segment information (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureSegmentInformationBalanceSheetInformationDetails" id="DisclosureSegmentInformationBalanceSheetInformationDetails">
        <link:definition>42802 - Disclosure - Segment information - Balance sheet information (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DocumentDocumentAndEntityInformation" id="DocumentDocumentAndEntityInformation">
        <link:definition>00090 - Document - Document and Entity Information</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureRegulatoryFramework" id="DisclosureRegulatoryFramework">
        <link:definition>10201 - Disclosure - REGULATORY FRAMEWORK</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>30403 - Disclosure - Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows (Tables)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureEquityTables" id="DisclosureEquityTables">
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>40101 - Disclosure - Description of business and basis of preparation of the consolidated financial statements - Subsidiaries (Details)</link:definition>
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        <link:definition>40103 - Disclosure - Description of business and basis of preparation of the consolidated financial statements - Corporate Reorganization (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureSignificantAccountingPoliciesLeasesDetails" id="DisclosureSignificantAccountingPoliciesLeasesDetails">
        <link:definition>40305 - Disclosure - Significant accounting policies - Leases (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>40308 - Disclosure - Significant accounting policies - Cost of Increase of Share in Controlled Companies (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>40409 - Disclosure - Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Additional information required by IAS 7 (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>40803 - Disclosure - Property, plant and equipment - Movements in impairment of PP&amp;E (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>41702 - Disclosure - Provisions - Probable contingent Liabilities (Details)</link:definition>
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        <link:definition>41703 - Disclosure - Provisions - Possible Contingencies (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureProvisionsContingentAssetafaPlusProjectClaimDetails" id="DisclosureProvisionsContingentAssetafaPlusProjectClaimDetails">
        <link:definition>41704 - Disclosure - Provisions - Contingent Asset - "AFA Plus Project" Claim (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureEquityShareOwnershipPlanDetails" id="DisclosureEquityShareOwnershipPlanDetails">
        <link:definition>41903 - Disclosure - Equity - Share Ownership Plan (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureEquityTreasurySharesDetails" id="DisclosureEquityTreasurySharesDetails">
        <link:definition>41904 - Disclosure - Equity - Treasury Shares (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureFinancialInstrumentsDetailsOfFinancialAssetsAndFinancialLiabilitiesDetails" id="DisclosureFinancialInstrumentsDetailsOfFinancialAssetsAndFinancialLiabilitiesDetails">
        <link:definition>42001 - Disclosure - Financial instruments - Details of financial assets and financial liabilities (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureFinancialInstrumentsFairValueDisclosuresDetails" id="DisclosureFinancialInstrumentsFairValueDisclosuresDetails">
        <link:definition>42003 - Disclosure - Financial instruments - Fair value disclosures (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureFinancialInstrumentsHedgeAccountingDetails" id="DisclosureFinancialInstrumentsHedgeAccountingDetails">
        <link:definition>42004 - Disclosure - Financial instruments - Hedge accounting (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureOperatingExpensesFutureMinimumLeasePaymentsDetails" id="DisclosureOperatingExpensesFutureMinimumLeasePaymentsDetails">
        <link:definition>42211 - Disclosure - Operating expenses - Future minimum lease payments (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureFinancialRiskManagementSensitivityAnalysisOfExchangeAndInterestRateRiskDetails" id="DisclosureFinancialRiskManagementSensitivityAnalysisOfExchangeAndInterestRateRiskDetails">
        <link:definition>42602 - Disclosure - Financial risk management - Sensitivity analysis of exchange and interest rate risk (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureFinancialRiskManagementCreditRiskDetails" id="DisclosureFinancialRiskManagementCreditRiskDetails">
        <link:definition>42603 - Disclosure - Financial risk management - Credit risk (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureFinancialRiskManagementMaturityAnalysisOfFinancialLiabilitiesDetails" id="DisclosureFinancialRiskManagementMaturityAnalysisOfFinancialLiabilitiesDetails">
        <link:definition>42605 - Disclosure - Financial risk management - Maturity analysis of financial liabilities (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureRelatedPartyBalancesAndTransactionsControllingGroupDetails" id="DisclosureRelatedPartyBalancesAndTransactionsControllingGroupDetails">
        <link:definition>42701 - Disclosure - Related party balances and transactions - Controlling group (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>42702 - Disclosure - Related party balances and transactions - Balances with related parties (Details)</link:definition>
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        <link:definition>42703 - Disclosure - Related party balances and transactions - Transactions with related parties and companies under sect. 33 of the LGS (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureSegmentInformationGeographicInformationDetails" id="DisclosureSegmentInformationGeographicInformationDetails">
        <link:definition>42803 - Disclosure - Segment information - Geographic information (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>43101 - Disclosure - Corporate Reorganization of the Telecom Group and Its controlling companies - Amortization (Details)</link:definition>
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        <link:definition>43102 - Disclosure - Corporate Reorganization of the Telecom Group and Its controlling companies - Telecom Group Reorganization (Details)</link:definition>
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        <link:definition>43201 - Disclosure - Merger by Absorption Between Telecom Argentina and Cablevision S.A. - Terms (Details)</link:definition>
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        <link:definition>43202 - Disclosure - Merger by Absorption Between Telecom Argentina and Cablevision S.A. - Capital Stock (Details)</link:definition>
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        <link:definition>43203 - Disclosure - Merger by Absorption Between Telecom Argentina and Cablevision S.A. - Business Combination (Details)</link:definition>
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        <link:definition>43301 - Disclosure - Subsequent events to December 31, 2017 - Reversal of Reserve (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureSubsequentEventsToDecember312017CablevisionDividendsDetails" id="DisclosureSubsequentEventsToDecember312017CablevisionDividendsDetails">
        <link:definition>43302 - Disclosure - Subsequent events to December 31, 2017 - Cablevision Dividends (Details)</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureSubsequentEventsToDecember312017SyndicatedLoanDetails" id="DisclosureSubsequentEventsToDecember312017SyndicatedLoanDetails">
        <link:definition>43303 - Disclosure - Subsequent events to December 31, 2017 - Syndicated Loan (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfComprehensiveIncomeParenthetical" id="StatementConsolidatedStatementsOfComprehensiveIncomeParenthetical">
        <link:definition>00305 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatements" id="DisclosureDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatements">
        <link:definition>10101 - Disclosure - Description of business and basis of preparation of the consolidated financial statements</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureSignificantAccountingPolicies" id="DisclosureSignificantAccountingPolicies">
        <link:definition>10301 - Disclosure - Significant accounting policies</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>10401 - Disclosure - Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>10601 - Disclosure - Other receivables</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>10701 - Disclosure - Inventories</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>11001 - Disclosure - Trade payables</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>11201 - Disclosure - Financial debt</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>11501 - Disclosure - Other taxes payables</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>11801 - Disclosure - Commitments</link:definition>
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        <link:definition>12001 - Disclosure - Financial instruments</link:definition>
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        <link:definition>12101 - Disclosure - Revenues</link:definition>
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        <link:definition>12201 - Disclosure - Operating expenses</link:definition>
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        <link:definition>12301 - Disclosure - Operating income</link:definition>
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        <link:definition>12401 - Disclosure - Finance income and expenses</link:definition>
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      <link:roleType roleURI="http://www.telecom.com.ar/role/DisclosureRelatedPartyBalancesAndTransactions" id="DisclosureRelatedPartyBalancesAndTransactions">
        <link:definition>12701 - Disclosure - Related party balances and transactions</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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  <element id="teo_OtherReceivablesAbstract" name="OtherReceivablesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOtherReceivablesTextBlock" name="DisclosureOfOtherReceivablesTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOtherReceivablesTableTextBlock" name="DisclosureOfOtherReceivablesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfChangesInAllowancesTableTextBlock" name="DisclosureOfChangesInAllowancesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherCurrentReceivablesAbstract" name="OtherCurrentReceivablesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromReimbursementOfExpenditureCurrent" name="ReceivablesFromReimbursementOfExpenditureCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromRestrictedFundsCurrent" name="ReceivablesFromRestrictedFundsCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesForReturnOfHandsetsCurrent" name="ReceivablesForReturnOfHandsetsCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromGuaranteeDepositsCurrent" name="ReceivablesFromGuaranteeDepositsCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherCurrentReceivablesOther" name="OtherCurrentReceivablesOther" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherNonCurrentReceivablesAbstract" name="OtherNonCurrentReceivablesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromScResolutionAndIdcNonCurrent" name="ReceivablesFromScResolutionAndIdcNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromRestrictedFundsNonCurrent" name="ReceivablesFromRestrictedFundsNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromRegulatoryNonCurrent" name="ReceivablesFromRegulatoryNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromGuaranteeDepositsNonCurrent" name="ReceivablesFromGuaranteeDepositsNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherNonCurrentReceivablesOther" name="OtherNonCurrentReceivablesOther" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AllowanceForRegulatoryReceivableNonCurrent" name="AllowanceForRegulatoryReceivableNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax" name="AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsAbstract" name="DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock" name="ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfConsumerPriceAndInternalWholesalePriceIndexesAccordingToOfficialStatisticsTableTextBlock" name="ScheduleOfConsumerPriceAndInternalWholesalePriceIndexesAccordingToOfficialStatisticsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TelecomUsaMember" name="TelecomUsaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PersonalMember" name="PersonalMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NucleoMember" name="NucleoMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SubscriberAcquisitionCostsMember" name="SubscriberAcquisitionCostsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ServiceConnectionOrHabilitationCostsMember" name="ServiceConnectionOrHabilitationCostsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_Licenses3g4gMember" name="Licenses3g4gMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PersonalCommunicationsServiceLicenseArgentinaMember" name="PersonalCommunicationsServiceLicenseArgentinaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PersonalCommunicationsServicePcsAndBandBParaguayMember" name="PersonalCommunicationsServicePcsAndBandBParaguayMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RightsOfUseMember" name="RightsOfUseMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ExclusivityAgreementsMember" name="ExclusivityAgreementsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SoftwareDevelopedForInternalUseMember" name="SoftwareDevelopedForInternalUseMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FixedServicesMember" name="FixedServicesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileServicesMember" name="MobileServicesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent" name="AdditionsToAllowanceForRegulatoryReceivableNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment" name="ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfInventoryDisclosureTable" name="ScheduleOfInventoryDisclosureTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock" name="DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfInventoryDisclosureLineItems" name="ScheduleOfInventoryDisclosureLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileServicesPersonalMember" name="MobileServicesPersonalMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobilesServicesNucleoMember" name="MobilesServicesNucleoMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradePayablesTextBlock" name="DisclosureOfTradePayablesTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradePayablesTableTextBlock" name="DisclosureOfTradePayablesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfDeferredRevenueTableTextBlock" name="DisclosureOfDeferredRevenueTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment" name="CurrentPayablesForPurchaseOfPropertyPlantAndEquipment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentPayablesForOtherAssetsAndServices" name="CurrentPayablesForOtherAssetsAndServices" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentPayablesForInventories" name="CurrentPayablesForInventories" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentTradePayablesExcludingAgentCommissions" name="CurrentTradePayablesExcludingAgentCommissions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AgentCommissions" name="AgentCommissions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment" name="NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrepaidCallingCardsDeferredIncomeCurrent" name="PrepaidCallingCardsDeferredIncomeCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ConnectionFeesDeferredIncomeCurrent" name="ConnectionFeesDeferredIncomeCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapacityRentalDeferredIncomeCurrent" name="CapacityRentalDeferredIncomeCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent" name="MobileCustomerLoyaltyProgramsDeferredIncomeCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DeferredIncomeFromRegulatorCurrent" name="DeferredIncomeFromRegulatorCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherDeferredIncomeClassifiedAsCurrent" name="OtherDeferredIncomeClassifiedAsCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrepaidCallingCardsDeferredIncomeNoncurrent" name="PrepaidCallingCardsDeferredIncomeNoncurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ConnectionFeesDeferredIncomeNoncurrent" name="ConnectionFeesDeferredIncomeNoncurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent" name="MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ChangesInCostOfEquipmentAndHandsetsAbstract" name="ChangesInCostOfEquipmentAndHandsetsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherTaxesPayablesAbstract" name="OtherTaxesPayablesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOtherTaxesPayableTextBlock" name="DisclosureOfOtherTaxesPayableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" name="DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock" name="DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfOtherTaxesPayableTableTextBlock" name="ScheduleOfOtherTaxesPayableTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfEmployeesUnionized" name="PercentageOfEmployeesUnionized" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityExpensesCurrentAbstract" name="SalariesAndSocialSecurityExpensesCurrentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_VacationAndBonusesPayableCurrent" name="VacationAndBonusesPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SocialSecurityPayablesCurrent" name="SocialSecurityPayablesCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TerminationBenefitsPayableCurrent" name="TerminationBenefitsPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityPayableCurrent" name="SalariesAndSocialSecurityPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract" name="SalariesAndSocialSecurityExpensesNonCurrentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TerminationBenefitsPayableNonCurrent" name="TerminationBenefitsPayableNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BonusesPayableNonCurrent" name="BonusesPayableNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityPayableNonCurrent" name="SalariesAndSocialSecurityPayableNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityPayables" name="SalariesAndSocialSecurityPayables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense" name="SeveranceIndemnitiesAndTerminationBenefitsExpense" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxWithholdingsPayableCurrent" name="TaxWithholdingsPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InternalTaxPayableCurrent" name="InternalTaxPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxOnSUPayableCurrent" name="TaxOnSUPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RegulatoryFeesPayableCurrent" name="RegulatoryFeesPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TurnoverTaxPayableCurrent" name="TurnoverTaxPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MunicipalTaxesPayableCurrent" name="MunicipalTaxesPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RetentionDecreeCurrent" name="RetentionDecreeCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PersonalPropertyTaxesPayableCurrent" name="PersonalPropertyTaxesPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsOtherLiabilitiesAbstract" name="IfrsOtherLiabilitiesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOtherLiabilitiesTableTextBlock" name="DisclosureOfOtherLiabilitiesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsOtherLiabilitiesCurrentAbstract" name="IfrsOtherLiabilitiesCurrentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" name="DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_GuaranteesLiabilityCurrent" name="GuaranteesLiabilityCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherCurrentLiabilitiesOther" name="OtherCurrentLiabilitiesOther" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsOtherLiabilitiesNoncurrentAbstract" name="IfrsOtherLiabilitiesNoncurrentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LegalFeesNonCurrent" name="LegalFeesNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherNonCurrentLiabilitiesOther" name="OtherNonCurrentLiabilitiesOther" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EquipmentAndHandsetsSalesNetTotal" name="EquipmentAndHandsetsSalesNetTotal" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SummaryOfSignificantAccountingPoliciesAbstract" name="SummaryOfSignificantAccountingPoliciesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" name="DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" name="DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" name="DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock" name="DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" name="DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock" name="DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock" name="DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfDetailedInformationAboutDepreciationAndEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock" name="DisclosureOfDetailedInformationAboutDepreciationAndEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TowerAndPoleMember" name="TowerAndPoleMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TransmissionEquipmentMember" name="TransmissionEquipmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SwitchingEquipmentMember" name="SwitchingEquipmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ExternalWiringMember" name="ExternalWiringMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ComputerEquipmentAndSoftwareMember" name="ComputerEquipmentAndSoftwareMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InstallationsMember" name="InstallationsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromTaxCreditsNonCurrent" name="ReceivablesFromTaxCreditsNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromTaxCreditsCurrent" name="ReceivablesFromTaxCreditsCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TuVesS.aChileMember" name="TuVesS.aChileMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsScheduleOfInventoryCurrentTableTextBlock" name="IfrsScheduleOfInventoryCurrentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract" name="CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock" name="DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TradeReceivablesAbstract" name="TradeReceivablesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradeReceivablesTextBlock" name="DisclosureOfTradeReceivablesTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradeReceivablesTableTextBlock" name="DisclosureOfTradeReceivablesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock" name="DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradeReceivablesTable" name="DisclosureOfTradeReceivablesTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradeReceivablesLineItems" name="DisclosureOfTradeReceivablesLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCashCashEquivalentsAndInvestmentsTable" name="DisclosureOfCashCashEquivalentsAndInvestmentsTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashCashEquivalentsAndInvestmentsLineItems" name="CashCashEquivalentsAndInvestmentsLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfQuarterlyConsolidatedInformationAbstract" name="DisclosureOfQuarterlyConsolidatedInformationAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfQuarterlyConsolidatedInformationTextBlock" name="DisclosureOfQuarterlyConsolidatedInformationTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfQuarterlyConsolidatedInformationTableTextBlock" name="ScheduleOfQuarterlyConsolidatedInformationTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperatingIncomeBeforeDepreciationAndAmortization" name="OperatingIncomeBeforeDepreciationAndAmortization" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock" name="DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" name="DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" name="DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" name="DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" name="ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileNetworkAccessMember" name="MobileNetworkAccessMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock" name="DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfAdditionalInformationOfNetCashFlowProvidedByOperatingActivitiesTableTextBlock" name="DisclosureOfAdditionalInformationOfNetCashFlowProvidedByOperatingActivitiesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock" name="DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock" name="DisclosureOfMainNonCashOperatingTransactionsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMostSignificantInvestingActivitiesTableTextBlock" name="DisclosureOfMostSignificantInvestingActivitiesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock" name="DisclosureOfFinancingActivitiesComponentsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PowerEquipmentMember" name="PowerEquipmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_HandsetsLentToCustomersAtNoCostMember" name="HandsetsLentToCustomersAtNoCostMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EquipmentLentToCustomersAtNoCostMember" name="EquipmentLentToCustomersAtNoCostMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SpecialProjectMember" name="SpecialProjectMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AssetRetirementObligationMember" name="AssetRetirementObligationMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract" name="RestrictionsOnDistributionOfProfitsAndDividendsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfDividendsTableTextBlock" name="DisclosureOfDividendsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_VoluntaryReserveForFutureDividendsPayment" name="VoluntaryReserveForFutureDividendsPayment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RestrictionsOnDistributionOfProfitsAndDividends" name="RestrictionsOnDistributionOfProfitsAndDividends" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LandBuildingsAndInstallationMember" name="LandBuildingsAndInstallationMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SwitchingAndTransmissionEquipmentMember" name="SwitchingAndTransmissionEquipmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileNetworkAccessAndExternalWiringMember" name="MobileNetworkAccessAndExternalWiringMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOperatingExpensesAbstract" name="DisclosureOfOperatingExpensesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock" name="DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock" name="DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCommissionExpensesTableTextBlock" name="DisclosureOfCommissionExpensesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock" name="DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfAdvertisingExpensesTableTextBlock" name="DisclosureOfAdvertisingExpensesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCostOfValueAddedServicesTableTextBlock" name="DisclosureOfCostOfValueAddedServicesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommunicationExpenseFixedTelephonyInterconnectionCosts" name="CommunicationExpenseFixedTelephonyInterconnectionCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommunicationExpenseCostOfInternationalOutboundCalls" name="CommunicationExpenseCostOfInternationalOutboundCalls" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork" name="CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommunicationExpenseChargesForRoaming" name="CommunicationExpenseChargesForRoaming" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommunicationExpenseChargesForTermination" name="CommunicationExpenseChargesForTermination" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MaintenanceOfHardwareAndSoftware" name="MaintenanceOfHardwareAndSoftware" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TechnicalMaintenance" name="TechnicalMaintenance" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ServiceConnectionFeesFixedLinesAndInternetLines" name="ServiceConnectionFeesFixedLinesAndInternetLines" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts" name="ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets" name="ServiceConnectionFeesCapitalizedAsIntangibleAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherMaintenanceCosts" name="OtherMaintenanceCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileServicesObsolescenceOfInventories" name="MobileServicesObsolescenceOfInventories" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CallCenterFees" name="CallCenterFees" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherFeesForServices" name="OtherFeesForServices" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DirectorsAndSupervisoryCommitteesFees" name="DirectorsAndSupervisoryCommitteesFees" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TurnoverTax" name="TurnoverTax" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxesWithRegulatoryAuthority" name="TaxesWithRegulatoryAuthority" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts" name="TaxOnDepositsToAndWithdrawalsFromBankAccounts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MunicipalTaxes" name="MunicipalTaxes" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsTaxesOther" name="IfrsTaxesOther" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommissionExpenseAgent" name="CommissionExpenseAgent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts" name="CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommissionExpenseDistributionOfPrepaidCards" name="CommissionExpenseDistributionOfPrepaidCards" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommissionExpenseCollection" name="CommissionExpenseCollection" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperatingIncomeAbstract" name="OperatingIncomeAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOperatingIncomeTextBlock" name="DisclosureOfOperatingIncomeTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOperatingIncomeTableTextBlock" name="DisclosureOfOperatingIncomeTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock" name="DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperatingIncomeLossFromEquipmentSalesAbstract" name="OperatingIncomeLossFromEquipmentSalesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperatingIncomeFromServicesAndOtherIncomeAbstract" name="OperatingIncomeFromServicesAndOtherIncomeAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperatingIncomeFromServicesAndOtherIncome" name="OperatingIncomeFromServicesAndOtherIncome" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ServicesRevenuesAndOtherIncomeAbstract" name="ServicesRevenuesAndOtherIncomeAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome" name="IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EquipmentsRevenuesAbstract" name="EquipmentsRevenuesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherShortTermInvestmentsMember" name="OtherShortTermInvestmentsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TelecommunicationsFundMember" name="TelecommunicationsFundMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BondsAtAmortizedCost" name="BondsAtAmortizedCost" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceiptsFromMobileOperators" name="ReceiptsFromMobileOperators" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashReceiptsFromOperatingActivities" name="CashReceiptsFromOperatingActivities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsMadeForAcquisitionOfInventories" name="PaymentsMadeForAcquisitionOfInventories" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsToCallingPartyPays" name="PaymentsToCallingPartyPays" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities" name="PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers" name="PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers" name="PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers" name="PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers" name="PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashPaymentsInOperatingActivities" name="CashPaymentsInOperatingActivities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ChangesInAssetsLiabilitiesComponentsAbstract" name="ChangesInAssetsLiabilitiesComponentsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract" name="AdjustmentsForDecreaseIncreaseInAssetsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForDecreaseIncreaseInAssets" name="AdjustmentsForDecreaseIncreaseInAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" name="AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable" name="AdjustmentsForIncreaseDecreaseInOtherTaxesPayable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForIncreaseDecreaseInLiabilities" name="AdjustmentsForIncreaseDecreaseInLiabilities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashFlowNoncashOperatingActivitiesAbstract" name="CashFlowNoncashOperatingActivitiesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders" name="TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncomeTaxOffsetWithVatAndInternalTaxes" name="IncomeTaxOffsetWithVatAndInternalTaxes" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherReceivablesOffsetWithProvisions" name="OtherReceivablesOffsetWithProvisions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_VatOffsetWithIncomeTaxes" name="VatOffsetWithIncomeTaxes" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables" name="SubscriberAcquisitionCostsOffsetWithTradeReceivables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables" name="ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestingActivitiesAbstract" name="InvestingActivitiesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract" name="AcquisitionsOfPropertyPlantAndEquipmentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PropertyPlantAndEquipmentGrossAmountCapitalized" name="PropertyPlantAndEquipmentGrossAmountCapitalized" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables" name="AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileHandsetsLentToCustomersAtNoCost" name="MobileHandsetsLentToCustomersAtNoCost" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AcquisitionsOfIntangibleAssetsAbstract" name="AcquisitionsOfIntangibleAssetsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LicensesAcquisitionsGross" name="LicensesAcquisitionsGross" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables" name="AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashFlowsFromUsedInPurchasesSalesAndMaturitiesOfSecuritiesAbstract" name="CashFlowsFromUsedInPurchasesSalesAndMaturitiesOfSecuritiesAbstract" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsForPurchaseOfGovernmentBonds" name="PaymentsForPurchaseOfGovernmentBonds" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProceedsFromSaleOfGovernmentBonds" name="ProceedsFromSaleOfGovernmentBonds" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProceedsFromCollectionOfGovernmentBonds" name="ProceedsFromCollectionOfGovernmentBonds" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsForPurchaseOfOtherShortTermInvestments" name="PaymentsForPurchaseOfOtherShortTermInvestments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProceedsFromCollectionOfCompanyNotes" name="ProceedsFromCollectionOfCompanyNotes" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProceedsFromBankOverdrafts" name="ProceedsFromBankOverdrafts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProceedsFromLongTermNotes" name="ProceedsFromLongTermNotes" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProceedsFromBankLoans" name="ProceedsFromBankLoans" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RepaymentsOfBankOverdrafts" name="RepaymentsOfBankOverdrafts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RepaymentsOfBankLoans" name="RepaymentsOfBankLoans" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" name="PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentOfInterestOnNotesAndRelatedExpenses" name="PaymentOfInterestOnNotesAndRelatedExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfDividendsPayableAndPaidTable" name="ScheduleOfDividendsPayableAndPaidTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AbcTelecomunicacionesMember" name="AbcTelecomunicacionesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfDividendsLineItems" name="DisclosureOfDividendsLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendsPaidAbstract" name="DividendsPaidAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashDividendsAbstract" name="CashDividendsAbstract" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfCashDividendDistributionInstallments" name="NumberOfCashDividendDistributionInstallments" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BankLoansCurrentMember" name="BankLoansCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalDueOnNotesCurrentMember" name="PrincipalDueOnNotesCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NonDeliverableForwardCurrentMember" name="NonDeliverableForwardCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AccruedInterestsCurrentMember" name="AccruedInterestsCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalDueOnNotesNonCurrentMember" name="PrincipalDueOnNotesNonCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalDueOnIfcBankLoanNonCurrentMember" name="PrincipalDueOnIfcBankLoanNonCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalDueOnBankLoansNonCurrentMember" name="PrincipalDueOnBankLoansNonCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TransfersInOutOfBorrowings" name="TransfersInOutOfBorrowings" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InterestAccruedOnBorrowings" name="InterestAccruedOnBorrowings" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCompanySEquityTableTextBlock" name="DisclosureOfCompanySEquityTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassOrdinarySharesMember" name="ClassOrdinarySharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassBOrdinarySharesMember" name="ClassBOrdinarySharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassCOrdinarySharesMember" name="ClassCOrdinarySharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommonStockVotingRightsNumber" name="CommonStockVotingRightsNumber" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfSharesEachAmericanDepositarySharesRepresents" name="NumberOfSharesEachAmericanDepositarySharesRepresents" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ShareOwnershipPlanAbstract" name="ShareOwnershipPlanAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" name="CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" name="CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfTranches" name="NumberOfTranches" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfSharesHeldForConversion" name="NumberOfSharesHeldForConversion" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ThresholdPeriodForSaleOfTreasuryShares" name="ThresholdPeriodForSaleOfTreasuryShares" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdvertisingExpenseMedia" name="AdvertisingExpenseMedia" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdvertisingExpenseFairsAndExhibitions" name="AdvertisingExpenseFairsAndExhibitions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdvertisingExpenseOther" name="AdvertisingExpenseOther" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CostOfMobileValueAddedServices" name="CostOfMobileValueAddedServices" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CostOfFixedValueAddedServices" name="CostOfFixedValueAddedServices" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TransportationFreightAndTravelExpenses" name="TransportationFreightAndTravelExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts" name="DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InternationalAndSatelliteConnectivityExpenses" name="InternationalAndSatelliteConnectivityExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts" name="AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsDirectOperatingCosts" name="IfrsDirectOperatingCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperatingExpenseCommercializationCosts" name="OperatingExpenseCommercializationCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfBalanceSheetInformationTableTextBlock" name="DisclosureOfBalanceSheetInformationTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NucleoMobileServicesSegmentMember" name="NucleoMobileServicesSegmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfReportableSegment" name="NumberOfReportableSegment" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities" name="NumberOfCompaniesThroughWhichGroupCarriesOutActivities" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NortelInversoraS.a.Member" name="NortelInversoraS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SoforaTelecomunicacionesS.a.Member" name="SoforaTelecomunicacionesS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FintechTelecomLLCMember" name="FintechTelecomLLCMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TelecomArgentinaS.a.Member" name="TelecomArgentinaS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ArgentinaInversionesS.a.Member" name="ArgentinaInversionesS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassaPreferredSharesMember" name="ClassaPreferredSharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassBPreferredSharesMember" name="ClassBPreferredSharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProportionOfEquityInterestInPreferredShares" name="ProportionOfEquityInterestInPreferredShares" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" name="ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfVotesPerShare" name="NumberOfVotesPerShare" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BancoAtlasS.a.Member" name="BancoAtlasS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EditorialAzetaS.a.Member" name="EditorialAzetaS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ExpertaArtS.a.Member" name="ExpertaArtS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_HarasElCaprichoS.a.Member" name="HarasElCaprichoS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TeltecoS.a.Member" name="TeltecoS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember" name="LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_CashAndCashEquivalentsRelatedPartyTransactions" name="CashAndCashEquivalentsRelatedPartyTransactions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TradeReceivablesRelatedPartyTransactions" name="TradeReceivablesRelatedPartyTransactions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract" name="CurrentLiabilitiesRelatedPartyTransactionsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_FinancialDebtRelatedPartyTransactions" name="FinancialDebtRelatedPartyTransactions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PentaS.a.Member" name="PentaS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_KeyManagementPersonnelCompensationSocialSecurityContributions" name="KeyManagementPersonnelCompensationSocialSecurityContributions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_KeyManagementPersonnelCompensationHiringBenefits" name="KeyManagementPersonnelCompensationHiringBenefits" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_IncomeTaxDisclosureLineItems" name="IncomeTaxDisclosureLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid" name="CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxRegulationRegimeLiabilityCurrent" name="TaxRegulationRegimeLiabilityCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxRegulationRegimeLiabilityNonCurrent" name="TaxRegulationRegimeLiabilityNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember" name="TemporaryDifferenceReversalsFromAffidavitFilingsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NonTaxableIncomeExpenseNet" name="NonTaxableIncomeExpenseNet" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AccountingProfitNetOfNonTaxableItems" name="AccountingProfitNetOfNonTaxableItems" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxEffectOfCashDividendsFromForeignCompanies" name="TaxEffectOfCashDividendsFromForeignCompanies" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdditionalTaxRateInRespectOfDividendPayment" name="AdditionalTaxRateInRespectOfDividendPayment" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract" name="ActionsForRecourseFiledWithTaxAuthorityAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ActionsForRecourseIncomeTaxClaimAmount" name="ActionsForRecourseIncomeTaxClaimAmount" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses" name="PaymentOfInterestOnBankLoansAndRelatedExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_PublicomS.a.Member" name="PublicomS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommitmentsLineItems" name="CommitmentsLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ContributionsMadeToTelecommunicationsFund" name="ContributionsMadeToTelecommunicationsFund" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages" name="CommitmentPeriodForPublishingAndPrintingOfWhitePages" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages" name="CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages" name="PeriodForRightToLeaseAdvertisingSpacesOnWhitePages" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SubsidyGrantedByConatel" name="SubsidyGrantedByConatel" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_DisclosureOfFinanceIncomeAndExpensesTableTextBlock" name="DisclosureOfFinanceIncomeAndExpensesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_GainLossOnOtherShortTermInvestments" name="GainLossOnOtherShortTermInvestments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_InterestExpenseOnPensionBenefits" name="InterestExpenseOnPensionBenefits" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment" name="PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_DisclosureOfRevenueLineItems" name="DisclosureOfRevenueLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_TermOfLicenseAgreement" name="TermOfLicenseAgreement" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares" name="NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TelefonicaMember" name="TelefonicaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended" name="PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty" name="NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_UnrecordedAccountsReceivable" name="UnrecordedAccountsReceivable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentsIncludedInUnrecordedAccountsReceivable" name="InvestmentsIncludedInUnrecordedAccountsReceivable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DeductionsIncludedInUnrecordedAccountsReceivable" name="DeductionsIncludedInUnrecordedAccountsReceivable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" name="DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DepositsWithBanks" name="DepositsWithBanks" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProjectInvestmentAmount" name="ProjectInvestmentAmount" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" name="DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FrequencyBandAwardedOne" name="FrequencyBandAwardedOne" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FrequencyBandAwardedTwo" name="FrequencyBandAwardedTwo" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TotalAmountPaidForFrequencyBand" name="TotalAmountPaidForFrequencyBand" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxOnBankDebitsCapitalized" name="TaxOnBankDebitsCapitalized" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BalanceAmountPaidForFrequencyBand" name="BalanceAmountPaidForFrequencyBand" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PerformanceGuaranteePercentage" name="PerformanceGuaranteePercentage" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AuctionedFrequencyBandsUsagePeriod" name="AuctionedFrequencyBandsUsagePeriod" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DeadlinePeriodForDisengagement" name="DeadlinePeriodForDisengagement" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DestinationBand" name="DestinationBand" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts" name="NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RegulatoryLiabilityProvisionsOffsetWithReceivables" name="RegulatoryLiabilityProvisionsOffsetWithReceivables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TemporaryDifferencesInventoryMember" name="TemporaryDifferencesInventoryMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TemporaryDifferencesDeferredRevenuesMember" name="TemporaryDifferencesDeferredRevenuesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember" name="TemporaryDifferencesCashDividendsFromForeignCompaniesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TemporaryDifferencesFinancedSalesMember" name="TemporaryDifferencesFinancedSalesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TemporaryDifferencesInvestmentsMember" name="TemporaryDifferencesInvestmentsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncomeTaxAssetsNetNoncurrentMember" name="IncomeTaxAssetsNetNoncurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DeferredTaxLiabilitiesNetMember" name="DeferredTaxLiabilitiesNetMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxAssetsCurrentAndDeferredNoncurrentNet" name="TaxAssetsCurrentAndDeferredNoncurrentNet" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault" name="MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination" name="MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" name="DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" name="DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates" name="PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DollarLinkedInvestmentsHeld" name="DollarLinkedInvestmentsHeld" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments" name="NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NonDeliverableForwardContractsAmount" name="NonDeliverableForwardContractsAmount" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsBankOverdraftsMember" name="IfrsBankOverdraftsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EstimatedVariationInExchangeRate" name="EstimatedVariationInExchangeRate" nillable="true" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EstimatedVariationInConsolidatedFinancialPosition" name="EstimatedVariationInConsolidatedFinancialPosition" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets" name="EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" name="PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" name="IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" name="OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod" name="DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperativeWorkingCapitalAbstract" name="OperativeWorkingCapitalAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt" name="CurrentLiabilitiesExcludingCurrentFinancialDebt" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperativeWorkingCapital" name="OperativeWorkingCapital" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract" name="IfrsIncreaseDecreaseInOperatingCapitalAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" name="IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInOperatingCapital" name="IfrsIncreaseDecreaseInOperatingCapital" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NetCurrentFinancialAssetDebtAbstract" name="NetCurrentFinancialAssetDebtAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FinancialAssetsLiabilitiesNetCurrent" name="FinancialAssetsLiabilitiesNetCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_VariationsInNetCurrentFinancialAssetDebt" name="VariationsInNetCurrentFinancialAssetDebt" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents" name="IfrsIncreaseDecreaseInCashAndCashEquivalents" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInInvestments" name="IfrsIncreaseDecreaseInInvestments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt" name="IfrsIncreaseDecreaseInCurrentFinancialDebt" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" name="IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInWorkingCapital" name="IfrsIncreaseDecreaseInWorkingCapital" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LiquidityRate" name="LiquidityRate" nillable="true" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LeverageRate" name="LeverageRate" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" name="DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" name="DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForConsumptionOfMaterials" name="AdjustmentsForConsumptionOfMaterials" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment" name="AdjustmentsForNetBookValueOfPropertyPlantAndEquipment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities" name="PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfOperativeWorkingCapital" name="PercentageOfOperativeWorkingCapital" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseDecreaseInLiquidityRate" name="IncreaseDecreaseInLiquidityRate" nillable="true" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseDecreaseInTradeReceivables" name="IncreaseDecreaseInTradeReceivables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInOtherReceivables" name="IfrsIncreaseDecreaseInOtherReceivables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInInventories" name="IfrsIncreaseDecreaseInInventories" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClosingForeignExchangeRateAssets" name="ClosingForeignExchangeRateAssets" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClosingForeignExchangeRateLiabilities" name="ClosingForeignExchangeRateLiabilities" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers" name="PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" name="IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" name="IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsConversionOfStockSharesAuthorized" name="IfrsConversionOfStockSharesAuthorized" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsConversionOfStockSharesConverted1" name="IfrsConversionOfStockSharesConverted1" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AmortizationOnOtherIntangibleAssets" name="AmortizationOnOtherIntangibleAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentPayablesOnSalariesAndSocialSecurity" name="CurrentPayablesOnSalariesAndSocialSecurity" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NonCurrentPayablesOnSalariesAndSocialSecurity" name="NonCurrentPayablesOnSalariesAndSocialSecurity" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense" name="FeesForServicesMaintenanceMaterialsAndSuppliesExpense" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OutstandingSharesCapitalNominalValueMember" name="OutstandingSharesCapitalNominalValueMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TreasurySharesCapitalNominalValueMember" name="TreasurySharesCapitalNominalValueMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForNetIncreaseDecreaseInAssets" name="AdjustmentsForNetIncreaseDecreaseInAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities" name="AdjustmentsForNetIncreaseDecreaseInLiabilities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents" name="OtherShortTermInvestmentsClassifiedAsCashEquivalents" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DollarLinkedGovernmentBondsMember" name="DollarLinkedGovernmentBondsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember" name="DollarLinkedProvincialGovernmentAndMunicipalBondsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InterestIncomeFromInvestments" name="InterestIncomeFromInvestments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentCommitmentsFund" name="InvestmentCommitmentsFund" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NotionalAmountDuration" name="NotionalAmountDuration" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_GainLossOnFinancialInstruments" name="GainLossOnFinancialInstruments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets" name="AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOperatingExpensesTable" name="DisclosureOfOperatingExpensesTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOperatingExpensesLineItems" name="DisclosureOfOperatingExpensesLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BoardOfDirectorsCompensationEstimatedCompensation" name="BoardOfDirectorsCompensationEstimatedCompensation" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommitmentsAxis" name="CommitmentsAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommitmentsDomain" name="CommitmentsDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember" name="ImplementationOfExpansionOfInfrastructureNetworksParaguayMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember" name="ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsTypeOfArrangementAxis" name="IfrsTypeOfArrangementAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsArrangementsAndNonarrangementTransactionsDomain" name="IfrsArrangementsAndNonarrangementTransactionsDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember" name="MobileAdvancedCommunicationsServicesLicenseAgreementMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileTelecommunicationServicesLicenseAgreementMember" name="MobileTelecommunicationServicesLicenseAgreementMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember" name="InstallationAndProvisionOfInternetAndDataLicenseAgreementMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScResolutionNumbersAxis" name="ScResolutionNumbersAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScResolutionNumbersDomain" name="ScResolutionNumbersDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScResolutionNumber8014Member" name="ScResolutionNumber8014Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScResolutionNumber8114Member" name="ScResolutionNumber8114Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScResolutionNumber8214Member" name="ScResolutionNumber8214Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScResolutionNumber8314Member" name="ScResolutionNumber8314Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScResolutionNumber1814Member" name="ScResolutionNumber1814Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProjectAxis" name="ProjectAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TypeOfInventoriesAxis" name="TypeOfInventoriesAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TypeOfInventoriesDomain" name="TypeOfInventoriesDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileHandsetsAndOthersMember" name="MobileHandsetsAndOthersMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdvancesForMobileHandsetsAcquisitionsMember" name="AdvancesForMobileHandsetsAcquisitionsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FixedTelephonesAndEquipmentMember" name="FixedTelephonesAndEquipmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileInternetServicesGuaranteedPerformanceRate" name="MobileInternetServicesGuaranteedPerformanceRate" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ContractTerm" name="ContractTerm" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FrequenciesInLot" name="FrequenciesInLot" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NetReceivables" name="NetReceivables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalDueOnBankLoansMember" name="PrincipalDueOnBankLoansMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NotLaterThanNineMonthsMember" name="NotLaterThanNineMonthsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LaterThanNineMonthsMember" name="LaterThanNineMonthsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentsMadeAndExpensesIncurred" name="InvestmentsMadeAndExpensesIncurred" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" name="InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AmountDueFromCounterParty" name="AmountDueFromCounterParty" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" name="PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InterestIncomeFromCustomers" name="InterestIncomeFromCustomers" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" name="DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RevenuesRelatingToServiceRevenueAndOtherIncome" name="RevenuesRelatingToServiceRevenueAndOtherIncome" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome" name="OperatingExpensesRelatingToServiceRevenueAndOtherIncome" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome" name="ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome" name="ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PropertyPlantAndEquipmentWithoutMaterialsMember" name="PropertyPlantAndEquipmentWithoutMaterialsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PastDueMember" name="PastDueMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs" name="NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp" name="PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CorporateReorganizationAbstract" name="CorporateReorganizationAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CorporateReorganizationTextBlock" name="CorporateReorganizationTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MergerAbstract" name="MergerAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PreferenceSharesClassBonoDeGoceMember" name="PreferenceSharesClassBonoDeGoceMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AmortizationOfSharesAbstract" name="AmortizationOfSharesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfAmortizationTranches" name="NumberOfAmortizationTranches" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfDividendCertificates" name="NumberOfDividendCertificates" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendRights" name="DividendRights" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfDirectorsAppointed" name="NumberOfDirectorsAppointed" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfAlternateDirectorsAppointed" name="NumberOfAlternateDirectorsAppointed" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfSupervisoryCommitteeMembersAppointed" name="NumberOfSupervisoryCommitteeMembersAppointed" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfAlternatesAppointedToSupervisoryCommittee" name="NumberOfAlternatesAppointedToSupervisoryCommittee" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendRightsTermsAnnualUnpaidDividendsPercentage" name="DividendRightsTermsAnnualUnpaidDividendsPercentage" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendRightsCertificateRedemptionPeriod" name="DividendRightsCertificateRedemptionPeriod" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold" name="DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ConversionOfSharesAbstract" name="ConversionOfSharesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SharesConvertible" name="SharesConvertible" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CablevisionHoldingMember" name="CablevisionHoldingMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio" name="NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio" nillable="true" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FintechAdvisoryIncMember" name="FintechAdvisoryIncMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PurchasedCallOptionsTelecomArgentinaEquityMember" name="PurchasedCallOptionsTelecomArgentinaEquityMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OptionTerm" name="OptionTerm" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassDOrdinarySharesMember" name="ClassDOrdinarySharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember" name="PreliminaryMergerAgreementAndFinalMergerAgreementMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_VlgArgentinaLlcMember" name="VlgArgentinaLlcMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger" name="ProportionOfOwnershipInterestInAcquirerBeforeMerger" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfDistributions" name="NumberOfDistributions" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SyndicatedLoanAgreementMember" name="SyndicatedLoanAgreementMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DebtCovenantDebtIssuancePeriod" name="DebtCovenantDebtIssuancePeriod" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount" name="DebtCovenantRepaymentTriggerDebtIssuanceAmount" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TypeOfBreakdownAxis" name="TypeOfBreakdownAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TypeOfBreakdownDomain" name="TypeOfBreakdownDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ByLocationOfOperationsMember" name="ByLocationOfOperationsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ByLocationOfCustomerMember" name="ByLocationOfCustomerMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_PeriodOfFinanceFor2017Agreement" name="PeriodOfFinanceFor2017Agreement" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember" name="BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_PersonalCommunicationsServiceLicenseMember" name="PersonalCommunicationsServiceLicenseMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InternetAndDataTransmissionLicenseMember" name="InternetAndDataTransmissionLicenseMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill" name="UsefulLivesIntangibleAssetsOtherThanGoodwill" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_RenewedPeriodOfLicenses" name="RenewedPeriodOfLicenses" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ValidityOfTemporaryExtensionPeriod" name="ValidityOfTemporaryExtensionPeriod" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfLicenseExtensions" name="NumberOfLicenseExtensions" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsLesseeFinanceLeaseTermOfContract" name="IfrsLesseeFinanceLeaseTermOfContract" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum" name="NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>9
<FILENAME>teo-20171231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- Created by Merrill Corporation -->
<!--XBRL document created with Merrill Bridge  8.0.0.78 -->
<!--Based on XBRL 2.1-->
<!--Created on: 4/20/2018 10:29:53 AM-->
<!--Modified on: 4/20/2018 10:29:53 AM-->
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<!--Created on: 4/20/2018 10:29:53 AM-->
<!--Modified on: 4/20/2018 10:29:53 AM-->
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Common Stock, Shares Outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document Fiscal Year Focus</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document Fiscal Period Focus</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssetsAbstract" xlink:label="ifrs-full_AssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ASSETS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentInvestments" xlink:label="ifrs-full_CurrentInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInvestments" xlink:to="ifrs-full_CurrentInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="ifrs-full_CurrentTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentReceivables" xlink:label="ifrs-full_OtherCurrentReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentReceivables" xlink:to="ifrs-full_OtherCurrentReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Current other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-Current Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentTradeReceivables" xlink:label="ifrs-full_NoncurrentTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentTradeReceivables" xlink:to="ifrs-full_NoncurrentTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentReceivables" xlink:label="ifrs-full_OtherNoncurrentReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentReceivables" xlink:to="ifrs-full_OtherNoncurrentReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non-current receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherNoncurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Non-current other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxAssetsNoncurrent" xlink:label="ifrs-full_CurrentTaxAssetsNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxAssetsNoncurrent" xlink:to="ifrs-full_CurrentTaxAssetsNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxAssetsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax assets, non-current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxAssetsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTaxAssetsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actions for recourse tax receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxAssetsCurrentAndDeferredNoncurrentNet" xlink:label="teo_TaxAssetsCurrentAndDeferredNoncurrentNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxAssetsCurrentAndDeferredNoncurrentNet" xlink:to="teo_TaxAssetsCurrentAndDeferredNoncurrentNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxAssetsCurrentAndDeferredNoncurrentNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The non-current amount of tax assets, including both current tax assets and the amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxAssetsCurrentAndDeferredNoncurrentNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Assets, Current and Deferred, Noncurrent, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxAssetsCurrentAndDeferredNoncurrentNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_TaxAssetsCurrentAndDeferredNoncurrentNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total income tax assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current investments other than investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment at end of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment at beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Value, at the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Value, at the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current assets Breakdown by location of operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL ASSETS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="ifrs-full_LiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="ifrs-full_LiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current trade payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Current trade payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:to="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income classified as current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current deferred revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current borrowings and current portion of non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CurrentPayablesOnSalariesAndSocialSecurity" xlink:label="teo_CurrentPayablesOnSalariesAndSocialSecurity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentPayablesOnSalariesAndSocialSecurity" xlink:to="teo_CurrentPayablesOnSalariesAndSocialSecurity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current payables on salaries and social security.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Payables on Salaries and Social Security</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax liabilities, current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current income tax liability, net</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherTaxesPayablesCurrent" xlink:label="teo_OtherTaxesPayablesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherTaxesPayablesCurrent" xlink:to="teo_OtherTaxesPayablesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherTaxesPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The current amount of other taxes payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherTaxesPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Taxes Payables, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherTaxesPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other taxes payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OtherTaxesPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other taxes payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="ifrs-full_OtherCurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentLiabilities" xlink:to="ifrs-full_OtherCurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherShorttermProvisions" xlink:label="ifrs-full_OtherShorttermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherShorttermProvisions" xlink:to="ifrs-full_OtherShorttermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the end</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance in the beginning</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-Current Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentPayablesToTradeSuppliers" xlink:label="ifrs-full_NoncurrentPayablesToTradeSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayablesToTradeSuppliers" xlink:to="ifrs-full_NoncurrentPayablesToTradeSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current trade payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Non-current trade payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:to="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income classified as non-current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current deferred revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current portion of non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonCurrentPayablesOnSalariesAndSocialSecurity" xlink:label="teo_NonCurrentPayablesOnSalariesAndSocialSecurity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonCurrentPayablesOnSalariesAndSocialSecurity" xlink:to="teo_NonCurrentPayablesOnSalariesAndSocialSecurity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonCurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current payables on salaries and social security.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonCurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current Payables on Salaries and Social Security</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonCurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetDeferredTaxLiabilities" xlink:label="ifrs-full_NetDeferredTaxLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxLiabilities" xlink:to="ifrs-full_NetDeferredTaxLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net deferred tax liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_NetDeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred tax liabilities, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NetDeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income tax liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxLiabilitiesNoncurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesNoncurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax liabilities, non-current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current Income tax liability</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="ifrs-full_OtherNoncurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non-current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherLongtermProvisions" xlink:label="ifrs-full_OtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherLongtermProvisions" xlink:to="ifrs-full_OtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non-current provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the end</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance in the beginning</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL LIABILITIES</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to Telecom Argentina (Controlling Company)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncontrollingInterests" xlink:label="ifrs-full_NoncontrollingInterests" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterests" xlink:to="ifrs-full_NoncontrollingInterests_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-controlling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to non-controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to non-controlling interest (Note 1.a)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL EQUITY (See Consolidated Statements of Changes in Equity)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity and liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL LIABILITIES AND EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED INCOME STATEMENTS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherIncome" xlink:label="ifrs-full_OtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIncome" xlink:to="ifrs-full_OtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueAndOperatingIncome" xlink:label="ifrs-full_RevenueAndOperatingIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAndOperatingIncome" xlink:to="ifrs-full_RevenueAndOperatingIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue and other operating income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total revenues and other income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total revenues and other income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="ifrs-full_EmployeeBenefitsExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EmployeeBenefitsExpense" xlink:to="ifrs-full_EmployeeBenefitsExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EmployeeBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee benefits expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_EmployeeBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee benefit expenses and severance payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EmployeeBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total employee benefits expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CommunicationExpense" xlink:label="ifrs-full_CommunicationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CommunicationExpense" xlink:to="ifrs-full_CommunicationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CommunicationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Communication expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CommunicationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interconnection costs and other telecommunication charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_CommunicationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total interconnection costs and other telecommunication charges</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense" xlink:to="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expenses for fees for services, maintenance, materials and supplies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees for Services, Maintenance, Materials and Supplies Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees for services, maintenance, materials and supplies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total fees for services, maintenance, materials and supplies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:to="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax expense other than income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes and fees with the Regulatory Authority</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total taxes and fees with the regulatory authority</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FeeAndCommissionExpense" xlink:label="ifrs-full_FeeAndCommissionExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FeeAndCommissionExpense" xlink:to="ifrs-full_FeeAndCommissionExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FeeAndCommissionExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fee and commission expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FeeAndCommissionExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commissions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_FeeAndCommissionExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total fee and commission expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CostOfMerchandiseSold" xlink:label="ifrs-full_CostOfMerchandiseSold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfMerchandiseSold" xlink:to="ifrs-full_CostOfMerchandiseSold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CostOfMerchandiseSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of merchandise sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CostOfMerchandiseSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of equipments and handsets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_CostOfMerchandiseSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cost of equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdvertisingExpense" xlink:label="ifrs-full_AdvertisingExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdvertisingExpense" xlink:to="ifrs-full_AdvertisingExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdvertisingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advertising expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdvertisingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advertising</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_AdvertisingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total advertising</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CostOfValueAddedServices" xlink:label="teo_CostOfValueAddedServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostOfValueAddedServices" xlink:to="teo_CostOfValueAddedServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostOfValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from value added services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostOfValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of Value Added Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CostOfValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of VAS</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_CostOfValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Cost of VAS</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsExpense" xlink:label="teo_ProvisionsExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsExpense" xlink:to="teo_ProvisionsExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_ProvisionsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="teo_ProvisionsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other expenses - provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment loss recognised in profit or loss, trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bad debt expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherExpenseByNature" xlink:label="ifrs-full_OtherExpenseByNature" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherExpenseByNature" xlink:to="ifrs-full_OtherExpenseByNature_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherExpenseByNature_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other expenses, by nature</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherExpenseByNature_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other operating expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_OtherExpenseByNature_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other operating expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="ifrs-full_DepreciationAndAmortisationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation and amortisation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">D&amp;A</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total depreciation and amortisation expense</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisposalAndImpairmentOfPropertyPlantAndEquipment" xlink:label="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment" xlink:to="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of gain on disposal, impairment and disposal of property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal and Impairment of Property Plant and Equipment</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_FinanceIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total finance income</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total finance expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income before income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Profit (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income for the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income for the year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossAttributableToAbstract" xlink:label="ifrs-full_ProfitLossAttributableToAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Profit (loss), attributable to [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossAttributableToAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Attributable to:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Profit (loss), attributable to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Argentina (Controlling Company)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income attributable to Telecom Argentina</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Profit (loss), attributable to non-controlling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLossAttributableToNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income attributable to non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:label="ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsPerShareAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Basic and diluted earnings per share [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BasicAndDilutedEarningsPerShareAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings per share attributable to Telecom Argentina</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Basic and diluted earnings (loss) per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Basic and diluted</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="ifrs-full_StatementOfComprehensiveIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeAbstract" xlink:label="ifrs-full_OtherComprehensiveIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other comprehensive income [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other components of the Statements of Comprehensive Income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Items will be reclassified subsequently to profit or loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments (no effect on Income Tax)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiaries' NDF effects classified as hedges (Note 20)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actuarial results (Notes 3. m and 16)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax effect</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Comprehensive income, attributable to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Argentina (Controlling Company)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Comprehensive income, attributable to non-controlling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-controlling interest</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax relating to exchange differences on translation of other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments, tax effect</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends from Nucleo</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments" xlink:label="teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in equity resulting from transfers to voluntary reserve for future dividends payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) through Transfer to Voluntary Reserve for Future Dividends Payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary reserve for future dividends payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent" xlink:label="ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase of the share in Personal</label>
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    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseThroughAcquisitionEquity" xlink:label="teo_IncreaseDecreaseThroughAcquisitionEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughAcquisitionEquity" xlink:to="teo_IncreaseDecreaseThroughAcquisitionEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughAcquisitionEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in equity resulting from the acquisition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughAcquisitionEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through acquisition, equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughAcquisitionEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tuve's Paraguay acquisition</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent" xlink:to="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends recognised as distributions to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends declared and paid by Telecom Argentina during the year ($4.28, $2.06 and $0.83 peso per share, respectively)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends declared</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncomeAbstract" xlink:label="ifrs-full_ComprehensiveIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Comprehensive income [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Comprehensive income:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:to="ifrs-full_NumberOfSharesIssuedAndFullyPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares issued and fully paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares issued and fully paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total capital stock (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ParValuePerShare" xlink:label="ifrs-full_ParValuePerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ParValuePerShare" xlink:to="ifrs-full_ParValuePerShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ParValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Par value per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ParValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nominal value (in pesos per share)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ParValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Par value (in argentine peso per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:to="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares in entity held by entity or by its subsidiaries or associates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfTreasurySharesHeld" xlink:label="teo_PercentageOfTreasurySharesHeld" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfTreasurySharesHeld" xlink:to="teo_PercentageOfTreasurySharesHeld_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfTreasurySharesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of treasury shares to total capital.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfTreasurySharesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Treasury Shares Held</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfTreasurySharesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of treasury shares to total capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_PercentageOfTreasurySharesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of treasury shares held</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED STATEMENTS OF CASH FLOWS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) operating activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH FLOWS FROM OPERATING ACTIVITIES</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash flow provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to reconcile profit (loss) [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to reconcile net income to net cash flows provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables" xlink:to="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss, trade and other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bad debt expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities" xlink:label="teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities" xlink:to="teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for the allowance for obsolescence of inventories, materials and other classified as operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance For Obsolescence of Inventories, Materials And Other Classified as Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for obsolescence of inventories, materials and other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDepreciationExpense" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for depreciation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForAmortisationExpense" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForAmortisationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for amortisation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForConsumptionOfMaterials" xlink:label="teo_AdjustmentsForConsumptionOfMaterials" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForConsumptionOfMaterials" xlink:to="teo_AdjustmentsForConsumptionOfMaterials_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForConsumptionOfMaterials_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for consumption of materials to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForConsumptionOfMaterials_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Consumption of Materials</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForConsumptionOfMaterials_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consumption of materials</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment" xlink:label="teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment" xlink:to="teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for disposals and impairment of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Property, plant and equipment; Disposals, property, plant and equipment]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Disposals and Impairment of Property Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposals and impairment of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment" xlink:label="teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment" xlink:to="teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for net book value of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Net Book Value of Property, Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net book value of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForProvisions" xlink:label="ifrs-full_AdjustmentsForProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForProvisions" xlink:to="ifrs-full_AdjustmentsForProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for provisions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForOtherFinancialResults" xlink:label="teo_AdjustmentsForOtherFinancialResults" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForOtherFinancialResults" xlink:to="teo_AdjustmentsForOtherFinancialResults_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForOtherFinancialResults_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for other  financial results to reconcile profit (loss) to cash flow from (used in) operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForOtherFinancialResults_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Other Financial Results</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AdjustmentsForOtherFinancialResults_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other financial results</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:to="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income taxes (include tax return and payments in advance)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForNetIncreaseDecreaseInAssets" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Net Increase (Decrease) in Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net increase in assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForNetIncreaseDecreaseInLiabilities" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for net increase (decrease) in liabilities to cash flow from (used in) operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Net Increase (Decrease) in Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net increase (decrease) in liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cash flows provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) investing activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH FLOWS FROM INVESTING ACTIVITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase of property, plant and equipment, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed assets acquisitions, total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments for commitments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" xlink:label="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" xlink:to="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for the purchases of license intangible assets, classified as investing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase of Intangible Assets, Licenses, Classified as Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">3G/4G licenses acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for the purchases of other intangible assets, classified as investing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase of Other Intangible Assets, Classified as Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other intangible asset acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal shares acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from sales of property, plant and equipment, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from the sale of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The aggregate cash flows provide by (used in) obtaining control of subsidiaries or other businesses, classified as investing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flows Provide by (Used in) Obtaining Control of Subsidiaries or Other Businesses, Classified as Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition of Tuves Paraguay</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProceedsFromMergerTransactions" xlink:label="teo_ProceedsFromMergerTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromMergerTransactions" xlink:to="teo_ProceedsFromMergerTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromMergerTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from merger transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromMergerTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Merger Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromMergerTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incorporated by Merge with Nortel</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:to="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) decrease (increase) in short-term deposits and investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments not considered as cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cash flows used in investing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) financing activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH FLOWS FROM FINANCING ACTIVITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from borrowings, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from financial debt</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of borrowings, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total payment of debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of financial debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest paid, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of interests and related expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total payment of interest and related expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of cash dividends and related withholding tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of cash dividend</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cash flows provided by (used in) financing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effect of exchange rate changes on cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NET FOREIGN EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:label="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:to="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents if different from statement of financial position</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsAbstract" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of business and basis of preparation of the consolidated financial statements</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOnRegulatoryFrameworkAbstract" xlink:label="teo_DisclosureOnRegulatoryFrameworkAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOnRegulatoryFrameworkTextBlock" xlink:label="teo_DisclosureOnRegulatoryFrameworkTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOnRegulatoryFrameworkTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure on Regulatory Framework [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOnRegulatoryFrameworkTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">REGULATORY FRAMEWORK</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SummaryOfSignificantAccountingPoliciesAbstract" xlink:label="teo_SummaryOfSignificantAccountingPoliciesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant accounting policies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant accounting policies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract" xlink:label="teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</label>
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    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TradeReceivablesAbstract" xlink:label="teo_TradeReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfTradeReceivablesTextBlock" xlink:label="teo_DisclosureOfTradeReceivablesTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradeReceivablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure on trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradeReceivablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Trade Receivables [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTradeReceivablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherReceivablesAbstract" xlink:label="teo_OtherReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherReceivablesAbstract" xlink:to="teo_OtherReceivablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOtherReceivablesTextBlock" xlink:label="teo_DisclosureOfOtherReceivablesTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherReceivablesTextBlock" xlink:to="teo_DisclosureOfOtherReceivablesTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherReceivablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure of other receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherReceivablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Receivables [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOtherReceivablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfInventoriesAbstract" xlink:label="ifrs-full_ClassesOfInventoriesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfInventoriesAbstract" xlink:to="ifrs-full_ClassesOfInventoriesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfInventoriesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfInventoriesExplanatory" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInventoriesExplanatory" xlink:to="ifrs-full_DisclosureOfInventoriesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of inventories [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of property, plant and equipment [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of intangible assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherPayablesAbstract" xlink:label="ifrs-full_TradeAndOtherPayablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesAbstract" xlink:to="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfTradePayablesTextBlock" xlink:label="teo_DisclosureOfTradePayablesTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTradePayablesTextBlock" xlink:to="teo_DisclosureOfTradePayablesTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradePayablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of trade payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradePayablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Trade Payables [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTradePayablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccrualsAndDeferredIncomeAbstract" xlink:label="ifrs-full_AccrualsAndDeferredIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccrualsAndDeferredIncomeAbstract" xlink:to="ifrs-full_AccrualsAndDeferredIncomeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccrualsAndDeferredIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDeferredIncomeExplanatory" xlink:label="ifrs-full_DisclosureOfDeferredIncomeExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDeferredIncomeExplanatory" xlink:to="ifrs-full_DisclosureOfDeferredIncomeExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDeferredIncomeExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of deferred income [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDeferredIncomeExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:to="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of borrowings [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xlink:label="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xlink:to="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:to="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of employee benefits [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax payables, income tax assets and deferred income tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:to="ifrs-full_DisclosureOfIncomeTaxExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of income tax [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax payables, income tax assets and deferred income tax</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherTaxesPayablesAbstract" xlink:label="teo_OtherTaxesPayablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherTaxesPayablesAbstract" xlink:to="teo_OtherTaxesPayablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherTaxesPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherTaxesPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other taxes payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOtherTaxesPayableTextBlock" xlink:label="teo_DisclosureOfOtherTaxesPayableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherTaxesPayableTextBlock" xlink:to="teo_DisclosureOfOtherTaxesPayableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherTaxesPayableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure for taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherTaxesPayableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Taxes Payable [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOtherTaxesPayableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other taxes payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsOtherLiabilitiesAbstract" xlink:label="teo_IfrsOtherLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsOtherLiabilitiesAbstract" xlink:to="teo_IfrsOtherLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsOtherLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsOtherLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of other liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherProvisionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfProvisionsExplanatory" xlink:label="ifrs-full_DisclosureOfProvisionsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfProvisionsExplanatory" xlink:to="ifrs-full_DisclosureOfProvisionsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of provisions [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalCommitmentsAbstract" xlink:label="ifrs-full_CapitalCommitmentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalCommitmentsAbstract" xlink:to="ifrs-full_CapitalCommitmentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalCommitmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:to="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of commitments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:to="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of share capital, reserves and other equity interest [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of financial instruments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueAbstract" xlink:label="ifrs-full_RevenueAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfRevenueExplanatory" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRevenueExplanatory" xlink:to="ifrs-full_DisclosureOfRevenueExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of revenue [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOperatingExpensesAbstract" xlink:label="teo_DisclosureOfOperatingExpensesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOperatingExpensesAbstract" xlink:to="teo_DisclosureOfOperatingExpensesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOperatingExpensesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOperatingExpensesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfExpensesExplanatory" xlink:label="ifrs-full_DisclosureOfExpensesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfExpensesExplanatory" xlink:to="ifrs-full_DisclosureOfExpensesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfExpensesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of expenses [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfExpensesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperatingIncomeAbstract" xlink:label="teo_OperatingIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingIncomeAbstract" xlink:to="teo_OperatingIncomeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This concept does not have any references.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOperatingIncomeTextBlock" xlink:label="teo_DisclosureOfOperatingIncomeTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOperatingIncomeTextBlock" xlink:to="teo_DisclosureOfOperatingIncomeTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOperatingIncomeTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of operating income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOperatingIncomeTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Operating Income [Text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOperatingIncomeTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FinanceIncomeAndExpensesAbstract" xlink:label="teo_FinanceIncomeAndExpensesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinanceIncomeAndExpensesAbstract" xlink:to="teo_FinanceIncomeAndExpensesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinanceIncomeAndExpensesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinanceIncomeAndExpensesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance income and expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:label="ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:to="ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of finance income (cost) [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance income and expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="ifrs-full_EarningsPerShareAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings Per Share [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract" xlink:to="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial risk management</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:to="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of financial risk management [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial risk management</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related party balances and transactions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:to="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of related party [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related party balances and transactions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment information</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:to="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of entity's operating segments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment information</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfQuarterlyConsolidatedInformationAbstract" xlink:label="teo_DisclosureOfQuarterlyConsolidatedInformationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfQuarterlyConsolidatedInformationAbstract" xlink:to="teo_DisclosureOfQuarterlyConsolidatedInformationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfQuarterlyConsolidatedInformationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfQuarterlyConsolidatedInformationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quarterly consolidated information (unaudited information)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfQuarterlyConsolidatedInformationTextBlock" xlink:label="teo_DisclosureOfQuarterlyConsolidatedInformationTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfQuarterlyConsolidatedInformationTextBlock" xlink:to="teo_DisclosureOfQuarterlyConsolidatedInformationTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfQuarterlyConsolidatedInformationTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure of quarterly consolidated information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfQuarterlyConsolidatedInformationTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Quarterly Consolidated Information [Text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfQuarterlyConsolidatedInformationTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quarterly consolidated information (unaudited information)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract" xlink:to="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restrictions on distribution of profits and dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RestrictionsOnDistributionOfProfitsAndDividends" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividends" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RestrictionsOnDistributionOfProfitsAndDividends" xlink:to="teo_RestrictionsOnDistributionOfProfitsAndDividends_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividends_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire discloser refers to restrictions on distribution of profits and dividends.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividends_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restrictions on Distribution of Profits and Dividends.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividends_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restrictions on distribution of profits and dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CorporateReorganizationAbstract" xlink:label="teo_CorporateReorganizationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CorporateReorganizationAbstract" xlink:to="teo_CorporateReorganizationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CorporateReorganizationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CorporateReorganizationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Corporate Reorganization of the Telecom Group and Its controlling companies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CorporateReorganizationTextBlock" xlink:label="teo_CorporateReorganizationTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CorporateReorganizationTextBlock" xlink:to="teo_CorporateReorganizationTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CorporateReorganizationTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure for corporate reorganization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CorporateReorganizationTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Corporate Reorganization [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CorporateReorganizationTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Corporate Reorganization of the Telecom Group and Its controlling companies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MergerAbstract" xlink:label="teo_MergerAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MergerAbstract" xlink:to="teo_MergerAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MergerAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MergerAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger by absorption between Telecom Argentina and Cablevision S.A.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of business combinations [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger by absorption between Telecom Argentina and Cablevision S.A.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:to="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent events to December 31, 2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of events after reporting period [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent events to December 31, 2017</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for going concern.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Going Concern [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Going concern</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for foreign currency translation [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency translation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for functional currency [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency transactions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for consolidation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Consolidation [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidation</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for acquisition of controlling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Acquisition of Controlling Interest [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition of the controlling interest in Tuves Paraguay</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for recognition of revenue [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for financial instruments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for measuring inventories [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for property, plant and equipment [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for intangible assets other than goodwill [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for leases [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for impairment of assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of intangible assets and PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Other Liabilities [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for deferred revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Deferred Revenues [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for salaries and social security payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Salaries and Social Security Payables [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for income tax [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for provisions [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for dividends [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for finance income and costs [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance income and expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for treasury shares [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Shares Acquisition</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for cost of the increase of the share in controlled companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Cost Of The Increase Of The Share In Controlled Companies [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of the increase of the share in controlled companies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for earnings per share [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings per share</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for use of estimates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Use of Estimates [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Use of estimates</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for new standards and interpretations issued by the IASB not in force.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for New Standards and Interpretations Issued by the IASB Not in Force [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">New Standards and Interpretations issued by the IASB not in force</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock" xlink:label="teo_ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock" xlink:to="teo_ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of entities included in the consolidation process and the respective equity interest owned by the company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule Of Entities Included in The Consolidation Process And The Respective Equity Interest Owned By The Company [Table Text Block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of assumptions used in determining expense and benefit obligations</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfCashCashEquivalentsAndInvestmentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Cash, Cash Equivalents and Investments [Table]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashCashEquivalentsAndInvestmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of cash and cash equivalents and investments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfAdditionalInformationOfNetCashFlowProvidedByOperatingActivitiesTableTextBlock" xlink:label="teo_DisclosureOfAdditionalInformationOfNetCashFlowProvidedByOperatingActivitiesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfAdditionalInformationOfNetCashFlowProvidedByOperatingActivitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of the additional information of net cash flow provided by operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfAdditionalInformationOfNetCashFlowProvidedByOperatingActivitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Additional Information of Net Cash Flow Provided By Operating Activities [Table Text Block]</label>
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    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock" xlink:label="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Changes in Assets and Liabilities Components [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of changes in assets/liabilities components</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock" xlink:label="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of the main non-cash operating transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Main Non-Cash Operating Transactions [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of main non-cash operating transactions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfMostSignificantInvestingActivitiesTableTextBlock" xlink:label="teo_DisclosureOfMostSignificantInvestingActivitiesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMostSignificantInvestingActivitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Most Significant Investing activities [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfMostSignificantInvestingActivitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of most significant investing activities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock" xlink:label="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of the financing activities components.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Financing Activities Components [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of financing activities components</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDividendsExplanatory" xlink:label="ifrs-full_DisclosureOfDividendsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDividendsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of breakdown of dividends paid by company</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of additional information required by IAS 7</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Trade Receivables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of trade receivables</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of movements in the allowance for doubtful accounts on trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Movements in Allowance for Doubtful Accounts on Trade Receivables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOtherReceivablesTableTextBlock" xlink:label="teo_DisclosureOfOtherReceivablesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherReceivablesTableTextBlock" xlink:to="teo_DisclosureOfOtherReceivablesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of detailed information about other receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Receivables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOtherReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of other receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfChangesInAllowancesTableTextBlock" xlink:label="teo_DisclosureOfChangesInAllowancesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfChangesInAllowancesTableTextBlock" xlink:to="teo_DisclosureOfChangesInAllowancesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfChangesInAllowancesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of changes in the allowances.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfChangesInAllowancesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Changes in Allowances [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfChangesInAllowancesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the allowances</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsScheduleOfInventoryCurrentTableTextBlock" xlink:label="teo_IfrsScheduleOfInventoryCurrentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsScheduleOfInventoryCurrentTableTextBlock" xlink:to="teo_IfrsScheduleOfInventoryCurrentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsScheduleOfInventoryCurrentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsScheduleOfInventoryCurrentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Schedule of Inventory Current Table Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsScheduleOfInventoryCurrentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of inventories</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment" xlink:label="teo_ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment" xlink:to="teo_ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of the of sale and cost of equipment and handsets by business segment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule Of Sale And Cost of Equipment And Handsets By Business Segment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of sale and cost of equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about property, plant and equipment [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock" xlink:label="teo_DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock" xlink:to="teo_DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of reconciliation of changes in materials, property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Reconciliation of Changes in Materials, Property, Plant and Equipment [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in materials</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" xlink:label="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" xlink:to="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of reconciliation of changes in valuation allowance and impairment of materials, property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Reconciliation of Changes in Valuation Allowance and Impairment of Materials, Property, Plant and Equipment [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in valuation allowance for materials and impairment of materials</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" xlink:label="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" xlink:to="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of reconciliation of changes in impairment, property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Reconciliation of Changes in Impairment, Property, Plant and Equipment [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the impairment of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" xlink:label="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" xlink:to="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of reconciliation of changes in property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Reconciliation of Changes in Property, Plant and Equipment [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of nature and movements of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of intangible assets material to entity [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfTradePayablesTableTextBlock" xlink:label="teo_DisclosureOfTradePayablesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTradePayablesTableTextBlock" xlink:to="teo_DisclosureOfTradePayablesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradePayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of the trade payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradePayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Trade Payables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTradePayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Trade Payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfDeferredRevenueTableTextBlock" xlink:label="teo_DisclosureOfDeferredRevenueTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDeferredRevenueTableTextBlock" xlink:to="teo_DisclosureOfDeferredRevenueTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDeferredRevenueTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of deferred revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDeferredRevenueTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Deferred Revenue [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfDeferredRevenueTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of deferred revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about borrowings [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of current and non-current financial debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:label="ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:to="ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of maturity analysis for non-derivative financial liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of outstanding loans</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" xlink:label="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" xlink:to="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of salaries and social security payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Salaries and Social Security Payables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock" xlink:label="teo_DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock" xlink:to="teo_DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of employee benefit expenses and severance payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Employee Benefit Expenses and Severance Payments [Table Text Block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:label="ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of tax receivables and payables [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Income tax asset and liability, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:to="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of temporary difference, unused tax losses and unused tax credits [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of tax effects of temporary differences to deferred tax assets and liabilities and actions for recourse tax receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of income tax expense</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of income tax reconciliation between amounts computed based on statutory income tax rate and pre-tax income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScheduleOfOtherTaxesPayableTableTextBlock" xlink:label="teo_ScheduleOfOtherTaxesPayableTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfOtherTaxesPayableTableTextBlock" xlink:to="teo_ScheduleOfOtherTaxesPayableTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfOtherTaxesPayableTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of detailed information about other taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfOtherTaxesPayableTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Other Taxes Payable [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScheduleOfOtherTaxesPayableTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of other taxes payable</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOtherLiabilitiesTableTextBlock" xlink:label="teo_DisclosureOfOtherLiabilitiesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherLiabilitiesTableTextBlock" xlink:to="teo_DisclosureOfOtherLiabilitiesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherLiabilitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of detailed information about other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherLiabilitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Liabilities [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOtherLiabilitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of other liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:to="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of net defined benefit liability (asset) [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the pension benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOtherProvisionsExplanatory" xlink:label="ifrs-full_DisclosureOfOtherProvisionsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherProvisionsExplanatory" xlink:to="ifrs-full_DisclosureOfOtherProvisionsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of other provisions [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOtherProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:to="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of non-adjusting events after reporting period [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:to="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of non-adjusting events after reporting period [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent events to December 31, 2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesIssuedAbstract" xlink:label="ifrs-full_NumberOfSharesIssuedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssuedAbstract" xlink:to="ifrs-full_NumberOfSharesIssuedAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssuedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares issued [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesIssuedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfCompanySEquityTableTextBlock" xlink:label="teo_DisclosureOfCompanySEquityTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfCompanySEquityTableTextBlock" xlink:to="teo_DisclosureOfCompanySEquityTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfCompanySEquityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of the company's equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfCompanySEquityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Company's Equity [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfCompanySEquityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of entity's equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of classes of share capital [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of entity's capital breakdown</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about financial instruments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of financial assets and financial liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock" xlink:label="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock" xlink:to="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of gains and losses of financial instruments by category.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Gains and Losses of Financial Instruments by Category [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of gains and losses of financial instruments by category</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock" xlink:label="teo_DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock" xlink:to="teo_DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of investments at amortised cost and fair value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Investments at Amortised Cost and Fair Value [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of investments in government bonds at amortised cost with its fair value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of offsetting of financial assets and financial liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of offsetting of financial assets and financial liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfRevenueAndOtherIncomeTableTextBlock" xlink:label="teo_DisclosureOfRevenueAndOtherIncomeTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfRevenueAndOtherIncomeTableTextBlock" xlink:to="teo_DisclosureOfRevenueAndOtherIncomeTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfRevenueAndOtherIncomeTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure on revenue and other income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfRevenueAndOtherIncomeTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Revenue and Other Income [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfRevenueAndOtherIncomeTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of Revenues and other income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock" xlink:label="teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock" xlink:to="teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of interconnection costs and other telecommunication charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Interconnection Costs and Other Telecommunication Charges [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Interconnection costs and other telecommunication charges</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock" xlink:label="teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock" xlink:to="teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of fees for services, maintenance, materials and supplies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Fees for Services, Maintenance, Materials and Supplies [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Fees for services, maintenance, materials and supplies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock" xlink:label="teo_DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock" xlink:to="teo_DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of taxes and fees with the regulatory authority.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Taxes and Fees with the Regulatory Authority [ Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Taxes and fees with the Regulatory Authority</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfCommissionExpensesTableTextBlock" xlink:label="teo_DisclosureOfCommissionExpensesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfCommissionExpensesTableTextBlock" xlink:to="teo_DisclosureOfCommissionExpensesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfCommissionExpensesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of commission expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfCommissionExpensesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Commission expenses [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfCommissionExpensesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Commissions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfAdvertisingExpensesTableTextBlock" xlink:label="teo_DisclosureOfAdvertisingExpensesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfAdvertisingExpensesTableTextBlock" xlink:to="teo_DisclosureOfAdvertisingExpensesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfAdvertisingExpensesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of advertising expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfAdvertisingExpensesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Advertising Expenses [ Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfAdvertisingExpensesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Advertising</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfCostOfValueAddedServicesTableTextBlock" xlink:label="teo_DisclosureOfCostOfValueAddedServicesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfCostOfValueAddedServicesTableTextBlock" xlink:to="teo_DisclosureOfCostOfValueAddedServicesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfCostOfValueAddedServicesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of cost of value added services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfCostOfValueAddedServicesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Cost of Value Added Services [ Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfCostOfValueAddedServicesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Cost of Value Added Services</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory" xlink:label="ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory" xlink:to="ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of other operating expense [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Other operating expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDepreciationAndAmortisationExpenseExplanatory" xlink:label="ifrs-full_DisclosureOfDepreciationAndAmortisationExpenseExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDepreciationAndAmortisationExpenseExplanatory" xlink:to="ifrs-full_DisclosureOfDepreciationAndAmortisationExpenseExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDepreciationAndAmortisationExpenseExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of depreciation and amortisation expense [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfDepreciationAndAmortisationExpenseExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Depreciation &amp; Amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:label="ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of impairment of assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Disposals and Impairment of Property Plant and Equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock" xlink:label="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock" xlink:to="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of operating expenses, categorised by function.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Operating Expenses, By Function [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of operating expenses disclosed per function</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory" xlink:to="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of finance lease and operating lease by lessee [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Future minimum lease payments on non cancellable operating lease agreements</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOperatingIncomeTableTextBlock" xlink:label="teo_DisclosureOfOperatingIncomeTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOperatingIncomeTableTextBlock" xlink:to="teo_DisclosureOfOperatingIncomeTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOperatingIncomeTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The detailed disclosure of operating income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOperatingIncomeTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Operating Income [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOperatingIncomeTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of operating income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock" xlink:label="teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock" xlink:to="teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of breakdown of operating income by segment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Breakdown of Operating Income by Segment [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of breakdown of operating income by segment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfFinanceIncomeAndExpensesTableTextBlock" xlink:label="teo_DisclosureOfFinanceIncomeAndExpensesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfFinanceIncomeAndExpensesTableTextBlock" xlink:to="teo_DisclosureOfFinanceIncomeAndExpensesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfFinanceIncomeAndExpensesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of finance income and expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfFinanceIncomeAndExpensesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Finance Income and Expenses [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfFinanceIncomeAndExpensesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of finance income and expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" xlink:label="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" xlink:to="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of detailed information about net assessed financial position exposure to currency risk.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Financial Position Exposure to Currency Risk [Table text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of break down of group's net assessed financial position exposure to currency risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk" xlink:label="ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk" xlink:to="ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sensitivity analysis for types of market risk [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of sensitivity analysis for interest rate risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xlink:to="ifrs-full_DisclosureOfCreditRiskExposureExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of credit risk exposure [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of theoretical exposure of credit risk</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" xlink:label="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" xlink:to="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of detailed information about working capital breakdown and its main variations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Working Capital Breakdown and its Main Variations [Table text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of working capital breakdown and its main variations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:label="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:to="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of maturity analysis for derivative financial liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of breakdown of financial liabilities into relevant maturity groups</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of transactions between related parties [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of balances and transactions with related parties</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xlink:label="ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xlink:to="ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of information about key management personnel [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of compensation for Key Managers</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of operating segments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of income statement information</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfBalanceSheetInformationTableTextBlock" xlink:label="teo_DisclosureOfBalanceSheetInformationTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfBalanceSheetInformationTableTextBlock" xlink:to="teo_DisclosureOfBalanceSheetInformationTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfBalanceSheetInformationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of balance sheet information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfBalanceSheetInformationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Balance Sheet Information [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfBalanceSheetInformationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of balance sheet information</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:label="ifrs-full_DisclosureOfGeographicalAreasExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:to="ifrs-full_DisclosureOfGeographicalAreasExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeographicalAreasExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of geographical areas [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfGeographicalAreasExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of geographic information</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScheduleOfQuarterlyConsolidatedInformationTableTextBlock" xlink:label="teo_ScheduleOfQuarterlyConsolidatedInformationTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfQuarterlyConsolidatedInformationTableTextBlock" xlink:to="teo_ScheduleOfQuarterlyConsolidatedInformationTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfQuarterlyConsolidatedInformationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of Quarterly consolidated information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfQuarterlyConsolidatedInformationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Quarterly Consolidated Information [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScheduleOfQuarterlyConsolidatedInformationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of quarterly consolidated information</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfDividendsTableTextBlock" xlink:label="teo_DisclosureOfDividendsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDividendsTableTextBlock" xlink:to="teo_DisclosureOfDividendsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDividendsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of dividend payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDividendsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Dividends [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfDividendsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable" xlink:to="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to description of business and basis of preparation of the financial statements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Description Of Business And Basis Of Preparation Of The Financial Statements [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiaries [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForSubsidiariesMember" xlink:to="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Subsidiaries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for subsidiaries [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TelecomUsaMember" xlink:label="teo_TelecomUsaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelecomUsaMember" xlink:to="teo_TelecomUsaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelecomUsaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Telecom USA.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelecomUsaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Usa [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelecomUsaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom USA</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MicroSistemasMember" xlink:label="teo_MicroSistemasMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MicroSistemasMember" xlink:to="teo_MicroSistemasMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MicroSistemasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Micro Sistemas.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MicroSistemasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Micro Sistemas [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MicroSistemasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Micro Sistemas</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PersonalMember" xlink:label="teo_PersonalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalMember" xlink:to="teo_PersonalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Personal.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NucleoMember" xlink:label="teo_NucleoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NucleoMember" xlink:to="teo_NucleoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Nucleo.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PersonalEnviosMember" xlink:label="teo_PersonalEnviosMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalEnviosMember" xlink:to="teo_PersonalEnviosMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalEnviosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Personal Envios.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalEnviosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Envios [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalEnviosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Envios</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems" xlink:to="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of business and basis of preparation of the consolidated financial statements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of ownership interest in subsidiary</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of capital stock owned and voting rights</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership percentage by parent</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:label="ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:to="ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of ownership interests held by non-controlling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of ownership interest held by a noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:to="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of voting equity interests acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ConsumerPriceIndexAbstract" xlink:label="teo_ConsumerPriceIndexAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConsumerPriceIndexAbstract" xlink:to="teo_ConsumerPriceIndexAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConsumerPriceIndexAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConsumerPriceIndexAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consumer Price Index</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfConsumerPriceIndex" xlink:label="teo_PercentageOfConsumerPriceIndex" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfConsumerPriceIndex" xlink:to="teo_PercentageOfConsumerPriceIndex_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of consumer price index over a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Consumer Price Index</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consumer Price Index (annual as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfAccumulatedConsumerPriceIndex" xlink:label="teo_PercentageOfAccumulatedConsumerPriceIndex" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfAccumulatedConsumerPriceIndex" xlink:to="teo_PercentageOfAccumulatedConsumerPriceIndex_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfAccumulatedConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of accumulated Consumer Price Index.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfAccumulatedConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Accumulated Consumer Price Index</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfAccumulatedConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consumer Price Index (3 years accumulated)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfYearsOfAccumulatedPriceIndex" xlink:label="teo_NumberOfYearsOfAccumulatedPriceIndex" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfYearsOfAccumulatedPriceIndex" xlink:to="teo_NumberOfYearsOfAccumulatedPriceIndex_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfYearsOfAccumulatedPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the duration of accumulated Price Index under both Consumer price index and wholesale price index.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfYearsOfAccumulatedPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Years of Accumulated Price Index</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfYearsOfAccumulatedPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of years of accumulated price index</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InternalWholesalePriceIndexAbstract" xlink:label="teo_InternalWholesalePriceIndexAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InternalWholesalePriceIndexAbstract" xlink:to="teo_InternalWholesalePriceIndexAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InternalWholesalePriceIndexAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InternalWholesalePriceIndexAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internal Wholesale Price Index</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfInternalWholesalePriceIndex" xlink:label="teo_PercentageOfInternalWholesalePriceIndex" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfInternalWholesalePriceIndex" xlink:to="teo_PercentageOfInternalWholesalePriceIndex_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfInternalWholesalePriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of internal wholesale price Index over a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfInternalWholesalePriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Internal Wholesale Price Index</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfInternalWholesalePriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internal Wholesale Price Index (annual as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfAccumulatedInternalWholesalePriceIndex" xlink:label="teo_PercentageOfAccumulatedInternalWholesalePriceIndex" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfAccumulatedInternalWholesalePriceIndex" xlink:to="teo_PercentageOfAccumulatedInternalWholesalePriceIndex_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfAccumulatedInternalWholesalePriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of accumulated Wholesale Price Index.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfAccumulatedInternalWholesalePriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Accumulated Internal Wholesale Price Index</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfAccumulatedInternalWholesalePriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internal Wholesale Price Index (3 years accumulated)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis" xlink:label="ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis" xlink:to="ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated and separate financial statements [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ConsolidatedMember" xlink:label="ifrs-full_ConsolidatedMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConsolidatedMember" xlink:to="ifrs-full_ConsolidatedMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConsolidatedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ConsolidatedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="us-gaap_ParentCompanyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ParentCompanyMember" xlink:to="us-gaap_ParentCompanyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ParentCompanyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Parent Company [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ParentCompanyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Argentina</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BusinessCombinationsAxis" xlink:label="ifrs-full_BusinessCombinationsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_BusinessCombinationsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BusinessCombinationsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business combinations [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Business Combinations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for business combinations [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CubecorpMember" xlink:label="teo_CubecorpMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CubecorpMember" xlink:to="teo_CubecorpMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CubecorpMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information on Cubecorp Agrentina S.A. ("Cubecorp").</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CubecorpMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cubecorp [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CubecorpMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cubecorp</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger Information</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NetAssetFromInvestment" xlink:label="teo_NetAssetFromInvestment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetAssetFromInvestment" xlink:to="teo_NetAssetFromInvestment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetAssetFromInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the net asset from investment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetAssetFromInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Asset From Investment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NetAssetFromInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net assets from the investment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NetLiabilitiesFromInvestment" xlink:label="teo_NetLiabilitiesFromInvestment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetLiabilitiesFromInvestment" xlink:to="teo_NetLiabilitiesFromInvestment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetLiabilitiesFromInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents net liabilities from the investment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetLiabilitiesFromInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Liabilities From Investment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NetLiabilitiesFromInvestment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net liabilities from the investment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOnRegulatoryFrameworkTable" xlink:label="teo_DisclosureOnRegulatoryFrameworkTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOnRegulatoryFrameworkTable" xlink:to="teo_DisclosureOnRegulatoryFrameworkTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOnRegulatoryFrameworkTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to regulatory framework.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOnRegulatoryFrameworkTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure on Regulatory Framework [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsTypeOfArrangementAxis" xlink:label="teo_IfrsTypeOfArrangementAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTypeOfArrangementAxis" xlink:to="teo_IfrsTypeOfArrangementAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTypeOfArrangementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information by category of arrangement, including but not limited to collaborative arrangements and non-collaborative arrangements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTypeOfArrangementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Type Of Arrangement [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsArrangementsAndNonarrangementTransactionsDomain" xlink:label="teo_IfrsArrangementsAndNonarrangementTransactionsDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsArrangementsAndNonarrangementTransactionsDomain" xlink:to="teo_IfrsArrangementsAndNonarrangementTransactionsDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsArrangementsAndNonarrangementTransactionsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This item is to be populated with the collective of (i) types (categories) of arrangements of the entity applicable to its revenue-generating activities or operations and non-arrangement transactions, including but not limited to, for instance, sales of product manufactured by the entity, if such comparison of arrangements as a component of all transactions is provided by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsArrangementsAndNonarrangementTransactionsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Arrangements And Nonarrangement Transactions [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsArrangementsAndNonarrangementTransactionsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Arrangements And Nonarrangement Transactions [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember" xlink:label="teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember" xlink:to="teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SCMA license agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Advanced Communications Services License Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SCMA license agreement</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileTelecommunicationServicesLicenseAgreementMember" xlink:label="teo_MobileTelecommunicationServicesLicenseAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileTelecommunicationServicesLicenseAgreementMember" xlink:to="teo_MobileTelecommunicationServicesLicenseAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileTelecommunicationServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for license agreement to provide mobile telecommunication services (STM and PCS) throughout Paraguay.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileTelecommunicationServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Telecommunication Services License Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileTelecommunicationServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">License agreement for STM and PCS</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember" xlink:label="teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember" xlink:to="teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for license agreement to provide installation and provision of Internet and Data throughout Paraguay.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Installation And Provision Of Internet And Data License Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">License agreement for installation and provision of Internet and Data</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TelecommunicationServicesDistributionOfDigitalAudioAndTelevisionSignalsMember" xlink:label="teo_TelecommunicationServicesDistributionOfDigitalAudioAndTelevisionSignalsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelecommunicationServicesDistributionOfDigitalAudioAndTelevisionSignalsMember" xlink:to="teo_TelecommunicationServicesDistributionOfDigitalAudioAndTelevisionSignalsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelecommunicationServicesDistributionOfDigitalAudioAndTelevisionSignalsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for license agreement to provision of telecommunications services and also the distribution of digital audio and television signals to homes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelecommunicationServicesDistributionOfDigitalAudioAndTelevisionSignalsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecommunication Services Distribution Of Digital Audio And Television Signals [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelecommunicationServicesDistributionOfDigitalAudioAndTelevisionSignalsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">License agreement for telecommunication services, distribution of digital audio and television signals</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IctServicesLicenseAgreementMember" xlink:label="teo_IctServicesLicenseAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IctServicesLicenseAgreementMember" xlink:to="teo_IctServicesLicenseAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IctServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for license agreements related to ICT Services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IctServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ict Services License Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IctServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ICT Services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOnRegulatoryFrameworkLineItems" xlink:label="teo_DisclosureOnRegulatoryFrameworkLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOnRegulatoryFrameworkLineItems" xlink:to="teo_DisclosureOnRegulatoryFrameworkLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOnRegulatoryFrameworkLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOnRegulatoryFrameworkLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure on Regulatory Framework [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOnRegulatoryFrameworkLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory framework</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TermOfLicenseAgreement" xlink:label="teo_TermOfLicenseAgreement" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TermOfLicenseAgreement" xlink:to="teo_TermOfLicenseAgreement_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TermOfLicenseAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the term of the license agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TermOfLicenseAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of the License Agreement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TermOfLicenseAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of the license agreement</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares" xlink:label="teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares" xlink:to="teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the minimum period to provide notice on transfer of shares resulting in a direct or indirect loss of control in the subsidiary, to not revoke the license agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-revocability of License Agreement, Minimum Threshold for Notice Period on Transfer of Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum threshold obligation for non-revocability of license agreement, Notice period for transfer of shares</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ContributionToSuFundPercentageOfTotalAccruedRevenues" xlink:label="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues" xlink:to="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of total accrued revenues licensees are required to contribute to the SU Fund.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contribution to Su Fund, Percentage of Total Accrued Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contribution to SU Fund, percentage</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal Entity [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TelefonicaMember" xlink:label="teo_TelefonicaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelefonicaMember" xlink:to="teo_TelefonicaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelefonicaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Telefonica.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelefonicaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telefonica [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelefonicaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telefonica</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended" xlink:label="teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended" xlink:to="teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period within which the coverage of the company's fixed line networks are to be extended, as per the Decree of Universal Service Regulation, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Within Which the Coverage of Fixed Line Networks is to be Extended</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period within which the coverage for fixed line networks is to be extended</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty" xlink:label="teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty" xlink:to="teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of members of the technical committee, which the company and the counterparty should jointly appoint as per the Decree of Universal Service Regulation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Members of the Technical Committee to be Appointed by the Company Along With the Counterparty</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of members of the technical committee to be appointed by the company along with the counterparty</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetAssetsLiabilities" xlink:label="ifrs-full_NetAssetsLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetAssetsLiabilities" xlink:to="ifrs-full_NetAssetsLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets (liabilities)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_NetAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net liability position in foreign currency</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_NetAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net assets (liabilities)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NetAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_UnrecordedAccountsReceivable" xlink:label="teo_UnrecordedAccountsReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UnrecordedAccountsReceivable" xlink:to="teo_UnrecordedAccountsReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of the estimated accounts receivable yet to be recorded.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded accounts receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InvestmentsIncludedInUnrecordedAccountsReceivable" xlink:label="teo_InvestmentsIncludedInUnrecordedAccountsReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentsIncludedInUnrecordedAccountsReceivable" xlink:to="teo_InvestmentsIncludedInUnrecordedAccountsReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of investments in high-cost areas included in the unrecorded accounts receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments Included in the Unrecorded Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments included in the unrecorded accounts receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DeductionsIncludedInUnrecordedAccountsReceivable" xlink:label="teo_DeductionsIncludedInUnrecordedAccountsReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeductionsIncludedInUnrecordedAccountsReceivable" xlink:to="teo_DeductionsIncludedInUnrecordedAccountsReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeductionsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of deductions that were objected by the SC Resolutions included in the unrecorded accounts receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeductionsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deductions Included in the Unrecorded Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeductionsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deductions included in the unrecorded accounts receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" xlink:label="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" xlink:to="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of deposit liability, as required by the Argentine National Communications Commission (CNC).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit Liability Required by the Argentine National Communications Commission</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit payable, as required by the CNC</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DepositsWithBanks" xlink:label="teo_DepositsWithBanks" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositsWithBanks" xlink:to="teo_DepositsWithBanks_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositsWithBanks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of deposit with the banks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositsWithBanks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposits With Banks</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositsWithBanks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposits with the Bank, SU</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProjectInvestmentAmount" xlink:label="teo_ProjectInvestmentAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProjectInvestmentAmount" xlink:to="teo_ProjectInvestmentAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProjectInvestmentAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of investment in the project for the development of a network infrastructure in locations in the Northern Region of Argentina with no mobile coverage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProjectInvestmentAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Project Investment Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProjectInvestmentAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment amount of the project for the development of a network infrastructure in locations in the Northern Region of Argentina with no mobile coverage</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" xlink:label="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" xlink:to="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of deposit under protest with the Argentine National Communications Commission (CNC).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposits With Argentine National Communications Commission, Under Protest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposits with the CNC, under protest</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScResolutionNumbersAxis" xlink:label="teo_ScResolutionNumbersAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumbersAxis" xlink:to="teo_ScResolutionNumbersAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumbersAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumbersAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SC Resolution Numbers [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScResolutionNumbersDomain" xlink:label="teo_ScResolutionNumbersDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumbersDomain" xlink:to="teo_ScResolutionNumbersDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumbersDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for aggregated categories of resolution numbers passed by the SC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumbersDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Numbers [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumbersDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SC Resolution Numbers [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScResolutionNumber8014Member" xlink:label="teo_ScResolutionNumber8014Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber8014Member" xlink:to="teo_ScResolutionNumber8014Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber8014Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the SC Resolution No. 80/14.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber8014Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number8014 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber8014Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">80/14</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScResolutionNumber8114Member" xlink:label="teo_ScResolutionNumber8114Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber8114Member" xlink:to="teo_ScResolutionNumber8114Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber8114Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the SC Resolution No. 81/14.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber8114Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number8114 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber8114Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">81/14</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScResolutionNumber8214Member" xlink:label="teo_ScResolutionNumber8214Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber8214Member" xlink:to="teo_ScResolutionNumber8214Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber8214Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the SC Resolution No. 82/14.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber8214Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number8214 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber8214Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">82/14</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScResolutionNumber8314Member" xlink:label="teo_ScResolutionNumber8314Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber8314Member" xlink:to="teo_ScResolutionNumber8314Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber8314Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the SC Resolution No. 83/14.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber8314Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number8314 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber8314Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">83/14</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScResolutionNumber1814Member" xlink:label="teo_ScResolutionNumber1814Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber1814Member" xlink:to="teo_ScResolutionNumber1814Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber1814Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the SC Resolution No. 18/14.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber1814Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number1814 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber1814Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">18/14</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FrequencyBandAwardedOne" xlink:label="teo_FrequencyBandAwardedOne" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FrequencyBandAwardedOne" xlink:to="teo_FrequencyBandAwardedOne_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FrequencyBandAwardedOne_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the first frequency band awarded to the company by the SC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FrequencyBandAwardedOne_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequency Band Awarded, One</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FrequencyBandAwardedOne_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequency band awarded, one (in MHz)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FrequencyBandAwardedTwo" xlink:label="teo_FrequencyBandAwardedTwo" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FrequencyBandAwardedTwo" xlink:to="teo_FrequencyBandAwardedTwo_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FrequencyBandAwardedTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the second frequency band awarded to the company by the SC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FrequencyBandAwardedTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequency Band Awarded, Two</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FrequencyBandAwardedTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequency band awarded, two (in MHz)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TotalAmountPaidForFrequencyBand" xlink:label="teo_TotalAmountPaidForFrequencyBand" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TotalAmountPaidForFrequencyBand" xlink:to="teo_TotalAmountPaidForFrequencyBand_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TotalAmountPaidForFrequencyBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the total amount paid for the frequency band awarded by the SC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TotalAmountPaidForFrequencyBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Amount Paid for the Frequency Band</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TotalAmountPaidForFrequencyBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount paid</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxOnBankDebitsCapitalized" xlink:label="teo_TaxOnBankDebitsCapitalized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxOnBankDebitsCapitalized" xlink:to="teo_TaxOnBankDebitsCapitalized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxOnBankDebitsCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capitalized amount of the taxes on bank debits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxOnBankDebitsCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on Bank Debits Capitalized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxOnBankDebitsCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on bank debits capitalized</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_BalanceAmountPaidForFrequencyBand" xlink:label="teo_BalanceAmountPaidForFrequencyBand" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BalanceAmountPaidForFrequencyBand" xlink:to="teo_BalanceAmountPaidForFrequencyBand_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BalanceAmountPaidForFrequencyBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the balance amount paid for the frequency band awarded by the SC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BalanceAmountPaidForFrequencyBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance Amount Paid for the Frequency Band</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BalanceAmountPaidForFrequencyBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance amount of the bid paid</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PerformanceGuaranteePercentage" xlink:label="teo_PerformanceGuaranteePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PerformanceGuaranteePercentage" xlink:to="teo_PerformanceGuaranteePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PerformanceGuaranteePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of performance guarantee.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PerformanceGuaranteePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Performance Guarantee Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PerformanceGuaranteePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Performance guarantee (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AuctionedFrequencyBandsUsagePeriod" xlink:label="teo_AuctionedFrequencyBandsUsagePeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AuctionedFrequencyBandsUsagePeriod" xlink:to="teo_AuctionedFrequencyBandsUsagePeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AuctionedFrequencyBandsUsagePeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period of usage for the auctioned frequency bands awarded, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AuctionedFrequencyBandsUsagePeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Auctioned Frequency Bands, Usage Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AuctionedFrequencyBandsUsagePeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Usage period of the auctioned frequency bands</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DeadlinePeriodForDisengagement" xlink:label="teo_DeadlinePeriodForDisengagement" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeadlinePeriodForDisengagement" xlink:to="teo_DeadlinePeriodForDisengagement_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeadlinePeriodForDisengagement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period before which the frequency band has to be disengaged, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter..</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeadlinePeriodForDisengagement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deadline Period for Disengagement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeadlinePeriodForDisengagement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deadline period for disengagement</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DestinationBand" xlink:label="teo_DestinationBand" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DestinationBand" xlink:to="teo_DestinationBand_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DestinationBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the destination band currently authorized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DestinationBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Destination Band</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DestinationBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Destination band</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DepositPayableForLicenseAcquisition" xlink:label="teo_DepositPayableForLicenseAcquisition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositPayableForLicenseAcquisition" xlink:to="teo_DepositPayableForLicenseAcquisition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositPayableForLicenseAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount to be paid as deposit to acquire license on the entity getting prequalified.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositPayableForLicenseAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit Payable For License Acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositPayableForLicenseAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit to be paid</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DepositPaidForLicenseAcquisition" xlink:label="teo_DepositPaidForLicenseAcquisition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositPaidForLicenseAcquisition" xlink:to="teo_DepositPaidForLicenseAcquisition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositPaidForLicenseAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount paid as deposit to acquire licenses, included in other current receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositPaidForLicenseAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit Paid For License Acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositPaidForLicenseAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit paid, included in other current receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfSubBandsAwarded" xlink:label="teo_NumberOfSubBandsAwarded" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSubBandsAwarded" xlink:to="teo_NumberOfSubBandsAwarded_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSubBandsAwarded_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of sub-bands awarded under the license acquisitions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSubBandsAwarded_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Sub-bands Awarded</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSubBandsAwarded_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of sub-bands awarded</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LicenseAcquisitionsConsiderationPaidForEachSubBand" xlink:label="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand" xlink:to="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of consideration for each sub-band paid for acquisition of licenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">License Acquisitions, Consideration Paid For Each Sub-band</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consideration paid for each sub-bands</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CancellationOfSubBandAuctionPrice" xlink:label="teo_CancellationOfSubBandAuctionPrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CancellationOfSubBandAuctionPrice" xlink:to="teo_CancellationOfSubBandAuctionPrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CancellationOfSubBandAuctionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cancellation amount of the sub-band auction paid.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CancellationOfSubBandAuctionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cancellation Of Sub Band Auction Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CancellationOfSubBandAuctionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Auction price cancellation</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FrequenciesInLot" xlink:label="teo_FrequenciesInLot" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FrequenciesInLot" xlink:to="teo_FrequenciesInLot_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FrequenciesInLot_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the frequencies in the lot.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FrequenciesInLot_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequencies in the Lot</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FrequenciesInLot_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequencies in the Lot</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NetReceivables" xlink:label="teo_NetReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetReceivables" xlink:to="teo_NetReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of net receivables due to the company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NetReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts" xlink:label="teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts" xlink:to="teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of receivable attributable to tax on deposits to and withdrawals from bank accounts, included in the other receivables, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncurrent Receivable Attributable to Tax on Deposits To and Withdrawals from Bank Accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivable corresponding to IDC included in other receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RegulatoryLiabilityProvisionsOffsetWithReceivables" xlink:label="teo_RegulatoryLiabilityProvisionsOffsetWithReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RegulatoryLiabilityProvisionsOffsetWithReceivables" xlink:to="teo_RegulatoryLiabilityProvisionsOffsetWithReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RegulatoryLiabilityProvisionsOffsetWithReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of regulatory liability provision that can be offset against the receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RegulatoryLiabilityProvisionsOffsetWithReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory Liability Provisions Offset with Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RegulatoryLiabilityProvisionsOffsetWithReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory liability provisions offset with receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AverageForeignExchangeRate" xlink:label="ifrs-full_AverageForeignExchangeRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageForeignExchangeRate" xlink:to="ifrs-full_AverageForeignExchangeRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AverageForeignExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average foreign exchange rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AverageForeignExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exchange rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ConcessionPeriodNotified" xlink:label="teo_ConcessionPeriodNotified" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConcessionPeriodNotified" xlink:to="teo_ConcessionPeriodNotified_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConcessionPeriodNotified_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The concession period awarded to coordinate the signing of the Authorization Agreement for the Sharing of Active and / or Passive Infrastructure, Automatic Roaming and Goals of Service.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConcessionPeriodNotified_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concession Period Notified</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConcessionPeriodNotified_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concession period, notified</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodWithinWhichSpectrumShouldBeReturned" xlink:label="teo_PeriodWithinWhichSpectrumShouldBeReturned" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodWithinWhichSpectrumShouldBeReturned" xlink:to="teo_PeriodWithinWhichSpectrumShouldBeReturned_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodWithinWhichSpectrumShouldBeReturned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period within which the spectrum is to be returned, from the date of merger.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodWithinWhichSpectrumShouldBeReturned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Within Which The Spectrum Should Be Returned</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodWithinWhichSpectrumShouldBeReturned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period within which the spectrum should be returned</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled" xlink:label="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled" xlink:to="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period in advance within which the proposal to the limit should be filed with ENACOM, on merger.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period In Advance Within Which The Proposal Should Be Filed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period in advance within which the proposal should be filed with ENACOM</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered" xlink:label="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered" xlink:to="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period from the date of issuance of resolution within which the company shall offer Fixed Internet Access Services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Within Which The Fixed Internet Access Service Is To Be Offered</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period within which the Fixed Interest Access Service is to be offered</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService" xlink:label="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService" xlink:to="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period from the date of issuance of resolution within which the company shall report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Within Which The Company Shall Report About The Retail Internet Access Service</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period within which the company shall report about the Retail Internet Access Service</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about business combination [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about business combination [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger by Absorption Between Telecom Argentina and Cablevision S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business combination</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition-date fair value of total consideration transferred [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition of controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consideration</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfSharesAcquired" xlink:label="teo_NumberOfSharesAcquired" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSharesAcquired" xlink:to="teo_NumberOfSharesAcquired_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSharesAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of equity interests of the acquiree transferred as part of a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSharesAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Shares Acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSharesAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashTransferred" xlink:label="ifrs-full_CashTransferred" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashTransferred" xlink:to="ifrs-full_CashTransferred_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash transferred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash payment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherTangibleOrIntangibleAssetsTransferred" xlink:label="ifrs-full_OtherTangibleOrIntangibleAssetsTransferred" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTangibleOrIntangibleAssetsTransferred" xlink:to="ifrs-full_OtherTangibleOrIntangibleAssetsTransferred_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherTangibleOrIntangibleAssetsTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other tangible or intangible assets transferred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherTangibleOrIntangibleAssetsTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Partial capitalization of receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consideration transferred, acquisition-date fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consideration paid, fair value of shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total purchase price</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Goodwill" xlink:label="ifrs-full_Goodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Goodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable" xlink:to="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The schedule disclosing information of significant accounting policies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Detailed Information About Significant Accounting Policies [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="ifrs-full_ProductsAndServicesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ifrs-full_ProductsAndServicesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Products and services [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="ifrs-full_ProductsAndServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="ifrs-full_ProductsAndServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Products And Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProductsAndServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Products and services [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FixedTelecommunicationServicesAndProductsMember" xlink:label="teo_FixedTelecommunicationServicesAndProductsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FixedTelecommunicationServicesAndProductsMember" xlink:to="teo_FixedTelecommunicationServicesAndProductsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FixedTelecommunicationServicesAndProductsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The member stands for fixed telecommunication services and products.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FixedTelecommunicationServicesAndProductsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Telecommunication Services And Products [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FixedTelecommunicationServicesAndProductsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed telecommunication services and products</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems" xlink:to="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Detailed Information About Significant Accounting Policies [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant accounting policies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AveragePeriodOfCustomerRelationship" xlink:label="teo_AveragePeriodOfCustomerRelationship" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AveragePeriodOfCustomerRelationship" xlink:to="teo_AveragePeriodOfCustomerRelationship_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AveragePeriodOfCustomerRelationship_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information about average period of customer relationship.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AveragePeriodOfCustomerRelationship_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average Period of Customer Relationship</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AveragePeriodOfCustomerRelationship_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average period of the customer relationship</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromConstructionContracts" xlink:label="ifrs-full_RevenueFromConstructionContracts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromConstructionContracts" xlink:to="ifrs-full_RevenueFromConstructionContracts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from construction contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue on construction contracts recognized</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodOfFinanceFor2017Agreement" xlink:label="teo_PeriodOfFinanceFor2017Agreement" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodOfFinanceFor2017Agreement" xlink:to="teo_PeriodOfFinanceFor2017Agreement_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodOfFinanceFor2017Agreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information about finance period for 2017 agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodOfFinanceFor2017Agreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of Finance for 2017 Agreement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodOfFinanceFor2017Agreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2017 agreement finance period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReceivablesFromContractsWithCustomers" xlink:label="ifrs-full_ReceivablesFromContractsWithCustomers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReceivablesFromContractsWithCustomers" xlink:to="ifrs-full_ReceivablesFromContractsWithCustomers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReceivablesFromContractsWithCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from contracts with customers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReceivablesFromContractsWithCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables on construction contracts</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CostIncurredOnConstructionContracts" xlink:label="teo_CostIncurredOnConstructionContracts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostIncurredOnConstructionContracts" xlink:to="teo_CostIncurredOnConstructionContracts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostIncurredOnConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of cost arising from construction contracts. Construction contracts are contracts specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostIncurredOnConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost Incurred on Construction Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CostIncurredOnConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost on construction contracts recognized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RangesMember" xlink:label="ifrs-full_RangesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_RangesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ranges [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RangesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ranges [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BottomOfRangeMember" xlink:label="ifrs-full_BottomOfRangeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BottomOfRangeMember" xlink:to="ifrs-full_BottomOfRangeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BottomOfRangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bottom Of Range [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BottomOfRangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TopOfRangeMember" xlink:label="ifrs-full_TopOfRangeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TopOfRangeMember" xlink:to="ifrs-full_TopOfRangeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TopOfRangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Top Of Range [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TopOfRangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of property, plant and equipment [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property Plant And Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_BuildingsReceivedFromEntelMember" xlink:label="teo_BuildingsReceivedFromEntelMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BuildingsReceivedFromEntelMember" xlink:to="teo_BuildingsReceivedFromEntelMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BuildingsReceivedFromEntelMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for buildings received from ENTel.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BuildingsReceivedFromEntelMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Buildings Received From Entel [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BuildingsReceivedFromEntelMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Buildings received from ENTel</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember" xlink:label="teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember" xlink:to="teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for buildings acquired subsequent to 11/8/90.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Buildings Acquired Subsequent To November Eight Nineteen Ninety [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Buildings acquired subsequent to 11/8/90</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ImprovementsInThirdPartiesBuildingsMember" xlink:label="teo_ImprovementsInThirdPartiesBuildingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ImprovementsInThirdPartiesBuildingsMember" xlink:to="teo_ImprovementsInThirdPartiesBuildingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ImprovementsInThirdPartiesBuildingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Improvements in third parties buildings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ImprovementsInThirdPartiesBuildingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Improvements In Third Parties Buildings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ImprovementsInThirdPartiesBuildingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Improvements in third parties buildings</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TowerAndPoleMember" xlink:label="teo_TowerAndPoleMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TowerAndPoleMember" xlink:to="teo_TowerAndPoleMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TowerAndPoleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for tower and pole.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TowerAndPoleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tower And Pole [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TowerAndPoleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tower and pole</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TransmissionEquipmentMember" xlink:label="teo_TransmissionEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TransmissionEquipmentMember" xlink:to="teo_TransmissionEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TransmissionEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for transmission equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TransmissionEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transmission Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TransmissionEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transmission equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetworkInfrastructureMember" xlink:label="ifrs-full_NetworkInfrastructureMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetworkInfrastructureMember" xlink:to="ifrs-full_NetworkInfrastructureMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetworkInfrastructureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Network Infrastructure [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NetworkInfrastructureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Wireless network access</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SwitchingEquipmentMember" xlink:label="teo_SwitchingEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SwitchingEquipmentMember" xlink:to="teo_SwitchingEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SwitchingEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for switching equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SwitchingEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Switching Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SwitchingEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Switching equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PowerGeneratingAssetsMember" xlink:label="ifrs-full_PowerGeneratingAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PowerGeneratingAssetsMember" xlink:to="ifrs-full_PowerGeneratingAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PowerGeneratingAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Power Generating Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PowerGeneratingAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Power equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ExternalWiringMember" xlink:label="teo_ExternalWiringMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExternalWiringMember" xlink:to="teo_ExternalWiringMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExternalWiringMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for external wiring.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExternalWiringMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">External Wiring [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExternalWiringMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">External wiring</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ComputerEquipmentAndSoftwareMember" xlink:label="teo_ComputerEquipmentAndSoftwareMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ComputerEquipmentAndSoftwareMember" xlink:to="teo_ComputerEquipmentAndSoftwareMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ComputerEquipmentAndSoftwareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for computer equipment and software.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ComputerEquipmentAndSoftwareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Computer Equipment And Software [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ComputerEquipmentAndSoftwareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Computer equipment and systems</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CommunicationAndNetworkEquipmentMember" xlink:label="ifrs-full_CommunicationAndNetworkEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CommunicationAndNetworkEquipmentMember" xlink:to="ifrs-full_CommunicationAndNetworkEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CommunicationAndNetworkEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Communication And Network Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CommunicationAndNetworkEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telephony equipment and instruments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InstallationsMember" xlink:label="teo_InstallationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InstallationsMember" xlink:to="teo_InstallationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InstallationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for installations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InstallationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Installations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InstallationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Installations</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_UsefulLivesPropertyPlantAndEquipment" xlink:label="teo_UsefulLivesPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UsefulLivesPropertyPlantAndEquipment" xlink:to="teo_UsefulLivesPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The useful lives used for property, plant and equipment, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Useful Lives, Property Plant And Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated useful life (in years)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation period (in years)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of intangible assets other than goodwill [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible Assets Other Than Goodwill [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ServiceConnectionOrHabilitationCostsMember" xlink:label="teo_ServiceConnectionOrHabilitationCostsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ServiceConnectionOrHabilitationCostsMember" xlink:to="teo_ServiceConnectionOrHabilitationCostsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ServiceConnectionOrHabilitationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, Service connection or habilitation costs .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ServiceConnectionOrHabilitationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service Connection Or Habilitation Costs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ServiceConnectionOrHabilitationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service connection or habilitation costs</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_Licenses3g4gMember" xlink:label="teo_Licenses3g4gMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_Licenses3g4gMember" xlink:to="teo_Licenses3g4gMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_Licenses3g4gMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, 3G/4G licenses .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_Licenses3g4gMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Licenses3g4g [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_Licenses3g4gMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">3G/4G licenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PersonalCommunicationsServiceLicenseMember" xlink:label="teo_PersonalCommunicationsServiceLicenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalCommunicationsServiceLicenseMember" xlink:to="teo_PersonalCommunicationsServiceLicenseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalCommunicationsServiceLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Personal Communications Service ("PCS") license.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalCommunicationsServiceLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Communications Service License [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalCommunicationsServiceLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PCS license (Paraguay)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InternetAndDataTransmissionLicenseMember" xlink:label="teo_InternetAndDataTransmissionLicenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InternetAndDataTransmissionLicenseMember" xlink:to="teo_InternetAndDataTransmissionLicenseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InternetAndDataTransmissionLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Internet and data transmission license.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InternetAndDataTransmissionLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internet And Data Transmission License [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InternetAndDataTransmissionLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internet and data transmission license (Paraguay)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RightsOfUseMember" xlink:label="teo_RightsOfUseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RightsOfUseMember" xlink:to="teo_RightsOfUseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RightsOfUseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, Rights of use.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RightsOfUseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rights Of Use [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RightsOfUseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rights of use</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customerrelated Intangible Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer relationships</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TuvesParaguayMember" xlink:label="teo_TuvesParaguayMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TuvesParaguayMember" xlink:to="teo_TuvesParaguayMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TuvesParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for tuves paraguay.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TuvesParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tuves Paraguay [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TuvesParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tuves Paraguay</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RemainingUsefulLifeOfFrequencies" xlink:label="teo_RemainingUsefulLifeOfFrequencies" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RemainingUsefulLifeOfFrequencies" xlink:to="teo_RemainingUsefulLifeOfFrequencies_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RemainingUsefulLifeOfFrequencies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The remaining useful life of frequencies included in the lot.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RemainingUsefulLifeOfFrequencies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Remaining Useful Life Of Frequencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RemainingUsefulLifeOfFrequencies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Remaining useful life of frequencies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_UsefulLivesIntangibleAssetsOtherThanGoodwill" xlink:label="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill" xlink:to="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The useful lives used for intangible assets other than goodwill, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Useful Lives, Intangible Assets Other Than Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average period for amortization</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_GrantPeriodForLicenses" xlink:label="teo_GrantPeriodForLicenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GrantPeriodForLicenses" xlink:to="teo_GrantPeriodForLicenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GrantPeriodForLicenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The grant period for licenses for intangible assets other than goodwill, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GrantPeriodForLicenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Grant Period for Licenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GrantPeriodForLicenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Grant period for licenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RenewedPeriodOfLicenses" xlink:label="teo_RenewedPeriodOfLicenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RenewedPeriodOfLicenses" xlink:to="teo_RenewedPeriodOfLicenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RenewedPeriodOfLicenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The renewed period of the granted licenses for intangible assets other than goodwill, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RenewedPeriodOfLicenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Renewed Period of the Licenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RenewedPeriodOfLicenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Renewed period of the licenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ValidityOfTemporaryExtensionPeriod" xlink:label="teo_ValidityOfTemporaryExtensionPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ValidityOfTemporaryExtensionPeriod" xlink:to="teo_ValidityOfTemporaryExtensionPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ValidityOfTemporaryExtensionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period of temporary extensions which are valid, with the possibility of one only extension for the same term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ValidityOfTemporaryExtensionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Validity of Temporary Extension Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ValidityOfTemporaryExtensionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary extension period</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfLicenseExtensions" xlink:label="teo_NumberOfLicenseExtensions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfLicenseExtensions" xlink:to="teo_NumberOfLicenseExtensions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfLicenseExtensions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of license extensions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfLicenseExtensions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of License Extensions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfLicenseExtensions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of license extensions available</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="ifrs-full_ClassesOfAssetsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfAssetsAxis" xlink:to="ifrs-full_ClassesOfAssetsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfAssetsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of assets [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfAssetsMember" xlink:label="ifrs-full_ClassesOfAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfAssetsMember" xlink:to="ifrs-full_ClassesOfAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes Of Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CarryingAmountMember" xlink:label="ifrs-full_CarryingAmountMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountMember" xlink:to="ifrs-full_CarryingAmountMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying Amount [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CarryingAmountMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amount [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="ifrs-full_GrossCarryingAmountMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossCarryingAmountMember" xlink:to="ifrs-full_GrossCarryingAmountMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossCarryingAmountMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross Carrying Amount [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GrossCarryingAmountMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross carrying value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:to="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Depreciation And Amortisation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentFinanceLeaseLiabilities" xlink:label="ifrs-full_CurrentFinanceLeaseLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinanceLeaseLiabilities" xlink:to="ifrs-full_CurrentFinanceLeaseLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentFinanceLeaseLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current finance lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentFinanceLeaseLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance lease liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MinimumFinanceLeasePaymentsPayable" xlink:label="ifrs-full_MinimumFinanceLeasePaymentsPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumFinanceLeasePaymentsPayable" xlink:to="ifrs-full_MinimumFinanceLeasePaymentsPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumFinanceLeasePaymentsPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum finance lease payments payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MinimumFinanceLeasePaymentsPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total payable at leases' maturity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RecognisedFinanceLeaseAsAssets" xlink:label="ifrs-full_RecognisedFinanceLeaseAsAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RecognisedFinanceLeaseAsAssets" xlink:to="ifrs-full_RecognisedFinanceLeaseAsAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RecognisedFinanceLeaseAsAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recognised finance lease as assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RecognisedFinanceLeaseAsAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net carrying value, Finance lease recognized as assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsLesseeFinanceLeaseTermOfContract" xlink:label="teo_IfrsLesseeFinanceLeaseTermOfContract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsLesseeFinanceLeaseTermOfContract" xlink:to="teo_IfrsLesseeFinanceLeaseTermOfContract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsLesseeFinanceLeaseTermOfContract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of finance lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsLesseeFinanceLeaseTermOfContract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ifrs Lessee, Finance Lease, Term of Contract</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsLesseeFinanceLeaseTermOfContract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lease term</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum" xlink:label="teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum" xlink:to="teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of month's salary to be considered for the payment of benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Month's Salary Required for The Payment of Single Lump Sum</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of month's salary required for the payment of single lump sum</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodOfServiceCalculatedToPayBenefits" xlink:label="teo_PeriodOfServiceCalculatedToPayBenefits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodOfServiceCalculatedToPayBenefits" xlink:to="teo_PeriodOfServiceCalculatedToPayBenefits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodOfServiceCalculatedToPayBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of service calculated to pay benefits, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodOfServiceCalculatedToPayBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of Service Calculated to Pay Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodOfServiceCalculatedToPayBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of service calculated to pay benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:to="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actuarial assumption of discount rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discount rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actuarial assumption of expected rates of salary increases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Projected increase rate in compensation</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments" xlink:label="teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments" xlink:to="teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period during which the legal fee is to be paid in consecutive installments, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for Payment of Legal Fee in Consecutive Installments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for payment of legal fee</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="ifrs-full_GeographicalAreasAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical areas [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GeographicalAreasMember" xlink:label="ifrs-full_GeographicalAreasMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="ifrs-full_GeographicalAreasMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical Areas [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GeographicalAreasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical areas [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_AR" xlink:label="country_AR" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_AR" xlink:to="country_AR_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_AR_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A [R]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_AR_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Argentina</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_PY" xlink:label="country_PY" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_PY" xlink:to="country_PY_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_PY_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">P [Y]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_PY_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Paraguay</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_US" xlink:label="country_US" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_US" xlink:to="country_US_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_US_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U [S]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_US_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">United States of America</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ifrs-full_ApplicableTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ApplicableTaxRate" xlink:to="ifrs-full_ApplicableTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Applicable tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted statutory income tax rate (*)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionalTaxRateInRespectOfDividendPayment" xlink:label="teo_AdditionalTaxRateInRespectOfDividendPayment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionalTaxRateInRespectOfDividendPayment" xlink:to="teo_AdditionalTaxRateInRespectOfDividendPayment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionalTaxRateInRespectOfDividendPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional tax rate applicable in case of payment of dividends.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionalTaxRateInRespectOfDividendPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Tax Rate in Respect of Dividend Payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionalTaxRateInRespectOfDividendPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional tax rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AverageEffectiveTaxRate" xlink:label="ifrs-full_AverageEffectiveTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageEffectiveTaxRate" xlink:to="ifrs-full_AverageEffectiveTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average effective tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective tax rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AverageTurnoverTaxRate" xlink:label="teo_AverageTurnoverTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AverageTurnoverTaxRate" xlink:to="teo_AverageTurnoverTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AverageTurnoverTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The average percentage of turnover tax charge over the total revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AverageTurnoverTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average Turnover Tax Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AverageTurnoverTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average rates resulting from the turnover</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxRateForUniversalServiceFiduciaryFund" xlink:label="teo_TaxRateForUniversalServiceFiduciaryFund" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRateForUniversalServiceFiduciaryFund" xlink:to="teo_TaxRateForUniversalServiceFiduciaryFund_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRateForUniversalServiceFiduciaryFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of tax for Universal Service Fiduciary Fund.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRateForUniversalServiceFiduciaryFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Rate for Universal Service Fiduciary Fund</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRateForUniversalServiceFiduciaryFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax rate for SU fund</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PersonalAssetsTaxReceivableReversed" xlink:label="teo_PersonalAssetsTaxReceivableReversed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalAssetsTaxReceivableReversed" xlink:to="teo_PersonalAssetsTaxReceivableReversed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalAssetsTaxReceivableReversed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of receivable for personal assets tax reversed in the current period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalAssetsTaxReceivableReversed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Assets Tax Receivable, Reversed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalAssetsTaxReceivableReversed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal assets tax receivable reversed</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PersonalAssetsTaxLiabilityReversed" xlink:label="teo_PersonalAssetsTaxLiabilityReversed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalAssetsTaxLiabilityReversed" xlink:to="teo_PersonalAssetsTaxLiabilityReversed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalAssetsTaxLiabilityReversed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of payable for personal assets tax reversed in the current period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalAssetsTaxLiabilityReversed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Assets Tax Liability Reversed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalAssetsTaxLiabilityReversed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal assets tax liability reversed</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_WithholdingTaxRateOnDividendsDistributedToNonResidents" xlink:label="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents" xlink:to="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of withholding tax on dividends distributed to non-residents.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Withholding Tax Rate on Dividends Distributed to Non-residents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Withholding tax rate on dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage" xlink:label="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage" xlink:to="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The withholding tax rate applicable to to dividends distributed in excess of the accumulated taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equalization Tax, Dividends Distributed in Excess of Accumulated Taxable Income, Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equalization tax rate percentage, repealed</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EffectiveTaxRateApplicableForIndividuals" xlink:label="teo_EffectiveTaxRateApplicableForIndividuals" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EffectiveTaxRateApplicableForIndividuals" xlink:to="teo_EffectiveTaxRateApplicableForIndividuals_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EffectiveTaxRateApplicableForIndividuals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of effective tax rate applicable for individuals.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EffectiveTaxRateApplicableForIndividuals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective Tax Rate Applicable for Individuals</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EffectiveTaxRateApplicableForIndividuals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective tax rate applicable for individuals</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PresumedIncomeEquivalentTransferPriceNonResidents" xlink:label="teo_PresumedIncomeEquivalentTransferPriceNonResidents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PresumedIncomeEquivalentTransferPriceNonResidents" xlink:to="teo_PresumedIncomeEquivalentTransferPriceNonResidents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PresumedIncomeEquivalentTransferPriceNonResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of transfer price presumed as income equivalent in cases of non-residents.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PresumedIncomeEquivalentTransferPriceNonResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Presumed income equivalent transfer price, non-residents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PresumedIncomeEquivalentTransferPriceNonResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Presume income equivalent of transfer price for non-residents</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevaluationTaxRealEstateCapitalAssets" xlink:label="teo_RevaluationTaxRealEstateCapitalAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevaluationTaxRealEstateCapitalAssets" xlink:to="teo_RevaluationTaxRealEstateCapitalAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevaluationTaxRealEstateCapitalAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">One-time special tax applied to the revaluation of real estate capital assets that generate taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevaluationTaxRealEstateCapitalAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revaluation Tax, Real Estate Capital Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevaluationTaxRealEstateCapitalAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real estate (regarded as capital assets) revaluation tax percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevaluationTaxRealEstateInventories" xlink:label="teo_RevaluationTaxRealEstateInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevaluationTaxRealEstateInventories" xlink:to="teo_RevaluationTaxRealEstateInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevaluationTaxRealEstateInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">One-time special tax applied to the revaluation of real estate assets regarded as inventories that generate taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevaluationTaxRealEstateInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revaluation Tax, Real Estate Inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevaluationTaxRealEstateInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real estate (regarded as inventories) revaluation tax percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents" xlink:label="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents" xlink:to="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">One-time special tax applied to the revaluation of investments in Argentine companies owned by resident individuals that generate taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revaluation Tax, Investments in Argentine Companies, Residents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, quotas and other participations in Argentine companies owned by resident individuals revaluation tax percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevaluationTaxOtherAssetsPercent" xlink:label="teo_RevaluationTaxOtherAssetsPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevaluationTaxOtherAssetsPercent" xlink:to="teo_RevaluationTaxOtherAssetsPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevaluationTaxOtherAssetsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">One-time special tax applied to the revaluation of all other assets (except inventories and cars excluded from revaluation) that generate taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevaluationTaxOtherAssetsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revaluation Tax, Other Assets, Percent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevaluationTaxOtherAssetsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All other assets (except inventories and cars, which may not be revaluated), revaluation tax percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EffectiveInternalTaxRateMobileTelephoneServices" xlink:label="teo_EffectiveInternalTaxRateMobileTelephoneServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EffectiveInternalTaxRateMobileTelephoneServices" xlink:to="teo_EffectiveInternalTaxRateMobileTelephoneServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EffectiveInternalTaxRateMobileTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The effective internal tax rate applicable to mobile telephone services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EffectiveInternalTaxRateMobileTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective Internal Tax Rate, Mobile Telephone Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EffectiveInternalTaxRateMobileTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective internal tax rate, mobile telephone services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks" xlink:label="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks" xlink:to="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The effective internal tax rate applicable to the sale of imported mobile phones and other wireless networks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective Internal Tax Rate, Sale of Imported Mobile Phones and Other Wireless Networks</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective internal tax rate, sale of mobile phones and other wireless networks that will decrease gradually until its complete phase out as of January 1, 2024</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego" xlink:label="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego" xlink:to="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective internal tax rate rate levied on goods manufactured in Tierra del Fuego.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective Internal Tax Rate, Sale of Goods Manufactured in Tierra del Fuego</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective internal tax rate, goods manufacture in Tierra del Fuego</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction" xlink:label="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction" xlink:to="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual reduction in income tax levied on deposits to and withdrawals from bank accounts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Rate, Bank Account Deposits and Withdrawals, Annual Reduction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual reduction in tax on deposits to and withdrawals from bank accounts</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SocialSecurityTaxEmployerContributionsPercentage" xlink:label="teo_SocialSecurityTaxEmployerContributionsPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SocialSecurityTaxEmployerContributionsPercentage" xlink:to="teo_SocialSecurityTaxEmployerContributionsPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SocialSecurityTaxEmployerContributionsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of employers' contributions to social security to be paid by large companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SocialSecurityTaxEmployerContributionsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social Security Tax, Employer Contributions, Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SocialSecurityTaxEmployerContributionsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of employers' contributions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SocialSecurityEmployersContributionBase" xlink:label="teo_SocialSecurityEmployersContributionBase" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SocialSecurityEmployersContributionBase" xlink:to="teo_SocialSecurityEmployersContributionBase_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SocialSecurityEmployersContributionBase_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-taxable base for calculating employers' contributions to social security.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SocialSecurityEmployersContributionBase_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social Security, Employers Contribution, Base</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SocialSecurityEmployersContributionBase_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social security, non-taxable base</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TurnoverTaxRateCommunications" xlink:label="teo_TurnoverTaxRateCommunications" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TurnoverTaxRateCommunications" xlink:to="teo_TurnoverTaxRateCommunications_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TurnoverTaxRateCommunications_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover tax rate applicable to communications.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TurnoverTaxRateCommunications_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax Rate, Communications</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TurnoverTaxRateCommunications_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax, communications rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TurnoverTaxRateMobileTelephonePercentage" xlink:label="teo_TurnoverTaxRateMobileTelephonePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TurnoverTaxRateMobileTelephonePercentage" xlink:to="teo_TurnoverTaxRateMobileTelephonePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TurnoverTaxRateMobileTelephonePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax rate applicable to mobile telephones.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TurnoverTaxRateMobileTelephonePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax Rate, Mobile Telephone Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TurnoverTaxRateMobileTelephonePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax, mobile telephone rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_StampTaxRatePercentage" xlink:label="teo_StampTaxRatePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StampTaxRatePercentage" xlink:to="teo_StampTaxRatePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StampTaxRatePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stamp tax rate percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StampTaxRatePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stamp Tax Rate Percentage</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfVotingRightsHeldByNoncontrollingInterests" xlink:label="ifrs-full_ProportionOfVotingRightsHeldByNoncontrollingInterests" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfVotingRightsHeldByNoncontrollingInterests" xlink:to="ifrs-full_ProportionOfVotingRightsHeldByNoncontrollingInterests_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfVotingRightsHeldByNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of voting rights held by non-controlling interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfChangesInAccountingEstimatesTable" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfChangesInAccountingEstimatesTable" xlink:to="ifrs-full_DisclosureOfChangesInAccountingEstimatesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of changes in accounting estimates [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CurrencyAxis" xlink:label="us-gaap_CurrencyAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrencyAxis" xlink:to="us-gaap_CurrencyAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrencyAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="currency_AllCurrenciesDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_AllCurrenciesDomain" xlink:to="currency_AllCurrenciesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_AllCurrenciesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All Currencies [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_AllCurrenciesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All Currencies [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_USD" xlink:label="currency_USD" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_USD" xlink:to="currency_USD_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_USD_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U S [D]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_USD_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.S. dollars</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_ARS" xlink:label="currency_ARS" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_ARS" xlink:to="currency_ARS_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_ARS_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A R [S]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_ARS_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pesos</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssetsAndLiabilitiesAxis" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAndLiabilitiesAxis" xlink:to="ifrs-full_AssetsAndLiabilitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets and liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssetsAndLiabilitiesMember" xlink:label="ifrs-full_AssetsAndLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAndLiabilitiesMember" xlink:to="ifrs-full_AssetsAndLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAndLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets And Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssetsAndLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets and liabilities [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible Assets And Goodwill [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonCurrentTradeReceivablesMember" xlink:label="teo_NonCurrentTradeReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonCurrentTradeReceivablesMember" xlink:to="teo_NonCurrentTradeReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonCurrentTradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for non-current receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonCurrentTradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Current Trade Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonCurrentTradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeReceivablesMember" xlink:label="ifrs-full_TradeReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivablesMember" xlink:to="ifrs-full_TradeReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems" xlink:to="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of changes in accounting estimates [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables and payables valued at amortized cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:label="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:to="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discount rate applied to cash flow projections</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discount rates used to determine the discounted cash flow</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xlink:to="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of expected impact of initial application of new standards or interpretations [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ServiceTermContractPeriod" xlink:label="teo_ServiceTermContractPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ServiceTermContractPeriod" xlink:to="teo_ServiceTermContractPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ServiceTermContractPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of time over which sale price of performance obligation will be allocated.</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractAssets" xlink:to="ifrs-full_ContractAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contract assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContractAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred tax liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RetainedEarningsBeforeIncomeTax" xlink:label="teo_RetainedEarningsBeforeIncomeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RetainedEarningsBeforeIncomeTax" xlink:to="teo_RetainedEarningsBeforeIncomeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RetainedEarningsBeforeIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A component of equity representing the entity's cumulative undistributed earnings or deficit, before deducting of income tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RetainedEarningsBeforeIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings, before Income Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RetainedEarningsBeforeIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings, before income tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsAbstract" xlink:to="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashOnHand" xlink:label="ifrs-full_CashOnHand" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashOnHand" xlink:to="ifrs-full_CashOnHand_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashOnHand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash on hand</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashOnHand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BalancesWithBanks" xlink:label="ifrs-full_BalancesWithBanks" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BalancesWithBanks" xlink:to="ifrs-full_BalancesWithBanks_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BalancesWithBanks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balances with banks</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BalancesWithBanks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Banks</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:label="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Short-term investments, classified as cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Time deposits</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_BondsAtAmortizedCost" xlink:label="teo_BondsAtAmortizedCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BondsAtAmortizedCost" xlink:to="teo_BondsAtAmortizedCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BondsAtAmortizedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of BCRA bonds at amortized cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BondsAtAmortizedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bonds at Amortized Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BondsAtAmortizedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government bonds at amortized cost</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents" xlink:label="teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents" xlink:to="teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A classification of cash equivalents representing other short-term investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Short-term Investments, Classified as Cash Equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other short-term investments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_BondsAtFairValue" xlink:label="teo_BondsAtFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BondsAtFairValue" xlink:to="teo_BondsAtFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BondsAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of government bonds at fair value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BondsAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bonds At Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BondsAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lebacs at fair value</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsInvestmentsAbstract" xlink:label="teo_IfrsInvestmentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsInvestmentsAbstract" xlink:to="teo_IfrsInvestmentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsInvestmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsInvestmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Investments [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsInvestmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfCashReceiptsFromOperatingActivitiesAbstract" xlink:label="ifrs-full_ClassesOfCashReceiptsFromOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfCashReceiptsFromOperatingActivitiesAbstract" xlink:to="ifrs-full_ClassesOfCashReceiptsFromOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfCashReceiptsFromOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of cash receipts from operating activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfCashReceiptsFromOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Collections</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReceiptsFromSalesOfGoodsAndRenderingOfServices" xlink:label="ifrs-full_ReceiptsFromSalesOfGoodsAndRenderingOfServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReceiptsFromSalesOfGoodsAndRenderingOfServices" xlink:to="ifrs-full_ReceiptsFromSalesOfGoodsAndRenderingOfServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReceiptsFromSalesOfGoodsAndRenderingOfServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receipts from sales of goods and rendering of services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReceiptsFromSalesOfGoodsAndRenderingOfServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Collections from customers</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InterestIncomeFromCustomers" xlink:label="teo_InterestIncomeFromCustomers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestIncomeFromCustomers" xlink:to="teo_InterestIncomeFromCustomers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestIncomeFromCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of interest income from customers.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestIncomeFromCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Income from Customers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterestIncomeFromCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests from customers</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InterestIncomeFromInvestments" xlink:label="teo_InterestIncomeFromInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestIncomeFromInvestments" xlink:to="teo_InterestIncomeFromInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestIncomeFromInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of interest income from investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestIncomeFromInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Income from Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterestIncomeFromInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests from investments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceiptsFromMobileOperators" xlink:label="teo_ReceiptsFromMobileOperators" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceiptsFromMobileOperators" xlink:to="teo_ReceiptsFromMobileOperators_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceiptsFromMobileOperators_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from the collections made by mobile operators.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceiptsFromMobileOperators_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receipts from Mobile operators</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceiptsFromMobileOperators_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile operators collections</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CashReceiptsFromOperatingActivities" xlink:label="teo_CashReceiptsFromOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashReceiptsFromOperatingActivities" xlink:to="teo_CashReceiptsFromOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashReceiptsFromOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The total cash receipts from operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashReceiptsFromOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Receipts From Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_CashReceiptsFromOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subtotal</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfCashPaymentsAbstract" xlink:label="ifrs-full_ClassesOfCashPaymentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfCashPaymentsAbstract" xlink:to="ifrs-full_ClassesOfCashPaymentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfCashPaymentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of cash payments from operating activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfCashPaymentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PaymentsToSuppliersForGoodsAndServices" xlink:label="ifrs-full_PaymentsToSuppliersForGoodsAndServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsToSuppliersForGoodsAndServices" xlink:to="ifrs-full_PaymentsToSuppliersForGoodsAndServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsToSuppliersForGoodsAndServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to suppliers for goods and services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsToSuppliersForGoodsAndServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">For the acquisition of goods and services and others</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsMadeForAcquisitionOfInventories" xlink:label="teo_PaymentsMadeForAcquisitionOfInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsMadeForAcquisitionOfInventories" xlink:to="teo_PaymentsMadeForAcquisitionOfInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsMadeForAcquisitionOfInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow made for the acquisition of inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsMadeForAcquisitionOfInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments Made for Acquisition of Inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsMadeForAcquisitionOfInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">For the acquisition of inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PaymentsToAndOnBehalfOfEmployees" xlink:label="ifrs-full_PaymentsToAndOnBehalfOfEmployees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsToAndOnBehalfOfEmployees" xlink:to="ifrs-full_PaymentsToAndOnBehalfOfEmployees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsToAndOnBehalfOfEmployees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to and on behalf of employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsToAndOnBehalfOfEmployees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables and severance payments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsToCallingPartyPays" xlink:label="teo_PaymentsToCallingPartyPays" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsToCallingPartyPays" xlink:to="teo_PaymentsToCallingPartyPays_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsToCallingPartyPays_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow made for the calling parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsToCallingPartyPays_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to Calling Party Pays</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsToCallingPartyPays_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CPP payments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities" xlink:label="teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities" xlink:to="teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payment of other taxes and fees to regulatory authorities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Other Taxes and Fees Classified As Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other taxes and taxes and fees with the Regulatory Authority</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers" xlink:to="teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow made to suppliers on foreign currency exchange differences.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Foreign Currency Exchange Differences To Suppliers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency exchange differences related to the payments to suppliers</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers" xlink:to="teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow made to inventory suppliers on foreign currency exchange differences.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Foreign Currency Exchange Differences To Inventory Suppliers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory suppliers</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers" xlink:to="teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow made to property, plant and equipment suppliers on foreign currency exchange differences.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Foreign Currency Exchange Differences to Property, Plant and Equipment Suppliers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E suppliers</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers" xlink:to="teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow made to other suppliers on foreign currency exchange differences.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Foreign Currency Exchange Differences To Other Suppliers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other suppliers</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers" xlink:to="teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow made to non-deliverable forward suppliers on foreign currency exchange differences.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Foreign Currency Exchange Differences To Non-Deliverable Forward Suppliers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CashPaymentsInOperatingActivities" xlink:label="teo_CashPaymentsInOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashPaymentsInOperatingActivities" xlink:to="teo_CashPaymentsInOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashPaymentsInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash payments made in relation to operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashPaymentsInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Payments In Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_CashPaymentsInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subtotal</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ChangesInAssetsLiabilitiesComponentsAbstract" xlink:label="teo_ChangesInAssetsLiabilitiesComponentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ChangesInAssetsLiabilitiesComponentsAbstract" xlink:to="teo_ChangesInAssetsLiabilitiesComponentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ChangesInAssetsLiabilitiesComponentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ChangesInAssetsLiabilitiesComponentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes In Assets Liabilities Components [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ChangesInAssetsLiabilitiesComponentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in assets/liabilities components:</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract" xlink:to="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Decrease (Increase) In Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net decrease (increase) in assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for decrease (increase) in trade accounts receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for decrease (increase) in other operating receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for decrease (increase) in inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForDecreaseIncreaseInAssets" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForDecreaseIncreaseInAssets" xlink:to="teo_AdjustmentsForDecreaseIncreaseInAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the adjustments for changes in assets relating to operating activities during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Decrease (Increase) In Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" xlink:to="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Increase (Decrease) In Liabilities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net increase (decrease) in liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for increase (decrease) in trade accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for increase (decrease) in deferred income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for increase (decrease) in employee benefit liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable" xlink:to="teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the adjustments for changes in other taxes payable during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Increase (Decrease) In Other Taxes Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other taxes payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for increase (decrease) in other liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForIncreaseDecreaseInOtherProvisions" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForIncreaseDecreaseInOtherProvisions" xlink:to="teo_AdjustmentsForIncreaseDecreaseInOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the adjustments for increase (decrease) in provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Increase (Decrease) in Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions (Note 17)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdjustmentsForIncreaseDecreaseInLiabilities" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForIncreaseDecreaseInLiabilities" xlink:to="teo_AdjustmentsForIncreaseDecreaseInLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the adjustments of changes in liabilities relating to operating activities during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Increase (Decrease) In Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CashFlowNoncashOperatingActivitiesAbstract" xlink:label="teo_CashFlowNoncashOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashFlowNoncashOperatingActivitiesAbstract" xlink:to="teo_CashFlowNoncashOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashFlowNoncashOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashFlowNoncashOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flow, Noncash Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashFlowNoncashOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Main non-cash operating transactions:</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CapitalizedTradeReceivablesOffsettingOnAcquisition" xlink:label="teo_CapitalizedTradeReceivablesOffsettingOnAcquisition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalizedTradeReceivablesOffsettingOnAcquisition" xlink:to="teo_CapitalizedTradeReceivablesOffsettingOnAcquisition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalizedTradeReceivablesOffsettingOnAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the offsetting of capitalized trade receivables on Tuves Paraguay acquisition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalizedTradeReceivablesOffsettingOnAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capitalized Trade Receivables Offsetting on Acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalizedTradeReceivablesOffsettingOnAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offsetting of capitalized trade receivables of Tuves Paraguay acquisition</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders" xlink:label="teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders" xlink:to="teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the offsetting of tax on personal property, on behalf of shareholders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Offsetting on Personal Property, on Behalf of Shareholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offsetting of tax on personal property - on behalf of Shareholders</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncomeTaxOffsetWithVatAndInternalTaxes" xlink:label="teo_IncomeTaxOffsetWithVatAndInternalTaxes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeTaxOffsetWithVatAndInternalTaxes" xlink:to="teo_IncomeTaxOffsetWithVatAndInternalTaxes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeTaxOffsetWithVatAndInternalTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the income tax offset with VAT and internal taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeTaxOffsetWithVatAndInternalTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Offset With VAT And Internal Taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncomeTaxOffsetWithVatAndInternalTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax offset with VAT and internal taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherReceivablesOffsetWithProvisions" xlink:label="teo_OtherReceivablesOffsetWithProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherReceivablesOffsetWithProvisions" xlink:to="teo_OtherReceivablesOffsetWithProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherReceivablesOffsetWithProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the provisions offset for other receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherReceivablesOffsetWithProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Receivables offset with Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherReceivablesOffsetWithProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offsetting of other receivables with regulatory provisions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_VatOffsetWithIncomeTaxes" xlink:label="teo_VatOffsetWithIncomeTaxes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VatOffsetWithIncomeTaxes" xlink:to="teo_VatOffsetWithIncomeTaxes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VatOffsetWithIncomeTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the VAT offset with income taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VatOffsetWithIncomeTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VAT Offset With Income Taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VatOffsetWithIncomeTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VAT offset with income tax payments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables" xlink:label="teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables" xlink:to="teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the offset of subscriber acquisition costs with trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subscriber Acquisition Costs Offset With Trade Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SAC acquisitions offset with trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SAC acquisitions offset with trade receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables" xlink:label="teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables" xlink:to="teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of receivables from sale of property, plant and equipment offset with trade payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Property, Plant and Equipment Sales Offset With Trade Payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables of PP&amp;E sales offset with trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InvestingActivitiesAbstract" xlink:label="teo_InvestingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestingActivitiesAbstract" xlink:to="teo_InvestingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Most significant investing activities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract" xlink:label="teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract" xlink:to="teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions of Property, Plant and Equipment [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed assets acquisitions include:</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CapitalExpendituresPropertyPlantAndEquipment" xlink:label="teo_CapitalExpendituresPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalExpendituresPropertyPlantAndEquipment" xlink:to="teo_CapitalExpendituresPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalExpendituresPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for the purchases of property, plant and and equipment expenditures before adjustments for amounts included in payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalExpendituresPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Expenditures, Property Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CapitalExpendituresPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CAPEX (Note 8)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment" xlink:label="teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment" xlink:to="teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net cash outflow for the amount of expenditures for materials net of transfers to property, plant and and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Expenditures, Materials Transferred to Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition of Materials (net transfers to CAPEX, Note 8)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PropertyPlantAndEquipmentGrossAmountCapitalized" xlink:label="teo_PropertyPlantAndEquipmentGrossAmountCapitalized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PropertyPlantAndEquipmentGrossAmountCapitalized" xlink:to="teo_PropertyPlantAndEquipmentGrossAmountCapitalized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PropertyPlantAndEquipmentGrossAmountCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The gross capitalized amount of property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PropertyPlantAndEquipmentGrossAmountCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, Plant and Equipment, Gross Amount Capitalized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_PropertyPlantAndEquipmentGrossAmountCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subtotal</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment" xlink:label="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment" xlink:to="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of trade payables paid relating to prior year acquisitions of property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Trade Payables from Prior Year Acquisition of Property, Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Plus: Payments of trade payables originated in prior years acquisitions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables" xlink:label="teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables" xlink:to="teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of trade payables incurred to acquire property, plant and equipment during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition of Property, Plant and Equipment Through Incurrence of Trade Payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Less: Acquisition of fixed assets through incurrence of trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts" xlink:label="teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts" xlink:to="teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital expenditures for costs related to decommissioning, restoration and rehabilitation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Expenditures for Decommissioning, Restoration and Rehabilitation Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets retirement obligations</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileHandsetsLentToCustomersAtNoCost" xlink:label="teo_MobileHandsetsLentToCustomersAtNoCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileHandsetsLentToCustomersAtNoCost" xlink:to="teo_MobileHandsetsLentToCustomersAtNoCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileHandsetsLentToCustomersAtNoCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the value of mobile handsets lent to customers at no cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileHandsetsLentToCustomersAtNoCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Handsets Lent to Customers at No Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileHandsetsLentToCustomersAtNoCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile handsets lent to customers at no cost</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AcquisitionsOfIntangibleAssetsAbstract" xlink:label="teo_AcquisitionsOfIntangibleAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AcquisitionsOfIntangibleAssetsAbstract" xlink:to="teo_AcquisitionsOfIntangibleAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AcquisitionsOfIntangibleAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AcquisitionsOfIntangibleAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions of Intangible Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AcquisitionsOfIntangibleAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets acquisitions include:</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LicensesAcquisitionsGross" xlink:label="teo_LicensesAcquisitionsGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LicensesAcquisitionsGross" xlink:to="teo_LicensesAcquisitionsGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LicensesAcquisitionsGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the cash outflow to acquire 3G/4G Licenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LicensesAcquisitionsGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Licenses Acquisitions, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_LicensesAcquisitionsGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">3G/4G Licenses acquisitions (Note 9)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AcquisitionsOfOtherIntangibleAssets" xlink:label="teo_AcquisitionsOfOtherIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AcquisitionsOfOtherIntangibleAssets" xlink:to="teo_AcquisitionsOfOtherIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AcquisitionsOfOtherIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow to acquire other intangible assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AcquisitionsOfOtherIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions of Other Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AcquisitionsOfOtherIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other intangible assets acquisitions (Note 9)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets" xlink:label="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets" xlink:to="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of trade payables paid relating to prior year acquisitions of intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments of Trade Payables from Prior Year Acquisition of Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Plus: Payments of trade payables originated in prior years acquisitions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables" xlink:label="teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables" xlink:to="teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount trade payables incurred to acquire intangible assets during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition of Intangible Assets Through Incurrence of Trade Payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Less: Acquisition of intangible assets through incurrence of trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CashFlowsFromUsedInPurchasesSalesAndMaturitiesOfSecuritiesAbstract" xlink:label="teo_CashFlowsFromUsedInPurchasesSalesAndMaturitiesOfSecuritiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashFlowsFromUsedInPurchasesSalesAndMaturitiesOfSecuritiesAbstract" xlink:to="teo_CashFlowsFromUsedInPurchasesSalesAndMaturitiesOfSecuritiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashFlowsFromUsedInPurchasesSalesAndMaturitiesOfSecuritiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashFlowsFromUsedInPurchasesSalesAndMaturitiesOfSecuritiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flows From Used In Purchases, Sales and Maturities of Securities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashFlowsFromUsedInPurchasesSalesAndMaturitiesOfSecuritiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from purchases, sales and maturities of securities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsForPurchaseOfGovernmentBonds" xlink:label="teo_PaymentsForPurchaseOfGovernmentBonds" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsForPurchaseOfGovernmentBonds" xlink:to="teo_PaymentsForPurchaseOfGovernmentBonds_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsForPurchaseOfGovernmentBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for the purchase of government bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsForPurchaseOfGovernmentBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments for Purchase of Government Bonds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsForPurchaseOfGovernmentBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government bonds acquisition</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProceedsFromSaleOfGovernmentBonds" xlink:label="teo_ProceedsFromSaleOfGovernmentBonds" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromSaleOfGovernmentBonds" xlink:to="teo_ProceedsFromSaleOfGovernmentBonds_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromSaleOfGovernmentBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from sale of government bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromSaleOfGovernmentBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Sale of Government Bonds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromSaleOfGovernmentBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sales of Government bonds</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProceedsFromCollectionOfGovernmentBonds" xlink:label="teo_ProceedsFromCollectionOfGovernmentBonds" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromCollectionOfGovernmentBonds" xlink:to="teo_ProceedsFromCollectionOfGovernmentBonds_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromCollectionOfGovernmentBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow on collection of government bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromCollectionOfGovernmentBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Collection of Government Bonds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromCollectionOfGovernmentBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government bonds collection</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentsForPurchaseOfOtherShortTermInvestments" xlink:label="teo_PaymentsForPurchaseOfOtherShortTermInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsForPurchaseOfOtherShortTermInvestments" xlink:to="teo_PaymentsForPurchaseOfOtherShortTermInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsForPurchaseOfOtherShortTermInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for the purchase of other short-term investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsForPurchaseOfOtherShortTermInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments for Purchase of Other Short Term Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsForPurchaseOfOtherShortTermInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other short-term investments and time deposits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from sales of investments other than investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sales of Other short-term investments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProceedsFromCollectionOfCompanyNotes" xlink:label="teo_ProceedsFromCollectionOfCompanyNotes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromCollectionOfCompanyNotes" xlink:to="teo_ProceedsFromCollectionOfCompanyNotes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromCollectionOfCompanyNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from collection of company notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromCollectionOfCompanyNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Collection of Company notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromCollectionOfCompanyNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Argentine companies notes collection</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProceedsFromBankOverdrafts" xlink:label="teo_ProceedsFromBankOverdrafts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromBankOverdrafts" xlink:to="teo_ProceedsFromBankOverdrafts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from bank overdrafts obtained.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Bank Overdrafts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank overdrafts</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProceedsFromLongTermNotes" xlink:label="teo_ProceedsFromLongTermNotes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromLongTermNotes" xlink:to="teo_ProceedsFromLongTermNotes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromLongTermNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from bank overdrafts obtained.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromLongTermNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Long-term Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_ProceedsFromLongTermNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProceedsFromBankLoans" xlink:label="teo_ProceedsFromBankLoans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromBankLoans" xlink:to="teo_ProceedsFromBankLoans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from bank loans obtained.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Bank Loans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RepaymentsOfBankOverdrafts" xlink:label="teo_RepaymentsOfBankOverdrafts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RepaymentsOfBankOverdrafts" xlink:to="teo_RepaymentsOfBankOverdrafts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RepaymentsOfBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payments of bank overdrafts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RepaymentsOfBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Bank Overdrafts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_RepaymentsOfBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank overdrafts</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RepaymentsOfNonCurrentNotes" xlink:label="teo_RepaymentsOfNonCurrentNotes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RepaymentsOfNonCurrentNotes" xlink:to="teo_RepaymentsOfNonCurrentNotes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RepaymentsOfNonCurrentNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payments of non-current notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RepaymentsOfNonCurrentNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments Of Non-current Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_RepaymentsOfNonCurrentNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RepaymentsOfBankLoans" xlink:label="teo_RepaymentsOfBankLoans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RepaymentsOfBankLoans" xlink:to="teo_RepaymentsOfBankLoans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RepaymentsOfBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payments of bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RepaymentsOfBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Bank Loans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_RepaymentsOfBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" xlink:label="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" xlink:to="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payment of interest and related expenses on bank overdrafts .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of Interest and Related Expenses on Bank Overdrafts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank overdrafts</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentOfInterestOnNotesAndRelatedExpenses" xlink:label="teo_PaymentOfInterestOnNotesAndRelatedExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfInterestOnNotesAndRelatedExpenses" xlink:to="teo_PaymentOfInterestOnNotesAndRelatedExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfInterestOnNotesAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payment of interest on notes and related expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfInterestOnNotesAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of Interest on Notes and Related Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentOfInterestOnNotesAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests on Notes and related expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentOfInterestOnBankLoansAndRelatedExpenses" xlink:label="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses" xlink:to="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payment of interest on bank loans and related expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of Interest on Bank Loans and Related Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests on bank loans and related expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PaymentOfInterestOnNondeliverableForwards" xlink:label="teo_PaymentOfInterestOnNondeliverableForwards" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfInterestOnNondeliverableForwards" xlink:to="teo_PaymentOfInterestOnNondeliverableForwards_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfInterestOnNondeliverableForwards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow of interest on non-deliverable forwards (NDF).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfInterestOnNondeliverableForwards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment Of Interest On Nondeliverable Forwards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentOfInterestOnNondeliverableForwards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScheduleOfDividendsPayableAndPaidTable" xlink:label="teo_ScheduleOfDividendsPayableAndPaidTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfDividendsPayableAndPaidTable" xlink:to="teo_ScheduleOfDividendsPayableAndPaidTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfDividendsPayableAndPaidTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The table contains disclosure pertaining to an entity's dividends payable and paid.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfDividendsPayableAndPaidTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Dividends payable and Paid [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfDividendsLineItems" xlink:label="teo_DisclosureOfDividendsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDividendsLineItems" xlink:to="teo_DisclosureOfDividendsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDividendsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDividendsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Dividends [Line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfDividendsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DividendsPaidAbstract" xlink:label="teo_DividendsPaidAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendsPaidAbstract" xlink:to="teo_DividendsPaidAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendsPaidAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendsPaidAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends Paid [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendsPaidAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid by company</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid to non-controlling interests, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo to ABC Telecomunicaciones</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid to equity holders of parent, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nortel and Telecom Argentina non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities" xlink:label="teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities" xlink:to="teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for dividends paid to equity holders of the subsidiary, classified as financing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends Paid To Equity Holders Of Subsidiary Classified As Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends advance declared by Sofora and paid by Telecom in December 2017</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CashDividendsAbstract" xlink:label="teo_CashDividendsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashDividendsAbstract" xlink:to="teo_CashDividendsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Dividends [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:label="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:to="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow from reserves for dividends paid to equity holders of the parent, classified as financing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid from reserves to equity holders of parent, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reserve for future cash dividends payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:to="ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends recognised as distributions to owners per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends declared and paid per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash dividend per outstanding share</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfCashDividendDistributionInstallments" xlink:label="teo_NumberOfCashDividendDistributionInstallments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfCashDividendDistributionInstallments" xlink:to="teo_NumberOfCashDividendDistributionInstallments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfCashDividendDistributionInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of installments in which the cash dividends are to be distributed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfCashDividendDistributionInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Cash Dividend Distribution installments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaid" xlink:label="ifrs-full_DividendsPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaid" xlink:to="ifrs-full_DividendsPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends recognised as distributions to owners</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendPayables" xlink:label="ifrs-full_DividendPayables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendPayables" xlink:to="ifrs-full_DividendPayables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends approved</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:to="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of reconciliation of liabilities arising from financing activities [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:to="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of reconciliation of liabilities arising from financing activities [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of liabilities generated by financing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_LiabilitiesArisingFromFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balances as of December 31, 2017</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balances as of December 31, 2016</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TransfersInOutOfBorrowings" xlink:label="teo_TransfersInOutOfBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TransfersInOutOfBorrowings" xlink:to="teo_TransfersInOutOfBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TransfersInOutOfBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of transfers in and (out) of borrowings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TransfersInOutOfBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers In (Out) of Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TransfersInOutOfBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through financing cash flows, liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flows</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InterestAccruedOnBorrowings" xlink:label="teo_InterestAccruedOnBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestAccruedOnBorrowings" xlink:to="teo_InterestAccruedOnBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestAccruedOnBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of interest accrued on borrowings, during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestAccruedOnBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Accrued on Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterestAccruedOnBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exchange differences and currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfTradeReceivablesTable" xlink:label="teo_DisclosureOfTradeReceivablesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTradeReceivablesTable" xlink:to="teo_DisclosureOfTradeReceivablesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradeReceivablesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradeReceivablesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Trade Receivables [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfTradeReceivablesLineItems" xlink:label="teo_DisclosureOfTradeReceivablesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTradeReceivablesLineItems" xlink:to="teo_DisclosureOfTradeReceivablesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradeReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradeReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Trade Receivables [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTradeReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentReceivablesAbstract" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivablesAbstract" xlink:to="ifrs-full_TradeAndOtherCurrentReceivablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and other current receivables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentReceivablesAbstract" xlink:label="ifrs-full_NoncurrentReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivablesAbstract" xlink:to="ifrs-full_NoncurrentReceivablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and other non-current receivables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeReceivables" xlink:label="ifrs-full_TradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_TradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total trade receivables, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the beginning of the fiscal year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions -Bad debt expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Utilisation, allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through net exchange differences, allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOtherReceivablesTable" xlink:label="teo_DisclosureOfOtherReceivablesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherReceivablesTable" xlink:to="teo_DisclosureOfOtherReceivablesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherReceivablesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to other receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherReceivablesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Receivables [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOtherReceivablesLineItems" xlink:label="teo_DisclosureOfOtherReceivablesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherReceivablesLineItems" xlink:to="teo_DisclosureOfOtherReceivablesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Receivables [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOtherReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_DisclosureOfOtherReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movements in the allowances of other receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherCurrentReceivablesAbstract" xlink:label="teo_OtherCurrentReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentReceivablesAbstract" xlink:to="teo_OtherCurrentReceivablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Receivables [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentPrepaidExpenses" xlink:label="ifrs-full_CurrentPrepaidExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPrepaidExpenses" xlink:to="ifrs-full_CurrentPrepaidExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current prepaid expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepaid expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DepositInAuctionsSWarrantToConatel" xlink:label="teo_DepositInAuctionsSWarrantToConatel" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositInAuctionsSWarrantToConatel" xlink:to="teo_DepositInAuctionsSWarrantToConatel_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositInAuctionsSWarrantToConatel_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of deposit in auctions's warrant to CONATEL</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositInAuctionsSWarrantToConatel_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit in auctions's warrant to CONATEL</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositInAuctionsSWarrantToConatel_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit in auction's warrant to CONATEL (Note 2.i)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromReimbursementOfExpenditureCurrent" xlink:label="teo_ReceivablesFromReimbursementOfExpenditureCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromReimbursementOfExpenditureCurrent" xlink:to="teo_ReceivablesFromReimbursementOfExpenditureCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromReimbursementOfExpenditureCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of expenditure that is to be reimbursed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromReimbursementOfExpenditureCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Reimbursement of Expenditure, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromReimbursementOfExpenditureCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expenditure reimbursement</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromTaxCreditsCurrent" xlink:label="teo_ReceivablesFromTaxCreditsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromTaxCreditsCurrent" xlink:to="teo_ReceivablesFromTaxCreditsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromTaxCreditsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of current tax credit receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromTaxCreditsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Tax Credits, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromTaxCreditsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax credits</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromRestrictedFundsCurrent" xlink:label="teo_ReceivablesFromRestrictedFundsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromRestrictedFundsCurrent" xlink:to="teo_ReceivablesFromRestrictedFundsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromRestrictedFundsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of current receivables from restricted funds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromRestrictedFundsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Restricted Funds, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromRestrictedFundsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted funds</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesForReturnOfHandsetsCurrent" xlink:label="teo_ReceivablesForReturnOfHandsetsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesForReturnOfHandsetsCurrent" xlink:to="teo_ReceivablesForReturnOfHandsetsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesForReturnOfHandsetsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of current receivables for return of handsets under warranty.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesForReturnOfHandsetsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables for Return of Handsets, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesForReturnOfHandsetsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables for return of handsets under warranty</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentReceivablesFromSaleOfProperties" xlink:label="ifrs-full_CurrentReceivablesFromSaleOfProperties" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentReceivablesFromSaleOfProperties" xlink:to="ifrs-full_CurrentReceivablesFromSaleOfProperties_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentReceivablesFromSaleOfProperties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current receivables from sale of properties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentReceivablesFromSaleOfProperties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E disposal receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromGuaranteeDepositsCurrent" xlink:label="teo_ReceivablesFromGuaranteeDepositsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromGuaranteeDepositsCurrent" xlink:to="teo_ReceivablesFromGuaranteeDepositsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromGuaranteeDepositsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of current receivables from guarantee deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromGuaranteeDepositsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Guarantee Deposits, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromGuaranteeDepositsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantee deposits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current receivables from taxes other than income tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on personal property - on behalf of Shareholders</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentDerivativeFinancialAssets" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current derivative financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF (Note 20)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherCurrentReceivablesOther" xlink:label="teo_OtherCurrentReceivablesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentReceivablesOther" xlink:to="teo_OtherCurrentReceivablesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of other current receivables, other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Receivables, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherNonCurrentReceivablesAbstract" xlink:label="teo_OtherNonCurrentReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentReceivablesAbstract" xlink:to="teo_OtherNonCurrentReceivablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-Current Receivables [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNonCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="ifrs-full_NoncurrentPrepayments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPrepayments" xlink:to="ifrs-full_NoncurrentPrepayments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current prepayments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepaid expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromScResolutionAndIdcNonCurrent" xlink:label="teo_ReceivablesFromScResolutionAndIdcNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromScResolutionAndIdcNonCurrent" xlink:to="teo_ReceivablesFromScResolutionAndIdcNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromScResolutionAndIdcNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current receivables from SC Resolution No.41/07 and IDC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromScResolutionAndIdcNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from SC Resolution and IDC, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromScResolutionAndIdcNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit on SC Resolution No. 41/07 and IDC (Note 2.m and n)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromRestrictedFundsNonCurrent" xlink:label="teo_ReceivablesFromRestrictedFundsNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromRestrictedFundsNonCurrent" xlink:to="teo_ReceivablesFromRestrictedFundsNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromRestrictedFundsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current receivables from restricted funds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromRestrictedFundsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Restricted Funds, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromRestrictedFundsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted funds</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromRegulatoryNonCurrent" xlink:label="teo_ReceivablesFromRegulatoryNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromRegulatoryNonCurrent" xlink:to="teo_ReceivablesFromRegulatoryNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromRegulatoryNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current receivables for regulatory matters.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromRegulatoryNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Regulatory, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromRegulatoryNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory receivables (Paraguay)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current receivables from taxes other than income tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on personal property - on behalf of Shareholders</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromTaxCreditsNonCurrent" xlink:label="teo_ReceivablesFromTaxCreditsNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromTaxCreditsNonCurrent" xlink:to="teo_ReceivablesFromTaxCreditsNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromTaxCreditsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current tax credit receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromTaxCreditsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Tax Credits, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromTaxCreditsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax credits</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReceivablesFromGuaranteeDepositsNonCurrent" xlink:label="teo_ReceivablesFromGuaranteeDepositsNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromGuaranteeDepositsNonCurrent" xlink:to="teo_ReceivablesFromGuaranteeDepositsNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromGuaranteeDepositsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current receivables from guarantee deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromGuaranteeDepositsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Guarantee Deposits, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromGuaranteeDepositsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantee deposits</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CreditOfIndemnityForTuvesParaguaryAcquistion" xlink:label="teo_CreditOfIndemnityForTuvesParaguaryAcquistion" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CreditOfIndemnityForTuvesParaguaryAcquistion" xlink:to="teo_CreditOfIndemnityForTuvesParaguaryAcquistion_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CreditOfIndemnityForTuvesParaguaryAcquistion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of credit indemnity for Tuves Paraguay Acquisition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CreditOfIndemnityForTuvesParaguaryAcquistion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit of indemnity for Tuves Paraguary Acquistion</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CreditOfIndemnityForTuvesParaguaryAcquistion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit of indemnity for Tuves Paraguary Acquistion</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NondeliverableForward" xlink:label="teo_NondeliverableForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NondeliverableForward" xlink:to="teo_NondeliverableForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NondeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of noncurrent derivative financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NondeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nondeliverable forward</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NondeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial NDF (Note 20)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherNonCurrentReceivablesOther" xlink:label="teo_OtherNonCurrentReceivablesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentReceivablesOther" xlink:to="teo_OtherNonCurrentReceivablesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of other non-current receivables, other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-Current Receivables, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNonCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AllowanceForRegulatoryReceivableNonCurrent" xlink:label="teo_AllowanceForRegulatoryReceivableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AllowanceForRegulatoryReceivableNonCurrent" xlink:to="teo_AllowanceForRegulatoryReceivableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AllowanceForRegulatoryReceivableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A valuation allowance for non-current regulatory receivables due to an Entity for more than one year that are expected to be uncollectible.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AllowanceForRegulatoryReceivableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for Regulatory Receivable, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AllowanceForRegulatoryReceivableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for regulatory matters (Note 2 m. and n)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A valuation allowance for non-current receivables from taxes other than income tax due to an Entity for more than one year that are expected to be uncollectible.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowances for Non-Current Receivables from Taxes Other Than Income Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for tax on personal property</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AllowanceForTaxOnOtherCredits" xlink:label="teo_AllowanceForTaxOnOtherCredits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AllowanceForTaxOnOtherCredits" xlink:to="teo_AllowanceForTaxOnOtherCredits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AllowanceForTaxOnOtherCredits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A valuation allowance for non-current receivables from taxes other than income tax due to an Entity for more than one year that are expected to be uncollectible.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AllowanceForTaxOnOtherCredits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for tax on other credits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AllowanceForTaxOnOtherCredits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for tax on other credits (i)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherReceivables" xlink:label="ifrs-full_OtherReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReceivables" xlink:to="ifrs-full_OtherReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonDeliverableForwardCurrent" xlink:label="teo_NonDeliverableForwardCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonDeliverableForwardCurrent" xlink:to="teo_NonDeliverableForwardCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current derivative financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority" xlink:label="teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority" xlink:to="teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for non-current receivables from taxes with regulatory authority other than income tax due to an Entity for more than one year that are expected to be uncollectible.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for Tax on other Credits with Regulatory Authority</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for tax on other credits allocated to taxes with the Regulatory Authority</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments" xlink:label="teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments" xlink:to="teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for non-current receivables from taxes due to currency translation adjustments other than income tax due to an Entity for more than one year that are expected to be uncollectible.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for Tax on other Credits to Currency Translation Adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for tax on other credits allocated to currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent" xlink:label="teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent" xlink:to="teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increases in valuation allowance for non-current regulatory receivables due to an entity for more than one year that are expected to be uncollectible.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions to Allowance for Regulatory Receivable, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation of Telecom Argentina's regulatory liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScheduleOfInventoryDisclosureTable" xlink:label="teo_ScheduleOfInventoryDisclosureTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfInventoryDisclosureTable" xlink:to="teo_ScheduleOfInventoryDisclosureTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfInventoryDisclosureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of information about inventory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfInventoryDisclosureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Inventory Disclosure [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TypeOfInventoriesAxis" xlink:label="teo_TypeOfInventoriesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TypeOfInventoriesAxis" xlink:to="teo_TypeOfInventoriesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TypeOfInventoriesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information by type of inventory held.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TypeOfInventoriesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type of Inventories [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TypeOfInventoriesDomain" xlink:label="teo_TypeOfInventoriesDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TypeOfInventoriesDomain" xlink:to="teo_TypeOfInventoriesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TypeOfInventoriesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Information by type of inventory held.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TypeOfInventoriesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type Of Inventories [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TypeOfInventoriesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type of Inventories [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileHandsetsAndOthersMember" xlink:label="teo_MobileHandsetsAndOthersMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileHandsetsAndOthersMember" xlink:to="teo_MobileHandsetsAndOthersMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileHandsetsAndOthersMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Mobile handsets and others.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileHandsetsAndOthersMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Handsets And Others [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileHandsetsAndOthersMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile handsets and others</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FixedTelephonesAndEquipmentMember" xlink:label="teo_FixedTelephonesAndEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FixedTelephonesAndEquipmentMember" xlink:to="teo_FixedTelephonesAndEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FixedTelephonesAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Fixed telephones and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FixedTelephonesAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Telephones And Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FixedTelephonesAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed telephones and equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InventoriesForConstructionProjectsMember" xlink:label="teo_InventoriesForConstructionProjectsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InventoriesForConstructionProjectsMember" xlink:to="teo_InventoriesForConstructionProjectsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InventoriesForConstructionProjectsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Inventories for construction projects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InventoriesForConstructionProjectsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories For Construction Projects [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InventoriesForConstructionProjectsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories for construction projects</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ScheduleOfInventoryDisclosureLineItems" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfInventoryDisclosureLineItems" xlink:to="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Inventory Disclosure [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories and allowance for obsolescence of inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movements in the allowance for obsolescence of inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InventoryWritedown2011" xlink:label="ifrs-full_InventoryWritedown2011" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InventoryWritedown2011" xlink:to="ifrs-full_InventoryWritedown2011_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InventoryWritedown2011_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory write-down</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InventoryWritedown2011_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions - Fees for services, maintenance and materials</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_UtilisationOfAllowanceForObsolescenceOfInventory" xlink:label="teo_UtilisationOfAllowanceForObsolescenceOfInventory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UtilisationOfAllowanceForObsolescenceOfInventory" xlink:to="teo_UtilisationOfAllowanceForObsolescenceOfInventory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UtilisationOfAllowanceForObsolescenceOfInventory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of utilisation of allowance for obsolescence of inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UtilisationOfAllowanceForObsolescenceOfInventory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Utilisation of Allowance for Obsolescence of Inventory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UtilisationOfAllowanceForObsolescenceOfInventory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of operating segments [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of operating segments [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating segments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromSaleOfTelecommunicationEquipment" xlink:label="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment" xlink:to="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from sale of telecommunication equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total equipment and handsets sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equipment sales</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EquipmentAndHandsetsSalesNetTotal" xlink:label="teo_EquipmentAndHandsetsSalesNetTotal" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EquipmentAndHandsetsSalesNetTotal" xlink:to="teo_EquipmentAndHandsetsSalesNetTotal_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EquipmentAndHandsetsSalesNetTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the total Net value of equipment and handsets sales.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EquipmentAndHandsetsSalesNetTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equipment and Handsets Sales Net Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_EquipmentAndHandsetsSalesNetTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total income for sale of equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ChangesInCostOfEquipmentAndHandsetsAbstract" xlink:label="teo_ChangesInCostOfEquipmentAndHandsetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ChangesInCostOfEquipmentAndHandsetsAbstract" xlink:to="teo_ChangesInCostOfEquipmentAndHandsetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ChangesInCostOfEquipmentAndHandsetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ChangesInCostOfEquipmentAndHandsetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in Cost of equipment and handsets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_ChangesInCostOfEquipmentAndHandsetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InventoriesTotal" xlink:label="ifrs-full_InventoriesTotal" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InventoriesTotal" xlink:to="ifrs-full_InventoriesTotal_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InventoriesTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="ifrs-full_InventoriesTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories at the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_InventoriesTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories at the end of the year</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InventoriesAdditionsAbstract" xlink:label="teo_InventoriesAdditionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InventoriesAdditionsAbstract" xlink:to="teo_InventoriesAdditionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InventoriesAdditionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the information pertaining to all the additions made to the inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InventoriesAdditionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories Additions [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InventoriesAdditionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Plus:</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CostOfEquipmentAndHandsetPurchases" xlink:label="teo_CostOfEquipmentAndHandsetPurchases" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostOfEquipmentAndHandsetPurchases" xlink:to="teo_CostOfEquipmentAndHandsetPurchases_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostOfEquipmentAndHandsetPurchases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of cost of purchase of equipments and handsets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostOfEquipmentAndHandsetPurchases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of Equipment and Handset Purchases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CostOfEquipmentAndHandsetPurchases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equipment acquisitions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DeferredSubscriberAcquisitionCosts" xlink:label="teo_DeferredSubscriberAcquisitionCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredSubscriberAcquisitionCosts" xlink:to="teo_DeferredSubscriberAcquisitionCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of deferred subscriber acquisition costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Subscriber Acquisition Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SAC deferred costs (Note 3.j)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence" xlink:label="teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence" xlink:to="teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of decrease in inventory cost, net of allowance for obsolescence.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease in Inventory Cost, Net of Allowance for Obsolescence</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases net of allowance of obsolescence</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CostOfHandsetsLentToCustomersFreeOfCost" xlink:label="teo_CostOfHandsetsLentToCustomersFreeOfCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostOfHandsetsLentToCustomersFreeOfCost" xlink:to="teo_CostOfHandsetsLentToCustomersFreeOfCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostOfHandsetsLentToCustomersFreeOfCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cost of handsets lent to customers free of cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostOfHandsetsLentToCustomersFreeOfCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of Handsets Lent to Customers Free of Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CostOfHandsetsLentToCustomersFreeOfCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Handsets lent to customers at no cost</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DecreaseInInventoryCostNotChargedToEquipmentCost" xlink:label="teo_DecreaseInInventoryCostNotChargedToEquipmentCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DecreaseInInventoryCostNotChargedToEquipmentCost" xlink:to="teo_DecreaseInInventoryCostNotChargedToEquipmentCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DecreaseInInventoryCostNotChargedToEquipmentCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of decrease in inventory cost that is not charged to cost of equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DecreaseInInventoryCostNotChargedToEquipmentCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease in Inventory Cost, Not Charged to Equipment Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DecreaseInInventoryCostNotChargedToEquipmentCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases not charged to cost of equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InventoriesDeductionsAbstract" xlink:label="teo_InventoriesDeductionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InventoriesDeductionsAbstract" xlink:to="teo_InventoriesDeductionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InventoriesDeductionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the information pertaining to the deductions in inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InventoriesDeductionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories Deductions [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InventoriesDeductionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Less:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about property, plant and equipment [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about property, plant and equipment [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Detailed information about property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:label="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:to="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of changes in property, plant and equipment [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of changes in property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions through business combinations, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase for Tuves Paraguay acquisition</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions other than through business combinations, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CAPEX</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment" xlink:label="teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment" xlink:to="teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of losses, other than losses on disposal and impairment, recognised in profit or loss for property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Losses Other than Disposals or Impairment, Property, Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal for maintenance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease of PPE</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through transfers from (to) investment property, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers to CAPEX</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through net exchange differences, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reversal of impairment loss recognised in profit or loss, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" xlink:label="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" xlink:to="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of Changes in Impairment, Property, Plant and Equipment [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movements in impairment of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:label="ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:to="ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposals and retirements, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through transfers from construction in progress, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers and reclassifications</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation of PP&amp;E</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about intangible assets [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about intangible assets [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions through business combinations, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition Tuves Paraguay</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions other than through business combinations, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CAPEX</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital expenditures on intangible assets (b)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through net exchange differences, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposals and retirements, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortisation, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentPayablesAbstract" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesAbstract" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and other current payables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment" xlink:label="teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment" xlink:to="teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current payables for purchase of property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Payables For Purchase Of Property Plant And Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CurrentPayablesForOtherAssetsAndServices" xlink:label="teo_CurrentPayablesForOtherAssetsAndServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentPayablesForOtherAssetsAndServices" xlink:to="teo_CurrentPayablesForOtherAssetsAndServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentPayablesForOtherAssetsAndServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current payables for other assets and services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentPayablesForOtherAssetsAndServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Payables for Other Assets and Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentPayablesForOtherAssetsAndServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other assets and services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CurrentPayablesForInventories" xlink:label="teo_CurrentPayablesForInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentPayablesForInventories" xlink:to="teo_CurrentPayablesForInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentPayablesForInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current payables for inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentPayablesForInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Payables for Inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentPayablesForInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CurrentTradePayablesExcludingAgentCommissions" xlink:label="teo_CurrentTradePayablesExcludingAgentCommissions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentTradePayablesExcludingAgentCommissions" xlink:to="teo_CurrentTradePayablesExcludingAgentCommissions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentTradePayablesExcludingAgentCommissions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current trade payables excluding agent commissions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentTradePayablesExcludingAgentCommissions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Trade Payables Excluding Agent Commissions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_CurrentTradePayablesExcludingAgentCommissions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subtotal trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AgentCommissions" xlink:label="teo_AgentCommissions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AgentCommissions" xlink:to="teo_AgentCommissions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AgentCommissions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Agent commissions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AgentCommissions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Agent Commissions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AgentCommissions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Agent commissions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentPayablesAbstract" xlink:label="ifrs-full_NoncurrentPayablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayablesAbstract" xlink:to="ifrs-full_NoncurrentPayablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and other non-current payables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment" xlink:label="teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment" xlink:to="teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of noncurrent payables for purchase of property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncurrent Payables For Purchase Of Property Plant And Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:to="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total trade payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccrualsAndDeferredIncomeClassifiedAsCurrentAbstract" xlink:label="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsCurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsCurrentAbstract" xlink:to="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsCurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accruals and deferred income classified as current [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current deferred revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrepaidCallingCardsDeferredIncomeCurrent" xlink:label="teo_PrepaidCallingCardsDeferredIncomeCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrepaidCallingCardsDeferredIncomeCurrent" xlink:to="teo_PrepaidCallingCardsDeferredIncomeCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrepaidCallingCardsDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of deferred income on prepaid calling cards, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrepaidCallingCardsDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepaid Calling Cards Deferred Income, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrepaidCallingCardsDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">On prepaid calling cards - Fixed and Mobile Services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ConstructionProjectsDeferredIncomeCurrent" xlink:label="teo_ConstructionProjectsDeferredIncomeCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConstructionProjectsDeferredIncomeCurrent" xlink:to="teo_ConstructionProjectsDeferredIncomeCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConstructionProjectsDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of deferred income current from construction projects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConstructionProjectsDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction Projects Deferred Income Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConstructionProjectsDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">On construction projects</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ConnectionFeesDeferredIncomeCurrent" xlink:label="teo_ConnectionFeesDeferredIncomeCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConnectionFeesDeferredIncomeCurrent" xlink:to="teo_ConnectionFeesDeferredIncomeCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConnectionFeesDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of deferred income on connection fees, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConnectionFeesDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Connection Fees Deferred Income, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConnectionFeesDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">On connection fees - fixed services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CapacityRentalDeferredIncomeCurrent" xlink:label="teo_CapacityRentalDeferredIncomeCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapacityRentalDeferredIncomeCurrent" xlink:to="teo_CapacityRentalDeferredIncomeCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapacityRentalDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of deferred income on capacity rentals, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapacityRentalDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capacity Rental Deferred Income, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapacityRentalDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">On capacity rental</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent" xlink:label="teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent" xlink:to="teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of deferred income on mobile customer loyalty programs, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Customer Loyalty Programs Deferred Income, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">On mobile customer loyalty programs</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DeferredIncomeFromRegulatorCurrent" xlink:label="teo_DeferredIncomeFromRegulatorCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredIncomeFromRegulatorCurrent" xlink:to="teo_DeferredIncomeFromRegulatorCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredIncomeFromRegulatorCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of deferred income from regulator, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredIncomeFromRegulatorCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Income From Regulator, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredIncomeFromRegulatorCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">From CONATEL - mobile services Nucleo (Note 18.d)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherDeferredIncomeClassifiedAsCurrent" xlink:label="teo_OtherDeferredIncomeClassifiedAsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherDeferredIncomeClassifiedAsCurrent" xlink:to="teo_OtherDeferredIncomeClassifiedAsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherDeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of other deferred income, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherDeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Deferred Income, Classified As Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherDeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccrualsAndDeferredIncomeClassifiedAsNoncurrentAbstract" xlink:label="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsNoncurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsNoncurrentAbstract" xlink:to="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsNoncurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accruals and deferred income classified as non-current [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccrualsAndDeferredIncomeClassifiedAsNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current deferred revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrepaidCallingCardsDeferredIncomeNoncurrent" xlink:label="teo_PrepaidCallingCardsDeferredIncomeNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrepaidCallingCardsDeferredIncomeNoncurrent" xlink:to="teo_PrepaidCallingCardsDeferredIncomeNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrepaidCallingCardsDeferredIncomeNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of deferred income on prepaid calling cards, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrepaidCallingCardsDeferredIncomeNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepaid Calling Cards Deferred Income, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrepaidCallingCardsDeferredIncomeNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">On capacity rental - Fixed Services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ConnectionFeesDeferredIncomeNoncurrent" xlink:label="teo_ConnectionFeesDeferredIncomeNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConnectionFeesDeferredIncomeNoncurrent" xlink:to="teo_ConnectionFeesDeferredIncomeNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConnectionFeesDeferredIncomeNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">On connection fees - Fixed services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConnectionFeesDeferredIncomeNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Connection Fees Deferred Income, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConnectionFeesDeferredIncomeNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">On connection fees - Fixed services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent" xlink:label="teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent" xlink:to="teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of deferred income on mobile customer loyalty programs, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Customer Loyalty Programs Deferred Income, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">On mobile customer loyalty programs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredIncome" xlink:label="ifrs-full_DeferredIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncome" xlink:to="ifrs-full_DeferredIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_DeferredIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about borrowings [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsAbstract" xlink:label="ifrs-full_BorrowingsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsAbstract" xlink:to="ifrs-full_BorrowingsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and non-current financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Syndicated Loan</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total financial debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NotionalAmount" xlink:label="ifrs-full_NotionalAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotionalAmount" xlink:to="ifrs-full_NotionalAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotionalAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notional amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NotionalAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal amount</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsDebtInstrumentTerm" xlink:label="teo_IfrsDebtInstrumentTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsDebtInstrumentTerm" xlink:to="teo_IfrsDebtInstrumentTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsDebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsDebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Debt Instrument Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsDebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowing term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_IfrsDebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization term</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:to="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings, adjustment to interest rate basis</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Applicable margin</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Floating interest rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="ifrs-full_BorrowingsInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings, interest rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average annual rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowing interest rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsDebtInstrumentPeriodicPayment" xlink:label="teo_IfrsDebtInstrumentPeriodicPayment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsDebtInstrumentPeriodicPayment" xlink:to="teo_IfrsDebtInstrumentPeriodicPayment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsDebtInstrumentPeriodicPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of the required periodic payments including both interest and principal payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsDebtInstrumentPeriodicPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Debt Instrument Periodic Payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsDebtInstrumentPeriodicPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Half-yearly installments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromNoncurrentBorrowings" xlink:label="ifrs-full_ProceedsFromNoncurrentBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromNoncurrentBorrowings" xlink:to="ifrs-full_ProceedsFromNoncurrentBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan proceeds</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:to="ifrs-full_BorrowingCostsRecognisedAsExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowing costs recognised as expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net borrowing expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DebtInstrumentNumberOfPayments" xlink:label="teo_DebtInstrumentNumberOfPayments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DebtInstrumentNumberOfPayments" xlink:to="teo_DebtInstrumentNumberOfPayments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DebtInstrumentNumberOfPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of debt instrument payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DebtInstrumentNumberOfPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Number Of Payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DebtInstrumentNumberOfPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of debt payments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfCapitalSettledAtMaturityDate" xlink:label="teo_PercentageOfCapitalSettledAtMaturityDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfCapitalSettledAtMaturityDate" xlink:to="teo_PercentageOfCapitalSettledAtMaturityDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfCapitalSettledAtMaturityDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of capital settled at maturity date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfCapitalSettledAtMaturityDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Capital Settled At Maturity Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfCapitalSettledAtMaturityDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of capital settled</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault" xlink:label="teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault" xlink:to="teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of minimum capital and/or interests commitments of financial debt to default.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum Borrowings and/or Interests of Financial Debt Commitment to Default</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum payable amount to default</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination" xlink:label="teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination" xlink:to="teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of minimum defaulted commitments of financial debt to final court sentence dictamination (including seizure, executions of property, and similar court decisions).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum of Defaulted Financial Debt Commitment to Final Court Sentence Dictamination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum defaulted amount to final court sentence dictamination</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfEmployees" xlink:label="ifrs-full_NumberOfEmployees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfEmployees" xlink:to="ifrs-full_NumberOfEmployees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfEmployees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfEmployees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total number of employees</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfEmployeesUnionized" xlink:label="teo_PercentageOfEmployeesUnionized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfEmployeesUnionized" xlink:to="teo_PercentageOfEmployeesUnionized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfEmployeesUnionized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of total number of employees were unionized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfEmployeesUnionized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Employees Unionized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfEmployeesUnionized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employees unionized (in percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfStockOptionPlans" xlink:label="teo_NumberOfStockOptionPlans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfStockOptionPlans" xlink:to="teo_NumberOfStockOptionPlans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfStockOptionPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of stock option plans available to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfStockOptionPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Stock Option Plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfStockOptionPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of stock option plans available to employees</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SalariesAndSocialSecurityExpensesCurrentAbstract" xlink:label="teo_SalariesAndSocialSecurityExpensesCurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityExpensesCurrentAbstract" xlink:to="teo_SalariesAndSocialSecurityExpensesCurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityExpensesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityExpensesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Expenses, Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SalariesAndSocialSecurityExpensesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_VacationAndBonusesPayableCurrent" xlink:label="teo_VacationAndBonusesPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VacationAndBonusesPayableCurrent" xlink:to="teo_VacationAndBonusesPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VacationAndBonusesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current vacation and bonuses payable to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VacationAndBonusesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vacation and Bonuses Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VacationAndBonusesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vacation and bonuses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SocialSecurityPayablesCurrent" xlink:label="teo_SocialSecurityPayablesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SocialSecurityPayablesCurrent" xlink:to="teo_SocialSecurityPayablesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SocialSecurityPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current social security payables to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SocialSecurityPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social Security Payables, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SocialSecurityPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TerminationBenefitsPayableCurrent" xlink:label="teo_TerminationBenefitsPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TerminationBenefitsPayableCurrent" xlink:to="teo_TerminationBenefitsPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TerminationBenefitsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TerminationBenefitsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Termination Benefits Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TerminationBenefitsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Termination benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SalariesAndSocialSecurityPayableCurrent" xlink:label="teo_SalariesAndSocialSecurityPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityPayableCurrent" xlink:to="teo_SalariesAndSocialSecurityPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current salaries and social security payables to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_SalariesAndSocialSecurityPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current salaries and security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract" xlink:label="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract" xlink:to="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Expenses, Non-Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TerminationBenefitsPayableNonCurrent" xlink:label="teo_TerminationBenefitsPayableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TerminationBenefitsPayableNonCurrent" xlink:to="teo_TerminationBenefitsPayableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TerminationBenefitsPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TerminationBenefitsPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Termination Benefits Payable, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TerminationBenefitsPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Termination benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_BonusesPayableNonCurrent" xlink:label="teo_BonusesPayableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BonusesPayableNonCurrent" xlink:to="teo_BonusesPayableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BonusesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current bonuses payable to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BonusesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bonuses Payable, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BonusesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bonuses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SalariesAndSocialSecurityPayableNonCurrent" xlink:label="teo_SalariesAndSocialSecurityPayableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityPayableNonCurrent" xlink:to="teo_SalariesAndSocialSecurityPayableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current salaries and social security payables to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Payable, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_SalariesAndSocialSecurityPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current salaries and security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SalariesAndSocialSecurityPayables" xlink:label="teo_SalariesAndSocialSecurityPayables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityPayables" xlink:to="teo_SalariesAndSocialSecurityPayables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The total amount of salaries and social security payables to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_SalariesAndSocialSecurityPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract" xlink:label="ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract" xlink:to="ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Short-term employee benefits expense [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee benefit expenses and severance payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WagesAndSalaries" xlink:label="ifrs-full_WagesAndSalaries" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WagesAndSalaries" xlink:to="ifrs-full_WagesAndSalaries_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WagesAndSalaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Wages and salaries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_WagesAndSalaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SocialSecurityContributions" xlink:label="ifrs-full_SocialSecurityContributions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SocialSecurityContributions" xlink:to="ifrs-full_SocialSecurityContributions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SocialSecurityContributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social security contributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_SocialSecurityContributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social security expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SeveranceIndemnitiesAndTerminationBenefitsExpense" xlink:label="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense" xlink:to="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A class of employee benefits expense that represents severance indemnities and termination benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Severance Indemnities and Termination Benefits Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Severance indemnities and termination benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherEmployeeExpense" xlink:label="ifrs-full_OtherEmployeeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherEmployeeExpense" xlink:to="ifrs-full_OtherEmployeeExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherEmployeeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other employee expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherEmployeeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other employee benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncomeTaxDisclosureTable" xlink:label="teo_IncomeTaxDisclosureTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeTaxDisclosureTable" xlink:to="teo_IncomeTaxDisclosureTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeTaxDisclosureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to income tax disclosures.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeTaxDisclosureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax disclosure [table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncomeTaxDisclosureLineItems" xlink:label="teo_IncomeTaxDisclosureLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeTaxDisclosureLineItems" xlink:to="teo_IncomeTaxDisclosureLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeTaxDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeTaxDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax disclosure [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncomeTaxDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax payables, income tax assets and deferred income tax</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncomeTaxPayablesGross" xlink:label="teo_IncomeTaxPayablesGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeTaxPayablesGross" xlink:to="teo_IncomeTaxPayablesGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeTaxPayablesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of income tax payable gross.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeTaxPayablesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Payables, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncomeTaxPayablesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid" xlink:label="teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid" xlink:to="teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The current tax asset amount representing income taxes withheld and income taxes paid in advance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Tax Assets, Taxes Withheld and Advance Taxes Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Withholdings and payments in advance of income taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxRegulationRegimeLiabilityCurrent" xlink:label="teo_TaxRegulationRegimeLiabilityCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRegulationRegimeLiabilityCurrent" xlink:to="teo_TaxRegulationRegimeLiabilityCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRegulationRegimeLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current tax liability from tax regularization regime</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRegulationRegimeLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Regulation Regime Liability, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRegulationRegimeLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Law No. 26,476 Tax Regularization Regime</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxRegulationRegimeLiabilityNonCurrent" xlink:label="teo_TaxRegulationRegimeLiabilityNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRegulationRegimeLiabilityNonCurrent" xlink:to="teo_TaxRegulationRegimeLiabilityNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRegulationRegimeLiabilityNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non current tax liability from tax regularization regime</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRegulationRegimeLiabilityNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Regulation Regime Liability, Non Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRegulationRegimeLiabilityNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Law No. 26,476 Tax Regularization Regime</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:to="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of temporary difference, unused tax losses and unused tax credits [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:to="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:to="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax assets and liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary differences</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred tax assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetDeferredTaxAssets" xlink:label="ifrs-full_NetDeferredTaxAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxAssets" xlink:to="ifrs-full_NetDeferredTaxAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDeferredTaxAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net deferred tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NetDeferredTaxAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred tax assets, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="ifrs-full_CurrentTaxExpenseIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax expense (income)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax expense (income) recognised in profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax benefit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" xlink:label="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" xlink:to="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce current tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax credit recorded</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actions for recourse income tax receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" xlink:label="ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" xlink:to="ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccountingProfit" xlink:label="ifrs-full_AccountingProfit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccountingProfit" xlink:to="ifrs-full_AccountingProfit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccountingProfit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounting profit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccountingProfit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pre-tax income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonTaxableIncomeExpenseNet" xlink:label="teo_NonTaxableIncomeExpenseNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonTaxableIncomeExpenseNet" xlink:to="teo_NonTaxableIncomeExpenseNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonTaxableIncomeExpenseNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of income (expense) which is not chargeable to tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonTaxableIncomeExpenseNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Taxable Income (Expense), Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonTaxableIncomeExpenseNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non taxable items</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AccountingProfitNetOfNonTaxableItems" xlink:label="teo_AccountingProfitNetOfNonTaxableItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccountingProfitNetOfNonTaxableItems" xlink:to="teo_AccountingProfitNetOfNonTaxableItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccountingProfitNetOfNonTaxableItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount representing accounting profit after deducting non-taxable income (expense).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccountingProfitNetOfNonTaxableItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounting Profit Net Of Non Taxable Items</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AccountingProfitNetOfNonTaxableItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subtotal</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:to="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax expense (income) at applicable tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense at weighted statutory tax rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxEffectOfCashDividendsFromForeignCompanies" xlink:label="teo_TaxEffectOfCashDividendsFromForeignCompanies" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxEffectOfCashDividendsFromForeignCompanies" xlink:to="teo_TaxEffectOfCashDividendsFromForeignCompanies_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxEffectOfCashDividendsFromForeignCompanies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to cash dividends received from foreign companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxEffectOfCashDividendsFromForeignCompanies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Effect of Cash Dividends from Foreign Companies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TaxEffectOfCashDividendsFromForeignCompanies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax on cash dividends of foreign companies - Nucleo</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxRateEffectFromChangesInTaxRate" xlink:label="teo_TaxRateEffectFromChangesInTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRateEffectFromChangesInTaxRate" xlink:to="teo_TaxRateEffectFromChangesInTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRateEffectFromChangesInTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of effect of changes in tax rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRateEffectFromChangesInTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Rate Effect From Changes in Tax Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRateEffectFromChangesInTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effect of changes in tax rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:to="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other tax effects for reconciliation between accounting profit and tax expense (income)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other changes in tax assets and liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ActionsForRecourseFiledWithTaxAuthorityAbstract" xlink:label="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract" xlink:to="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax - Actions for recourse filed with the Tax Authority</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ActionsForRecourseIncomeTaxClaimAmount" xlink:label="teo_ActionsForRecourseIncomeTaxClaimAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ActionsForRecourseIncomeTaxClaimAmount" xlink:to="teo_ActionsForRecourseIncomeTaxClaimAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ActionsForRecourseIncomeTaxClaimAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of claim including interest, filed with tax authority which was overpaid during prior years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ActionsForRecourseIncomeTaxClaimAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actions for Recourse, Income Tax, Claim Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ActionsForRecourseIncomeTaxClaimAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of claim filed during 2015 and 2016</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentValueAddedTaxPayables" xlink:label="ifrs-full_CurrentValueAddedTaxPayables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentValueAddedTaxPayables" xlink:to="ifrs-full_CurrentValueAddedTaxPayables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentValueAddedTaxPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current value added tax payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentValueAddedTaxPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VAT, net</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxWithholdingsPayableCurrent" xlink:label="teo_TaxWithholdingsPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxWithholdingsPayableCurrent" xlink:to="teo_TaxWithholdingsPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxWithholdingsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of tax that is withheld by the entity included in other taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxWithholdingsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Withholdings Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxWithholdingsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax withholdings</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InternalTaxPayableCurrent" xlink:label="teo_InternalTaxPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InternalTaxPayableCurrent" xlink:to="teo_InternalTaxPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InternalTaxPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of internal tax payable by the entity included in other taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InternalTaxPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internal Tax Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InternalTaxPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internal taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxOnSUPayableCurrent" xlink:label="teo_TaxOnSUPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxOnSUPayableCurrent" xlink:to="teo_TaxOnSUPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxOnSUPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of payables related to a tax on SU.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxOnSUPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on S U Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxOnSUPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on SU (Note 2.h)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RegulatoryFeesPayableCurrent" xlink:label="teo_RegulatoryFeesPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RegulatoryFeesPayableCurrent" xlink:to="teo_RegulatoryFeesPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RegulatoryFeesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of payables related to a regulatory fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RegulatoryFeesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory Fees Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RegulatoryFeesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory fees</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TurnoverTaxPayableCurrent" xlink:label="teo_TurnoverTaxPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TurnoverTaxPayableCurrent" xlink:to="teo_TurnoverTaxPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TurnoverTaxPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of payables related to a turnover tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TurnoverTaxPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TurnoverTaxPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover tax</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MunicipalTaxesPayableCurrent" xlink:label="teo_MunicipalTaxesPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MunicipalTaxesPayableCurrent" xlink:to="teo_MunicipalTaxesPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MunicipalTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of payables related to a municipal taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MunicipalTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Municipal Taxes Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MunicipalTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Municipal taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RetentionDecreeCurrent" xlink:label="teo_RetentionDecreeCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RetentionDecreeCurrent" xlink:to="teo_RetentionDecreeCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RetentionDecreeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of payables related to a retention decree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RetentionDecreeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retention Decree, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RetentionDecreeCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retention Decree No.583/10 ENARD</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PersonalPropertyTaxesPayableCurrent" xlink:label="teo_PersonalPropertyTaxesPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalPropertyTaxesPayableCurrent" xlink:to="teo_PersonalPropertyTaxesPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalPropertyTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of payables related to a tax on personal property.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalPropertyTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Property Taxes Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalPropertyTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on personal property - on behalf of Shareholders</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsOtherLiabilitiesCurrentAbstract" xlink:label="teo_IfrsOtherLiabilitiesCurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsOtherLiabilitiesCurrentAbstract" xlink:to="teo_IfrsOtherLiabilitiesCurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsOtherLiabilitiesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsOtherLiabilitiesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Other Liabilities, Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsOtherLiabilitiesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" xlink:label="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" xlink:to="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liability for compensation payables directors and members of the supervisory committee.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Directors and Members of Supervisory Committee Compensation Liability, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation for directors and members of the Supervisory Committee</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_GuaranteesLiabilityCurrent" xlink:label="teo_GuaranteesLiabilityCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GuaranteesLiabilityCurrent" xlink:to="teo_GuaranteesLiabilityCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GuaranteesLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liability for guarantees received.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GuaranteesLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantees Liability, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GuaranteesLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantees received</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherCurrentLiabilitiesOther" xlink:label="teo_OtherCurrentLiabilitiesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentLiabilitiesOther" xlink:to="teo_OtherCurrentLiabilitiesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liabilities that the entity does not separately disclose in the same statement or note.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Liabilities, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsOtherLiabilitiesNoncurrentAbstract" xlink:label="teo_IfrsOtherLiabilitiesNoncurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsOtherLiabilitiesNoncurrentAbstract" xlink:to="teo_IfrsOtherLiabilitiesNoncurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsOtherLiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsOtherLiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Other Liabilities, Noncurrent [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsOtherLiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension benefits (Note 3.m)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LegalFeesNonCurrent" xlink:label="teo_LegalFeesNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LegalFeesNonCurrent" xlink:to="teo_LegalFeesNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LegalFeesNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current liability for legal fees payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LegalFeesNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal Fees, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LegalFeesNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal fees</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherNonCurrentLiabilitiesOther" xlink:label="teo_OtherNonCurrentLiabilitiesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentLiabilitiesOther" xlink:to="teo_OtherNonCurrentLiabilitiesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current liabilities that the entity does not separately disclose in the same statement or note.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-Current Liabilities, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNonCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherLiabilities" xlink:label="ifrs-full_OtherLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherLiabilities" xlink:to="ifrs-full_OtherLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract" xlink:label="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract" xlink:to="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in net defined benefit liability (asset) [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movements in the pension benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current service cost, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest expense (income), net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments from plan, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (loss) on remeasurement, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actuarial loss /(gain)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOtherProvisionsTable" xlink:label="ifrs-full_DisclosureOfOtherProvisionsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherProvisionsTable" xlink:to="ifrs-full_DisclosureOfOtherProvisionsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherProvisionsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of other provisions [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:label="ifrs-full_DisclosureOfOtherProvisionsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:to="ifrs-full_DisclosureOfOtherProvisionsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherProvisionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of other provisions [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOtherProvisionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsIncludingRegulatoryContingencies" xlink:label="teo_ProvisionsIncludingRegulatoryContingencies" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsIncludingRegulatoryContingencies" xlink:to="teo_ProvisionsIncludingRegulatoryContingencies_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsIncludingRegulatoryContingencies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents aggregate provisions to cover potential losses, includes regulatory contingencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsIncludingRegulatoryContingencies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions Including Regulatory Contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsIncludingRegulatoryContingencies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate provisions to cover potential losses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RestrictedCashAndCashEquivalents" xlink:label="ifrs-full_RestrictedCashAndCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RestrictedCashAndCashEquivalents" xlink:to="ifrs-full_RestrictedCashAndCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RestrictedCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RestrictedCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted funds included in other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:label="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:to="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of changes in other provisions [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of changes in provision</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsCurrentRollForward" xlink:label="teo_ProvisionsCurrentRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsCurrentRollForward" xlink:to="teo_ProvisionsCurrentRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsCurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsCurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions, Current [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsCurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Other Shortterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions" xlink:to="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents increase (decrease) through transfers and other changes in other provisions, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Transfers and Other Changes, Other Shortterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassifications</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions" xlink:to="teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the provisions used for debt recognition, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions Used, Debt Recognition, Other Shortterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses, Debt recognition</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsUsedPaymentsOtherShorttermProvisions" xlink:label="teo_ProvisionsUsedPaymentsOtherShorttermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsUsedPaymentsOtherShorttermProvisions" xlink:to="teo_ProvisionsUsedPaymentsOtherShorttermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsUsedPaymentsOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the provisions used for payments, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsUsedPaymentsOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions Used, Payments, Other Shortterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_ProvisionsUsedPaymentsOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses, Payments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsNoncurrentRollForward" xlink:label="teo_ProvisionsNoncurrentRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsNoncurrentRollForward" xlink:to="teo_ProvisionsNoncurrentRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsNoncurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsNoncurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions, Noncurrent [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsNoncurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Other Longterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions" xlink:to="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the interest portion of additions or (recoveries) on other provisions, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Interest Portion, Other Longterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Interest</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions" xlink:to="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents increase (decrease) through transfers and other changes in other provisions, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Transfers and Other Changes, Other Longterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassifications</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions" xlink:to="teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the provisions used for debt recognition, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions Used, Debt Recognition, Other Longterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses, Debt recognition</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsUsedPaymentsOtherLongtermProvisions" xlink:label="teo_ProvisionsUsedPaymentsOtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsUsedPaymentsOtherLongtermProvisions" xlink:to="teo_ProvisionsUsedPaymentsOtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsUsedPaymentsOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the provisions used for payments, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsUsedPaymentsOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions Used, Payments, Other Longterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_ProvisionsUsedPaymentsOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses, Payments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsRollForward" xlink:label="teo_ProvisionsRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsRollForward" xlink:to="teo_ProvisionsRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherProvisions" xlink:label="ifrs-full_OtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherProvisions" xlink:to="ifrs-full_OtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total provisions at the end</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total provisions in the beginning</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Other Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOrRecoveriesInterestPortionOtherProvisions" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions" xlink:to="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the interest portion of additions or (recoveries) on other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Interest Portion, Other Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through transfers and other changes, other provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassifications</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsUsedDebtRecognitionOtherProvisions" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsUsedDebtRecognitionOtherProvisions" xlink:to="teo_ProvisionsUsedDebtRecognitionOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the provisions used for debt recognition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions Used, Debt Recognition, Other Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_ProvisionsUsedDebtRecognitionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses, Debt recognition</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsUsedPaymentsOtherProvisions" xlink:label="teo_ProvisionsUsedPaymentsOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsUsedPaymentsOtherProvisions" xlink:to="teo_ProvisionsUsedPaymentsOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsUsedPaymentsOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the provisions used for payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsUsedPaymentsOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions Used, Payments, Other Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_ProvisionsUsedPaymentsOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses, Payments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvisionsOtherAbstract" xlink:label="teo_ProvisionsOtherAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsOtherAbstract" xlink:to="teo_ProvisionsOtherAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsOtherAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsOtherAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions, Other [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsOtherAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other information</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Charged to Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital, charged to provisions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Charged to Property, Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital, charged to PP&amp;E (CAPEX)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Charged to Currency Translation Adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital, charged to currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions due to acquisition of Tuves Paraguay.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or Recoveries Capital Portion Charged to Acquisition of Tuves Paraguay</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital, charged to acquisition of Tuves Paraguay</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt" xlink:label="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt" xlink:to="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of chambers of the Civil and Commercial Federal Proceedings Court that issued opinions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Chambers, Civil and Commercial Federal Proceedings Court</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of chambers of the Civil and Commercial Federal Proceedings Court who issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice - Dominguez c/ Telefonica de Argentina S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice" xlink:label="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice" xlink:to="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of limitations established by Argentine Supreme Court of Justice.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of Limitations per Argentine Supreme Court of Justice</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of limitation, period established, Argentine Supreme Court of Justice</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_StatuteOfLimitationsPerChamberIii" xlink:label="teo_StatuteOfLimitationsPerChamberIii" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StatuteOfLimitationsPerChamberIii" xlink:to="teo_StatuteOfLimitationsPerChamberIii_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StatuteOfLimitationsPerChamberIii_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of Limitations per Chamber III of the Civil and Commercial Federal Proceedings Court.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StatuteOfLimitationsPerChamberIii_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of Limitations per Chamber Iii</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_StatuteOfLimitationsPerChamberIii_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of limitation, period established, Chamber III</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits" xlink:to="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents number of unions who filed lawsuits against the company, claiming the issuance of a profit sharing bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claim for the Issuance of Profit Sharing Bonds, Number of Unions Who Filed Lawsuits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of unions who filed lawsuit claiming the issuance of a profit sharing bonds</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished" xlink:to="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period of statute of limitation established on issuance of profit sharing bonds, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claim for the Issuance of Profit Sharing Bonds, Statute of Limitations Established</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of limitation, period established</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:label="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:to="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated financial effect of contingent liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated liabilities per each alleged violation against its clients</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionalOtherProvisionsEstimated" xlink:label="teo_AdditionalOtherProvisionsEstimated" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionalOtherProvisionsEstimated" xlink:to="teo_AdditionalOtherProvisionsEstimated_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionalOtherProvisionsEstimated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of estimated additional other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionalOtherProvisionsEstimated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Other Provisions, Estimated</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionalOtherProvisionsEstimated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated increase in provision</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected" xlink:label="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected" xlink:to="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period preceding the date of lawsuit, to be considered for reimbursement of excess amount collected from customers, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Years to be Considered for Reimbursement of Excess Amount Collected</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of years to be considered for reimbursement of excess amount collected</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards" xlink:label="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards" xlink:to="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period preceding the date of lawsuit, to be considered for crediting the customers for unused minutes on expired prepaid cards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Years to be Considered for Crediting the Customers for Unused Minutes on Expired Prepaid Cards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of years to be considered for crediting the customers for unused minutes on expired prepaid cards</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt" xlink:label="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt" xlink:to="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the total number of legal actions that will continue within the Federal Civil and Commercial Court.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Legal Actions Within Federal Civil and Commercial Court</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total number of legal actions within the federal civil and commercial court</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer" xlink:label="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer" xlink:to="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period considered for the reimbursement of increased price billed to customer, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Considered for Reimbursement of Increased Price Billed to Customer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period considered for reimbursement of increased price billed to customer</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfCompaniesThatInitiatedClaim" xlink:label="teo_NumberOfCompaniesThatInitiatedClaim" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfCompaniesThatInitiatedClaim" xlink:to="teo_NumberOfCompaniesThatInitiatedClaim_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfCompaniesThatInitiatedClaim_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of companies that initiated a claim.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfCompaniesThatInitiatedClaim_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Companies that Initiated a Claim</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfCompaniesThatInitiatedClaim_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of companies that initiated a claim</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive" xlink:label="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive" xlink:to="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the maximum percentage of services invoiced, that the mobile operators are entitled to receive on behalf and to the order of providers of audiotext and mass calling Value Added Services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum Percentage of the Services Invoiced, that the Mobile Operators are Entitled to Receive</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum percentage of services invoiced that the mobile operators are entitled to receive</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodToFileInterConnectionContracts" xlink:label="teo_PeriodToFileInterConnectionContracts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodToFileInterConnectionContracts" xlink:to="teo_PeriodToFileInterConnectionContracts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodToFileInterConnectionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period to file interconnection contracts under the ENACOM, or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodToFileInterConnectionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period to File Inter Connection Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodToFileInterConnectionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period to file interconnection contracts under the ENACOM</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LossesOnLitigationSettlements" xlink:label="ifrs-full_LossesOnLitigationSettlements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LossesOnLitigationSettlements" xlink:to="ifrs-full_LossesOnLitigationSettlements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LossesOnLitigationSettlements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Losses on litigation settlements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LossesOnLitigationSettlements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Difference resulting from both sets of liquidation excluding interests</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProjectAxis" xlink:label="teo_ProjectAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProjectAxis" xlink:to="teo_ProjectAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProjectAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProjectAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Project [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProjectDomain" xlink:label="teo_ProjectDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProjectDomain" xlink:to="teo_ProjectDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProjectDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the project.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProjectDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Project [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProjectDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Project [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AfaPlusProjectMember" xlink:label="teo_AfaPlusProjectMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AfaPlusProjectMember" xlink:to="teo_AfaPlusProjectMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AfaPlusProjectMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for AFA Puls Project.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AfaPlusProjectMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Afa Plus Project [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AfaPlusProjectMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">AFA Plus Project</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ReferringPriceRate" xlink:label="teo_ReferringPriceRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReferringPriceRate" xlink:to="teo_ReferringPriceRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReferringPriceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the referring price rate on every popular ticket price per each football fan that attend the stadiums during the term of agreement, charged in order to aid a profit margin.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReferringPriceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Referring Price Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReferringPriceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Referring price rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InvestmentsMadeAndExpensesIncurred" xlink:label="teo_InvestmentsMadeAndExpensesIncurred" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentsMadeAndExpensesIncurred" xlink:to="teo_InvestmentsMadeAndExpensesIncurred_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentsMadeAndExpensesIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of investments made and expenses incurred.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentsMadeAndExpensesIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments Made and Expenses Incurred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentsMadeAndExpensesIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments made and expenses incurred</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" xlink:label="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" xlink:to="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of investments made and expenses incurred, included in property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments Made and Expenses Incurred, Included in Property, Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments made and expenses incurred, included in PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CompensationReceivedForServicesProvidedAndWorkPerformed" xlink:label="teo_CompensationReceivedForServicesProvidedAndWorkPerformed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CompensationReceivedForServicesProvidedAndWorkPerformed" xlink:to="teo_CompensationReceivedForServicesProvidedAndWorkPerformed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CompensationReceivedForServicesProvidedAndWorkPerformed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents compensation received towards for services provided and work performed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CompensationReceivedForServicesProvidedAndWorkPerformed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation Received for Services Provided and Work Performed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CompensationReceivedForServicesProvidedAndWorkPerformed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation received from AFA for services provided and work performed</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CompensationProposedForInvestmentAndExpenditure" xlink:label="teo_CompensationProposedForInvestmentAndExpenditure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CompensationProposedForInvestmentAndExpenditure" xlink:to="teo_CompensationProposedForInvestmentAndExpenditure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CompensationProposedForInvestmentAndExpenditure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount proposed by AFA to compensate for the amount spent towards investments and expenditures.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CompensationProposedForInvestmentAndExpenditure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation Proposed for Investment and Expenditure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CompensationProposedForInvestmentAndExpenditure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation proposed by AFA for investment and expenditures incurred</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_WaitingPeriodToReceiveProposedCompensation" xlink:label="teo_WaitingPeriodToReceiveProposedCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_WaitingPeriodToReceiveProposedCompensation" xlink:to="teo_WaitingPeriodToReceiveProposedCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_WaitingPeriodToReceiveProposedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the waiting period to receive the proposed compensation, if the advertising compensation was not operating, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_WaitingPeriodToReceiveProposedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Waiting Period to Receive the Proposed Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_WaitingPeriodToReceiveProposedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Waiting period to receive the proposed compensation</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AmountDueFromCounterParty" xlink:label="teo_AmountDueFromCounterParty" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmountDueFromCounterParty" xlink:to="teo_AmountDueFromCounterParty_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmountDueFromCounterParty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents amount due form counter party.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmountDueFromCounterParty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount Due from Counter Party</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AmountDueFromCounterParty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount due from AFA</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WorkInProgress" xlink:label="ifrs-full_WorkInProgress" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WorkInProgress" xlink:to="ifrs-full_WorkInProgress_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WorkInProgress_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current work in progress</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WorkInProgress_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recoverable value of Work in progress and Materials recognized by the project</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommitmentsTable" xlink:label="teo_CommitmentsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommitmentsTable" xlink:to="teo_CommitmentsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommitmentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to the commitments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommitmentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommitmentsAxis" xlink:label="teo_CommitmentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommitmentsAxis" xlink:to="teo_CommitmentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommitmentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommitmentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommitmentsDomain" xlink:label="teo_CommitmentsDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommitmentsDomain" xlink:to="teo_CommitmentsDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommitmentsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for commitments given by the company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommitmentsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommitmentsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember" xlink:label="teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember" xlink:to="teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for implementation of the expansion of the infrastructure of networks used as platform for the mobile telephony access services and the basic service in areas of public or social interest in Paraguay.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Implementation Of Expansion Of Infrastructure Networks Paraguay [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Implementation of expansion of the infrastructure networks, Paraguay</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember" xlink:label="teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember" xlink:to="teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for implementation of the expansion of the infrastructure of networks as a platform for the mobile telephony access services and the basic service in the Department of Caaguazu Nucleo.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Implementation Of Expansion Of Infrastructure Networks Department Of Caaguazu Nucleo [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Implementation of expansion of the infrastructure networks, Department of Caaguazu Nucleo</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommitmentsLineItems" xlink:label="teo_CommitmentsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommitmentsLineItems" xlink:to="teo_CommitmentsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommitmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommitmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommitmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContractualCapitalCommitments" xlink:label="ifrs-full_ContractualCapitalCommitments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractualCapitalCommitments" xlink:to="ifrs-full_ContractualCapitalCommitments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractualCapitalCommitments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual capital commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContractualCapitalCommitments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase orders</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" xlink:to="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual commitments for acquisition of property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E commitments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InvestmentCommitmentsFund" xlink:label="teo_InvestmentCommitmentsFund" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentCommitmentsFund" xlink:to="teo_InvestmentCommitmentsFund_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentCommitmentsFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of investment commitments fund for future capital expenditures that the entity is committed to make.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentCommitmentsFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment Commitments Fund</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentCommitmentsFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment commitments fund</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalCommitments" xlink:label="ifrs-full_CapitalCommitments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalCommitments" xlink:to="ifrs-full_CapitalCommitments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalCommitments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CapitalCommitments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment commitments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ContributionsMadeToTelecommunicationsFund" xlink:label="teo_ContributionsMadeToTelecommunicationsFund" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ContributionsMadeToTelecommunicationsFund" xlink:to="teo_ContributionsMadeToTelecommunicationsFund_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ContributionsMadeToTelecommunicationsFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of contributions made to telecommunication fund.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ContributionsMadeToTelecommunicationsFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contributions Made to the Telecommunications Fund</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ContributionsMadeToTelecommunicationsFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contributions made to the fund</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages" xlink:label="teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages" xlink:to="teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The commitment period given to publishing and printing of our Company's white pages.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitment Period for Publishing and Printing of White Pages</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitment period for publishing and printing of white pages</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommitmentPeriodForDistributionOfWhitePages" xlink:label="teo_CommitmentPeriodForDistributionOfWhitePages" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommitmentPeriodForDistributionOfWhitePages" xlink:to="teo_CommitmentPeriodForDistributionOfWhitePages_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommitmentPeriodForDistributionOfWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The commitment period given for distribution of our Company's white pages.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommitmentPeriodForDistributionOfWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitment Period for Distribution of White Pages</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommitmentPeriodForDistributionOfWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitment period for distribution of white pages</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages" xlink:label="teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages" xlink:to="teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The commitment period given for maintenance of internal portal of our Company's white pages.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitment Period for Maintenance of Internal Portal to Access White Pages</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitment period for maintenance of internal portal to access white pages</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages" xlink:label="teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages" xlink:to="teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period for right to lease advertising spaces on our Company's white pages.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for Right to Lease Advertising Spaces on White Pages</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for right to lease advertising spaces on white pages</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SubsidyGrantedByConatel" xlink:label="teo_SubsidyGrantedByConatel" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SubsidyGrantedByConatel" xlink:to="teo_SubsidyGrantedByConatel_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SubsidyGrantedByConatel_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of subsidy granted by CONATEL.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SubsidyGrantedByConatel_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidy Granted by CONATEL</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SubsidyGrantedByConatel_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of subsidy granted by the CONATEL</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisbursementOfSubsidy" xlink:label="teo_DisbursementOfSubsidy" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisbursementOfSubsidy" xlink:to="teo_DisbursementOfSubsidy_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisbursementOfSubsidy_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of cash inflow of subsidy disbursed by CONATEL.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisbursementOfSubsidy_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disbursement of Subsidy</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisbursementOfSubsidy_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of subsidy disbursed by the CONATEL</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccrualsAndDeferredIncome" xlink:label="ifrs-full_AccrualsAndDeferredIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccrualsAndDeferredIncome" xlink:to="ifrs-full_AccrualsAndDeferredIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccrualsAndDeferredIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accruals and deferred income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_AccrualsAndDeferredIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONATEL's total deferred disbursements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Accruals" xlink:label="ifrs-full_Accruals" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Accruals" xlink:to="ifrs-full_Accruals_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Accruals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accruals</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Accruals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued gains</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromGovernmentGrants" xlink:label="ifrs-full_RevenueFromGovernmentGrants" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromGovernmentGrants" xlink:to="ifrs-full_RevenueFromGovernmentGrants_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromGovernmentGrants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income from government grants</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromGovernmentGrants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of subsidy from government</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ContractTerm" xlink:label="teo_ContractTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ContractTerm" xlink:to="teo_ContractTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ContractTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of time to complete work required by contract.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ContractTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contract Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ContractTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contract term</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfInhabitants" xlink:label="teo_NumberOfInhabitants" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfInhabitants" xlink:to="teo_NumberOfInhabitants_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfInhabitants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of inhabitants in the locality who will receive SRMC, STM and PCS.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfInhabitants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Inhabitants</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfInhabitants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of inhabitants</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileInternetServicesGuaranteedPerformanceRate" xlink:label="teo_MobileInternetServicesGuaranteedPerformanceRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileInternetServicesGuaranteedPerformanceRate" xlink:to="teo_MobileInternetServicesGuaranteedPerformanceRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileInternetServicesGuaranteedPerformanceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the guaranteed performance speed of mobile internet services in megabytes per second (Mbps) on all network locations where mobile internet services are offered.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileInternetServicesGuaranteedPerformanceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Internet Services, Guaranteed Performance Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileInternetServicesGuaranteedPerformanceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guaranteed performance speed</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of classes of share capital [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of classes of share capital [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issued capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nominal value of issued shares</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommonStockVotingRightsNumber" xlink:label="teo_CommonStockVotingRightsNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommonStockVotingRightsNumber" xlink:to="teo_CommonStockVotingRightsNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommonStockVotingRightsNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of common stock voting rights.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommonStockVotingRightsNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock Voting Rights Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommonStockVotingRightsNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of votes per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="ifrs-full_NumberOfSharesIssued" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares issued</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfSharesEachAmericanDepositarySharesRepresents" xlink:label="teo_NumberOfSharesEachAmericanDepositarySharesRepresents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSharesEachAmericanDepositarySharesRepresents" xlink:to="teo_NumberOfSharesEachAmericanDepositarySharesRepresents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSharesEachAmericanDepositarySharesRepresents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of shares that each American Depositary Share (ADS) represents.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSharesEachAmericanDepositarySharesRepresents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Shares Each American Depositary Shares Represents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSharesEachAmericanDepositarySharesRepresents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares each ADS represents</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ShareOwnershipPlanAbstract" xlink:label="teo_ShareOwnershipPlanAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ShareOwnershipPlanAbstract" xlink:to="teo_ShareOwnershipPlanAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ShareOwnershipPlanAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ShareOwnershipPlanAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Ownership Plan</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" xlink:to="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of capital stock that should be included in employee share ownership program sponsored by the Argentine government, as per the decree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Stock to be Included in Employee Share Ownership Program, Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Stock to be included in PPP (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" xlink:to="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of capital stock that should be included in Represents the number of shares that should be included in employee share ownership program sponsored by the Argentine government, as per the decree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Stock to be Included in Employee Share Ownership Program, Number of Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Stock to be included in PPP (in shares)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsConversionOfStockSharesAuthorized" xlink:label="teo_IfrsConversionOfStockSharesAuthorized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsConversionOfStockSharesAuthorized" xlink:to="teo_IfrsConversionOfStockSharesAuthorized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsConversionOfStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of shares that are authorized for conversion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsConversionOfStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Conversion of Stock, Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsConversionOfStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of shares, number of shares authorized</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsConversionOfStockSharesConverted1" xlink:label="teo_IfrsConversionOfStockSharesConverted1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsConversionOfStockSharesConverted1" xlink:to="teo_IfrsConversionOfStockSharesConverted1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsConversionOfStockSharesConverted1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsConversionOfStockSharesConverted1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Conversion of Stock, Shares Converted1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsConversionOfStockSharesConverted1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of shares, number of shares converted</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfTranches" xlink:label="teo_NumberOfTranches" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfTranches" xlink:to="teo_NumberOfTranches_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfTranches_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents number of tranches in which the shares were converted.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfTranches_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Tranches</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_NumberOfTranches_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of tranches</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfSharesHeldForConversion" xlink:label="teo_NumberOfSharesHeldForConversion" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSharesHeldForConversion" xlink:to="teo_NumberOfSharesHeldForConversion_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSharesHeldForConversion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents number of shares held for conversion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSharesHeldForConversion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Shares Held for Conversion</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSharesHeldForConversion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares held for conversion</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ThresholdPeriodForSaleOfTreasuryShares" xlink:label="teo_ThresholdPeriodForSaleOfTreasuryShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ThresholdPeriodForSaleOfTreasuryShares" xlink:to="teo_ThresholdPeriodForSaleOfTreasuryShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ThresholdPeriodForSaleOfTreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Threshold period for sale of treasury shares from the date of acquisition, in 'PnYnMnDTnHnMnS' format.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about financial instruments [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value and other disclosures</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssets" xlink:label="ifrs-full_FinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssets" xlink:to="ifrs-full_FinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost" xlink:to="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on financial assets at amortised cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain (loss) on financial assets at amortised cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost" xlink:to="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on financial liabilities at amortised cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain (loss) on financial liabilities at amortised cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on financial assets at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain (loss) on financial assets at fair value through profit or loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on financial liabilities at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain (loss) on financial liabilities at fair value through profit or loss</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NetGainsLossesOnFinancialInstruments" xlink:label="teo_NetGainsLossesOnFinancialInstruments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetGainsLossesOnFinancialInstruments" xlink:to="teo_NetGainsLossesOnFinancialInstruments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetGainsLossesOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of net gains or (losses) on financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetGainsLossesOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Gains (Losses) on Financial Instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_NetGainsLossesOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total gain (loss) on financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost" xlink:label="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost" xlink:to="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest revenue for financial assets measured at amortised cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on financial assets at amortised cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest expense for financial liabilities not at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on financial liabilities at amortised cost</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InterestIncomeExpenseOnFinancialInstruments" xlink:label="teo_InterestIncomeExpenseOnFinancialInstruments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestIncomeExpenseOnFinancialInstruments" xlink:to="teo_InterestIncomeExpenseOnFinancialInstruments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestIncomeExpenseOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of total interest income or (expense) on financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestIncomeExpenseOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Income (Expense) on Financial Instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_InterestIncomeExpenseOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total interest income (expense) on financial instruments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InvestmentInBonds" xlink:label="teo_InvestmentInBonds" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentInBonds" xlink:to="teo_InvestmentInBonds_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentInBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of investments made in bonds issued by BCRA.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentInBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment In Bonds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentInBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lebacs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsAtFairValue" xlink:label="ifrs-full_FinancialAssetsAtFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValue" xlink:to="ifrs-full_FinancialAssetsAtFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets, at fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets at fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government bonds at fair value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesAtFairValue" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValue" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities, at fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities at fair value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 1 into Level 2 of fair value hierarchy, assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities" xlink:to="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities held at end of reporting period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets" xlink:to="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers into Level 3 of fair value hierarchy, assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers into Level 3 of fair value hierarchy, assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets" xlink:to="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 3 of fair value hierarchy, assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 3 of fair value hierarchy, assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:to="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers into Level 3 of fair value hierarchy, liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers into Level 3 of fair value hierarchy, liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities" xlink:to="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 3 of fair value hierarchy, liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 3 of fair value hierarchy, liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfHedgeAccountingTable" xlink:label="ifrs-full_DisclosureOfHedgeAccountingTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfHedgeAccountingTable" xlink:to="ifrs-full_DisclosureOfHedgeAccountingTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfHedgeAccountingTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about hedges [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfHedgeAccountingLineItems" xlink:label="ifrs-full_DisclosureOfHedgeAccountingLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfHedgeAccountingLineItems" xlink:to="ifrs-full_DisclosureOfHedgeAccountingLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfHedgeAccountingLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about hedges [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfHedgeAccountingLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedge accounting</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NotionalAmountDuration" xlink:label="teo_NotionalAmountDuration" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NotionalAmountDuration" xlink:to="teo_NotionalAmountDuration_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NotionalAmountDuration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NotionalAmountDuration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notional Amount, Duration</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NotionalAmountDuration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notional amount, duration</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AveragePriceOfHedgingInstrument" xlink:label="ifrs-full_AveragePriceOfHedgingInstrument" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AveragePriceOfHedgingInstrument" xlink:to="ifrs-full_AveragePriceOfHedgingInstrument_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AveragePriceOfHedgingInstrument_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average price of hedging instrument</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AveragePriceOfHedgingInstrument_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average exchange rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_HedgingInstrumentLiabilities" xlink:label="ifrs-full_HedgingInstrumentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgingInstrumentLiabilities" xlink:to="ifrs-full_HedgingInstrumentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgingInstrumentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging instrument, liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_HedgingInstrumentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liability of hedging instruments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_HedgedItemLiabilitiesCurrent" xlink:label="teo_HedgedItemLiabilitiesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_HedgedItemLiabilitiesCurrent" xlink:to="teo_HedgedItemLiabilitiesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_HedgedItemLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of a hedged item, recognised as a liability, current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_HedgedItemLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedged item, liabilities, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_HedgedItemLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current liability of hedging instrument</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_HedgedItemLiabilitiesNonCurrent" xlink:label="teo_HedgedItemLiabilitiesNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_HedgedItemLiabilitiesNonCurrent" xlink:to="teo_HedgedItemLiabilitiesNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_HedgedItemLiabilitiesNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of a hedged item, recognised as a liability, Non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_HedgedItemLiabilitiesNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedged item, liabilities, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_HedgedItemLiabilitiesNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current liability of hedging instrument</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_GainLossOnFinancialInstruments" xlink:label="teo_GainLossOnFinancialInstruments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GainLossOnFinancialInstruments" xlink:to="teo_GainLossOnFinancialInstruments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GainLossOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The gains (losses) on financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GainLossOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Financial Instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GainLossOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain/loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LoansAndReceivables" xlink:label="ifrs-full_LoansAndReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LoansAndReceivables" xlink:to="ifrs-full_LoansAndReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans and receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables recognized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:to="ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reserve of gains and losses on financial assets measured at fair value through other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reserve of receivables in other comprehensive income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnLoansAndReceivables" xlink:label="ifrs-full_GainsLossesOnLoansAndReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnLoansAndReceivables" xlink:to="ifrs-full_GainsLossesOnLoansAndReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on loans and receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains recognized from receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLoansAndReceivables" xlink:label="ifrs-full_CurrentLoansAndReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLoansAndReceivables" xlink:to="ifrs-full_CurrentLoansAndReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current loans and receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables recognized, Current</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentLoansAndReceivables" xlink:label="ifrs-full_NoncurrentLoansAndReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLoansAndReceivables" xlink:to="ifrs-full_NoncurrentLoansAndReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current loans and receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables recognized, Non-current</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:to="ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other comprehensive income, before tax, cash flow hedges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income/expense before income tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentInterestRate" xlink:label="invest_InvestmentInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentInterestRate" xlink:to="invest_InvestmentInterestRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems" xlink:to="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of offsetting of financial assets [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offsetting of financial assets and financial liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:to="ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross financial assets subject to offsetting, enforceable master netting arrangements or similar agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and noncurrent assets - Gross value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:to="ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross financial liabilities set off against financial assets subject to offsetting, enforceable master netting arrangements or similar agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offsetting</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:label="ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:to="ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and noncurrent assets - Booked value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:to="ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and noncurrent liabilities - Gross value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:to="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross financial assets set off against financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offsetting</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:label="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:to="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and noncurrent liabilities - Booked value</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfRevenueTable" xlink:label="teo_DisclosureOfRevenueTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfRevenueTable" xlink:to="teo_DisclosureOfRevenueTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfRevenueTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to the revenue earned by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfRevenueTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Revenue [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfRevenueLineItems" xlink:label="teo_DisclosureOfRevenueLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfRevenueLineItems" xlink:to="teo_DisclosureOfRevenueLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfRevenueLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfRevenueLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Revenue [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfRevenueLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Revenue</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfTelephoneServices" xlink:label="ifrs-full_RevenueFromRenderingOfTelephoneServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfTelephoneServices" xlink:to="ifrs-full_RevenueFromRenderingOfTelephoneServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of telephone services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from voice service</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfInternetServices" xlink:label="ifrs-full_RevenueFromRenderingOfInternetServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfInternetServices" xlink:to="ifrs-full_RevenueFromRenderingOfInternetServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfInternetServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of internet services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfInternetServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from internet service</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfDataServices" xlink:label="ifrs-full_RevenueFromRenderingOfDataServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfDataServices" xlink:to="ifrs-full_RevenueFromRenderingOfDataServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfDataServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of data services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfDataServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from data service</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfTelecommunicationServices" xlink:label="ifrs-full_RevenueFromRenderingOfTelecommunicationServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfTelecommunicationServices" xlink:to="ifrs-full_RevenueFromRenderingOfTelecommunicationServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of telecommunication services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_RevenueFromRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Services revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromOutboundServicesAbstract" xlink:label="teo_RevenueFromOutboundServicesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromOutboundServicesAbstract" xlink:to="teo_RevenueFromOutboundServicesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromOutboundServicesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromOutboundServicesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Outbound Services [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenueFromOutboundServicesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outbound</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromRenderingOfPostpaidServices" xlink:label="teo_RevenueFromRenderingOfPostpaidServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromRenderingOfPostpaidServices" xlink:to="teo_RevenueFromRenderingOfPostpaidServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromRenderingOfPostpaidServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue arising from the rendering of postpaid services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromRenderingOfPostpaidServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Rendering of Postpaid Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenueFromRenderingOfPostpaidServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Postpaid</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromCommercialPlans" xlink:label="teo_RevenueFromCommercialPlans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromCommercialPlans" xlink:to="teo_RevenueFromCommercialPlans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromCommercialPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents revenue from commercial plans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromCommercialPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Commercial Plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenueFromCommercialPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Abono Fijo</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromRenderingOfPrepaidServices" xlink:label="teo_RevenueFromRenderingOfPrepaidServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromRenderingOfPrepaidServices" xlink:to="teo_RevenueFromRenderingOfPrepaidServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromRenderingOfPrepaidServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue arising from the rendering of prepaid services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromRenderingOfPrepaidServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Rendering of Prepaid Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenueFromRenderingOfPrepaidServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepaid</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromOutboundServices" xlink:label="teo_RevenueFromOutboundServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromOutboundServices" xlink:to="teo_RevenueFromOutboundServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromOutboundServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue arising from outbound services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromOutboundServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Outbound Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_RevenueFromOutboundServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Outbound</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromInboundServicesAbstract" xlink:label="teo_RevenueFromInboundServicesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromInboundServicesAbstract" xlink:to="teo_RevenueFromInboundServicesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromInboundServicesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromInboundServicesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Inbound Services [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenueFromInboundServicesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inbound</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromFixedServicesCpp" xlink:label="teo_RevenueFromFixedServicesCpp" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromFixedServicesCpp" xlink:to="teo_RevenueFromFixedServicesCpp_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromFixedServicesCpp_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue from fixed services (CPP).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromFixedServicesCpp_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Fixed Services CPP</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenueFromFixedServicesCpp_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">From Fixed Services - CPP</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromMobileServicesTlrd" xlink:label="teo_RevenueFromMobileServicesTlrd" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromMobileServicesTlrd" xlink:to="teo_RevenueFromMobileServicesTlrd_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromMobileServicesTlrd_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue from mobile services (TLRD).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromMobileServicesTlrd_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Mobile Services TLRD</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenueFromMobileServicesTlrd_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">From Mobile Services - TLRD</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfInterconnectionServices" xlink:label="ifrs-full_RevenueFromRenderingOfInterconnectionServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfInterconnectionServices" xlink:to="ifrs-full_RevenueFromRenderingOfInterconnectionServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfInterconnectionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of interconnection services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfInterconnectionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">From Fixed Services - Interconnection</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromInboundServices" xlink:label="teo_RevenueFromInboundServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromInboundServices" xlink:to="teo_RevenueFromInboundServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromInboundServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount revenue from Inbound services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromInboundServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Inbound Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_RevenueFromInboundServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Inbound</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices" xlink:label="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices" xlink:to="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of other telecommunication services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Others</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices" xlink:label="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices" xlink:to="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue from sale of equipment and rendering of telecommunication services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Sale of Equipment and Rendering of Telecommunication Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from sale of equipment and rendering of services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromOtherTelecommunicationIncome" xlink:label="teo_RevenueFromOtherTelecommunicationIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromOtherTelecommunicationIncome" xlink:to="teo_RevenueFromOtherTelecommunicationIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromOtherTelecommunicationIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of other telecommunication income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromOtherTelecommunicationIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Other Telecommunication Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenueFromOtherTelecommunicationIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome" xlink:label="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome" xlink:to="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue from sale of equipment, rendering of services and other income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Sale of Equipment, Rendering of Services and Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from sale of equipment, rendering of services and other income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment" xlink:label="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment" xlink:to="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains on disposals of property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain on disposal of property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain on disposal and impairment of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OperatingExpense" xlink:label="ifrs-full_OperatingExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OperatingExpense" xlink:to="ifrs-full_OperatingExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OperatingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_OperatingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total operating expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OperatingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommunicationExpenseFixedTelephonyInterconnectionCosts" xlink:label="teo_CommunicationExpenseFixedTelephonyInterconnectionCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommunicationExpenseFixedTelephonyInterconnectionCosts" xlink:to="teo_CommunicationExpenseFixedTelephonyInterconnectionCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommunicationExpenseFixedTelephonyInterconnectionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from fixed telephony interconnection costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommunicationExpenseFixedTelephonyInterconnectionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Communication Expense, Fixed Telephony Interconnection Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CommunicationExpenseFixedTelephonyInterconnectionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed telephony interconnection costs</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommunicationExpenseCostOfInternationalOutboundCalls" xlink:label="teo_CommunicationExpenseCostOfInternationalOutboundCalls" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommunicationExpenseCostOfInternationalOutboundCalls" xlink:to="teo_CommunicationExpenseCostOfInternationalOutboundCalls_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommunicationExpenseCostOfInternationalOutboundCalls_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from international outbound calls.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommunicationExpenseCostOfInternationalOutboundCalls_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Communication Expense, Cost of International Outbound Calls</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CommunicationExpenseCostOfInternationalOutboundCalls_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of international outbound calls</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork" xlink:label="teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork" xlink:to="teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from lease of circuits and use of public network.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Communication Expense, Lease of Circuits and Use of Public Network</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lease of circuits and use of public network</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommunicationExpenseChargesForRoaming" xlink:label="teo_CommunicationExpenseChargesForRoaming" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommunicationExpenseChargesForRoaming" xlink:to="teo_CommunicationExpenseChargesForRoaming_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommunicationExpenseChargesForRoaming_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from roaming charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommunicationExpenseChargesForRoaming_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Communication Expense, Charges for Roaming</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CommunicationExpenseChargesForRoaming_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Services - charges for roaming</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommunicationExpenseChargesForTermination" xlink:label="teo_CommunicationExpenseChargesForTermination" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommunicationExpenseChargesForTermination" xlink:to="teo_CommunicationExpenseChargesForTermination_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommunicationExpenseChargesForTermination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from termination charges from third parties' wireless networks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommunicationExpenseChargesForTermination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Communication Expense, Charges for Termination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CommunicationExpenseChargesForTermination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Services - charges for TLRD</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MaintenanceOfHardwareAndSoftware" xlink:label="teo_MaintenanceOfHardwareAndSoftware" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MaintenanceOfHardwareAndSoftware" xlink:to="teo_MaintenanceOfHardwareAndSoftware_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MaintenanceOfHardwareAndSoftware_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from hardware and software maintenance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MaintenanceOfHardwareAndSoftware_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maintenance of Hardware and Software</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_MaintenanceOfHardwareAndSoftware_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maintenance of hardware and software</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TechnicalMaintenance" xlink:label="teo_TechnicalMaintenance" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TechnicalMaintenance" xlink:to="teo_TechnicalMaintenance_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TechnicalMaintenance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from technical maintenance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TechnicalMaintenance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Technical Maintenance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TechnicalMaintenance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Technical maintenance</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ServiceConnectionFeesFixedLinesAndInternetLines" xlink:label="teo_ServiceConnectionFeesFixedLinesAndInternetLines" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ServiceConnectionFeesFixedLinesAndInternetLines" xlink:to="teo_ServiceConnectionFeesFixedLinesAndInternetLines_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ServiceConnectionFeesFixedLinesAndInternetLines_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from service connection fees for fixed lines and internet lines.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ServiceConnectionFeesFixedLinesAndInternetLines_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service Connection Fees, Fixed Lines and Internet Lines</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_ServiceConnectionFeesFixedLinesAndInternetLines_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service connection fees for fixed lines and Internet lines</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts" xlink:label="teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts" xlink:to="teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of service connection fees capitalized as Subscriber Acquisition Costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service Connection Fees, Capitalized as Subscriber Acquisition Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service connection fees capitalized as SAC (Note 3.i)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets" xlink:label="teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets" xlink:to="teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of service connection fees capitalized as intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service Connection Fees, Capitalized as Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service connection fees capitalized as Intangible assets (Note 3.i)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherMaintenanceCosts" xlink:label="teo_OtherMaintenanceCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherMaintenanceCosts" xlink:to="teo_OtherMaintenanceCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherMaintenanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from other maintenance costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherMaintenanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Maintenance Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_OtherMaintenanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other maintenance costs</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileServicesObsolescenceOfInventories" xlink:label="teo_MobileServicesObsolescenceOfInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileServicesObsolescenceOfInventories" xlink:to="teo_MobileServicesObsolescenceOfInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileServicesObsolescenceOfInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from mobile services, obsolescence of inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileServicesObsolescenceOfInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Services, Obsolescence of Inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_MobileServicesObsolescenceOfInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Obsolescence of inventories - Mobile Services (Note 7)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CallCenterFees" xlink:label="teo_CallCenterFees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CallCenterFees" xlink:to="teo_CallCenterFees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CallCenterFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from call center fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CallCenterFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Call Center Fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CallCenterFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Call center fees</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherFeesForServices" xlink:label="teo_OtherFeesForServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherFeesForServices" xlink:to="teo_OtherFeesForServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherFeesForServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from other fees for services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherFeesForServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Fees for Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_OtherFeesForServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other fees for services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DirectorsAndSupervisoryCommitteesFees" xlink:label="teo_DirectorsAndSupervisoryCommitteesFees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DirectorsAndSupervisoryCommitteesFees" xlink:to="teo_DirectorsAndSupervisoryCommitteesFees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DirectorsAndSupervisoryCommitteesFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from directors and supervisory committee's fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DirectorsAndSupervisoryCommitteesFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Directors and Supervisory Committee's Fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_DirectorsAndSupervisoryCommitteesFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Directors and Supervisory Committee's fees</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TurnoverTax" xlink:label="teo_TurnoverTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TurnoverTax" xlink:to="teo_TurnoverTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TurnoverTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of tax on turnover.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TurnoverTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TurnoverTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover tax</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxesWithRegulatoryAuthority" xlink:label="teo_TaxesWithRegulatoryAuthority" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxesWithRegulatoryAuthority" xlink:to="teo_TaxesWithRegulatoryAuthority_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxesWithRegulatoryAuthority_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of taxes with the regulatory authority.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxesWithRegulatoryAuthority_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes with Regulatory Authority</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TaxesWithRegulatoryAuthority_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes with the Regulatory Authority</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts" xlink:label="teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts" xlink:to="teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of tax on deposits to and withdrawals from bank accounts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on Deposits to and Withdrawals from Bank Accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on deposits to and withdrawals from bank accounts</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MunicipalTaxes" xlink:label="teo_MunicipalTaxes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MunicipalTaxes" xlink:to="teo_MunicipalTaxes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MunicipalTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of municipal taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MunicipalTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Municipal Taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_MunicipalTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Municipal taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsTaxesOther" xlink:label="teo_IfrsTaxesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTaxesOther" xlink:to="teo_IfrsTaxesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTaxesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of tax expense classified as other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTaxesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Taxes Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_IfrsTaxesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommissionExpenseAgent" xlink:label="teo_CommissionExpenseAgent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommissionExpenseAgent" xlink:to="teo_CommissionExpenseAgent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommissionExpenseAgent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of commission expense arising from agent commissions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommissionExpenseAgent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commission Expense, Agent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CommissionExpenseAgent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Agent commissions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts" xlink:label="teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts" xlink:to="teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of commission expense arising from agent commissions, capitalized as Subscriber Acquisition Costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commission Expense, Agent Capitalized as Subscriber Acquisition Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Agent commissions capitalized as SAC (Note 3.j)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommissionExpenseDistributionOfPrepaidCards" xlink:label="teo_CommissionExpenseDistributionOfPrepaidCards" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommissionExpenseDistributionOfPrepaidCards" xlink:to="teo_CommissionExpenseDistributionOfPrepaidCards_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommissionExpenseDistributionOfPrepaidCards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of commission expense arising from distribution of prepaid cards.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommissionExpenseDistributionOfPrepaidCards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commission Expense, Distribution of Prepaid Cards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CommissionExpenseDistributionOfPrepaidCards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distribution of prepaid cards commissions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CommissionExpenseCollection" xlink:label="teo_CommissionExpenseCollection" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommissionExpenseCollection" xlink:to="teo_CommissionExpenseCollection_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommissionExpenseCollection_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of commission expense arising from collection.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommissionExpenseCollection_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commission Expense, Collection</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CommissionExpenseCollection_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Collection commissions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherFeeAndCommissionExpense" xlink:label="ifrs-full_OtherFeeAndCommissionExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFeeAndCommissionExpense" xlink:to="ifrs-full_OtherFeeAndCommissionExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFeeAndCommissionExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other fee and commission expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherFeeAndCommissionExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other commissions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdvertisingExpenseMedia" xlink:label="teo_AdvertisingExpenseMedia" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdvertisingExpenseMedia" xlink:to="teo_AdvertisingExpenseMedia_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdvertisingExpenseMedia_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from media advertising.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdvertisingExpenseMedia_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advertising Expense, Media</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AdvertisingExpenseMedia_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Media advertising</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdvertisingExpenseFairsAndExhibitions" xlink:label="teo_AdvertisingExpenseFairsAndExhibitions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdvertisingExpenseFairsAndExhibitions" xlink:to="teo_AdvertisingExpenseFairsAndExhibitions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdvertisingExpenseFairsAndExhibitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of advertising expense arising from fairs and exhibitions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdvertisingExpenseFairsAndExhibitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advertising Expense, Fairs and Exhibitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AdvertisingExpenseFairsAndExhibitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fairs and exhibitions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdvertisingExpenseOther" xlink:label="teo_AdvertisingExpenseOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdvertisingExpenseOther" xlink:to="teo_AdvertisingExpenseOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdvertisingExpenseOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from other advertising.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdvertisingExpenseOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advertising Expense, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AdvertisingExpenseOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other advertising costs</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CostOfMobileValueAddedServices" xlink:label="teo_CostOfMobileValueAddedServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostOfMobileValueAddedServices" xlink:to="teo_CostOfMobileValueAddedServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostOfMobileValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from value added services on mobile services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostOfMobileValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of Mobile Value Added Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CostOfMobileValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of mobile value added services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CostOfFixedValueAddedServices" xlink:label="teo_CostOfFixedValueAddedServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostOfFixedValueAddedServices" xlink:to="teo_CostOfFixedValueAddedServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostOfFixedValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from value added services on fixed services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostOfFixedValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of Fixed Value Added Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CostOfFixedValueAddedServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of fixed value added services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TransportationFreightAndTravelExpenses" xlink:label="teo_TransportationFreightAndTravelExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TransportationFreightAndTravelExpenses" xlink:to="teo_TransportationFreightAndTravelExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TransportationFreightAndTravelExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from transportation, freight and travel.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TransportationFreightAndTravelExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transportation, Freight and Travel Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TransportationFreightAndTravelExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transportation, freight and travel expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts" xlink:label="teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts" xlink:to="teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of delivery costs, capitalized as Subscriber Acquisition Costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Delivery Costs Capitalized as Subscriber Acquisition Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Delivery costs capitalized as SAC</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RentalExpense" xlink:label="ifrs-full_RentalExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RentalExpense" xlink:to="ifrs-full_RentalExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RentalExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rental expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RentalExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rental expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UtilitiesExpense" xlink:label="ifrs-full_UtilitiesExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UtilitiesExpense" xlink:to="ifrs-full_UtilitiesExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UtilitiesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Utilities expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_UtilitiesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Energy, water and others</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InternationalAndSatelliteConnectivityExpenses" xlink:label="teo_InternationalAndSatelliteConnectivityExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InternationalAndSatelliteConnectivityExpenses" xlink:to="teo_InternationalAndSatelliteConnectivityExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InternationalAndSatelliteConnectivityExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from international and satellite connectivity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InternationalAndSatelliteConnectivityExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">International and Satellite Connectivity Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_InternationalAndSatelliteConnectivityExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">International and satellite connectivity</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts" xlink:label="teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts" xlink:to="teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from amortization of subscriber acquisition costs and service connection costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of Subscriber Acquisition Costs and Service Connection Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of SAC and service connection costs</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets" xlink:label="teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets" xlink:to="teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of amortisation of intangible assets other than goodwill and other intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortisation, Intangible Assets Other Than Goodwill and Other Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of 3G/4G licenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AmortizationOnOtherIntangibleAssets" xlink:label="teo_AmortizationOnOtherIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmortizationOnOtherIntangibleAssets" xlink:to="teo_AmortizationOnOtherIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmortizationOnOtherIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from amortization of other intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmortizationOnOtherIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization on Other Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AmortizationOnOtherIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of other intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOperatingExpensesTable" xlink:label="teo_DisclosureOfOperatingExpensesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOperatingExpensesTable" xlink:to="teo_DisclosureOfOperatingExpensesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOperatingExpensesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to operating expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOperatingExpensesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Operating Expenses [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfOperatingExpensesLineItems" xlink:label="teo_DisclosureOfOperatingExpensesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOperatingExpensesLineItems" xlink:to="teo_DisclosureOfOperatingExpensesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOperatingExpensesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOperatingExpensesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Operating expenses [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOperatingExpensesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsDirectOperatingCosts" xlink:label="teo_IfrsDirectOperatingCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsDirectOperatingCosts" xlink:to="teo_IfrsDirectOperatingCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsDirectOperatingCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The aggregate direct operating costs incurred during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsDirectOperatingCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ifrs Direct Operating Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_IfrsDirectOperatingCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Administrative expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Administration costs</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperatingExpenseCommercializationCosts" xlink:label="teo_OperatingExpenseCommercializationCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingExpenseCommercializationCosts" xlink:to="teo_OperatingExpenseCommercializationCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingExpenseCommercializationCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from commercialization costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingExpenseCommercializationCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Expense, Commercialization Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_OperatingExpenseCommercializationCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commercialization costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract" xlink:to="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of finance lease and operating lease by lessee [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable" xlink:to="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of finance lease and operating lease by lessee [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems" xlink:to="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of finance lease and operating lease by lessee [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum lease payments payable under non-cancellable operating lease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Future minimum lease payments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperatingIncomeFromServicesAndOtherIncomeAbstract" xlink:label="teo_OperatingIncomeFromServicesAndOtherIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingIncomeFromServicesAndOtherIncomeAbstract" xlink:to="teo_OperatingIncomeFromServicesAndOtherIncomeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingIncomeFromServicesAndOtherIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This concept does not have any references.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingIncomeFromServicesAndOtherIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Income from Services and Other Income [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OperatingIncomeFromServicesAndOtherIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income from services and other income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RevenuesRelatingToServiceRevenueAndOtherIncome" xlink:label="teo_RevenuesRelatingToServiceRevenueAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenuesRelatingToServiceRevenueAndOtherIncome" xlink:to="teo_RevenuesRelatingToServiceRevenueAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenuesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenues and other income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenuesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues Relating to Service Revenue and Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenuesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues and other income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome" xlink:label="teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome" xlink:to="teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of operating expenses relating to service revenue and other income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Expenses Relating to Service Revenue and Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome" xlink:to="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of operating income from services and other income before depreciation and amortization .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Income Before Depreciation and Amortization from Services and Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income before depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperatingIncomeFromServicesAndOtherIncome" xlink:label="teo_OperatingIncomeFromServicesAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingIncomeFromServicesAndOtherIncome" xlink:to="teo_OperatingIncomeFromServicesAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingIncomeFromServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of operating income from services and other income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingIncomeFromServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Income from Services and Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OperatingIncomeFromServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income from services and other income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperatingIncomeLossFromEquipmentSalesAbstract" xlink:label="teo_OperatingIncomeLossFromEquipmentSalesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingIncomeLossFromEquipmentSalesAbstract" xlink:to="teo_OperatingIncomeLossFromEquipmentSalesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingIncomeLossFromEquipmentSalesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This concept does not have any references.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingIncomeLossFromEquipmentSalesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Income (Loss) from Equipment Sales [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OperatingIncomeLossFromEquipmentSalesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income (loss) from equipment sales</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ConsolidatedNetIncomeAbstract" xlink:label="teo_ConsolidatedNetIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConsolidatedNetIncomeAbstract" xlink:to="teo_ConsolidatedNetIncomeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConsolidatedNetIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConsolidatedNetIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated Net Income [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConsolidatedNetIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated net income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome" xlink:to="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of operating income from services and other income and equipment sales before depreciation and amortization .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Income Before Depreciation and Amortization from Equipment Sales, Services and Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income before depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total operating income before depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ServicesRevenuesAndOtherIncomeAbstract" xlink:label="teo_ServicesRevenuesAndOtherIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ServicesRevenuesAndOtherIncomeAbstract" xlink:to="teo_ServicesRevenuesAndOtherIncomeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ServicesRevenuesAndOtherIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This concept does not have any references.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ServicesRevenuesAndOtherIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Services Revenues and Other Income [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ServicesRevenuesAndOtherIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Services revenues and other income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome" xlink:label="teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome" xlink:to="teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Third party revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Third Party Revenues Relating to Service Revenue and Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Third party revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome" xlink:label="teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome" xlink:to="teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Third party operating expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Third Party Operating Expenses Relating to Service Revenue and Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Third party operating expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome" xlink:label="teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome" xlink:to="teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of income for services revenues and other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income for Services Revenues and Other Relating to Service Revenue and Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subtotal income for services revenues and other</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EquipmentsRevenuesAbstract" xlink:label="teo_EquipmentsRevenuesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EquipmentsRevenuesAbstract" xlink:to="teo_EquipmentsRevenuesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EquipmentsRevenuesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This concept does not have any references.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EquipmentsRevenuesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equipments Revenues [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EquipmentsRevenuesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equipments revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_StatementOfFinanceIncomeAndExpensesTable" xlink:label="teo_StatementOfFinanceIncomeAndExpensesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StatementOfFinanceIncomeAndExpensesTable" xlink:to="teo_StatementOfFinanceIncomeAndExpensesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StatementOfFinanceIncomeAndExpensesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to finance income and expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StatementOfFinanceIncomeAndExpensesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement of Finance Income and Expenses [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_StatementOfFinanceIncomeAndExpensesLineItems" xlink:label="teo_StatementOfFinanceIncomeAndExpensesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StatementOfFinanceIncomeAndExpensesLineItems" xlink:to="teo_StatementOfFinanceIncomeAndExpensesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StatementOfFinanceIncomeAndExpensesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StatementOfFinanceIncomeAndExpensesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement of Finance Income and Expenses [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_StatementOfFinanceIncomeAndExpensesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance income and expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestIncomeOnCashAndCashEquivalents" xlink:label="ifrs-full_InterestIncomeOnCashAndCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestIncomeOnCashAndCashEquivalents" xlink:to="ifrs-full_InterestIncomeOnCashAndCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestIncomeOnCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest income on cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestIncomeOnCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on cash equivalents</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_GainLossOnOtherShortTermInvestments" xlink:label="teo_GainLossOnOtherShortTermInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GainLossOnOtherShortTermInvestments" xlink:to="teo_GainLossOnOtherShortTermInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GainLossOnOtherShortTermInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The gains or (losses) on other short term investments of financial income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GainLossOnOtherShortTermInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Other Short-term Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GainLossOnOtherShortTermInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains on other short-term investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnDisposalsOfInvestments" xlink:label="ifrs-full_GainsLossesOnDisposalsOfInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnDisposalsOfInvestments" xlink:to="ifrs-full_GainsLossesOnDisposalsOfInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnDisposalsOfInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on disposals of investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnDisposalsOfInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains on investments (Argentine companies notes and Governments bonds)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestIncomeOnLoansAndReceivables" xlink:label="ifrs-full_InterestIncomeOnLoansAndReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestIncomeOnLoansAndReceivables" xlink:to="ifrs-full_InterestIncomeOnLoansAndReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestIncomeOnLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest income on loans and receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestIncomeOnLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetForeignExchangeGain" xlink:label="ifrs-full_NetForeignExchangeGain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetForeignExchangeGain" xlink:to="ifrs-full_NetForeignExchangeGain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetForeignExchangeGain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net foreign exchange gain</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NetForeignExchangeGain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency exchange gains</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncomeFromSharePurchaseOption" xlink:label="teo_IncomeFromSharePurchaseOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeFromSharePurchaseOption" xlink:to="teo_IncomeFromSharePurchaseOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeFromSharePurchaseOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of income on share purchase option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeFromSharePurchaseOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income from Share Purchase Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncomeFromSharePurchaseOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TUVES share purchase option</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherFinanceIncome" xlink:label="ifrs-full_OtherFinanceIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFinanceIncome" xlink:to="ifrs-full_OtherFinanceIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFinanceIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other finance income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherFinanceIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xlink:label="ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xlink:to="ifrs-full_InterestExpenseOnBankLoansAndOverdrafts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseOnBankLoansAndOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest expense on bank loans and overdrafts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestExpenseOnBankLoansAndOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on loans</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable" xlink:label="teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable" xlink:to="teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The interest expense on salaries and social security payable and other taxes payables and accounts payable during the year.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Expense on Salaries, Social Security, Other Taxes and Accounts Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on salaries and social security payable, other taxes payables and accounts payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExpenseDueToUnwindingOfDiscountOnProvisions" xlink:label="ifrs-full_ExpenseDueToUnwindingOfDiscountOnProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseDueToUnwindingOfDiscountOnProvisions" xlink:to="ifrs-full_ExpenseDueToUnwindingOfDiscountOnProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpenseDueToUnwindingOfDiscountOnProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expense due to unwinding of discount on provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ExpenseDueToUnwindingOfDiscountOnProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on provisions (Note 17)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities" xlink:label="teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities" xlink:to="teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of loss on discounting of salaries and social security payables, other taxes payable and other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Losses on Discounting of Salaries, Social Security, Other Taxes and Other Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on discounting of salaries and social security payables, other taxes payable and other liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetForeignExchangeLoss" xlink:label="ifrs-full_NetForeignExchangeLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetForeignExchangeLoss" xlink:to="ifrs-full_NetForeignExchangeLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetForeignExchangeLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net foreign exchange loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_NetForeignExchangeLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency exchange losses (*)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InterestExpenseOnSharePurchaseOption" xlink:label="teo_InterestExpenseOnSharePurchaseOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestExpenseOnSharePurchaseOption" xlink:to="teo_InterestExpenseOnSharePurchaseOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestExpenseOnSharePurchaseOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The interest expense on share purchase option during the financial period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestExpenseOnSharePurchaseOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Expense on Share Purchase Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_InterestExpenseOnSharePurchaseOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TUVES share purchase option</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InterestExpenseOnPensionBenefits" xlink:label="teo_InterestExpenseOnPensionBenefits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestExpenseOnPensionBenefits" xlink:to="teo_InterestExpenseOnPensionBenefits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestExpenseOnPensionBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The interest expense on pension benefits during the financial period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestExpenseOnPensionBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Expense On Pension Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_InterestExpenseOnPensionBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on pension benefits (Note 16)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherFinanceCost" xlink:label="ifrs-full_OtherFinanceCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFinanceCost" xlink:to="ifrs-full_OtherFinanceCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFinanceCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other finance cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherFinanceCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinanceIncomeCost" xlink:label="ifrs-full_FinanceIncomeCost" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:label="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dilutive effect of share options on number of ordinary shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dilutive potential common stock outstanding (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DilutedEarningsLossPerShare" xlink:label="ifrs-full_DilutedEarningsLossPerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DilutedEarningsLossPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Diluted earnings (loss) per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DilutedEarningsLossPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dilutive earnings per share (In pesos per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average number of ordinary shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average number of shares outstanding (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of nature and extent of risks arising from financial instruments [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of nature and extent of risks arising from financial instruments [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial risk management</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates" xlink:label="teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates" xlink:to="teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of cash and cash equivalents and investments that are sensitive to changes in exchange rates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Cash and Cash Equivalents and Investments Sensitive to Changes in Exchange Rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents and investments sensitive to changes in Peso/Dollar exchange rates (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp" xlink:label="teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp" xlink:to="teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of cash and cash equivalents and investment that dollar-linked investments make up</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Cash and Cash Equivalents and Investment that Dollar-Linked Investments Make up</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dollar linked investments sensitive to changes in Peso/Dollar exchange rates (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClosingForeignExchangeRateAssets" xlink:label="teo_ClosingForeignExchangeRateAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClosingForeignExchangeRateAssets" xlink:to="teo_ClosingForeignExchangeRateAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClosingForeignExchangeRateAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The spot exchange rate at the end of the reporting period for assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClosingForeignExchangeRateAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Closing Foreign Exchange Rate, Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClosingForeignExchangeRateAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exchange rate, assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClosingForeignExchangeRateLiabilities" xlink:label="teo_ClosingForeignExchangeRateLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClosingForeignExchangeRateLiabilities" xlink:to="teo_ClosingForeignExchangeRateLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClosingForeignExchangeRateLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The spot exchange rate at the end of the reporting period for liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClosingForeignExchangeRateLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Closing Foreign Exchange Rate, Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClosingForeignExchangeRateLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exchange rate, liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DollarLinkedInvestmentsHeld" xlink:label="teo_DollarLinkedInvestmentsHeld" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DollarLinkedInvestmentsHeld" xlink:to="teo_DollarLinkedInvestmentsHeld_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DollarLinkedInvestmentsHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of dollar linked investments held.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DollarLinkedInvestmentsHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dollar Linked Investments Held</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DollarLinkedInvestmentsHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dollar linked investments held</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments" xlink:to="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of net liability exposure to currency risk after deducting dollar linked investments and other short term investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Liability Position Excluding Dollar Linked Investments and Other Short Term Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net liability position in foreign currency</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of net liability exposure to currency risk after deducting dollar linked investments, other short term investments and NDFs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Liability Position Excluding Dollar Linked Investments, Other Short Term Investments and NDFs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net liability position in foreign currency</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonDeliverableForwardContractsAmount" xlink:label="teo_NonDeliverableForwardContractsAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardContractsAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of non deliverable forward (NDF) contracts entered by the group.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardContractsAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward Contracts, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardContractsAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of several NDF contracts entered by the group</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EstimatedVariationInExchangeRate" xlink:label="teo_EstimatedVariationInExchangeRate" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EstimatedVariationInExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated variation in exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EstimatedVariationInExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated Variation in Exchange Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EstimatedVariationInExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated variation in exchange rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EstimatedVariationInConsolidatedFinancialPosition" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPosition" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated amount of variation in consolidated financial position corresponding to the variation in exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated Variation in Consolidated Financial Position</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated variation in consolidated amounts of foreign currency position</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated amount of variation in consolidated financial position corresponding to the variation in exchange rate on the portion of not covered by derivative financial instruments and other assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated Variation in Consolidated Financial Position, Portion not Covered by Derivative Financial Instruments and Other Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated variation in consolidated amounts of foreign currency position on the portion not covered by derivative financial instruments and other assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" xlink:label="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" xlink:to="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The reasonably possible percentage of the increase (decrease) in the designated risk component used to determine the value of the financial instrument. Excludes defined benefit plan obligations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Reasonably Possible Increase (Decrease) in risk assumption</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in agreed interest rates (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" xlink:label="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" xlink:to="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in a financial instrument as a result of an increase (decrease) in a designated risk component that was reasonably possible at the end of the reporting period. Excludes defined benefit plan obligations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Financial Instrument Due to Reasonably Possible Increase (Decrease) in Designated Risk Component</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effect</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:to="ifrs-full_DisclosureOfCreditRiskExposureTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of credit risk exposure [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:to="ifrs-full_DisclosureOfCreditRiskExposureLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of credit risk exposure [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit risk exposure</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MaximumExposureToCreditRisk" xlink:label="ifrs-full_MaximumExposureToCreditRisk" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaximumExposureToCreditRisk" xlink:to="ifrs-full_MaximumExposureToCreditRisk_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaximumExposureToCreditRisk_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum exposure to credit risk</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MaximumExposureToCreditRisk_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total financial assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" xlink:label="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" xlink:to="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of overdue balances not covered by the allowance for doubtful accounts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Overdue Balances Not Covered by Allowance for Doubtful Accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Overdue balances not covered by the allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod" xlink:label="teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod" xlink:to="teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The maximum holding period for deposits made with leading high-credit-quality banking and financial institutions, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposits with Bank and Financial Institutions, Maximum Holding Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum holding period of deposits</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperativeWorkingCapitalAbstract" xlink:label="teo_OperativeWorkingCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperativeWorkingCapitalAbstract" xlink:to="teo_OperativeWorkingCapitalAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperativeWorkingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperativeWorkingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operative Working Capital [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OperativeWorkingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operative working capital - negative</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward" xlink:label="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward" xlink:to="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current other receivables excluding financial non-deliverable forward. [Refer: Other receivables]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Receivables Excluding Financial Non-Deliverable Forward</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables (not considering financial NDF)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CurrentLiabilitiesExcludingCurrentFinancialDebt" xlink:label="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt" xlink:to="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liabilities excluding current financial debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Liabilities Excluding Current Financial Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current liabilities (not considering financial debt)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperativeWorkingCapital" xlink:label="teo_OperativeWorkingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperativeWorkingCapital" xlink:to="teo_OperativeWorkingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current assets less the amount of current liabilities excluding current financial debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operative Working Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operative working capital - negative</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfOperativeWorkingCapital" xlink:label="teo_PercentageOfOperativeWorkingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfOperativeWorkingCapital" xlink:to="teo_PercentageOfOperativeWorkingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfOperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of operative working capital on revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfOperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Operative Working Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfOperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Over revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Operating Capital [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variations in operative working capital - negative</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseInTradeReceivables" xlink:label="teo_IncreaseDecreaseInTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInTradeReceivables" xlink:to="teo_IncreaseDecreaseInTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in trade receivables during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Trade Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseInTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in trade receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsIncreaseDecreaseInOtherReceivables" xlink:label="teo_IfrsIncreaseDecreaseInOtherReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInOtherReceivables" xlink:to="teo_IfrsIncreaseDecreaseInOtherReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in other receivables during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Other Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in other receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsIncreaseDecreaseInInventories" xlink:label="teo_IfrsIncreaseDecreaseInInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInInventories" xlink:to="teo_IfrsIncreaseDecreaseInInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in inventories during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase Decrease in Inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in inventories</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" xlink:label="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" xlink:to="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in current liabilities excluding current financial debt during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Current Liabilities Excluding Current Financial Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in current liabilities (not considering financial debt)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsIncreaseDecreaseInOperatingCapital" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInOperatingCapital" xlink:to="teo_IfrsIncreaseDecreaseInOperatingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) during the reporting period of all assets and liabilities used in operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Operating Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in operative working capital</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NetCurrentFinancialAssetDebtAbstract" xlink:label="teo_NetCurrentFinancialAssetDebtAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetCurrentFinancialAssetDebtAbstract" xlink:to="teo_NetCurrentFinancialAssetDebtAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetCurrentFinancialAssetDebtAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetCurrentFinancialAssetDebtAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Current Financial Asset (Debt) [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NetCurrentFinancialAssetDebtAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net current financial asset (debt)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FinancialAssetsLiabilitiesNetCurrent" xlink:label="teo_FinancialAssetsLiabilitiesNetCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialAssetsLiabilitiesNetCurrent" xlink:to="teo_FinancialAssetsLiabilitiesNetCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current financial assets less current financial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets Liabilities Net Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_FinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Current financial asset (debt)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_VariationsInNetCurrentFinancialAssetDebt" xlink:label="teo_VariationsInNetCurrentFinancialAssetDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VariationsInNetCurrentFinancialAssetDebt" xlink:to="teo_VariationsInNetCurrentFinancialAssetDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VariationsInNetCurrentFinancialAssetDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VariationsInNetCurrentFinancialAssetDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variations in Net Current Financial Asset (Debt)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VariationsInNetCurrentFinancialAssetDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variations in net current financial asset (debt)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsIncreaseDecreaseInCashAndCashEquivalents" xlink:label="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents" xlink:to="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in cash and cash equivalents during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Cash and Cash Equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsIncreaseDecreaseInInvestments" xlink:label="teo_IfrsIncreaseDecreaseInInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInInvestments" xlink:to="teo_IfrsIncreaseDecreaseInInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in investments during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in investments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseInNonDeliverableForwardCurrent" xlink:label="teo_IncreaseDecreaseInNonDeliverableForwardCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInNonDeliverableForwardCurrent" xlink:to="teo_IncreaseDecreaseInNonDeliverableForwardCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInNonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in non deliverable forwards, current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInNonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in Non Deliverable Forward, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseInNonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in Financial NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsIncreaseDecreaseInCurrentFinancialDebt" xlink:label="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt" xlink:to="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in current financial debt during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Current Financial Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in current financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" xlink:label="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" xlink:to="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of (increase) decrease in current financial asset liabilities, net during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Financial Assets Liabilities Net Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in net current financial asset (debt)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssetsLiabilities" xlink:label="ifrs-full_CurrentAssetsLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsLiabilities" xlink:to="ifrs-full_CurrentAssetsLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current assets (liabilities)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Negative operating working capital (current assets - current liabilities)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsIncreaseDecreaseInWorkingCapital" xlink:label="teo_IfrsIncreaseDecreaseInWorkingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInWorkingCapital" xlink:to="teo_IfrsIncreaseDecreaseInWorkingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in working capital during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Working Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in working capital</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LiquidityRate" xlink:label="teo_LiquidityRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LiquidityRate" xlink:to="teo_LiquidityRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ratio of current assets to current liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liquidity Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liquidity rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseInLiquidityRate" xlink:label="teo_IncreaseDecreaseInLiquidityRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInLiquidityRate" xlink:to="teo_IncreaseDecreaseInLiquidityRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInLiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in liquidity rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInLiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase Decrease in Liquidity Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseInLiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in liquidity rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LeverageRate" xlink:label="teo_LeverageRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LeverageRate" xlink:to="teo_LeverageRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LeverageRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ratio of net financial debt over company market value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LeverageRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Leverage Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LeverageRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Leverage rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" xlink:to="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to the maturity analysis for financial liabilities held for managing liquidity risk.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Maturity Analysis for Financial Liabilities Held for Managing Liquidity Risk [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" xlink:to="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Maturity Analysis for Financial Liabilities Held for Managing Liquidity Risk [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of maturity of financial liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:label="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:to="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-derivative financial liabilities, undiscounted cash flows</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of transactions between related parties [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of transactions between related parties [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related party balances and transactions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProportionOfEquityInterestInPreferredShares" xlink:label="teo_ProportionOfEquityInterestInPreferredShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProportionOfEquityInterestInPreferredShares" xlink:to="teo_ProportionOfEquityInterestInPreferredShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProportionOfEquityInterestInPreferredShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The proportion of equity interest in preferred shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProportionOfEquityInterestInPreferredShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of Equity Interest in Preferred Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProportionOfEquityInterestInPreferredShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity interest in preferred shares (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" xlink:label="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" xlink:to="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The proportion of ownership interest in subsidiary after treasury shares acquisition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of Ownership Interest in Subsidiary after Treasury Shares Acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership percentage after treasury shares acquisition</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfVotesPerShare" xlink:label="teo_NumberOfVotesPerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfVotesPerShare" xlink:to="teo_NumberOfVotesPerShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfVotesPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of votes per share.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfVotesPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Votes Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfVotesPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of votes per share</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CurrentAssetsRelatedPartyTransactionsAbstract" xlink:label="teo_CurrentAssetsRelatedPartyTransactionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentAssetsRelatedPartyTransactionsAbstract" xlink:to="teo_CurrentAssetsRelatedPartyTransactionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentAssetsRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentAssetsRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Assets, Related Party Transactions [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentAssetsRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CURRENT ASSETS</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CashAndCashEquivalentsRelatedPartyTransactions" xlink:label="teo_CashAndCashEquivalentsRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashAndCashEquivalentsRelatedPartyTransactions" xlink:to="teo_CashAndCashEquivalentsRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashAndCashEquivalentsRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of cash and cash equivalents in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashAndCashEquivalentsRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and Cash Equivalents, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashAndCashEquivalentsRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TradeReceivablesRelatedPartyTransactions" xlink:label="teo_TradeReceivablesRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TradeReceivablesRelatedPartyTransactions" xlink:to="teo_TradeReceivablesRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TradeReceivablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of trade receivables in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TradeReceivablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Receivables, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TradeReceivablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total trade receivables, net</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract" xlink:label="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract" xlink:to="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Liabilities, Related Party Transactions [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CURRENT LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TradePayablesRelatedPartyTransactions" xlink:label="teo_TradePayablesRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TradePayablesRelatedPartyTransactions" xlink:to="teo_TradePayablesRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TradePayablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of trade payables in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TradePayablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Payables, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TradePayablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FinancialDebtRelatedPartyTransactions" xlink:label="teo_FinancialDebtRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialDebtRelatedPartyTransactions" xlink:to="teo_FinancialDebtRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialDebtRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of financial debt in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialDebtRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialDebtRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt - Notes (current and non-current)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherIncomeRelatedPartyTransactions" xlink:label="teo_OtherIncomeRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherIncomeRelatedPartyTransactions" xlink:to="teo_OtherIncomeRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherIncomeRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of other income in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherIncomeRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Income, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherIncomeRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:to="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of services, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total services rendered</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:to="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Services received, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total services received</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:label="ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:to="ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchases of property and other assets, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total purchases of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FinanceCostsRelatedPartyTransactions" xlink:label="teo_FinanceCostsRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinanceCostsRelatedPartyTransactions" xlink:to="teo_FinanceCostsRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinanceCostsRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of finance costs in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinanceCostsRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance Costs, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_FinanceCostsRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total finance costs</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors" xlink:label="teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors" xlink:to="teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum percent of transaction amount on the equity approved by the Board of Directors.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum Percent of Transaction Amount on the Equity Approved by the Board of Directors</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum percent of transaction amount on the equity approved by the Board of Directors</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_KeyManagementPersonnelCompensationSalaries" xlink:label="teo_KeyManagementPersonnelCompensationSalaries" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_KeyManagementPersonnelCompensationSalaries" xlink:to="teo_KeyManagementPersonnelCompensationSalaries_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_KeyManagementPersonnelCompensationSalaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of compensation to key management personnel in the form of salaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_KeyManagementPersonnelCompensationSalaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key Management Personnel Compensation, Salaries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_KeyManagementPersonnelCompensationSalaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_KeyManagementPersonnelCompensationVariableCompensation" xlink:label="teo_KeyManagementPersonnelCompensationVariableCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_KeyManagementPersonnelCompensationVariableCompensation" xlink:to="teo_KeyManagementPersonnelCompensationVariableCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_KeyManagementPersonnelCompensationVariableCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of compensation to key management personnel in the form of variable compensation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_KeyManagementPersonnelCompensationVariableCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key Management Personnel Compensation, Variable Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_KeyManagementPersonnelCompensationVariableCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable compensation</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_KeyManagementPersonnelCompensationSocialSecurityContributions" xlink:label="teo_KeyManagementPersonnelCompensationSocialSecurityContributions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_KeyManagementPersonnelCompensationSocialSecurityContributions" xlink:to="teo_KeyManagementPersonnelCompensationSocialSecurityContributions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_KeyManagementPersonnelCompensationSocialSecurityContributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of compensation to key management personnel in the form of social security contributions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_KeyManagementPersonnelCompensationSocialSecurityContributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key Management Personnel Compensation, Social Security Contributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_KeyManagementPersonnelCompensationSocialSecurityContributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social security contributions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_KeyManagementPersonnelCompensationHiringBenefits" xlink:label="teo_KeyManagementPersonnelCompensationHiringBenefits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_KeyManagementPersonnelCompensationHiringBenefits" xlink:to="teo_KeyManagementPersonnelCompensationHiringBenefits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_KeyManagementPersonnelCompensationHiringBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of compensation to key management personnel in the form of hiring benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_KeyManagementPersonnelCompensationHiringBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key Management Personnel Compensation, Hiring Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_KeyManagementPersonnelCompensationHiringBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hiring benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key management personnel compensation, termination benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Termination benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="ifrs-full_KeyManagementPersonnelCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensation" xlink:to="ifrs-full_KeyManagementPersonnelCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key management personnel compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Compensation for Key Managers</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_KeyManagementPersonnelCompensationOutstandingAmountPayable" xlink:label="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable" xlink:to="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of unpaid compensation for key management personnel.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key Management Personnel Compensation, Outstanding Amount Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount payable under compensation for Key Managers</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_BoardOfDirectorsCompensationEstimatedCompensation" xlink:label="teo_BoardOfDirectorsCompensationEstimatedCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BoardOfDirectorsCompensationEstimatedCompensation" xlink:to="teo_BoardOfDirectorsCompensationEstimatedCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BoardOfDirectorsCompensationEstimatedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of estimated compensation for board of directors.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BoardOfDirectorsCompensationEstimatedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Board of Directors Compensation, Estimated Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BoardOfDirectorsCompensationEstimatedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated compensation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DirectorsRemunerationExpense" xlink:label="ifrs-full_DirectorsRemunerationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DirectorsRemunerationExpense" xlink:to="ifrs-full_DirectorsRemunerationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DirectorsRemunerationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Directors' remuneration expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DirectorsRemunerationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation for members of Board of Directors</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities" xlink:label="teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities" xlink:to="teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of companies consolidated.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Companies Through which Group Carries out Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of companies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfReportableSegment" xlink:label="teo_NumberOfReportableSegment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfReportableSegment" xlink:to="teo_NumberOfReportableSegment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfReportableSegment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of segments reported by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfReportableSegment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Reportable Segment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfReportableSegment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of reportable segments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OperatingIncomeBeforeDepreciationAndAmortization" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortization" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingIncomeBeforeDepreciationAndAmortization" xlink:to="teo_OperatingIncomeBeforeDepreciationAndAmortization_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of operating income before depreciation and amortization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Income Before Depreciation And Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income before D&amp;A</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OperatingIncomeBeforeDepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income before D&amp;A</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationExpense" xlink:label="ifrs-full_DepreciationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationExpense" xlink:to="ifrs-full_DepreciationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmortisationExpense" xlink:label="ifrs-full_AmortisationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationExpense" xlink:to="ifrs-full_AmortisationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortisation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported" xlink:label="teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported" xlink:to="teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The profit (loss) from operating activities of the entity as previously reported.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Profit Loss From Operating Activities as Previously Reported</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill" xlink:label="teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill" xlink:to="teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of additions to property, plant and equipment and intangible assets other than goodwill, other than those acquired through business combinations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions Other Than Through Business Combinations, Noncurrent Assets Other than Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionsToNoncurrentAssets" xlink:label="ifrs-full_AdditionsToNoncurrentAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsToNoncurrentAssets" xlink:to="ifrs-full_AdditionsToNoncurrentAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsToNoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions to non-current assets other than financial instruments, deferred tax assets, net defined benefit assets, and rights arising under insurance contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdditionsToNoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total additions on PP&amp;E and intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FinancialAssetsLiabilitiesNet" xlink:label="teo_FinancialAssetsLiabilitiesNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialAssetsLiabilitiesNet" xlink:to="teo_FinancialAssetsLiabilitiesNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialAssetsLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net amount of financial assets less financial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialAssetsLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets (Liabilities), Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialAssetsLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net financial asset (debt)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfGeographicalAreasTable" xlink:label="ifrs-full_DisclosureOfGeographicalAreasTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeographicalAreasTable" xlink:to="ifrs-full_DisclosureOfGeographicalAreasTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeographicalAreasTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of geographical areas [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:label="ifrs-full_DisclosureOfGeographicalAreasLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:to="ifrs-full_DisclosureOfGeographicalAreasLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeographicalAreasLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of geographical areas [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfGeographicalAreasLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographic information</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TypeOfBreakdownAxis" xlink:label="teo_TypeOfBreakdownAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TypeOfBreakdownAxis" xlink:to="teo_TypeOfBreakdownAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TypeOfBreakdownAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TypeOfBreakdownAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type of Breakdown [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TypeOfBreakdownDomain" xlink:label="teo_TypeOfBreakdownDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TypeOfBreakdownDomain" xlink:to="teo_TypeOfBreakdownDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TypeOfBreakdownDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for aggregated type of breakdown.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TypeOfBreakdownDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type Of Breakdown [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TypeOfBreakdownDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type Of Breakdown [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ByLocationOfOperationsMember" xlink:label="teo_ByLocationOfOperationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ByLocationOfOperationsMember" xlink:to="teo_ByLocationOfOperationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ByLocationOfOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for by location of operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ByLocationOfOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">By Location Of Operations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ByLocationOfOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">By location of operations</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ByLocationOfCustomerMember" xlink:label="teo_ByLocationOfCustomerMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ByLocationOfCustomerMember" xlink:to="teo_ByLocationOfCustomerMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ByLocationOfCustomerMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for by location of customer.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ByLocationOfCustomerMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">By Location Of Customer [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ByLocationOfCustomerMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">By location of customer</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve" xlink:label="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve" xlink:to="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum percentage of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses must be appropriated to statutory reserve by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum Percentage Of Net Income To Be Allocated To Statutory Reserve</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum percentage of net income to be appropriated</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital" xlink:label="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital" xlink:to="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The threshold percentage criteria expressed as a percentage of outstanding capital for the transfer of net income by the entity to statutory reserves. If the statutory reserves exceed the specified threshold of the outstanding capital, further appropriation is not required.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Threshold Percentage Of Statutory Reserve Need To Be Made Over Entities Outstanding Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Threshold percentage of statutory reserves of the outstanding capital, used as criteria of allocation requirement</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_VoluntaryReserveForFutureDividendsPayment" xlink:label="teo_VoluntaryReserveForFutureDividendsPayment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VoluntaryReserveForFutureDividendsPayment" xlink:to="teo_VoluntaryReserveForFutureDividendsPayment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VoluntaryReserveForFutureDividendsPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The concept that refers to the voluntary reserve for future dividends payment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VoluntaryReserveForFutureDividendsPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary Reserve for Future Dividends Payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VoluntaryReserveForFutureDividendsPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary reserve for future dividends payment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:to="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proposed for approval at the Annual General Meeting (not recognized as a liability as of December 31)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CounterpartiesAxis" xlink:label="ifrs-full_CounterpartiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesAxis" xlink:to="ifrs-full_CounterpartiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Counterparties [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CounterpartiesMember" xlink:label="ifrs-full_CounterpartiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesMember" xlink:to="ifrs-full_CounterpartiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Counterparties [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CounterpartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Counterparties [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ArgentinaInversionesS.a.Member" xlink:label="teo_ArgentinaInversionesS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ArgentinaInversionesS.a.Member" xlink:to="teo_ArgentinaInversionesS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ArgentinaInversionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Argentina Inversiones S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ArgentinaInversionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Argentina Inversiones S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ArgentinaInversionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Argentina Inversiones S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AmortizationOfSharesAbstract" xlink:label="teo_AmortizationOfSharesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmortizationOfSharesAbstract" xlink:to="teo_AmortizationOfSharesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmortizationOfSharesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmortizationOfSharesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of Shares [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AmortizationOfSharesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of Sofora shares</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfAmortizationTranches" xlink:label="teo_NumberOfAmortizationTranches" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfAmortizationTranches" xlink:to="teo_NumberOfAmortizationTranches_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfAmortizationTranches_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of tranches in which shares will be amortized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfAmortizationTranches_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Amortization Tranches</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfAmortizationTranches_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of tranches</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfDividendCertificates" xlink:label="teo_NumberOfDividendCertificates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfDividendCertificates" xlink:to="teo_NumberOfDividendCertificates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfDividendCertificates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of dividend certificates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfDividendCertificates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Dividend Certificates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfDividendCertificates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of dividend certificates</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DividendRights" xlink:label="teo_DividendRights" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendRights" xlink:to="teo_DividendRights_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendRights_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of dividend rights authorized under dividend certificate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendRights_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend Rights</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendRights_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend rights</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners" xlink:label="ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners" xlink:to="ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through transactions with owners, equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:to="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in number of shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares amortized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:label="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:to="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to acquire or redeem entity's shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount paid to acquire shares</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfDirectorsAppointed" xlink:label="teo_NumberOfDirectorsAppointed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfDirectorsAppointed" xlink:to="teo_NumberOfDirectorsAppointed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfDirectorsAppointed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of directors appointed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfDirectorsAppointed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Directors Appointed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfDirectorsAppointed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of directors appointed</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfAlternateDirectorsAppointed" xlink:label="teo_NumberOfAlternateDirectorsAppointed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfAlternateDirectorsAppointed" xlink:to="teo_NumberOfAlternateDirectorsAppointed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfAlternateDirectorsAppointed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of alternate directors appointed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfAlternateDirectorsAppointed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Alternate Directors Appointed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfAlternateDirectorsAppointed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of alternate directors appointed</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfSupervisoryCommitteeMembersAppointed" xlink:label="teo_NumberOfSupervisoryCommitteeMembersAppointed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSupervisoryCommitteeMembersAppointed" xlink:to="teo_NumberOfSupervisoryCommitteeMembersAppointed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSupervisoryCommitteeMembersAppointed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of members appointed to Supervisory Committee.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSupervisoryCommitteeMembersAppointed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Supervisory Committee Members Appointed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSupervisoryCommitteeMembersAppointed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of members appointed to Supervisory Committee</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfAlternatesAppointedToSupervisoryCommittee" xlink:label="teo_NumberOfAlternatesAppointedToSupervisoryCommittee" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfAlternatesAppointedToSupervisoryCommittee" xlink:to="teo_NumberOfAlternatesAppointedToSupervisoryCommittee_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfAlternatesAppointedToSupervisoryCommittee_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of alternates appointed to the Supervisory Committee.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfAlternatesAppointedToSupervisoryCommittee_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Alternates Appointed to Supervisory Committee</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfAlternatesAppointedToSupervisoryCommittee_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of alternates appointed to the Supervisory Committee</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DividendRightsTermsAnnualUnpaidDividendsPercentage" xlink:label="teo_DividendRightsTermsAnnualUnpaidDividendsPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendRightsTermsAnnualUnpaidDividendsPercentage" xlink:to="teo_DividendRightsTermsAnnualUnpaidDividendsPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendRightsTermsAnnualUnpaidDividendsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of annual unpaid dividends allowed under terms of dividend rights certificate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendRightsTermsAnnualUnpaidDividendsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend Rights, Terms, Annual Unpaid Dividends Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendRightsTermsAnnualUnpaidDividendsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unpaid dividends percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DividendRightsCertificateRedemptionPeriod" xlink:label="teo_DividendRightsCertificateRedemptionPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendRightsCertificateRedemptionPeriod" xlink:to="teo_DividendRightsCertificateRedemptionPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendRightsCertificateRedemptionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period of time after the date of issuance or the payment of specified percentage of dividends within which the dividend rights certificate may be redeemed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendRightsCertificateRedemptionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend Rights Certificate, Redemption Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendRightsCertificateRedemptionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend rights certificate, redemption period</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold" xlink:label="teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold" xlink:to="teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The paid percent of maximum dividends payable under terms of dividend rights certificate as a trigger for redemption terms.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend Rights Certificate Terms, Percent of Maximum Dividends Paid Threshold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Paid percentage of maximum dividends payable, redemption threshold</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ConversionOfSharesAbstract" xlink:label="teo_ConversionOfSharesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConversionOfSharesAbstract" xlink:to="teo_ConversionOfSharesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConversionOfSharesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConversionOfSharesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of Shares [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConversionOfSharesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion terms approved by board</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SharesConvertible" xlink:label="teo_SharesConvertible" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SharesConvertible" xlink:to="teo_SharesConvertible_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SharesConvertible_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares to be converted under terms of reorganization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SharesConvertible_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares Convertible</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SharesConvertible_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares to be converted</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio" xlink:label="teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio" xlink:to="teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ratio applied to determine the number of instruments or interests issued or issuable at acquisition date for equity interests of the acquirer transferred as consideration in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Instruments or Interests Issued or Issuable, Conversion Ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger agreement, distribution rate</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption" xlink:label="teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption" xlink:to="teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of equity interests acquirable under terms of call option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Voting Equity Interests Acquired Interest Under Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity interest acquirable under option (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption" xlink:label="teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption" xlink:to="teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of participation equity interests acquirable under terms of call option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Participation Equity Interests Acquired Interest Under Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Participation equity interest acquirable under option (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SharePremiumPaid" xlink:label="teo_SharePremiumPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SharePremiumPaid" xlink:to="teo_SharePremiumPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SharePremiumPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount paid for entity's shares in excess of nominal value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SharePremiumPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Premium Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SharePremiumPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share premium paid</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrepaidFullOptionPrice" xlink:label="teo_PrepaidFullOptionPrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrepaidFullOptionPrice" xlink:to="teo_PrepaidFullOptionPrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrepaidFullOptionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents full option price paid in advance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrepaidFullOptionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepaid Full Option Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrepaidFullOptionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Full option price paid in advance</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfAdditionalSharesReceivedUnderOption" xlink:label="teo_PercentageOfAdditionalSharesReceivedUnderOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfAdditionalSharesReceivedUnderOption" xlink:to="teo_PercentageOfAdditionalSharesReceivedUnderOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfAdditionalSharesReceivedUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of additional shares received under terms of call option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfAdditionalSharesReceivedUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Additional Shares Received Under Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfAdditionalSharesReceivedUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional shares received under option (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption" xlink:label="teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption" xlink:to="teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of additional indirect shares received under terms of call option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Additional Indirect Shares received under option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional indirect share received under option (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OptionTerm" xlink:label="teo_OptionTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OptionTerm" xlink:to="teo_OptionTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OptionTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period of time an option contract can be executed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OptionTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Option, Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OptionTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Option term</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger" xlink:label="teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger" xlink:to="teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The proportion of ownership interest in the acquirer before the merger.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of Ownership Interest in Acquirer Before Merger</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership interest in acquirer held before merger</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" xlink:label="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" xlink:to="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net identifiable assets acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identifiable assets acquired (liabilities assumed)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net identifiable assets acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identifiable intangible assets recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets acquired</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer-related intangible assets recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer Relationship recognized</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for trademarks intangible assets acquired in a business combination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trademarks Intangible Assets Recognised as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trademarks recognized</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for licenses intangible assets acquired in a business combination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Licenses Intangible Assets Recognised as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Licenses recognized</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets" xlink:label="teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets" xlink:to="teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents deferred income tax liability recognized due to the higher value assigned to net identifiable assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Income Tax Liability Recognized Due to Higher Value Assigned to Net Identifiable Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income tax liability recognized due to the higher value assigned to net identifiable assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" xlink:to="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-controlling interest in acquiree recognised at acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityReclassifiedIntoFinancialLiabilities" xlink:label="ifrs-full_EquityReclassifiedIntoFinancialLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityReclassifiedIntoFinancialLiabilities" xlink:to="ifrs-full_EquityReclassifiedIntoFinancialLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityReclassifiedIntoFinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity reclassified into financial liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NumberOfDistributions" xlink:label="teo_NumberOfDistributions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfDistributions" xlink:to="teo_NumberOfDistributions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfDistributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of distributions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfDistributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Distributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfDistributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of distributions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears" xlink:to="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends recognised as distributions to owners of parent, relating to prior years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid corresponding to the net profit from January 1 - September 30, 2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:to="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidOrdinaryShares" xlink:label="ifrs-full_DividendsPaidOrdinaryShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidOrdinaryShares" xlink:to="ifrs-full_DividendsPaidOrdinaryShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidOrdinaryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid, ordinary shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit Facility, Maximum Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum borrowing capacity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsInterestRateBasis" xlink:label="ifrs-full_BorrowingsInterestRateBasis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRateBasis" xlink:to="ifrs-full_BorrowingsInterestRateBasis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings, interest rate basis</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate basis</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DebtCovenantDebtIssuancePeriod" xlink:label="teo_DebtCovenantDebtIssuancePeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DebtCovenantDebtIssuancePeriod" xlink:to="teo_DebtCovenantDebtIssuancePeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DebtCovenantDebtIssuancePeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Under terms of the debt covenant, term of new debt issuance that triggers repayment in full of outstanding loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DebtCovenantDebtIssuancePeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Covenant, Debt Issuance Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DebtCovenantDebtIssuancePeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt issuance, debt term triggering repayment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount" xlink:label="teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount" xlink:to="teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Under terms of debt covenant, the amount of new debt issued that would trigger full repayment of outstanding loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Covenant, Repayment Trigger, Debt Issuance Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt covenant, new debt issued that would trigger repayment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromCurrentBorrowings" xlink:label="ifrs-full_ProceedsFromCurrentBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromCurrentBorrowings" xlink:to="ifrs-full_ProceedsFromCurrentBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromCurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromCurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from loan</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class of Stock [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class Of Stock [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class of Stock [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClassOrdinarySharesMember" xlink:label="teo_ClassOrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassOrdinarySharesMember" xlink:to="teo_ClassOrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class A ordinary shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class "A"</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClassBOrdinarySharesMember" xlink:label="teo_ClassBOrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassBOrdinarySharesMember" xlink:to="teo_ClassBOrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassBOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class B ordinary shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassBOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class B Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassBOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class "B"</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClassCOrdinarySharesMember" xlink:label="teo_ClassCOrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassCOrdinarySharesMember" xlink:to="teo_ClassCOrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassCOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class C ordinary shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassCOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class C Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassCOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class "C"</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ifrs-full_ComponentsOfEquityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Components of equity [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityMember" xlink:label="ifrs-full_EquityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_EquityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:to="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Attributable To Owners Of Parent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to Telecom Argentina (Controlling Company)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OutstandingSharesCapitalNominalValueMember" xlink:label="teo_OutstandingSharesCapitalNominalValueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OutstandingSharesCapitalNominalValueMember" xlink:to="teo_OutstandingSharesCapitalNominalValueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OutstandingSharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for capital nominal value relating to outstanding shares not issued.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OutstandingSharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding Shares Capital Nominal Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OutstandingSharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding shares, Capital nominal value</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OutstandingSharesInflationAdjustmentMember" xlink:label="teo_OutstandingSharesInflationAdjustmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OutstandingSharesInflationAdjustmentMember" xlink:to="teo_OutstandingSharesInflationAdjustmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OutstandingSharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for inflation adjustment relating to outstanding shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OutstandingSharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding Shares Inflation Adjustment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OutstandingSharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding shares, Inflation adjustment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TreasurySharesCapitalNominalValueMember" xlink:label="teo_TreasurySharesCapitalNominalValueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TreasurySharesCapitalNominalValueMember" xlink:to="teo_TreasurySharesCapitalNominalValueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TreasurySharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for capital nominal value relating to treasury shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TreasurySharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Shares Capital Nominal Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TreasurySharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares, Capital nominal value</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TreasurySharesInflationAdjustmentMember" xlink:label="teo_TreasurySharesInflationAdjustmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TreasurySharesInflationAdjustmentMember" xlink:to="teo_TreasurySharesInflationAdjustmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TreasurySharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for inflation adjustment relating to treasury shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TreasurySharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Shares Inflation Adjustment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TreasurySharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares, Inflation adjustment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TreasurySharesMember" xlink:label="ifrs-full_TreasurySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasurySharesMember" xlink:to="ifrs-full_TreasurySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasurySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TreasurySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares acquisition cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatutoryReserveMember" xlink:label="ifrs-full_StatutoryReserveMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatutoryReserveMember" xlink:to="ifrs-full_StatutoryReserveMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatutoryReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statutory Reserve [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatutoryReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal reserve</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SpecialReserveForIfrsImplementationMember" xlink:label="teo_SpecialReserveForIfrsImplementationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SpecialReserveForIfrsImplementationMember" xlink:to="teo_SpecialReserveForIfrsImplementationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SpecialReserveForIfrsImplementationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for special reserve for IFRS implementation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SpecialReserveForIfrsImplementationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Special Reserve For Ifrs Implementation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SpecialReserveForIfrsImplementationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Special reserve for IFRS implementation</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_VoluntaryReserveForCapitalInvestmentsMember" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VoluntaryReserveForCapitalInvestmentsMember" xlink:to="teo_VoluntaryReserveForCapitalInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for voluntary reserve for capital investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary Reserve For Capital Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary reserve for capital investments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_VoluntaryReserveForFutureInvestmentsMember" xlink:label="teo_VoluntaryReserveForFutureInvestmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VoluntaryReserveForFutureInvestmentsMember" xlink:to="teo_VoluntaryReserveForFutureInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VoluntaryReserveForFutureInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for voluntary reserve for future investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VoluntaryReserveForFutureInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary Reserve For Future Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VoluntaryReserveForFutureInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary reserve for future investments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_VoluntaryReserveForFutureDividendsPaymentsMember" xlink:label="teo_VoluntaryReserveForFutureDividendsPaymentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VoluntaryReserveForFutureDividendsPaymentsMember" xlink:to="teo_VoluntaryReserveForFutureDividendsPaymentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VoluntaryReserveForFutureDividendsPaymentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for voluntary reserve for future dividends payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VoluntaryReserveForFutureDividendsPaymentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary Reserve For Future Dividends Payments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VoluntaryReserveForFutureDividendsPaymentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary reserve for future dividends payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other comprehensive results</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CostOfIncreaseOfShareInControlledCompaniesMember" xlink:label="teo_CostOfIncreaseOfShareInControlledCompaniesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostOfIncreaseOfShareInControlledCompaniesMember" xlink:to="teo_CostOfIncreaseOfShareInControlledCompaniesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostOfIncreaseOfShareInControlledCompaniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Cost of the increase of the share in controlled companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostOfIncreaseOfShareInControlledCompaniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost Of Increase Of Share In Controlled Companies [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CostOfIncreaseOfShareInControlledCompaniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of the increase of the share in controlled companies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetainedEarningsMember" xlink:label="ifrs-full_RetainedEarningsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncontrollingInterestsMember" xlink:label="ifrs-full_NoncontrollingInterestsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestsMember" xlink:to="ifrs-full_NoncontrollingInterestsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interests [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SegmentsAxis" xlink:label="ifrs-full_SegmentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentsAxis" xlink:to="ifrs-full_SegmentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SegmentsMember" xlink:label="ifrs-full_SegmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentsMember" xlink:to="ifrs-full_SegmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NucleoMobileServicesSegmentMember" xlink:label="teo_NucleoMobileServicesSegmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NucleoMobileServicesSegmentMember" xlink:to="teo_NucleoMobileServicesSegmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NucleoMobileServicesSegmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">"This member stands for Nucleo mobile services segment.

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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NucleoMobileServicesSegmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo Mobile Services Segment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NucleoMobileServicesSegmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AbcTelecomunicacionesMember" xlink:label="teo_AbcTelecomunicacionesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AbcTelecomunicacionesMember" xlink:to="teo_AbcTelecomunicacionesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AbcTelecomunicacionesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Personal.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AbcTelecomunicacionesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Abc Telecomunicaciones [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AbcTelecomunicacionesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ABC Telecomunicaciones</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TuVesS.aChileMember" xlink:label="teo_TuVesS.aChileMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TuVesS.aChileMember" xlink:to="teo_TuVesS.aChileMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TuVesS.aChileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for TU VES S.A (Chile).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TuVesS.aChileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tu Ves S.a Chile [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TuVesS.aChileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TU VES S.A. (Chile)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LitigationCaseAxis" xlink:label="us-gaap_LitigationCaseAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationCaseAxis" xlink:to="us-gaap_LitigationCaseAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LitigationCaseAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LitigationCaseTypeDomain" xlink:label="us-gaap_LitigationCaseTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationCaseTypeDomain" xlink:to="us-gaap_LitigationCaseTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LitigationCaseTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LitigationCaseTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SecretaryOfCommerceAuthorizationMember" xlink:label="teo_SecretaryOfCommerceAuthorizationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SecretaryOfCommerceAuthorizationMember" xlink:to="teo_SecretaryOfCommerceAuthorizationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SecretaryOfCommerceAuthorizationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Secretary of Commerce Resolution No. 2017-656-APN-SECC#MP authorizing operation of economic concentration.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SecretaryOfCommerceAuthorizationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Secretary Of Commerce Authorization [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SecretaryOfCommerceAuthorizationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Secretary of Commerce Resolution No. 2017-656-APN-SECC # MP</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidatedEntitiesAxis" xlink:label="us-gaap_ConsolidatedEntitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidatedEntitiesAxis" xlink:to="us-gaap_ConsolidatedEntitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidatedEntitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated Entities [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidatedEntitiesDomain" xlink:label="us-gaap_ConsolidatedEntitiesDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidatedEntitiesDomain" xlink:to="us-gaap_ConsolidatedEntitiesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidatedEntitiesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated Entities [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConsolidatedEntitiesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated Entities [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_UniversalServiceFundPendingAdministrativeAppealsMember" xlink:label="teo_UniversalServiceFundPendingAdministrativeAppealsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UniversalServiceFundPendingAdministrativeAppealsMember" xlink:to="teo_UniversalServiceFundPendingAdministrativeAppealsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UniversalServiceFundPendingAdministrativeAppealsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for pending administrative appeals with the Universal Service (SU) Fund.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UniversalServiceFundPendingAdministrativeAppealsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Universal Service Fund Pending Administrative Appeals [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UniversalServiceFundPendingAdministrativeAppealsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SU Fund Administrative Appeals</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-adjusting events after reporting period [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NonadjustingEventsMember" xlink:label="ifrs-full_NonadjustingEventsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsMember" xlink:to="ifrs-full_NonadjustingEventsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonadjustingEventsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nonadjusting Events [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NonadjustingEventsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-adjusting events after reporting period [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LicenseAcquisitionMember" xlink:label="teo_LicenseAcquisitionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LicenseAcquisitionMember" xlink:to="teo_LicenseAcquisitionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LicenseAcquisitionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for acquisition of licenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LicenseAcquisitionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">License Acquisition [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LicenseAcquisitionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">License Acquisition</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ConatelResolution46017Member" xlink:label="teo_ConatelResolution46017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConatelResolution46017Member" xlink:to="teo_ConatelResolution46017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConatelResolution46017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Comision Nacional de Telecomunicaciones ("CONATEL") Resolution No. 460/17 which authorized acquisition of capital stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConatelResolution46017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conatel Resolution46017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConatelResolution46017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONATEL Resolution No. 460/17</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" xlink:label="ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" xlink:to="ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes In Tax Rates Or Tax Laws Enacted Or Announced [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in tax rates or tax laws enacted or announced</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TaxPeriodAxis" xlink:label="us-gaap_TaxPeriodAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TaxPeriodAxis" xlink:to="us-gaap_TaxPeriodAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TaxPeriodAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Period [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TaxPeriodDomain" xlink:label="us-gaap_TaxPeriodDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TaxPeriodDomain" xlink:to="us-gaap_TaxPeriodDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TaxPeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Period [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TaxPeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Period [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxYear2018Member" xlink:label="teo_TaxYear2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxYear2018Member" xlink:to="teo_TaxYear2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxYear2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identified as tax year 2018.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxYear2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxYear2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year 2018</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxYear2019Member" xlink:label="teo_TaxYear2019Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxYear2019Member" xlink:to="teo_TaxYear2019Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxYear2019Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identified as tax year 2019.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxYear2019Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year2019 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxYear2019Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year 2019</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxYear2020Member" xlink:label="teo_TaxYear2020Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxYear2020Member" xlink:to="teo_TaxYear2020Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxYear2020Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identified as tax year 2020.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxYear2020Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year2020 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxYear2020Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year 2020</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TaxYear2022Member" xlink:label="teo_TaxYear2022Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxYear2022Member" xlink:to="teo_TaxYear2022Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxYear2022Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identified as tax years beginning in 2022.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxYear2022Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year2022 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxYear2022Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year 2022</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TelecomPersonalS.aMember" xlink:label="teo_TelecomPersonalS.aMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelecomPersonalS.aMember" xlink:to="teo_TelecomPersonalS.aMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelecomPersonalS.aMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Telecom Personal S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelecomPersonalS.aMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Personal S.a [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelecomPersonalS.aMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsLoansPayableMember" xlink:label="teo_IfrsLoansPayableMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsLoansPayableMember" xlink:to="teo_IfrsLoansPayableMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsLoansPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for loans payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsLoansPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Loans Payable [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsLoansPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_PYG" xlink:label="currency_PYG" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_PYG" xlink:to="currency_PYG_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_PYG_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">P Y [G]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_PYG_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guaranies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:label="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:to="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retrospective application and retrospective restatement [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RestatedMember" xlink:label="ifrs-full_RestatedMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RestatedMember" xlink:to="ifrs-full_RestatedMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RestatedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restated [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RestatedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currently stated [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" xlink:label="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" xlink:to="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase Decrease Due To Application Of I F R S15 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) due to application of IFRS 15</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncreaseDecreaseDueToApplicationOfIfrs9Member" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member" xlink:to="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the financial effect of application of IFRS 9.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase Decrease Due To Application Of Ifrs9 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) due to application of IFRS 9</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AdvancesForMobileHandsetsAcquisitionsMember" xlink:label="teo_AdvancesForMobileHandsetsAcquisitionsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdvancesForMobileHandsetsAcquisitionsMember" xlink:to="teo_AdvancesForMobileHandsetsAcquisitionsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdvancesForMobileHandsetsAcquisitionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Advances for mobile handsets acquisitions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdvancesForMobileHandsetsAcquisitionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advances For Mobile Handsets Acquisitions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdvancesForMobileHandsetsAcquisitionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advances for mobile handsets acquisitions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CreditLossesRelatedToTradeReceivablesMember" xlink:label="teo_CreditLossesRelatedToTradeReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CreditLossesRelatedToTradeReceivablesMember" xlink:to="teo_CreditLossesRelatedToTradeReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CreditLossesRelatedToTradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the credit losses related to trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CreditLossesRelatedToTradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit Losses Related To Trade Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CreditLossesRelatedToTradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit losses related to trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of financial instruments [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes Of Financial Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments, class [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_GovernmentBondsMember" xlink:label="teo_GovernmentBondsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GovernmentBondsMember" xlink:to="teo_GovernmentBondsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for government bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government Bonds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government bonds</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DollarLinkedGovernmentBondsMember" xlink:label="teo_DollarLinkedGovernmentBondsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DollarLinkedGovernmentBondsMember" xlink:to="teo_DollarLinkedGovernmentBondsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DollarLinkedGovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents government bonds - dollar linked.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DollarLinkedGovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dollar Linked Government Bonds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DollarLinkedGovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government bonds - dollar linked</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_GovernmentBondsInForeignCurrencyMember" xlink:label="teo_GovernmentBondsInForeignCurrencyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GovernmentBondsInForeignCurrencyMember" xlink:to="teo_GovernmentBondsInForeignCurrencyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GovernmentBondsInForeignCurrencyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for government bonds in foreign currency.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GovernmentBondsInForeignCurrencyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government Bonds In Foreign Currency [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GovernmentBondsInForeignCurrencyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government bonds in foreign currency</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember" xlink:label="teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember" xlink:to="teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents provincial government and municipal bonds - dollar linked.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dollar Linked Provincial Government And Municipal Bonds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial government and municipal bonds - dollar linked</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvincialAndMunicipalGovernmentBondsMember" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvincialAndMunicipalGovernmentBondsMember" xlink:to="teo_ProvincialAndMunicipalGovernmentBondsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for provincial and municipal government bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial And Municipal Government Bonds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial and municipal government bonds</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember" xlink:to="teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for provincial and municipal government bonds in foreign currency.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial And Municipal Government Bonds In Foreign Currency [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial And Municipal Government Bonds In Foreign Currency</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherShortTermInvestmentsMember" xlink:label="teo_OtherShortTermInvestmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherShortTermInvestmentsMember" xlink:to="teo_OtherShortTermInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherShortTermInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Other short-term investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherShortTermInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Short Term Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherShortTermInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other short-term investments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LebacsMember" xlink:label="teo_LebacsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LebacsMember" xlink:to="teo_LebacsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LebacsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Lebacs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LebacsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lebacs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LebacsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lebacs</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SharePurchaseOptionMember" xlink:label="teo_SharePurchaseOptionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SharePurchaseOptionMember" xlink:to="teo_SharePurchaseOptionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SharePurchaseOptionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for share purchase option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SharePurchaseOptionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Purchase Option [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SharePurchaseOptionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tuve's Paraguay S.A shares purchase option</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TelecommunicationsFundMember" xlink:label="teo_TelecommunicationsFundMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelecommunicationsFundMember" xlink:to="teo_TelecommunicationsFundMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelecommunicationsFundMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents 2003 Telecommunications Fund.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelecommunicationsFundMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecommunications Fund [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelecommunicationsFundMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2003 Telecommunications Fund</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:to="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Categories of financial assets [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsCategoryMember" xlink:label="ifrs-full_FinancialAssetsCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsCategoryMember" xlink:to="ifrs-full_FinancialAssetsCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets, category [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets At Fair Value Through Profit Or Loss Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets at fair value accounted through profit or loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:to="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets At Amortised Cost Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets at amortized cost</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SoforaTelecomunicacionesS.a.Member" xlink:label="teo_SoforaTelecomunicacionesS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SoforaTelecomunicacionesS.a.Member" xlink:to="teo_SoforaTelecomunicacionesS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SoforaTelecomunicacionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Sofora Telecomunicaciones S.A. Nortel's controlling company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SoforaTelecomunicacionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sofora Telecomunicaciones S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SoforaTelecomunicacionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sofora</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings by name [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="ifrs-full_BorrowingsByNameMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="ifrs-full_BorrowingsByNameMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings By Name [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings by name [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShorttermBorrowingsMember" xlink:label="ifrs-full_ShorttermBorrowingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermBorrowingsMember" xlink:to="ifrs-full_ShorttermBorrowingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shortterm Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsBankOverdraftsMember" xlink:label="teo_IfrsBankOverdraftsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsBankOverdraftsMember" xlink:to="teo_IfrsBankOverdraftsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsBankOverdraftsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for bank overdrafts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsBankOverdraftsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Bank Overdrafts [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsBankOverdraftsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank overdrafts</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_BankLoansCurrentMember" xlink:label="teo_BankLoansCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BankLoansCurrentMember" xlink:to="teo_BankLoansCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BankLoansCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the current principal due on bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BankLoansCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank Loans Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BankLoansCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrincipalDueOnNotesCurrentMember" xlink:label="teo_PrincipalDueOnNotesCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnNotesCurrentMember" xlink:to="teo_PrincipalDueOnNotesCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnNotesCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the current principal due on notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnNotesCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Notes Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnNotesCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonDeliverableForwardCurrentMember" xlink:label="teo_NonDeliverableForwardCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonDeliverableForwardCurrentMember" xlink:to="teo_NonDeliverableForwardCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-deliverable forward.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AccruedInterestsCurrentMember" xlink:label="teo_AccruedInterestsCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccruedInterestsCurrentMember" xlink:to="teo_AccruedInterestsCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccruedInterestsCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the current accrued interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccruedInterestsCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued Interests Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AccruedInterestsCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedImpairmentMember" xlink:label="ifrs-full_AccumulatedImpairmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedImpairmentMember" xlink:to="ifrs-full_AccumulatedImpairmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedImpairmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Impairment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedImpairmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated impairment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FixedAndMobileServicesMember" xlink:label="teo_FixedAndMobileServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FixedAndMobileServicesMember" xlink:to="teo_FixedAndMobileServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FixedAndMobileServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for fixed and mobile services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FixedAndMobileServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed And Mobile Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FixedAndMobileServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed and mobile services</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialAssetsAxis" xlink:to="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of financial assets [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsMember" xlink:label="ifrs-full_FinancialAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsMember" xlink:to="ifrs-full_FinancialAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets, class [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherCurrentReceivablesMember" xlink:label="teo_OtherCurrentReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentReceivablesMember" xlink:to="teo_OtherCurrentReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other current receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonCurrentRegulatoryReceivablesMember" xlink:label="teo_NonCurrentRegulatoryReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonCurrentRegulatoryReceivablesMember" xlink:to="teo_NonCurrentRegulatoryReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonCurrentRegulatoryReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for non-current regulatory receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonCurrentRegulatoryReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Current Regulatory Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonCurrentRegulatoryReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current regulatory receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonCurrentTaxOnPersonalPropertyReceivablesMember" xlink:label="teo_NonCurrentTaxOnPersonalPropertyReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonCurrentTaxOnPersonalPropertyReceivablesMember" xlink:to="teo_NonCurrentTaxOnPersonalPropertyReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonCurrentTaxOnPersonalPropertyReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for non-current tax on personal property receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonCurrentTaxOnPersonalPropertyReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Current Tax On Personal Property Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonCurrentTaxOnPersonalPropertyReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current tax on personal property receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FixedServicesMember" xlink:label="teo_FixedServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FixedServicesMember" xlink:to="teo_FixedServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FixedServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for fixed services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FixedServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FixedServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileServicesPersonalMember" xlink:label="teo_MobileServicesPersonalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileServicesPersonalMember" xlink:to="teo_MobileServicesPersonalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileServicesPersonalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for mobile services personal.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileServicesPersonalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Services Personal [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileServicesPersonalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Mobile Services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobilesServicesNucleoMember" xlink:label="teo_MobilesServicesNucleoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobilesServicesNucleoMember" xlink:to="teo_MobilesServicesNucleoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobilesServicesNucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for mobiles services Nucleo.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobilesServicesNucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobiles Services Nucleo [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobilesServicesNucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo Mobile Services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PropertyPlantAndEquipmentWithoutMaterialsMember" xlink:label="teo_PropertyPlantAndEquipmentWithoutMaterialsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PropertyPlantAndEquipmentWithoutMaterialsMember" xlink:to="teo_PropertyPlantAndEquipmentWithoutMaterialsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PropertyPlantAndEquipmentWithoutMaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Property, plant and equipment without materials.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PropertyPlantAndEquipmentWithoutMaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property Plant And Equipment Without Materials [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PropertyPlantAndEquipmentWithoutMaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E without materials</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LandBuildingsAndInstallationMember" xlink:label="teo_LandBuildingsAndInstallationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LandBuildingsAndInstallationMember" xlink:to="teo_LandBuildingsAndInstallationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LandBuildingsAndInstallationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a class of property, plant and equipment representing land, buildings and installations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LandBuildingsAndInstallationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Land Buildings And Installation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LandBuildingsAndInstallationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Land, buildings and installations</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SwitchingAndTransmissionEquipmentMember" xlink:label="teo_SwitchingAndTransmissionEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SwitchingAndTransmissionEquipmentMember" xlink:to="teo_SwitchingAndTransmissionEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SwitchingAndTransmissionEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a class of property, plant and equipment representing switching and transmission equipment .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SwitchingAndTransmissionEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Switching And Transmission Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SwitchingAndTransmissionEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Switching and transmission equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileNetworkAccessAndExternalWiringMember" xlink:label="teo_MobileNetworkAccessAndExternalWiringMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileNetworkAccessAndExternalWiringMember" xlink:to="teo_MobileNetworkAccessAndExternalWiringMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileNetworkAccessAndExternalWiringMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a class of property, plant and equipment representing mobile network access and external wiring.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileNetworkAccessAndExternalWiringMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Network Access And External Wiring [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileNetworkAccessAndExternalWiringMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile network access and external wiring</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ifrs-full_ConstructionInProgressMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConstructionInProgressMember" xlink:to="ifrs-full_ConstructionInProgressMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConstructionInProgressMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction In Progress [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ConstructionInProgressMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction in progress</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Property Plant And Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other tangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MaterialsMember" xlink:label="teo_MaterialsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MaterialsMember" xlink:to="teo_MaterialsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for materials.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Materials [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Materials</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember" xlink:label="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember" xlink:to="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for gross carrying amount net of accumulated depreciation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross Carrying Amount Net Of Accumulated Depreciation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross Carrying Amount, Net of Accumulated Depreciation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LandMember" xlink:label="ifrs-full_LandMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandMember" xlink:to="ifrs-full_LandMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LandMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Land [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LandMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Land</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BuildingsMember" xlink:label="ifrs-full_BuildingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BuildingsMember" xlink:to="ifrs-full_BuildingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BuildingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Buildings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BuildingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Building</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileNetworkAccessMember" xlink:label="teo_MobileNetworkAccessMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileNetworkAccessMember" xlink:to="teo_MobileNetworkAccessMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileNetworkAccessMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This members stands for a class of property, plant and equipment representing mobile network access.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileNetworkAccessMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Network Access [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileNetworkAccessMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile network access</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PowerEquipmentMember" xlink:label="teo_PowerEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PowerEquipmentMember" xlink:to="teo_PowerEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PowerEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This members stands for a class of property, plant and equipment representing power equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PowerEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Power Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PowerEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Power equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_HandsetsLentToCustomersAtNoCostMember" xlink:label="teo_HandsetsLentToCustomersAtNoCostMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_HandsetsLentToCustomersAtNoCostMember" xlink:to="teo_HandsetsLentToCustomersAtNoCostMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_HandsetsLentToCustomersAtNoCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a class of property, plant and equipment representing handsets lent to customers at no cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_HandsetsLentToCustomersAtNoCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Handsets Lent To Customers At No Cost [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_HandsetsLentToCustomersAtNoCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Handsets lent to customers at no cost</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EquipmentLentToCustomersAtNoCostMember" xlink:label="teo_EquipmentLentToCustomersAtNoCostMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EquipmentLentToCustomersAtNoCostMember" xlink:to="teo_EquipmentLentToCustomersAtNoCostMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EquipmentLentToCustomersAtNoCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a class of property, plant and equipment representing equipment lent to customers at no cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EquipmentLentToCustomersAtNoCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equipment Lent To Customers At No Cost [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EquipmentLentToCustomersAtNoCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equipment lent to customers at no cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_VehiclesMember" xlink:label="ifrs-full_VehiclesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_VehiclesMember" xlink:to="ifrs-full_VehiclesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_VehiclesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vehicles [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_VehiclesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vehicles</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FixturesAndFittingsMember" xlink:label="ifrs-full_FixturesAndFittingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixturesAndFittingsMember" xlink:to="ifrs-full_FixturesAndFittingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixtures And Fittings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Furniture</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LeaseholdImprovementsMember" xlink:label="ifrs-full_LeaseholdImprovementsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseholdImprovementsMember" xlink:to="ifrs-full_LeaseholdImprovementsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Leasehold Improvements [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Improvements in third parties buildings</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SpecialProjectMember" xlink:label="teo_SpecialProjectMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SpecialProjectMember" xlink:to="teo_SpecialProjectMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SpecialProjectMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a class of property, plant and equipment representing special projects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SpecialProjectMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Special Project [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SpecialProjectMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Special projects</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AssetRetirementObligationMember" xlink:label="teo_AssetRetirementObligationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AssetRetirementObligationMember" xlink:to="teo_AssetRetirementObligationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AssetRetirementObligationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for asset retirement obligations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AssetRetirementObligationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset Retirement Obligation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AssetRetirementObligationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset retirement obligations</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SubscriberAcquisitionCostsMember" xlink:label="teo_SubscriberAcquisitionCostsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SubscriberAcquisitionCostsMember" xlink:to="teo_SubscriberAcquisitionCostsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SubscriberAcquisitionCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, Subscriber acquisition costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SubscriberAcquisitionCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subscriber Acquisition Costs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SubscriberAcquisitionCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SAC</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PersonalCommunicationsServiceLicenseArgentinaMember" xlink:label="teo_PersonalCommunicationsServiceLicenseArgentinaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalCommunicationsServiceLicenseArgentinaMember" xlink:to="teo_PersonalCommunicationsServiceLicenseArgentinaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalCommunicationsServiceLicenseArgentinaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, Personal Communications Service license (Argentina).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalCommunicationsServiceLicenseArgentinaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Communications Service License Argentina [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalCommunicationsServiceLicenseArgentinaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PCS license (Argentina)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PersonalCommunicationsServicePcsAndBandBParaguayMember" xlink:label="teo_PersonalCommunicationsServicePcsAndBandBParaguayMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalCommunicationsServicePcsAndBandBParaguayMember" xlink:to="teo_PersonalCommunicationsServicePcsAndBandBParaguayMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalCommunicationsServicePcsAndBandBParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, Personal Communications Service PCS and Band B (Paraguay)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalCommunicationsServicePcsAndBandBParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Communications Service Pcs And Band B Paraguay [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalCommunicationsServicePcsAndBandBParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PCS and Band B (Paraguay)</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ExclusivityAgreementsMember" xlink:label="teo_ExclusivityAgreementsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExclusivityAgreementsMember" xlink:to="teo_ExclusivityAgreementsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExclusivityAgreementsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, Exclusivity agreements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExclusivityAgreementsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exclusivity Agreements [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExclusivityAgreementsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exclusivity agreements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GoodwillMember" xlink:label="ifrs-full_GoodwillMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillMember" xlink:to="ifrs-full_GoodwillMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SoftwareDevelopedForInternalUseMember" xlink:label="teo_SoftwareDevelopedForInternalUseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SoftwareDevelopedForInternalUseMember" xlink:to="teo_SoftwareDevelopedForInternalUseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SoftwareDevelopedForInternalUseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, Software developed for internal use.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SoftwareDevelopedForInternalUseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Software Developed For Internal Use [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SoftwareDevelopedForInternalUseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Software developed for internal use</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_MobileServicesMember" xlink:label="teo_MobileServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileServicesMember" xlink:to="teo_MobileServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for mobile services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Services</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AccruedInterestsAndRelatedExpensesCurrentMember" xlink:label="teo_AccruedInterestsAndRelatedExpensesCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccruedInterestsAndRelatedExpensesCurrentMember" xlink:to="teo_AccruedInterestsAndRelatedExpensesCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccruedInterestsAndRelatedExpensesCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the current accrued interests and related expenses .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccruedInterestsAndRelatedExpensesCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued Interests And Related Expenses Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AccruedInterestsAndRelatedExpensesCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued interest and related expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LongtermBorrowingsMember" xlink:label="ifrs-full_LongtermBorrowingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowingsMember" xlink:to="ifrs-full_LongtermBorrowingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Longterm Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LongtermBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrincipalDueOnNotesNonCurrentMember" xlink:label="teo_PrincipalDueOnNotesNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnNotesNonCurrentMember" xlink:to="teo_PrincipalDueOnNotesNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnNotesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-current principal due on notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnNotesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Notes Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnNotesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrincipalDueOnBankLoansNonCurrentMember" xlink:label="teo_PrincipalDueOnBankLoansNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnBankLoansNonCurrentMember" xlink:to="teo_PrincipalDueOnBankLoansNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnBankLoansNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-current principal due on bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnBankLoansNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Bank Loans Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnBankLoansNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonDeliverableForwardContractNonCurrentMember" xlink:label="teo_NonDeliverableForwardContractNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonDeliverableForwardContractNonCurrentMember" xlink:to="teo_NonDeliverableForwardContractNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardContractNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-current non-deliverable forward.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardContractNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward Contract Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardContractNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_AccruedInterestsAndRelatedExpensesNonCurrentMember" xlink:label="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember" xlink:to="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-current accrued interests and related expenses .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued Interests And Related Expenses Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued interests and related expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrincipalDueOnIfcBankLoanNonCurrentMember" xlink:label="teo_PrincipalDueOnIfcBankLoanNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnIfcBankLoanNonCurrentMember" xlink:to="teo_PrincipalDueOnIfcBankLoanNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnIfcBankLoanNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-current principal due on IFC bank loan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnIfcBankLoanNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Ifc Bank Loan Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnIfcBankLoanNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - IFC Loan</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_InterAmericanInvestmentCorporationLoanMember" xlink:label="teo_InterAmericanInvestmentCorporationLoanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterAmericanInvestmentCorporationLoanMember" xlink:to="teo_InterAmericanInvestmentCorporationLoanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterAmericanInvestmentCorporationLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Inter-american investment corporation loan agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterAmericanInvestmentCorporationLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inter American Investment Corporation Loan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterAmericanInvestmentCorporationLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IIC Loan</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="ifrs-full_TypesOfInterestRatesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInterestRatesAxis" xlink:to="ifrs-full_TypesOfInterestRatesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types of interest rates [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestRateTypesMember" xlink:label="ifrs-full_InterestRateTypesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateTypesMember" xlink:to="ifrs-full_InterestRateTypesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestRateTypesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Types [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestRateTypesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate types [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FloatingInterestRateMember" xlink:label="ifrs-full_FloatingInterestRateMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FloatingInterestRateMember" xlink:to="ifrs-full_FloatingInterestRateMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FloatingInterestRateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Floating Interest Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FloatingInterestRateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Floating interest rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">London Interbank Offered Rate L I B O R [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">6 month LIBOR rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WeightedAverageMember" xlink:label="ifrs-full_WeightedAverageMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageMember" xlink:to="ifrs-full_WeightedAverageMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted Average [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrincipalDueOnBankLoansMember" xlink:label="teo_PrincipalDueOnBankLoansMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnBankLoansMember" xlink:to="teo_PrincipalDueOnBankLoansMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnBankLoansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for principal due on bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnBankLoansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Bank Loans [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnBankLoansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrincipalNominalValueOneMember" xlink:label="teo_PrincipalNominalValueOneMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalNominalValueOneMember" xlink:to="teo_PrincipalNominalValueOneMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalNominalValueOneMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for principal nominal value one.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalNominalValueOneMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Nominal Value One [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalNominalValueOneMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Nominal Value 80,000</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PrincipalNominalValueTwoMember" xlink:label="teo_PrincipalNominalValueTwoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalNominalValueTwoMember" xlink:to="teo_PrincipalNominalValueTwoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalNominalValueTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for principal nominal value two.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalNominalValueTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Nominal Value Two [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalNominalValueTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Nominal Value 40,000</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TelecomArgentinaS.a.Member" xlink:label="teo_TelecomArgentinaS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelecomArgentinaS.a.Member" xlink:to="teo_TelecomArgentinaS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelecomArgentinaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Telecom Argentina S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelecomArgentinaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Argentina S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelecomArgentinaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Argentina</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NotesMember" xlink:label="teo_NotesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NotesMember" xlink:to="teo_NotesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for notes issued under global programs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term Notes</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NotesSeriesTwoMember" xlink:label="teo_NotesSeriesTwoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NotesSeriesTwoMember" xlink:to="teo_NotesSeriesTwoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NotesSeriesTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for notes series two.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NotesSeriesTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Series Two [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NotesSeriesTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Series II</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NotesSeriesThreeMember" xlink:label="teo_NotesSeriesThreeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NotesSeriesThreeMember" xlink:to="teo_NotesSeriesThreeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NotesSeriesThreeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for notes series three.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NotesSeriesThreeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Series Three [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NotesSeriesThreeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Series III</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NotesSeriesFourMember" xlink:label="teo_NotesSeriesFourMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NotesSeriesFourMember" xlink:to="teo_NotesSeriesFourMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NotesSeriesFourMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for notes series four.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NotesSeriesFourMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Series Four [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NotesSeriesFourMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Series IV</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FixedInterestRateMember" xlink:label="ifrs-full_FixedInterestRateMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixedInterestRateMember" xlink:to="ifrs-full_FixedInterestRateMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FixedInterestRateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Interest Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FixedInterestRateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed interest rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MaturityAxis" xlink:label="ifrs-full_MaturityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_MaturityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturity [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="ifrs-full_AggregatedTimeBandsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_AggregatedTimeBandsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedTimeBandsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated Time Bands [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AggregatedTimeBandsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated time bands [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NotLaterThanNineMonthsMember" xlink:label="teo_NotLaterThanNineMonthsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NotLaterThanNineMonthsMember" xlink:to="teo_NotLaterThanNineMonthsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NotLaterThanNineMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a time band of not later than nine months.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NotLaterThanNineMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Not Later Than Nine Months [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NotLaterThanNineMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Until ninth month</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LaterThanNineMonthsMember" xlink:label="teo_LaterThanNineMonthsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LaterThanNineMonthsMember" xlink:to="teo_LaterThanNineMonthsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LaterThanNineMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a time band of later than nine months.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LaterThanNineMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than Nine Months [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LaterThanNineMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">After ninth month</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary difference, unused tax losses and unused tax credits [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Difference Unused Tax Losses And Unused Tax Credits [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary difference, unused tax losses and unused tax credits [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AllowanceForCreditLossesMember" xlink:label="ifrs-full_AllowanceForCreditLossesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceForCreditLossesMember" xlink:to="ifrs-full_AllowanceForCreditLossesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllowanceForCreditLossesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance For Credit Losses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AllowanceForCreditLossesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherProvisionsMember" xlink:label="ifrs-full_OtherProvisionsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherProvisionsMember" xlink:to="ifrs-full_OtherProvisionsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherProvisionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Provisions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherProvisionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TemporaryDifferencesInventoryMember" xlink:label="teo_TemporaryDifferencesInventoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TemporaryDifferencesInventoryMember" xlink:to="teo_TemporaryDifferencesInventoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TemporaryDifferencesInventoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for temporary tax differences arising from inventory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TemporaryDifferencesInventoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Differences Inventory [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TemporaryDifferencesInventoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:to="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Defined Benefit Liability Asset [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension and termination benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TemporaryDifferencesDeferredRevenuesMember" xlink:label="teo_TemporaryDifferencesDeferredRevenuesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TemporaryDifferencesDeferredRevenuesMember" xlink:to="teo_TemporaryDifferencesDeferredRevenuesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TemporaryDifferencesDeferredRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for temporary tax differences arising from deferred revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TemporaryDifferencesDeferredRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Differences Deferred Revenues [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TemporaryDifferencesDeferredRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember" xlink:label="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember" xlink:to="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for property, plant and equipment. And intangible assets other than goodwill.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property Plant And Equipment And Intangible Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E and Intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember" xlink:label="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember" xlink:to="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for temporary tax differences arising from cash dividends from foreign companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Differences Cash Dividends From Foreign Companies [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash dividends from foreign companies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TemporaryDifferencesFinancedSalesMember" xlink:label="teo_TemporaryDifferencesFinancedSalesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TemporaryDifferencesFinancedSalesMember" xlink:to="teo_TemporaryDifferencesFinancedSalesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TemporaryDifferencesFinancedSalesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for temporary tax differences arising from financed sales.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TemporaryDifferencesFinancedSalesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Differences Financed Sales [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TemporaryDifferencesFinancedSalesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile handsets financed sales</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DeferredTaxLiabilitiesOfAcquireeNetMember" xlink:label="teo_DeferredTaxLiabilitiesOfAcquireeNetMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredTaxLiabilitiesOfAcquireeNetMember" xlink:to="teo_DeferredTaxLiabilitiesOfAcquireeNetMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredTaxLiabilitiesOfAcquireeNetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for deferred tax liabilities of Acquiree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredTaxLiabilitiesOfAcquireeNetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liabilities Of Acquiree Net [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredTaxLiabilitiesOfAcquireeNetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tuves Paraguay's Deferred tax liabilities, net</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TemporaryDifferencesInvestmentsMember" xlink:label="teo_TemporaryDifferencesInvestmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TemporaryDifferencesInvestmentsMember" xlink:to="teo_TemporaryDifferencesInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TemporaryDifferencesInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for temporary tax differences arising from investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TemporaryDifferencesInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Differences Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TemporaryDifferencesInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherTemporaryDifferencesMember" xlink:label="ifrs-full_OtherTemporaryDifferencesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTemporaryDifferencesMember" xlink:to="ifrs-full_OtherTemporaryDifferencesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherTemporaryDifferencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Temporary Differences [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherTemporaryDifferencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember" xlink:label="teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember" xlink:to="teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the temporary difference reversals from affidavit filings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Difference Reversals From Affidavit Filings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reversals from Affidavit filings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UnrealisedForeignExchangeGainsLossesMember" xlink:label="ifrs-full_UnrealisedForeignExchangeGainsLossesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnrealisedForeignExchangeGainsLossesMember" xlink:to="ifrs-full_UnrealisedForeignExchangeGainsLossesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnrealisedForeignExchangeGainsLossesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrealised Foreign Exchange Gains Losses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_UnrealisedForeignExchangeGainsLossesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IncomeTaxAssetsNetNoncurrentMember" xlink:label="teo_IncomeTaxAssetsNetNoncurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeTaxAssetsNetNoncurrentMember" xlink:to="teo_IncomeTaxAssetsNetNoncurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeTaxAssetsNetNoncurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Income tax assets, net classified as non-current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeTaxAssetsNetNoncurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Assets Net Noncurrent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncomeTaxAssetsNetNoncurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Assets, Net, Noncurrent</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DeferredTaxLiabilitiesNetMember" xlink:label="teo_DeferredTaxLiabilitiesNetMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredTaxLiabilitiesNetMember" xlink:to="teo_DeferredTaxLiabilitiesNetMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredTaxLiabilitiesNetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Deferred tax liabilities, net.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredTaxLiabilitiesNetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liabilities Net [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredTaxLiabilitiesNetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liabilities, Net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfProvisionsAxis" xlink:label="ifrs-full_ClassesOfProvisionsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfProvisionsAxis" xlink:to="ifrs-full_ClassesOfProvisionsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfProvisionsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of other provisions [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LegalProceedingsProvisionMember" xlink:label="ifrs-full_LegalProceedingsProvisionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LegalProceedingsProvisionMember" xlink:to="ifrs-full_LegalProceedingsProvisionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LegalProceedingsProvisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal Proceedings Provision [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LegalProceedingsProvisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provision for civil and commercial proceedings</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LaborClaimsProvisionMember" xlink:label="teo_LaborClaimsProvisionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LaborClaimsProvisionMember" xlink:to="teo_LaborClaimsProvisionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LaborClaimsProvisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for a provision for labour claims.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LaborClaimsProvisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Labor Claims Provision [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LaborClaimsProvisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provision for labor claims</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xlink:label="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xlink:to="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provision For Taxes Other Than Income Tax [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provision for regulatory, tax and other matters claims</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:label="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:to="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provision For Decommissioning Restoration And Rehabilitation Costs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset retirement obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfContingentLiabilitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfContingentLiabilitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfContingentLiabilitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of contingent liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContingentLiabilitiesMember" xlink:label="ifrs-full_ContingentLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContingentLiabilitiesMember" xlink:to="ifrs-full_ContingentLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContingentLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contingent Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContingentLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contingent liabilities [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LaborProceedingsContingentLiabilityMember" xlink:label="teo_LaborProceedingsContingentLiabilityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LaborProceedingsContingentLiabilityMember" xlink:to="teo_LaborProceedingsContingentLiabilityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LaborProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for contingent liabilities for labor claim proceedings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LaborProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Labor Proceedings Contingent Liability [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LaborProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Labor contingencies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RegulatoryProceedingsContingentLiabilityMember" xlink:label="teo_RegulatoryProceedingsContingentLiabilityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RegulatoryProceedingsContingentLiabilityMember" xlink:to="teo_RegulatoryProceedingsContingentLiabilityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RegulatoryProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for contingent liabilities for regulatory claims.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RegulatoryProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory Proceedings Contingent Liability [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RegulatoryProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory contingencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LegalProceedingsContingentLiabilityMember" xlink:label="ifrs-full_LegalProceedingsContingentLiabilityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LegalProceedingsContingentLiabilityMember" xlink:to="ifrs-full_LegalProceedingsContingentLiabilityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LegalProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal Proceedings Contingent Liability [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LegalProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Civil and commercial proceedings, contingencies</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" xlink:label="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" xlink:to="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Consumidores Financieros Asociacin Civil para su Defensa claim.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consumidores Financieros Asociacion Civil Para Su Defensa [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consumidores Financieros Asociacion Civil para su Defensa</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ChangesInServicePricesCaseMember" xlink:label="teo_ChangesInServicePricesCaseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ChangesInServicePricesCaseMember" xlink:to="teo_ChangesInServicePricesCaseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ChangesInServicePricesCaseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Lawsuit against the company on changes in services prices.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ChangesInServicePricesCaseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes In Service Prices Case [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ChangesInServicePricesCaseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in service prices</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ContentProvidersClaimMember" xlink:label="teo_ContentProvidersClaimMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ContentProvidersClaimMember" xlink:to="teo_ContentProvidersClaimMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ContentProvidersClaimMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for claim by the content providers.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ContentProvidersClaimMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Content Providers Claim [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ContentProvidersClaimMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claim by content providers</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_RadioelectricSpectrumFeesMember" xlink:label="teo_RadioelectricSpectrumFeesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RadioelectricSpectrumFeesMember" xlink:to="teo_RadioelectricSpectrumFeesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RadioelectricSpectrumFeesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Radioelectric Spectrum Fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RadioelectricSpectrumFeesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Radioelectric Spectrum Fees [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RadioelectricSpectrumFeesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Radioelectric Spectrum Fees</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PublicomS.a.Member" xlink:label="teo_PublicomS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PublicomS.a.Member" xlink:to="teo_PublicomS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PublicomS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Publicom S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PublicomS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Publicom S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PublicomS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Publicom</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfOrdinarySharesAxis" xlink:label="ifrs-full_ClassesOfOrdinarySharesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfOrdinarySharesAxis" xlink:to="ifrs-full_ClassesOfOrdinarySharesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfOrdinarySharesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of ordinary shares [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OrdinarySharesMember" xlink:label="ifrs-full_OrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OrdinarySharesMember" xlink:to="ifrs-full_OrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ordinary shares [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClassDOrdinarySharesMember" xlink:label="teo_ClassDOrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassDOrdinarySharesMember" xlink:to="teo_ClassDOrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassDOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class D ordinary shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassDOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class D Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassDOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class "D"</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis" xlink:to="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember" xlink:to="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transactions Recognised Separately From Acquisition Of Assets And Assumption Of Liabilities In Business Combination [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember" xlink:label="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember" xlink:to="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the Preliminary Merger Agreement and the Final Merger Agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Preliminary Merger Agreement And Final Merger Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Preliminary Merger Agreement and the Final Merger Agreement</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:label="ifrs-full_MajorOrdinaryShareTransactionsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:to="ifrs-full_MajorOrdinaryShareTransactionsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MajorOrdinaryShareTransactionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Major Ordinary Share Transactions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MajorOrdinaryShareTransactionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Major ordinary share transactions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets At Fair Value Through Other Comprehensive Income Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets at fair value accounted through other comprehensive income</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsCashAndCashEquivalentsMember" xlink:label="teo_IfrsCashAndCashEquivalentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsCashAndCashEquivalentsMember" xlink:to="teo_IfrsCashAndCashEquivalentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsCashAndCashEquivalentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for cash and cash equivalents.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsCashAndCashEquivalentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Cash And Cash Equivalents [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsCashAndCashEquivalentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CashAndBanksMember" xlink:label="teo_CashAndBanksMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashAndBanksMember" xlink:to="teo_CashAndBanksMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashAndBanksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for cash and banks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashAndBanksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash And Banks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashAndBanksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and banks</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsInvestmentsMember" xlink:label="teo_IfrsInvestmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsInvestmentsMember" xlink:to="teo_IfrsInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for investments member.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_OtherReceivablesMember" xlink:label="teo_OtherReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherReceivablesMember" xlink:to="teo_OtherReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other receivables member.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:to="ifrs-full_CategoriesOfFinancialLiabilitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Categories of financial liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesCategoryMember" xlink:label="ifrs-full_FinancialLiabilitiesCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesCategoryMember" xlink:to="ifrs-full_FinancialLiabilitiesCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Liabilities Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities, category [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xlink:to="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Liabilities At Amortised Cost Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities at amortised cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Liabilities At Fair Value Through Profit Or Loss Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities at fair value accounted through profit or loss</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:label="teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:to="teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the financial liabilities at fair value through other comprehensive income category.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Liabilities At Fair Value Through Other Comprehensive Income Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities at fair value accounted through other comprehensive income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of financial liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesMember" xlink:label="ifrs-full_FinancialLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesMember" xlink:to="ifrs-full_FinancialLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities, class [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TradePayablesMember" xlink:label="teo_TradePayablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TradePayablesMember" xlink:to="teo_TradePayablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TradePayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for trade payables .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TradePayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Payables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TradePayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SalariesAndSocialSecurityPayablesMember" xlink:label="teo_SalariesAndSocialSecurityPayablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityPayablesMember" xlink:to="teo_SalariesAndSocialSecurityPayablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityPayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for salaries and social security payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityPayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries And Social Security Payables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SalariesAndSocialSecurityPayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_IfrsOtherLiabilitiesMember" xlink:label="teo_IfrsOtherLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsOtherLiabilitiesMember" xlink:to="teo_IfrsOtherLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsOtherLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsOtherLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Other Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsOtherLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NonDeliverableForwardContractsMember" xlink:label="teo_NonDeliverableForwardContractsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonDeliverableForwardContractsMember" xlink:to="teo_NonDeliverableForwardContractsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for NDF contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward Contracts [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MeasurementAxis" xlink:label="ifrs-full_MeasurementAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MeasurementAxis" xlink:to="ifrs-full_MeasurementAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MeasurementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Measurement [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AggregatedMeasurementMember" xlink:label="ifrs-full_AggregatedMeasurementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedMeasurementMember" xlink:to="ifrs-full_AggregatedMeasurementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedMeasurementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated Measurement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AggregatedMeasurementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated measurement [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AtFairValueMember" xlink:label="ifrs-full_AtFairValueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AtFairValueMember" xlink:to="ifrs-full_AtFairValueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AtFairValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At Fair Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AtFairValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At fair value</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember" xlink:to="teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for provincial and municipal government bonds currency.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial And Municipal Government Bonds Currency [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial and Municipal Government bonds currency</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ProvincialGovernmentBondsInPesosMember" xlink:label="teo_ProvincialGovernmentBondsInPesosMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvincialGovernmentBondsInPesosMember" xlink:to="teo_ProvincialGovernmentBondsInPesosMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvincialGovernmentBondsInPesosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for provincial government bonds in pesos.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvincialGovernmentBondsInPesosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial Government Bonds In Pesos [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvincialGovernmentBondsInPesosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial government bonds in pesos</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Levels of fair value hierarchy [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All Levels Of Fair Value Hierarchy [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All levels of fair value hierarchy [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Level1 Of Fair Value Hierarchy [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Level 1</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NdfBondsWith2.1325PercentMember" xlink:label="teo_NdfBondsWith2.1325PercentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NdfBondsWith2.1325PercentMember" xlink:to="teo_NdfBondsWith2.1325PercentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NdfBondsWith2.1325PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the 2.1325% NDF bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NdfBondsWith2.1325PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ndf Bonds With2.1325 Percent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NdfBondsWith2.1325PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2.1325% NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NdfBondsWith2.085PercentMember" xlink:label="teo_NdfBondsWith2.085PercentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NdfBondsWith2.085PercentMember" xlink:to="teo_NdfBondsWith2.085PercentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NdfBondsWith2.085PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for 2.085% NDF bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NdfBondsWith2.085PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ndf Bonds With2.085 Percent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NdfBondsWith2.085PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2.085% NDF</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_HedgingInstrumentsAxis" xlink:label="ifrs-full_HedgingInstrumentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgingInstrumentsAxis" xlink:to="ifrs-full_HedgingInstrumentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgingInstrumentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging instruments [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_HedgingInstrumentsMember" xlink:label="ifrs-full_HedgingInstrumentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgingInstrumentsMember" xlink:to="ifrs-full_HedgingInstrumentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgingInstrumentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_HedgingInstrumentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging instruments [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member" xlink:label="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member" xlink:to="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative instrument maturing between February and April 2018.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Maturing Between February And April2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturing between February and April 2018</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DerivativeInstrumentMaturingFebruary2017Member" xlink:label="teo_DerivativeInstrumentMaturingFebruary2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentMaturingFebruary2017Member" xlink:to="teo_DerivativeInstrumentMaturingFebruary2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentMaturingFebruary2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative instrument maturing in February 2017.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentMaturingFebruary2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Maturing February2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentMaturingFebruary2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturing February 2017</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DerivativeInstrumentMaturingMarch2017Member" xlink:label="teo_DerivativeInstrumentMaturingMarch2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentMaturingMarch2017Member" xlink:to="teo_DerivativeInstrumentMaturingMarch2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentMaturingMarch2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative instrument maturing in March 2017.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentMaturingMarch2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Maturing March2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentMaturingMarch2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturing March 2017</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member" xlink:label="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member" xlink:to="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the derivative instrument maturing between March and August 2018.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Maturing Between March And August2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturing between March and August 2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_HedgedItemsAxis" xlink:label="ifrs-full_HedgedItemsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgedItemsAxis" xlink:to="ifrs-full_HedgedItemsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgedItemsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedged items [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_HedgedItemsMember" xlink:label="ifrs-full_HedgedItemsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgedItemsMember" xlink:to="ifrs-full_HedgedItemsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgedItemsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedged Items [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_HedgedItemsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedged items [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_DerivativeInstrumentForCommercialCommitmentsMember" xlink:label="teo_DerivativeInstrumentForCommercialCommitmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentForCommercialCommitmentsMember" xlink:to="teo_DerivativeInstrumentForCommercialCommitmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentForCommercialCommitmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative instrument for commercial commitments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentForCommercialCommitmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument For Commercial Commitments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentForCommercialCommitmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commercial commitments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="ifrs-full_TypesOfRisksAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksAxis" xlink:to="ifrs-full_TypesOfRisksAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types of risks [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfRisksMember" xlink:label="ifrs-full_TypesOfRisksMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksMember" xlink:to="ifrs-full_TypesOfRisksMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types Of Risks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfRisksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Risks [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrencyRiskMember" xlink:label="ifrs-full_CurrencyRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrencyRiskMember" xlink:to="ifrs-full_CurrencyRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfHedgesAxis" xlink:label="ifrs-full_TypesOfHedgesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfHedgesAxis" xlink:to="ifrs-full_TypesOfHedgesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfHedgesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types of hedges [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfHedgesMember" xlink:label="ifrs-full_TypesOfHedgesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfHedgesMember" xlink:to="ifrs-full_TypesOfHedgesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types Of Hedges [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedges [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowHedgesMember" xlink:label="ifrs-full_CashFlowHedgesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowHedgesMember" xlink:to="ifrs-full_CashFlowHedgesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flow Hedges [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flow hedges</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FairValueHedgesMember" xlink:label="ifrs-full_FairValueHedgesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FairValueHedgesMember" xlink:to="ifrs-full_FairValueHedgesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FairValueHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Hedges [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FairValueHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value hedges</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ForeignCurrencyExchangeRateGainsMember" xlink:label="teo_ForeignCurrencyExchangeRateGainsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ForeignCurrencyExchangeRateGainsMember" xlink:to="teo_ForeignCurrencyExchangeRateGainsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ForeignCurrencyExchangeRateGainsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the foreign currency exchange rate gains in financial results.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ForeignCurrencyExchangeRateGainsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Exchange Rate Gains [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ForeignCurrencyExchangeRateGainsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency exchange rate gains</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="ifrs-full_NotLaterThanOneYearMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Not Later Than One Year [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">January 2018 thru December 2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than One Year And Not Later Than Five Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">1-5 years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanFiveYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than Five Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">More than 5 years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SegmentConsolidationItemsAxis" xlink:label="ifrs-full_SegmentConsolidationItemsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentConsolidationItemsAxis" xlink:to="ifrs-full_SegmentConsolidationItemsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentConsolidationItemsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment consolidation items [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:label="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:to="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Segment Consolidation Items [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for segment consolidation items [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OperatingSegmentsMember" xlink:label="ifrs-full_OperatingSegmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OperatingSegmentsMember" xlink:to="ifrs-full_OperatingSegmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OperatingSegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Segments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OperatingSegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating segment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:label="ifrs-full_EliminationOfIntersegmentAmountsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:to="ifrs-full_EliminationOfIntersegmentAmountsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EliminationOfIntersegmentAmountsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Elimination Of Intersegment Amounts [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EliminationOfIntersegmentAmountsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Eliminations</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_GuaraniesMember" xlink:label="teo_GuaraniesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GuaraniesMember" xlink:to="teo_GuaraniesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GuaraniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the currency Guaranies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GuaraniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guaranies [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GuaraniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">G</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_EUR" xlink:label="currency_EUR" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_EUR" xlink:to="currency_EUR_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_EUR_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">E U [R]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_EUR_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">EURO</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestRateRiskMember" xlink:label="ifrs-full_InterestRateRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateRiskMember" xlink:to="ifrs-full_InterestRateRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestRateRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestRateRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CreditRiskMember" xlink:label="ifrs-full_CreditRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CreditRiskMember" xlink:to="ifrs-full_CreditRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CreditRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CreditRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PastDueStatusAxis" xlink:label="ifrs-full_PastDueStatusAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastDueStatusAxis" xlink:to="ifrs-full_PastDueStatusAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastDueStatusAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Past due status [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PastDueStatusMember" xlink:label="ifrs-full_PastDueStatusMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastDueStatusMember" xlink:to="ifrs-full_PastDueStatusMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastDueStatusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Past Due Status [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PastDueStatusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Past due status [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PastDueMember" xlink:label="teo_PastDueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PastDueMember" xlink:to="teo_PastDueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PastDueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for past due time band.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PastDueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Past Due [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PastDueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Due</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentMember" xlink:label="ifrs-full_CurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentMember" xlink:to="ifrs-full_CurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Not due</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiquidityRiskMember" xlink:label="ifrs-full_LiquidityRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiquidityRiskMember" xlink:to="ifrs-full_LiquidityRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiquidityRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liquidity Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiquidityRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liquidity risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than One Year And Not Later Than Two Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">January 2019 thru December 2019</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than Two Years And Not Later Than Three Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">January 2020 thru December 2020</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanThreeYearsMember" xlink:label="ifrs-full_LaterThanThreeYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanThreeYearsMember" xlink:to="ifrs-full_LaterThanThreeYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanThreeYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than Three Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanThreeYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">January 2021 and thereafter</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Categories of related parties [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Related Parties [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for related parties [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RelatedPartiesMember" xlink:label="ifrs-full_RelatedPartiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RelatedPartiesMember" xlink:to="ifrs-full_RelatedPartiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Parties [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related party</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_NortelInversoraS.a.Member" xlink:label="teo_NortelInversoraS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NortelInversoraS.a.Member" xlink:to="teo_NortelInversoraS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NortelInversoraS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Nortel Inversora S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NortelInversoraS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nortel Inversora S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NortelInversoraS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nortel</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FintechTelecomLLCMember" xlink:label="teo_FintechTelecomLLCMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FintechTelecomLLCMember" xlink:to="teo_FintechTelecomLLCMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FintechTelecomLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stand for Fintech Telecom LLC, Sofora's parent company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FintechTelecomLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Telecom L L C [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FintechTelecomLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SubsidiariesMember" xlink:label="ifrs-full_SubsidiariesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SubsidiariesMember" xlink:to="ifrs-full_SubsidiariesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiaries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiaries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ifrs-full_ClassesOfShareCapitalAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalAxis" xlink:to="ifrs-full_ClassesOfShareCapitalAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfShareCapitalAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of share capital [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="ifrs-full_ClassesOfShareCapitalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalMember" xlink:to="ifrs-full_ClassesOfShareCapitalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes Of Share Capital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share capital [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PreferenceSharesMember" xlink:label="ifrs-full_PreferenceSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PreferenceSharesMember" xlink:to="ifrs-full_PreferenceSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PreferenceSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Preference Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PreferenceSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Preference shares</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClassaPreferredSharesMember" xlink:label="teo_ClassaPreferredSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassaPreferredSharesMember" xlink:to="teo_ClassaPreferredSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassaPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class A Preferred shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassaPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classa Preferred Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassaPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class A Preferred shares</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ClassBPreferredSharesMember" xlink:label="teo_ClassBPreferredSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassBPreferredSharesMember" xlink:to="teo_ClassBPreferredSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassBPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class B Preferred shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassBPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class B Preferred Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassBPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class B Preferred shares</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_BancoAtlasS.a.Member" xlink:label="teo_BancoAtlasS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BancoAtlasS.a.Member" xlink:to="teo_BancoAtlasS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BancoAtlasS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Banco Atlas S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BancoAtlasS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Banco Atlas S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BancoAtlasS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Banco Atlas S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_EditorialAzetaS.a.Member" xlink:label="teo_EditorialAzetaS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EditorialAzetaS.a.Member" xlink:to="teo_EditorialAzetaS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EditorialAzetaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Editorial Azeta S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EditorialAzetaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Editorial Azeta S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EditorialAzetaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Editorial Azeta S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_ExpertaArtS.a.Member" xlink:label="teo_ExpertaArtS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExpertaArtS.a.Member" xlink:to="teo_ExpertaArtS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExpertaArtS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Experta ART S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExpertaArtS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Experta Art S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExpertaArtS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Experta ART S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_HarasElCaprichoS.a.Member" xlink:label="teo_HarasElCaprichoS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_HarasElCaprichoS.a.Member" xlink:to="teo_HarasElCaprichoS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_HarasElCaprichoS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Haras El Capricho S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_HarasElCaprichoS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Haras El Capricho S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_HarasElCaprichoS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Haras El Capricho S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_TeltecoS.a.Member" xlink:label="teo_TeltecoS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TeltecoS.a.Member" xlink:to="teo_TeltecoS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TeltecoS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Telteco S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TeltecoS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telteco S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TeltecoS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telteco S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PentaS.a.Member" xlink:label="teo_PentaS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PentaS.a.Member" xlink:to="teo_PentaS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PentaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Penta S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PentaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Penta S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PentaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Penta S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember" xlink:label="teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember" xlink:to="teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for La Estrella Sociedad Anonima de Seguros de Retiro.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">La Estrella Sociedad Anonima De Seguros De Retiro [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">La Estrella Sociedad Anonima de Seguros de Retiro</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CountryOfDomicileMember" xlink:label="ifrs-full_CountryOfDomicileMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CountryOfDomicileMember" xlink:to="ifrs-full_CountryOfDomicileMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CountryOfDomicileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Country Of Domicile [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CountryOfDomicileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Argentina</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ForeignCountriesMember" xlink:label="ifrs-full_ForeignCountriesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ForeignCountriesMember" xlink:to="ifrs-full_ForeignCountriesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ForeignCountriesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Countries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ForeignCountriesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Abroad</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_WDeArgentinaInversionesS.a.Member" xlink:label="teo_WDeArgentinaInversionesS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_WDeArgentinaInversionesS.a.Member" xlink:to="teo_WDeArgentinaInversionesS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_WDeArgentinaInversionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the W de Argentina - Inversiones S.A. (WAI).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_WDeArgentinaInversionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">W De Argentina Inversiones S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_WDeArgentinaInversionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">WAI</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PreferenceSharesClassBonoDeGoceMember" xlink:label="teo_PreferenceSharesClassBonoDeGoceMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PreferenceSharesClassBonoDeGoceMember" xlink:to="teo_PreferenceSharesClassBonoDeGoceMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PreferenceSharesClassBonoDeGoceMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class A Bono de Goce equity instruments issued that are senior in some aspects to ordinary shares, but subordinate to debt instruments in terms of claim.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PreferenceSharesClassBonoDeGoceMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Preference Shares Class Bono De Goce [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PreferenceSharesClassBonoDeGoceMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class A Bono de Goce</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FintechMediaLLCMember" xlink:label="teo_FintechMediaLLCMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FintechMediaLLCMember" xlink:to="teo_FintechMediaLLCMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FintechMediaLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Fintech Media LLC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FintechMediaLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Media L L C [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FintechMediaLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Media LLC</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_FintechAdvisoryIncMember" xlink:label="teo_FintechAdvisoryIncMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FintechAdvisoryIncMember" xlink:to="teo_FintechAdvisoryIncMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FintechAdvisoryIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Fintech Advisory, Inc..</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FintechAdvisoryIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Advisory Inc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FintechAdvisoryIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Advisory Inc.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_CablevisionHoldingMember" xlink:label="teo_CablevisionHoldingMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CablevisionHoldingMember" xlink:to="teo_CablevisionHoldingMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CablevisionHoldingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Cablevision Holding S.A..</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CablevisionHoldingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision Holding [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CablevisionHoldingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision Holding S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_PurchasedCallOptionsTelecomArgentinaEquityMember" xlink:label="teo_PurchasedCallOptionsTelecomArgentinaEquityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PurchasedCallOptionsTelecomArgentinaEquityMember" xlink:to="teo_PurchasedCallOptionsTelecomArgentinaEquityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PurchasedCallOptionsTelecomArgentinaEquityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative financial contracts purchased that give the entity the right, but not the obligation, to purchase an additional interest in Telecom Argentina at a specified strike price.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PurchasedCallOptionsTelecomArgentinaEquityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchased Call Options Telecom Argentina Equity [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PurchasedCallOptionsTelecomArgentinaEquityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Call Option, Equity interest in Telecom Argentina</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_VlgArgentinaLlcMember" xlink:label="teo_VlgArgentinaLlcMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VlgArgentinaLlcMember" xlink:to="teo_VlgArgentinaLlcMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VlgArgentinaLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for VLG Argentina LLC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VlgArgentinaLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vlg Argentina Llc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VlgArgentinaLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VLG Argentina LLC</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MajorPurchasesOfAssetsMember" xlink:label="ifrs-full_MajorPurchasesOfAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorPurchasesOfAssetsMember" xlink:to="ifrs-full_MajorPurchasesOfAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MajorPurchasesOfAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Major Purchases Of Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MajorPurchasesOfAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchases of assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReservesWithinEquityAxis" xlink:label="ifrs-full_ReservesWithinEquityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReservesWithinEquityAxis" xlink:to="ifrs-full_ReservesWithinEquityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReservesWithinEquityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reserves within equity [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherReservesMember" xlink:label="ifrs-full_OtherReservesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReservesMember" xlink:to="ifrs-full_OtherReservesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReservesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Reserves [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherReservesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other reserves [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" xlink:label="ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" xlink:to="ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entering Into Significant Commitments Or Contingent Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entering into significant commitments or contingent liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20171231.xsd#teo_SyndicatedLoanAgreementMember" xlink:label="teo_SyndicatedLoanAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SyndicatedLoanAgreementMember" xlink:to="teo_SyndicatedLoanAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SyndicatedLoanAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Syndicated Loan Agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SyndicatedLoanAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Syndicated Loan Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SyndicatedLoanAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Syndicated Loan</label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>12
<FILENAME>teo-20171231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- Created by Merrill Corporation -->
<!--XBRL document created with Merrill Bridge  8.0.0.78 -->
<!--Based on XBRL 2.1-->
<!--Created on: 4/20/2018 10:29:53 AM-->
<!--Modified on: 4/20/2018 10:29:53 AM-->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DocumentDocumentAndEntityInformation" roleURI="http://www.telecom.com.ar/role/DocumentDocumentAndEntityInformation" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#StatementConsolidatedStatementsOfFinancialPosition" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfFinancialPosition" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#StatementConsolidatedIncomeStatements" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedIncomeStatements" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#StatementConsolidatedStatementsOfComprehensiveIncome" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfComprehensiveIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#StatementConsolidatedStatementsOfComprehensiveIncomeParenthetical" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfComprehensiveIncomeParenthetical" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#StatementConsolidatedStatementsOfChangesInEquity" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfChangesInEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#StatementConsolidatedStatementsOfChangesInEquityParenthetical" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfChangesInEquityParenthetical" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#StatementConsolidatedStatementsOfCashFlows" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfCashFlows" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatements" roleURI="http://www.telecom.com.ar/role/DisclosureDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatements" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureRegulatoryFramework" roleURI="http://www.telecom.com.ar/role/DisclosureRegulatoryFramework" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureSignificantAccountingPolicies" roleURI="http://www.telecom.com.ar/role/DisclosureSignificantAccountingPolicies" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureCashAndCashEquivalentsAndInvestmentsAdditionalInformationOnConsolidatedStatementsOfCashFlows" roleURI="http://www.telecom.com.ar/role/DisclosureCashAndCashEquivalentsAndInvestmentsAdditionalInformationOnConsolidatedStatementsOfCashFlows" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureTradeReceivables" roleURI="http://www.telecom.com.ar/role/DisclosureTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureOtherReceivables" roleURI="http://www.telecom.com.ar/role/DisclosureOtherReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureInventories" roleURI="http://www.telecom.com.ar/role/DisclosureInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosurePropertyPlantAndEquipment" roleURI="http://www.telecom.com.ar/role/DisclosurePropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureIntangibleAssets" roleURI="http://www.telecom.com.ar/role/DisclosureIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureTradePayables" roleURI="http://www.telecom.com.ar/role/DisclosureTradePayables" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureDeferredRevenues" roleURI="http://www.telecom.com.ar/role/DisclosureDeferredRevenues" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20171231.xsd#DisclosureFinancialDebt" roleURI="http://www.telecom.com.ar/role/DisclosureFinancialDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7007900704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">TELECOM ARGENTINA SA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000932470<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2017<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2017<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=teo_ClassOrdinarySharesMember', window );">Class "A"</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">340,994,852<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=teo_ClassBOrdinarySharesMember', window );">Class "B"</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">627,930,005<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=teo_ClassCOrdinarySharesMember', window );">Class "C"</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">234,748<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=teo_ClassOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=teo_ClassOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=teo_ClassBOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=teo_ClassBOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=teo_ClassCOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=teo_ClassCOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7003311632">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 2,831<span></span>
</td>
<td class="nump">$ 3,945<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Investments</a></td>
<td class="nump">3,426<span></span>
</td>
<td class="nump">1,751<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">8,636<span></span>
</td>
<td class="nump">7,577<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Other receivables</a></td>
<td class="nump">1,491<span></span>
</td>
<td class="nump">1,011<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">1,854<span></span>
</td>
<td class="nump">1,278<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">18,238<span></span>
</td>
<td class="nump">15,562<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-Current Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">208<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentReceivables', window );">Other receivables</a></td>
<td class="nump">419<span></span>
</td>
<td class="nump">360<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxAssetsCurrentAndDeferredNoncurrentNet', window );">Income tax assets</a></td>
<td class="nump">626<span></span>
</td>
<td class="nump">680<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">2,657<span></span>
</td>
<td class="nump">347<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">28,538<span></span>
</td>
<td class="nump">23,165<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">7,098<span></span>
</td>
<td class="nump">7,592<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets</a></td>
<td class="nump">39,350<span></span>
</td>
<td class="nump">32,352<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">57,588<span></span>
</td>
<td class="nump">47,914<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers', window );">Trade payables</a></td>
<td class="nump">11,483<span></span>
</td>
<td class="nump">8,979<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsCurrent', window );">Deferred revenues</a></td>
<td class="nump">515<span></span>
</td>
<td class="nump">443<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Financial debt</a></td>
<td class="nump">3,194<span></span>
</td>
<td class="nump">3,266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentPayablesOnSalariesAndSocialSecurity', window );">Salaries and social security payables</a></td>
<td class="nump">2,051<span></span>
</td>
<td class="nump">1,610<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Income tax payables</a></td>
<td class="nump">2,748<span></span>
</td>
<td class="nump">724<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherTaxesPayablesCurrent', window );">Other taxes payables</a></td>
<td class="nump">1,505<span></span>
</td>
<td class="nump">1,149<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">85<span></span>
</td>
<td class="nump">69<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Provisions</a></td>
<td class="nump">406<span></span>
</td>
<td class="nump">271<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">21,987<span></span>
</td>
<td class="nump">16,511<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-Current Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToTradeSuppliers', window );">Trade payables</a></td>
<td class="nump">101<span></span>
</td>
<td class="nump">152<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent', window );">Deferred revenues</a></td>
<td class="nump">425<span></span>
</td>
<td class="nump">445<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Financial debt</a></td>
<td class="nump">9,041<span></span>
</td>
<td class="nump">8,646<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonCurrentPayablesOnSalariesAndSocialSecurity', window );">Salaries and social security payables</a></td>
<td class="nump">259<span></span>
</td>
<td class="nump">184<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Deferred income tax liabilities</a></td>
<td class="nump">48<span></span>
</td>
<td class="nump">569<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesNoncurrent', window );">Income tax payables</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">220<span></span>
</td>
<td class="nump">170<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Provisions</a></td>
<td class="nump">1,626<span></span>
</td>
<td class="nump">1,352<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">11,722<span></span>
</td>
<td class="nump">11,525<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="nump">33,709<span></span>
</td>
<td class="nump">28,036<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAttributableToOwnersOfParent', window );">Equity attributable to Telecom Argentina (Controlling Company)</a></td>
<td class="nump">23,086<span></span>
</td>
<td class="nump">19,336<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Equity attributable to non-controlling interest</a></td>
<td class="nump">793<span></span>
</td>
<td class="nump">542<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">TOTAL EQUITY (See Consolidated Statements of Changes in Equity)</a></td>
<td class="nump">23,879<span></span>
</td>
<td class="nump">19,878<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL LIABILITIES AND EQUITY</a></td>
<td class="nump">$ 57,588<span></span>
</td>
<td class="nump">$ 47,914<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as non-current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities net of deferred tax assets, when the absolute amount of deferred tax liabilities is greater than the absolute amount of deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=10&amp;date=2017-03-01&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of payment due to suppliers for goods and services used in the entity's business. [Refer: Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions other than provisions for employee benefits. [Refer: Non-current provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 70<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_70&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentPayablesOnSalariesAndSocialSecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables on salaries and social security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentPayablesOnSalariesAndSocialSecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonCurrentPayablesOnSalariesAndSocialSecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current payables on salaries and social security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonCurrentPayablesOnSalariesAndSocialSecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherTaxesPayablesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of other taxes payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherTaxesPayablesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxAssetsCurrentAndDeferredNoncurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of tax assets, including both current tax assets and the amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxAssetsCurrentAndDeferredNoncurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7003206208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED INCOME STATEMENTS - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>CONSOLIDATED INCOME STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">$ 65,186<span></span>
</td>
<td class="nump">$ 53,240<span></span>
</td>
<td class="nump">$ 40,496<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other income</a></td>
<td class="nump">133<span></span>
</td>
<td class="nump">83<span></span>
</td>
<td class="nump">44<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="nump">65,319<span></span>
</td>
<td class="nump">53,323<span></span>
</td>
<td class="nump">40,540<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="num">(12,718)<span></span>
</td>
<td class="num">(9,800)<span></span>
</td>
<td class="num">(7,253)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection costs and other telecommunication charges</a></td>
<td class="num">(3,148)<span></span>
</td>
<td class="num">(2,553)<span></span>
</td>
<td class="num">(2,170)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="num">(6,600)<span></span>
</td>
<td class="num">(5,006)<span></span>
</td>
<td class="num">(3,919)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="num">(6,107)<span></span>
</td>
<td class="num">(5,125)<span></span>
</td>
<td class="num">(3,943)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Commissions</a></td>
<td class="num">(3,631)<span></span>
</td>
<td class="num">(3,849)<span></span>
</td>
<td class="num">(3,193)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="num">(6,684)<span></span>
</td>
<td class="num">(6,188)<span></span>
</td>
<td class="num">(4,595)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdvertisingExpense', window );">Advertising</a></td>
<td class="num">(1,218)<span></span>
</td>
<td class="num">(874)<span></span>
</td>
<td class="num">(814)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfValueAddedServices', window );">Cost of VAS</a></td>
<td class="num">(874)<span></span>
</td>
<td class="num">(1,499)<span></span>
</td>
<td class="num">(1,256)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsExpense', window );">Provisions</a></td>
<td class="num">(590)<span></span>
</td>
<td class="num">(187)<span></span>
</td>
<td class="num">(113)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="num">(1,113)<span></span>
</td>
<td class="num">(1,228)<span></span>
</td>
<td class="num">(564)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other operating expenses</a></td>
<td class="num">(3,280)<span></span>
</td>
<td class="num">(2,590)<span></span>
</td>
<td class="num">(1,854)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="num">(6,928)<span></span>
</td>
<td class="num">(6,198)<span></span>
</td>
<td class="num">(4,438)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="num">(316)<span></span>
</td>
<td class="num">(383)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">12,112<span></span>
</td>
<td class="nump">7,843<span></span>
</td>
<td class="nump">6,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="nump">3,115<span></span>
</td>
<td class="nump">1,006<span></span>
</td>
<td class="nump">1,130<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Finance expenses</a></td>
<td class="num">(3,601)<span></span>
</td>
<td class="num">(3,250)<span></span>
</td>
<td class="num">(2,232)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax expense</a></td>
<td class="nump">11,626<span></span>
</td>
<td class="nump">5,599<span></span>
</td>
<td class="nump">5,127<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="num">(3,902)<span></span>
</td>
<td class="num">(1,594)<span></span>
</td>
<td class="num">(1,692)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="nump">7,724<span></span>
</td>
<td class="nump">4,005<span></span>
</td>
<td class="nump">3,435<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Telecom Argentina (Controlling Company)</a></td>
<td class="nump">7,630<span></span>
</td>
<td class="nump">3,975<span></span>
</td>
<td class="nump">3,403<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">$ 94<span></span>
</td>
<td class="nump">$ 30<span></span>
</td>
<td class="nump">$ 32<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract', window );"><strong>Earnings per share attributable to Telecom Argentina</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted</a></td>
<td class="nump">$ 7.87<span></span>
</td>
<td class="nump">$ 4.10<span></span>
</td>
<td class="nump">$ 3.51<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CommunicationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from communication.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CommunicationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfMerchandiseSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merchandise that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfMerchandiseSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FeeAndCommissionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to fees and commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FeeAndCommissionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'nature of expense' form for its analysis of expenses. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2017-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2017-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAndOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of the entity's revenue and other operating income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAndOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfValueAddedServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from value added services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfValueAddedServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain on disposal, impairment and disposal of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisposalAndImpairmentOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses for fees for services, maintenance, materials and supplies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6985044800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="nump">$ 7,724<span></span>
</td>
<td class="nump">$ 4,005<span></span>
</td>
<td class="nump">$ 3,435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items will be reclassified subsequently to profit or loss</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation', window );">Currency translation adjustments (no effect on Income Tax)</a></td>
<td class="nump">392<span></span>
</td>
<td class="nump">288<span></span>
</td>
<td class="nump">245<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges', window );">Subsidiaries' NDF effects classified as hedges (Note 20)</a></td>
<td class="nump">7<span></span>
</td>
<td class="num">(9)<span></span>
</td>
<td class="nump">8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items will not be reclassified subsequently to profit or loss</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Actuarial results (Notes 3. m and 16)</a></td>
<td class="nump">6<span></span>
</td>
<td class="num">(24)<span></span>
</td>
<td class="nump">7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome', window );">Tax effect</a></td>
<td class="num">(2)<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="num">(3)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other components of the comprehensive income, net of tax</a></td>
<td class="nump">403<span></span>
</td>
<td class="nump">263<span></span>
</td>
<td class="nump">257<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="nump">8,127<span></span>
</td>
<td class="nump">4,268<span></span>
</td>
<td class="nump">3,692<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Telecom Argentina (Controlling Company)</a></td>
<td class="nump">7,904<span></span>
</td>
<td class="nump">4,142<span></span>
</td>
<td class="nump">3,580<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">$ 223<span></span>
</td>
<td class="nump">$ 126<span></span>
</td>
<td class="nump">$ 112<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to remeasurements of defined benefit plans. [Refer: Other comprehensive income; Reserve of remeasurements of defined benefit plans; Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income, before tax; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to exchange differences when financial statements of foreign operations are translated. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7002666288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome', window );">Currency translation adjustments, tax effect</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to exchange differences on the translation of financial statements of foreign operations. [Refer: Other comprehensive income; Reserve of exchange differences on translation]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7012996384">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Equity attributable to Telecom Argentina (Controlling Company)</div></th>
<th class="th" colspan="2"><div>Outstanding shares, Capital nominal value</div></th>
<th class="th"><div>Outstanding shares, Inflation adjustment</div></th>
<th class="th"><div>Treasury shares, Capital nominal value</div></th>
<th class="th"><sup>[2]</sup></th>
<th class="th"><div>Treasury shares, Inflation adjustment</div></th>
<th class="th"><sup>[2]</sup></th>
<th class="th"><div>Treasury shares acquisition cost</div></th>
<th class="th"><sup>[2]</sup></th>
<th class="th"><div>Legal reserve</div></th>
<th class="th"><div>Special reserve for IFRS implementation</div></th>
<th class="th"><div>Voluntary reserve for capital investments</div></th>
<th class="th"><sup>[2]</sup></th>
<th class="th"><div>Voluntary reserve for future investments</div></th>
<th class="th"><div>Voluntary reserve for future dividends payments</div></th>
<th class="th"><div>Other comprehensive results</div></th>
<th class="th"><div>Cost of the increase of the share in controlled companies</div></th>
<th class="th"><div>Retained earnings</div></th>
<th class="th"><div>Equity attributable to non-controlling interest</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at the beginning of the year at Dec. 31, 2014</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 14,418<span></span>
</td>
<td class="nump">$ 969<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,646<span></span>
</td>
<td class="nump">$ 15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="nump">$ 42<span></span>
</td>
<td colspan="2" class="num">$ (461)<span></span>
</td>
<td class="nump">$ 734<span></span>
</td>
<td class="nump">$ 351<span></span>
</td>
<td colspan="2" class="nump">$ 3,191<span></span>
</td>
<td class="nump">$ 2,904<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 354<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,673<span></span>
</td>
<td class="nump">$ 351<span></span>
</td>
<td class="nump">$ 14,769<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests', window );">Dividends from Nucleo</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(47)<span></span>
</td>
<td class="num">(47)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments', window );">Voluntary reserve for future dividends payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,869<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,869)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">(804)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(804)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(804)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive income:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,403<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,403<span></span>
</td>
<td class="nump">32<span></span>
</td>
<td class="nump">3,435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">177<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">177<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80<span></span>
</td>
<td class="nump">257<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,580<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">177<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,403<span></span>
</td>
<td class="nump">112<span></span>
</td>
<td class="nump">3,692<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at the end of the year at Dec. 31, 2015</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17,194<span></span>
</td>
<td class="nump">969<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,646<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="nump">42<span></span>
</td>
<td colspan="2" class="num">(461)<span></span>
</td>
<td class="nump">734<span></span>
</td>
<td class="nump">351<span></span>
</td>
<td colspan="2" class="nump">3,191<span></span>
</td>
<td class="nump">2,904<span></span>
</td>
<td class="nump">2,869<span></span>
</td>
<td class="nump">531<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,403<span></span>
</td>
<td class="nump">416<span></span>
</td>
<td class="nump">17,610<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments', window );">Voluntary reserve for future dividends payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,403<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,403)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="num">(2,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive income:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,975<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,975<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="nump">4,005<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">167<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">167<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">96<span></span>
</td>
<td class="nump">263<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,142<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">167<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,975<span></span>
</td>
<td class="nump">126<span></span>
</td>
<td class="nump">4,268<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at the end of the year at Dec. 31, 2016</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19,336<span></span>
</td>
<td class="nump">969<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[7]</sup></td>
<td class="nump">2,646<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[7]</sup></td>
<td colspan="2" class="nump">42<span></span>
</td>
<td colspan="2" class="num">(461)<span></span>
</td>
<td class="nump">734<span></span>
</td>
<td class="nump">351<span></span>
</td>
<td colspan="2" class="nump">3,191<span></span>
</td>
<td class="nump">2,904<span></span>
</td>
<td class="nump">4,272<span></span>
</td>
<td class="nump">698<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,975<span></span>
</td>
<td class="nump">542<span></span>
</td>
<td class="nump">19,878<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests', window );">Dividends from Nucleo</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(35)<span></span>
</td>
<td class="num">(35)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments', window );">Voluntary reserve for future dividends payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="num">(2,730)<span></span>
</td>
<td class="num">$ (2,904)<span></span>
</td>
<td class="nump">9,609<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,975)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent', window );">Increase of the share in Personal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="num">(3)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (3)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughAcquisitionEquity', window );">Tuve's Paraguay acquisition</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[11]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">63<span></span>
</td>
<td class="nump">63<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[12]</sup></td>
<td class="num">(4,151)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,151)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,151)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive income:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,630<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,630<span></span>
</td>
<td class="nump">94<span></span>
</td>
<td class="nump">7,724<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">274<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">274<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">129<span></span>
</td>
<td class="nump">403<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,904<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">274<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,630<span></span>
</td>
<td class="nump">223<span></span>
</td>
<td class="nump">8,127<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at the end of the year at Dec. 31, 2017</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 23,086<span></span>
</td>
<td class="nump">$ 969<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">$ 2,646<span></span>
</td>
<td class="nump">$ 15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td colspan="2" class="nump">$ 42<span></span>
</td>
<td colspan="2" class="num">$ (461)<span></span>
</td>
<td class="nump">$ 734<span></span>
</td>
<td class="nump">$ 351<span></span>
</td>
<td colspan="2" class="nump">$ 461<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,730<span></span>
</td>
<td class="nump">$ 972<span></span>
</td>
<td class="num">$ (3)<span></span>
</td>
<td class="nump">$ 7,630<span></span>
</td>
<td class="nump">$ 793<span></span>
</td>
<td class="nump">$ 23,879<span></span>
</td>
</tr>
<tr><td colspan="23"></td></tr>
<tr><td colspan="23"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2016, 2015 and 2014, total shares ( 984,380,978 ), of $1 argentine peso of nominal value each, were issued and fully paid. As of the same dates; 15,221,373 were treasury shares.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Corresponds to 15,221,373 shares of $1 argentine peso of nominal value each, equivalent to 1.55% of total capital. The treasury shares acquisition costs amounted to 461. See Note&#160;19&#160;- Equity to these consolidated financial statements.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As approved by the Ordinary Shareholders&#8217; Meeting of N&#250;cleo held on March&#160;26, 2015 and the Board of Directors&#8217; meeting of N&#250;cleo held on December&#160;17, 2015.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Ordinary Shareholders&#8217; Meeting held on April&#160;29, 2015.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company's Ordinary Shareholders' Meeting held on April 29, 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company's Board of Directors' Meeting held on April 29, 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">As of December&#160;31, 2017 and 2016, total shares (984,380,978), of $1 argentine peso of nominal value each, were issued and fully paid. As of the same dates; 15,221,373 were treasury shares.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">As approved by the Ordinary Shareholders' Meeting of N&#250;cleo held on March 28, 2017.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[9]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Ordinary and Extraordinary Shareholders&#8217; Meeting held on April&#160;27, 2017.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[10]</td>
<td style="vertical-align: top;" valign="top">See Note 3.u.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[11]</td>
<td style="vertical-align: top;" valign="top">See Note 3.e.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[12]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Board of Directors&#8217; Meeting held on December 18, 2017. The amount in pesos is $ 4,150,312,272, which was rounded in this Consolidated Statement of changes in equity to be presented in millions of pesos to 4,151.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to non-controlling interests. [Refer: Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners of the parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity attributable to owners of the parent through changes in ownership interests in subsidiaries that do not result in loss of control. [Refer: Subsidiaries [member]; Equity attributable to owners of parent]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughAcquisitionEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the acquisition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughAcquisitionEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from transfers to voluntary reserve for future dividends payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughTransferToVoluntaryReserveForFutureDividendsPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6985547984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - ARS ($)<br></strong></div></th>
<th class="th" colspan="6">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2017</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2016</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid', window );">Shares issued and fully paid</a></td>
<td class="nump">984,380,978<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">984,380,978<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">984,380,978<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share)</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Treasury shares</a></td>
<td class="nump">$ 461,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 461,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 461,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends</a></td>
<td class="nump">$ 4,151,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,000,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 804,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=teo_TreasurySharesCapitalNominalValueMember', window );">Treasury shares, Capital nominal value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share)</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfTreasurySharesHeld', window );">Percentage of treasury shares to total capital</a></td>
<td class="nump">1.55%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1.55%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1.55%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_ARS', window );">Pesos</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends</a></td>
<td class="nump">$ 4,150,312,272<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="7"></td></tr>
<tr><td colspan="7"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Board of Directors&#8217; Meeting held on December 18, 2017. The amount in pesos is $ 4,150,312,272, which was rounded in this Consolidated Statement of changes in equity to be presented in millions of pesos to 4,151.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company's Board of Directors' Meeting held on April 29, 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Ordinary Shareholders&#8217; Meeting held on April&#160;29, 2015.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners of the parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity, for which full payment has been received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssuedAndFullyPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares in the entity held by the entity or by its subsidiaries or associates. [Refer: Associates [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfTreasurySharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of treasury shares to total capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfTreasurySharesHeld</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=teo_TreasurySharesCapitalNominalValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=teo_TreasurySharesCapitalNominalValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrencyAxis=currency_ARS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_ARS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7012966816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="nump">$ 7,724<span></span>
</td>
<td class="nump">$ 4,005<span></span>
</td>
<td class="nump">$ 3,435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments to reconcile net income to net cash flows provided by operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables', window );">Bad debt expenses</a></td>
<td class="nump">1,113<span></span>
</td>
<td class="nump">1,228<span></span>
</td>
<td class="nump">564<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities', window );">Allowance for obsolescence of inventories, materials and other</a></td>
<td class="nump">103<span></span>
</td>
<td class="nump">77<span></span>
</td>
<td class="nump">72<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationExpense', window );">Depreciation of property, plant and equipment</a></td>
<td class="nump">5,039<span></span>
</td>
<td class="nump">4,358<span></span>
</td>
<td class="nump">3,046<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForAmortisationExpense', window );">Amortization of intangible assets</a></td>
<td class="nump">1,889<span></span>
</td>
<td class="nump">1,840<span></span>
</td>
<td class="nump">1,392<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForConsumptionOfMaterials', window );">Consumption of materials</a></td>
<td class="nump">1,125<span></span>
</td>
<td class="nump">507<span></span>
</td>
<td class="nump">294<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of property, plant and equipment</a></td>
<td class="nump">276<span></span>
</td>
<td class="nump">366<span></span>
</td>
<td class="nump">199<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment', window );">Net book value of property, plant and equipment</a></td>
<td class="nump">77<span></span>
</td>
<td class="nump">21<span></span>
</td>
<td class="nump">35<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForProvisions', window );">Adjustments for provisions</a></td>
<td class="nump">590<span></span>
</td>
<td class="nump">187<span></span>
</td>
<td class="nump">113<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForOtherFinancialResults', window );">Other financial results</a></td>
<td class="nump">1,165<span></span>
</td>
<td class="nump">1,721<span></span>
</td>
<td class="nump">351<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncomeTaxExpense', window );">Income tax expense</a></td>
<td class="nump">3,902<span></span>
</td>
<td class="nump">1,594<span></span>
</td>
<td class="nump">1,692<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities', window );">Income tax paid</a></td>
<td class="num">(2,400)<span></span>
</td>
<td class="num">(1,700)<span></span>
</td>
<td class="num">(1,631)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForNetIncreaseDecreaseInAssets', window );">Net increase in assets</a></td>
<td class="num">(3,592)<span></span>
</td>
<td class="num">(1,660)<span></span>
</td>
<td class="num">(4,640)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForNetIncreaseDecreaseInLiabilities', window );">Net increase (decrease) in liabilities</a></td>
<td class="nump">2,321<span></span>
</td>
<td class="num">(1,179)<span></span>
</td>
<td class="nump">1,890<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Total cash flows provided by operating activities</a></td>
<td class="nump">19,332<span></span>
</td>
<td class="nump">11,365<span></span>
</td>
<td class="nump">6,812<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOWS FROM INVESTING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Property, plant and equipment acquisitions</a></td>
<td class="num">(10,727)<span></span>
</td>
<td class="num">(9,541)<span></span>
</td>
<td class="num">(5,148)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities', window );">3G/4G licenses acquisitions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,256)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities', window );">Other intangible asset acquisitions</a></td>
<td class="num">(971)<span></span>
</td>
<td class="num">(1,798)<span></span>
</td>
<td class="num">(1,310)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities', window );">Personal shares acquisitions</a></td>
<td class="num">(4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Proceeds from the sale of property, plant and equipment</a></td>
<td class="nump">27<span></span>
</td>
<td class="nump">19<span></span>
</td>
<td class="nump">39<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Acquisition of Tuves Paraguay</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromMergerTransactions', window );">Incorporated by Merge with Nortel</a></td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments', window );">Investments not considered as cash and cash equivalents</a></td>
<td class="num">(2,627)<span></span>
</td>
<td class="num">(20)<span></span>
</td>
<td class="num">(976)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Total cash flows used in investing activities</a></td>
<td class="num">(14,294)<span></span>
</td>
<td class="num">(11,340)<span></span>
</td>
<td class="num">(9,651)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from financial debt</a></td>
<td class="nump">1,730<span></span>
</td>
<td class="nump">9,337<span></span>
</td>
<td class="nump">4,301<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of financial debt</a></td>
<td class="num">(2,986)<span></span>
</td>
<td class="num">(2,936)<span></span>
</td>
<td class="num">(31)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of interests and related expenses</a></td>
<td class="num">(848)<span></span>
</td>
<td class="num">(1,573)<span></span>
</td>
<td class="num">(471)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of cash dividends and related withholding tax</a></td>
<td class="num">(4,192)<span></span>
</td>
<td class="num">(2,000)<span></span>
</td>
<td class="num">(849)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Total cash flows provided by (used in) financing activities</a></td>
<td class="num">(6,296)<span></span>
</td>
<td class="nump">2,828<span></span>
</td>
<td class="nump">2,950<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">NET FOREIGN EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS</a></td>
<td class="nump">144<span></span>
</td>
<td class="nump">222<span></span>
</td>
<td class="nump">75<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</a></td>
<td class="num">(1,114)<span></span>
</td>
<td class="nump">3,075<span></span>
</td>
<td class="nump">186<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</a></td>
<td class="nump">3,945<span></span>
</td>
<td class="nump">870<span></span>
</td>
<td class="nump">684<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR</a></td>
<td class="nump">$ 2,831<span></span>
</td>
<td class="nump">$ 3,945<span></span>
</td>
<td class="nump">$ 870<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Depreciation and amortisation expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) on trade and other receivables recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Impairment loss; Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss; Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for provisions to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Provisions; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Balance Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents in the statement of cash flows when different from the amount of cash and cash equivalents in the statement of financial position. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to a decrease (increase) in short-term deposits and investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for income taxes paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire equity or debt instruments of other entities (other than payments for those instruments considered to be cash equivalents or those held for dealing or trading purposes), classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForConsumptionOfMaterials">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for consumption of materials to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForConsumptionOfMaterials</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for disposals and impairment of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Property, plant and equipment; Disposals, property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForDisposalsAndImpairmentOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net book value of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForNetBookValueOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForNetIncreaseDecreaseInAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net increase decrease in assets to cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForNetIncreaseDecreaseInAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForNetIncreaseDecreaseInLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net increase (decrease) in liabilities to cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForNetIncreaseDecreaseInLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForOtherFinancialResults">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for other  financial results to reconcile profit (loss) to cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForOtherFinancialResults</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the allowance for obsolescence of inventories, materials and other classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AllowanceForObsolescenceOfInventoriesMaterialsAndOtherClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows provide by (used in) obtaining control of subsidiaries or other businesses, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashFlowsProvideByUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromMergerTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from merger transactions</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromMergerTransactions</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of license intangible assets, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of other intangible assets, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998783824">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Description of business and basis of preparation of the consolidated financial statements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 62.35pt;text-indent: -62.35pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 1 &#x2013; Description of business and basis of preparation of the consolidated financial statements</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">The Company and its operations</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina was created through the privatization of ENTel, the state-owned company that provided telecommunication services in Argentina.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina&#x2019;s license, as originally granted, was exclusive to provide telephone services in the northern region of Argentina since November&nbsp;8, 1990 through October&nbsp;10, 1999. As from such date, the Company also began providing telephone services in the southern region of Argentina and competing in the previously exclusive northern region.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company provides mainly fixed-line public and mobile telecommunication services, international long-distance service, data transmission and Internet services in Argentina and through its subsidiaries, mobile telecommunications services Paraguay and international wholesale services in the United States of America. Information on the Telecom Group&#x2019;s licenses and the regulatory framework is described in Note 2.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Ordinary and Extraordinary Shareholders Meeting held on June&nbsp;22, 2015 approved the Telecom Argentina&#x2019;s corporate purpose change, adapting it to the new definition of ICT services of the LAD and, thus, including the possibility of providing Audiovisual Communication Services. The Company obtained authorization from the AFTIC and later of the CNV and IGJ, which registered the amendment of the Company&#x2019;s bylaws on September&nbsp;26, 2015.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of the merger between the Company and Cablevisi&#xF3;n S.A. (Note 32), Telecom Argentina as surviving entity will develop starting on fiscal year 2018 the operations that Cablevisi&#xF3;n S.A. had as of December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For the year 2017, entities included in the consolidation process and the respective equity interest owned by Telecom Argentina is presented as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.00%;margin-left:21.6pt;">
			<tr>
				<td valign="middle" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subsidiaries</font></p>
				</td>
				<td valign="top" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Percentage of capital<br />stock owned and<br />voting rights as of<br />12/31/17 (i)</font></p>
				</td>
				<td valign="top" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Indirect<br />control<br />through</font></p>
				</td>
				<td valign="middle" style="width:18.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Date of acquisition</font></p>
				</td>
				<td valign="middle" style="width:25.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Segment that consolidates<br />(Note 28)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Telecom USA</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">100.00%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">09.12.00</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Fixed Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Micro Sistemas (ii)</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">100.00%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">12.23.97</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Fixed Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Personal (iii)</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">07.06.94</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Personal Mobile Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">N&#xFA;cleo (iv)</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">67.50%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">02.03.98</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo Mobile Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Personal Env&#xED;os (iv)&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">67.50%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">07.24.14</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo Mobile Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Tuves Paraguay (v)</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">47.25%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">06.30.17</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo Mobile Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:25.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:21.6pt;">
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(i)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Percentage of equity interest owned has been rounded.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(ii)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Dormant entity as of and for the fiscal years ended December&nbsp;31, 2017, 2016 and 2015.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iii)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Until November&nbsp;30, 2017, Telecom Argentina owned 100% of Personal. Since December&nbsp;1, 2017 the reorganization described in Note 31 was effective and from that date, mobile services provided by Personal are continued by Telecom.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iv)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Non-controlling interest of 32.50% is owned by the Paraguayan company ABC Telecomunicaciones S.A.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(v)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Non-controlling interest of 22.75% is owned by the Paraguayan company ABC Telecomunicaciones S.A and 30% is owned by TU VES S.A. (Chile). On June&nbsp;30, 2017, the transaction by which N&#xFA;cleo acquired the 70% of shares and votes of Tuves Paraguay was performed.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Segment reporting</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">An operating segment is defined as a component of an entity that engages in business activities from which it may earn revenues and incur expenses, and whose financial information is available, held separately, and evaluated regularly by the Telecom Group&#x2019;s Chief Executive Officer (&#x201C;CEO&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Operating segments are reported in a consistent manner with the internal reporting provided to the CEO, who is responsible for allocating resources and assessing performance of the operating segments under the accounting principles effective (IFRS as issued by the IASB). The accounting policies applied for segment information are the same for all operating segments.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Information regarding segment reporting is included in Note 28.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">c)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Basis of preparation</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">These consolidated financial statements are a free translation from the original consolidated financial statements issued in Spanish and filed to the CNV in Argentina and contain the same information to the original version.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As required by CNV, these consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB, and in accordance with RT 26 (as amended by RT 29 and RT 43) of FACPCE as adopted by the CPCECABA.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires Management to exercise its judgment in the process of applying the Telecom Group&#x2019;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these consolidated financial statements are disclosed in Note 3.w).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">These consolidated financial statements (except for cash flow information) are prepared on an accrual basis of accounting. Under this basis, the effects of transactions and other events are recognized when they occur. Therefore income and expenses are recognized at fair value on an accrual basis regardless of when they are received or paid. When significant, the difference between the fair value and the nominal amount of income and expenses is recognized as finance income or expense using the effective interest method over the relevant period.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The accompanying consolidated financial statements have also been prepared on a going concern basis (further details are provided in Note 3.a) and the figures are expressed in millions of pesos, otherwise indicated.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">These consolidated financial statements for the year ended December&nbsp;31, 2017 were approved by resolution of the Board of Directors&#x2019; meeting held on March&nbsp;7, 2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">d)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Financial statement formats</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The financial statement formats adopted are consistent with IAS 1. In particular:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;">the consolidated statements of financial position</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> have been prepared by classifying assets and liabilities according to &#x201C;current and non-current&#x201D; criterion. Current assets and liabilities are those that are expected to be realized/settled within twelve months after the year-end;</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;">the consolidated income statements</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> have been prepared by classifying operating expenses by nature of expense as this form of presentation is considered more appropriate and represents the way that the business of the Group is monitored by the Management, and, additionally, are in line with the usual presentation of expenses in the telecommunication industry;</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;">the consolidated statements of comprehensive income</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> include the profit or loss for the year as shown in the consolidated income statement and all components of other comprehensive income;</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;">the consolidated statements of changes in equity</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> have been prepared showing separately (i)&nbsp;profit (loss) for the year, (ii)&nbsp;other comprehensive income (loss) for the year, and (iii)&nbsp;transactions with shareholders (owners and non-controlling interest);</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;text-decoration:underline;">the consolidated statements of cash flows</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> have been prepared by presenting cash flows from operating activities according to the &#x201C;indirect method&#x201D;, as permitted by IAS 7.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">These consolidated financial statements contain all material disclosures required under IFRS. Some additional disclosures required by the LGS and/or by the CNV have been also included, among them, complementary information required in the last paragraph of Article&nbsp;1 Chapter III Title IV of the CNV General Resolution No.&nbsp;622/13. Such information is disclosed in Notes 7, 8, 9, 17, 20, 22 and 26 to these consolidated financial statements, as admitted by IFRS.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">e)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Application of IAS 29 (Financial reporting in hyperinflationary economies)</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IAS 29 establishes the conditions under which an entity shall restate its financial statements if it is located in an economic environment considered &#x201C;hyperinflationary&#x201D;. It should be mentioned that if the qualitative and / or quantitative characteristics to consider an economy as a &#x201C;hyperinflationary&#x201D; economy set out in paragraph 3 of IAS 29 occur, the restatement of financial statements must be made retroactively from the date of the revaluation used as deemed cost (in the case of Group companies located in Argentina, since February&nbsp;2003) or from the acquisition date for assets acquired after that date.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s Management periodically verifies the evolution of official statistics as well as the general factors of the economic environment in the countries in which the Telecom Group operates. The Company&#x2019;s Management also considers the opinion of other organizations interested in this matter: the national and international accounting profession, domestic and foreign audit firms, national and the United States&#x2019; capital market regulators, and, in particular, the International Practices Task Force (&#x201C;IPTF&#x201D;), aware that the conclusions to which a financial statement issuer arrives must be consistent with the vision of those organizations for an uniform application of IAS 29.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Although the standard does not establish an absolute rate at which hyperinflation is deemed to arise, usually - in compliance with the provisions of IAS 29- a cumulative inflation rate over three years approaching or exceeding 100% is used as reference in conjunction with other qualitative factors related to the macroeconomic environment.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company analyzes the economic environment as required by the provisions of IAS 29, based on the inflation rates published by the National Institute of Statistics and Census (INDEC), following the same criteria adopted by the accounting profession in the Argentine Republic.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The tables below show the evolution of these indexes in the last three years according to official statistics (INDEC), except for November&nbsp;and December&nbsp;2015, and Consumer Price and Internal Wholesale Price for the period November&nbsp;2015-April&nbsp;2016, when the INDEC was unable to publish Internal Wholesale Price Index and suggested to use Price Index published by the Province of San Luis and the City of Buenos Aires.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 84.00%;margin-left:36pt;">
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2015</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017 </font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Consumer Price Index</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(*)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(*)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(**)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Consumer Price Index (annual)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">20.6%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">36.3% </font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">24.8%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Consumer Price Index (3 years accumulated)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">65.8%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">103.7%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">104.9%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 4pt;">
						<font style="display:inline;font-size:4pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Internal Wholesale Price Index</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Internal Wholesale Price Index (annual)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">19.2%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">34.6% </font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">18.8%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Internal Wholesale Price Index (3 years accumulated)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">75.4%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">105.8% </font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">90.7%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6.5pt;">(*) Consumer Price Index and Internal Wholesale Price Index published by INDEC until October&nbsp;were 11.9% and 10.6% respectively. These rates (which contain ten months accumulated), were updated with November&nbsp;and December&nbsp;2015 Consumer Price Index average rates for this two months (7.8%) published by the Province of San Luis and the City of Buenos Aires.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6.5pt;">(**) Due to the unavailability of Consumer Price Index published by the INDEC, the Company estimated 16.6% for the period January-April&nbsp;2016; this estimation is an average of the indexes published by the Province of San Luis and the City of Buenos Aires for that period.&nbsp;&nbsp;The Consumer Price Index at national level published by the INDEC for the period May-December&nbsp;2016 was 16.9%.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Annual Price Index for the year 2017 (Consumer Price Index: 24.8%,&nbsp;Internal Wholesale Price: 18.8%) show a decrease in the level of inflation rates as compare to 2016.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the high inflation levels in Argentina registered in late years, the Company&#x2019;s Management has further assessed the characteristics set out in paragraph 3 of IAS 29, including (i)&nbsp;the quantitative condition provided in section (e)&nbsp;&#x201C;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">the cumulative inflation rate over three years is approaching, or exceeds, 100%</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x201D;, as well as (ii)&nbsp;the qualitative characteristics contained in paragraphs a) to d) of that paragraph.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">From the analysis assessed as of December&nbsp;31, 2017, the Company&#x2019;s Management considers that the quantitative condition provided in section e) of IAS 29 hasn&#x2019;t been met considering Internal Wholesale Price Index, while the qualitative conditions of the Argentine economy are mixed (some of them would recommend the existence of a high inflation environment and others have not substantially changed respect to previous years, when it was concluded that financial statements should not be restated). Under these circumstances, and in order to objectify the analysis, the Company&#x2019;s Management gave priority to the conclusions reached by some international auditing firms to which the Company&#x2019;s Management had access, which considered that, to date, there was insufficient evidence to consider the Argentine economy as &#x201C;hyperinflationary&#x201D; under IAS 29 terms. Similar conclusions for US GAAP were reached by the IPTF, according to its memo issued on May&nbsp;16, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">An extract of the mentioned memo stated that: </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">&#x201C;Considering the guidance in ASC 830, it does not appear that Argentina would be required to be considered highly-inflationary for the reporting periods from January&nbsp;1, 2017 to June&nbsp;30, 2017 for calendar year-end registrants. Registrants would be expected to have appropriate controls in place to monitor Argentina&#x2019;s reported inflation data throughout 2017 and consider other pertinent economic indicators to determine if and when Argentina should be considered highly-inflationary &#x201C;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">While there are differences in the definition of a &#x201C;hyperinflationary&#x201D; and &#x201C;highly inflationary&#x201D; environments between IFRS and US GAAP, respectively, the Company believes that the assessment of the macroeconomic situation of a country should be substantially similar under both accounting frameworks and, on this condition, considered consistent the conclusions arrived by the IPTF with those provided in the analysis assessed by international audit firms according to IFRS and US GAAP.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The Company&#x2019;s Management will continue monitoring the characteristics and the evolution of the inflation rates in Argentina in order to comply properly with IAS 29 provisions, with special consideration of the pronouncements of argentine regulators &#x2013; which as of the date of issuance of these consolidated financial statements are forbidden to accept the filing of financial statements restated for inflation according to Decree No.664/03 and its supplementary standards. The Company&#x2019;s Management will also monitor the pronouncements of foreign regulators, as well as the evaluation that the domestic and international accounting profession will perform with regards to the uniform application of IAS 29 together with other issuers that apply IFRS in the Argentine Republic.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">f) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Merger of Cubecorp Argentina S.A. (&#x201C;Cubecorp&#x201D;)</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In July&nbsp;2008, Telecom Argentina acquired 100% of the shares of Cubecorp. With this acquisition, Telecom Argentina strengthens its Data Center services, as the Data Center acquired is equipped with world class infrastructure, which permits to offer clients with high reliability, availability and scalability customized to their needs.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In March&nbsp;2009, the Board of Directors of Cubecorp and Telecom Argentina approved the Merger Agreement, by which both companies would merge (subject to the approval of the CNV and to the approval of the Shareholders&#x2019; Meetings of Cubecorp and Telecom Argentina), being Telecom Argentina the surviving company and Cubecorp the dissolved without liquidation company. The CNV determined no legal or accounting observations for the merger and ordered the publication of the Merger Agreement in the Buenos Aires Stock Exchange&#x2019;s (&#x201C;the BCBA&#x201D;) Daily Bulletin and in the CNV&#x2019;s website (www.cnv.gov.ar, section &#x201C;Autopista de Informaci&#xF3;n Financiera&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Extraordinary Shareholders&#x2019; Meeting of Cubecorp held on March&nbsp;19, 2009, and the Annual General Ordinary and Extraordinary Shareholders&#x2019; Meeting of Telecom Argentina held on April&nbsp;28, 2010 approved the merger, the corresponding financial statements and, in the case of the Meeting of Cubecorp, the dissolution without liquidation of Cubecorp as provided by Law No.&nbsp;19,550 section 94 art. 7. Additionally, the Final Merger Agreement with Cubecorp was authorized, effective January&nbsp;1st, 2009. The period specified in the Law No.&nbsp;19,550 section 83 was completed and the Final Merger Agreement was granted on June&nbsp;2, 2010.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June&nbsp;7, 2010, the process of registration of the merger with the CNV began, whose Board of Directors, on June&nbsp;24, 2010, decided to hold the proceeding until the CNDC authorizes the acquisition of shares of Cubecorp by Telecom Argentina.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September&nbsp;5, 2017, Telecom Argentina was notified of the Secretary of Commerce Resolution No.&nbsp;2017-656-APN-SECC # MP that authorized the operation of economic concentration consisting of the purchase of 100% of Cubecorp&#x2019;s shares.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September&nbsp;6, 2017, Telecom Argentina requested the CNV to provide administrative compliance to the Merger of Telecom Argentina with Cubecorp in accordance with the provisions of Chapter X Title II of the CNV Rules&nbsp;(NT 2013) and send the proceedings to the IGJ for registration.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;12, 2017, the Board of Directors of the CNV ordered the merger by absorption of Telecom Argentina, as an acquiring company, and Cubecorp, as an absorbed company, and sent the proceedings to the IGJ for registration.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On February&nbsp;27, 2018, the dissolution without liquidation of Cubecorp since the effect of the merger with the Company was registered in IGJ.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">g) Corporate reorganization of the Telecom Group</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;1, 2017, the corporate reorganization of the Telecom Group was effective as described in Note 31. Since as of the date of the Telecom Group&#x2019;s Reorganization date (i)&nbsp;Nortel and Sofora, that were holding companies with no operations or assets other than direct and indirect interests, respectively, in Telecom Argentina and (ii)&nbsp;Personal was a wholly-owned subsidiary of Telecom Argentina, Telecom&#x2019;s equity didn&#x2019;t change after the merger, showing only minor changes (incorporation of net assets from the investment of $ 14 and liabilities of the same amount, both from Nortel and Sofora as of November&nbsp;30, 2017). The Reorganization was accounted for under the absorbed Companies basis of accounting, as permitted by IFRS as issued by the IASB. Under this method, assets and liabilities of the absorbed Companies were incorporated by Telecom Argentina at their respective book values.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Note 2 - REGULATORY FRAMEWORK</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">a) Regulatory Authority</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina is regulated by a set of rules&nbsp;and regulations that comprise the regulatory framework of the telecommunication sector in Argentina.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Until the issuance of Law No.&nbsp;27,078, the LAD, which was published in the Official Gazette on December&nbsp;19, 2014 and has been in force since its publication, the telecommunication services provided by Telecom Argentina and its domestic subsidiaries were regulated by the CNC, a decentralized agency within the scope of the SC, which was also under the scope of the Ministry of Federal Planning, Public Investment and Services. (See &#x201C;&#x2014;Law No.&nbsp;27,078&#x2014;Argentine Digital Law&#x201D; below).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The LAD created the Federal Authority of Information and Communication Technologies (&#x201C;AFTIC&#x201D;), as a decentralized and autonomous agency within the scope of the National Executive Power (PEN), which would act as the Regulatory Authority of the LAD and would replace, for all purposes, of the SC and the CNC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The LAD conferred the AFTIC the regulation, control, supervision and verification functions concerning Information and Communication Technologies (&#x201C;ICT&#x201D;) in general, and in particular of the telecommunications, postal service and all those matters integrated to its field in accordance with the provisions of the LAD.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">By the end of December&nbsp;2015, the PEN issued the Decree of Need and Urgency (&#x201C;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Decreto de Necesidad y Urgencia&#x201D;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> or hereinafter the &#x201C;DNU&#x201D;) No.&nbsp;267/15 published in the Official Gazette on January&nbsp;4, 2016. The DNU substantially amends Law No.&nbsp;26,522 (Audiovisual Communication Services &#x2013; &#x201C;SCA&#x201D;) and Law No.&nbsp;27,078 (LAD) and also creates the National Communications Agency (&#x201C;ENACOM&#x201D;) as a new Regulatory Authority of those laws. The ENACOM replaces the AFTIC and AFSCA (&#x201C;Federal Authority of Audiovisual Communication Services&#x201D;). This new Authority acts as an autonomous agency within the scope of the Ministry of Communications. See &#x201C;&#x2014;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Decree No.&nbsp;267/15 - Amendments to the &#x201C;LAD&#x201D;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> below.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The ENACOM has started its operations on January&nbsp;5, 2016 with the 4 directors appointed by the PEN through Decree No.&nbsp;7/16, thus resulting in the constitution of the ENACOM as established by Article&nbsp;23 of Decree No.&nbsp;267/15.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Board of ENACOM is composed of a Chairman and three directors appointed by the PEN, as well as three directors appointed by the Bicameral Commission of Audiovisual Communication and ICT services. The quorum is met with the attendance of four members. No special eligibility conditions are established to be a member of the Board; the only limitation is the non-existence of incompatibilities, under the terms of Law No.&nbsp;25,188 (&#x201C;Public Ethic&#x201D;). The ENACOM members can be removed directly and without cause by the PEN.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:16.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On August&nbsp;11, 2017, the National Government issued Decree No.&nbsp;632, whereby it approved the organizational structure of the Ministry of Modernization, according to the organization chart established in said Decree. Pursuant to this Decree, the ENACOM is now placed within the sphere of the Ministry of Modernization.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">b) Regulatory framework of the services provided by Telecom Argentina and its subsidiaries</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Among the principal features of the regulatory framework governing the services provided by the Company and its domestic subsidiaries is worth mentioning:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> -</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The LAD, as amended by Decree of Need and Urgency No.&nbsp;267/15 and Decree No.&nbsp;1,340/16;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> -</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Law No.&nbsp;19,798 remains in force only to the extent that it does not conflict with the provisions set out under the LAD;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> -</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Privatization Regulations;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> -</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Transfer Agreement;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> -</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Licenses for providing telecommunication services granted to Telecom Argentina and Telecom Personal through several regulations (transferred to the Company after the reorganization &#x2013; Note 31), and the List of Conditions and their respective regulations;</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, Law No.&nbsp;27,078 states that Decree No.&nbsp;764/00 and its amendments shall remain in force to the extent that it does not conflict with the provisions set out under the LAD, for the time required by the Regulatory Authority to draw up the regulations concerning the Licensing Framework for ICT Services, the Interconnection Regulation, the Universal Service Regulation and the Administration, Management and Control of the Spectrum Regulation. Also, the LAD states that Law No.&nbsp;19,798 (&#x201C;Ley Nacional de Telecomunicaciones&#x201D; passed in 1972) and its amendments shall remain in force in respect of those regulations not opposing its provisions.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">N&#xFA;cleo and Tuves Paraguay are supervised by the </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Comisi&#xF3;n Nacional de Telecomunicaciones de Paraguay</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, the National Communications Commission of Paraguay (&#x201C;CONATEL&#x201D;) and its subsidiary Personal Env&#xED;os S.A. is supervised by the </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Banco Central de la Rep&#xFA;blica del Paraguay</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">. Additionally, Telecom USA, Telecom Argentina&#x2019;s subsidiary in the United States, is supervised by the Federal Communications Commission (the &#x201C;FCC&#x201D;).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">c) Licenses granted as of December&nbsp;31, 2017</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">To Telecom Argentina</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:37.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, Telecom Argentina has been granted the following non-expiring licenses to provide the following services in Argentina:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Local fixed telephony;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Public telephony;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Domestic and international long-distance telephony;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Domestic and international point-to-point link services;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Domestic and international telex services;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">VAS, data transmission, videoconferencing and transportation of audio and video signals; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Internet access.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17.85pt;text-indent:19.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, the Company holds licenses originally granted to Personal which were transferred to Telecom since the Reorganization (Note 31). Such non-expiring licenses have been granted to provide mobile telecommunication services (STM) in the Northern Region of Argentina and data transmission and Value Added Services throughout the country, mobile radio communication services (SRMC) in the AMBA area, as well as a non-expiring license to provide PCS services throughout the country, and it is registered to provide national and international long-distance telephone services. Additionally, from November&nbsp;2014 Personal has been granted a license to provide Mobile Advanced Communications Services (SCMA) for 15 years as disclosed in Note 2.i).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">To Telecom Argentina&#x2019;s subsidiaries</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18.15pt;text-indent:22.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">N&#xFA;cleo has been granted a license to provide mobile telecommunication services (STM and PCS) throughout Paraguay. In addition, N&#xFA;cleo has been granted a license for the installation and provision of Internet and Data throughout Paraguay. All these licenses have been granted for renewable five-year periods. See Note 2.i), regarding the auction process for 700 MHz band spectrum in Paraguay.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18.15pt;text-indent:22.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Personal Env&#xED;os, a company controlled by N&#xFA;cleo, was authorized by the Central Bank of Paraguay to operate as an Electronic Payment Company (EMPE) through Resolution No.&nbsp;6 issued on March&nbsp;30, 2015, and its corporate purpose is restricted to such service.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18.15pt;text-indent:22.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Tuves Paraguay, a company controlled by N&#xFA;cleo, has a license for the provision of telecommunications services and also the distribution of digital audio and television signals to homes, for the term of five years. The license was granted in March&nbsp;2010 and renewed in March&nbsp;2015 for a term of five years.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">d) Events of revocation of the Licenses</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina&#x2019;s license is revocable in the case of non-compliance with certain obligations, including but not limited to:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">repeated interruption of all or a substantial portion of service;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a modification of corporate purpose without prior approval of the Regulatory Bodies or change of&nbsp;domicile to a jurisdiction outside Argentina;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the transfer of the license to third parties without prior approval of the Regulatory Bodies;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the sale, encumbrance or transfer of assets which has the effect of reducing services supplied without the prior approval of the Regulatory Bodies;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">any transfer of shares resulting in a direct or indirect loss of control in Telecom Argentina which has not been executed ad referendum of the approval of the ENACOM and informed within 30 days following its completion (according to the provisions of article 8 of Decree No.&nbsp;267/15); and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the bankruptcy of Telecom Argentina.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">STM / SRMC / PCS / SCMA</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Personal&#x2019;s licenses (transferred to the Company), are revocable in case of non-compliance with certain obligations, including but not limited to:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">repeated interruptions of Personal&#x2019;s services as set forth in the List of Conditions;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">any transfer of the license and/or the related rights and obligations, without the approval of the Regulatory Authority (according to the provision of article 8 of Decree No.&nbsp;267/15);</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">any encumbrance of the license;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">any voluntary insolvency proceedings or bankruptcy of Telecom; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a liquidation or dissolution of Telecom, without the prior approval of the Regulatory Authority.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the Auction Terms and Conditions for the awarding of frequency bands for SCMA (and some bands for SRMC and PCS), approved by SC Resolution No.&nbsp;38/14, the authorization to use radio electric spectrum (as defined in the Auction) will be revocable under the following circumstances:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">repeated or persistent breaches of obligations related to quality indicators of services provided under the terms of the Regulation for the Quality of Telecommunications Services approved by SC Resolution No.&nbsp;5/13 (further information on filings of the Company and Personal against the sanction processes initiated by the Regulatory Authority related to quality matters is disclosed in k) below);</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">repeated or persistent failure of infrastructure sharing obligations and the conditions set for automatic roaming agreements established in the Terms and Conditions;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">repeated or persistent failure of the coverage obligations set in Annex III of the Terms and Conditions;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">assignment, transfer, encumbrance, lease or sale to third parties of the authorization for the use of the awarded bands, without authorization of the Regulatory Authority (according to the provision of article 8 of Decree No.&nbsp;267/15).</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">N&#xFA;cleo and Tuves Paraguay&#x2019;s licenses are revocable mainly in the case of:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">repeated interruptions of the services;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">any voluntary insolvency proceedings or bankruptcy of N&#xFA;cleo and Tuves Paraguay; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">non-compliance with certain service obligations.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the Resolution No.&nbsp;6/14 of the Central Bank of Paraguay, Personal Env&#xED;os&#x2019; license to provide Electronic Payment services may be revoked by:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">insolvency proceedings or bankruptcy,</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
				<font style="margin:5pt 0pt 0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:5pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">sanctions imposed by the Central Bank of Paraguay, with prior administrative proceedings regarding the performance of operations that are forbidden by the legislation in force.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">e) Law No.&nbsp;27,078 &#x2013; Argentine Digital Law</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Among the most relevant contents in the LAD, which amended the regulatory framework in force as of December&nbsp;19, 2014, as regards telecommunications are:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the rule&nbsp;on prices and rates establishing that the licensees of ICT services shall set their prices which shall have to be fair and reasonable, cover the exploitation costs and tend to the efficient&nbsp;supply and reasonable operation margin;</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the exemptions of taxes, establishing that tax exemptions or reductions, prices and encumbrances of ICT in general and in telecommunications in particular may be set on a precarious basis when the nature of certain activities so warrant;</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> c)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the amendments as regards Universal Service (See &#x201C;&#x2014;Universal Service Regulation</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">&#x201D; &nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">below);</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> d)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the asymmetric regulation as universalization tools towards the development of an effective competition; and</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> e)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a maximum period for granting each authorization or use of frequencies of the radioelectric spectrum must be established (section 28 </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">in fine</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">).</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The LAD declared of public interest the development of ICT and its associated resources in order to establish and ensure complete neutrality of networks and to guarantee every user the right to access, use, send, receive or offer any content, application, service or protocol through Internet without any restrictions, discrimination, distinction, blocking, interference, obstruction or degradation.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The LAD set forth that the licensees of the ICT services may supply audiovisual communication services with the exception of those provided through satellite link, in which case, the corresponding license must be requested from the proper authority. Also, the LAD allowed ICT service licensees included in the restrictions of the Audiovisual Services Communications Law (among them, Telecom Argentina) to provide audiovisual communications services. Nevertheless, that regulation was partially amended by Decree No.&nbsp;267/15 (see &#x201C;&#x2014;Decree No.&nbsp;267/15&#x2014;Amendments to the LAD&#x201D; below).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the LAD provisions, Telecom Argentina amended its corporate purpose during 2015, which was approved by AFTIC Resolution No.&nbsp;19/15. Further information is disclosed in &#x201C;&#x2014;Introduction&#x2014;The Company&#x201D; and in Note 1.a) to these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Also, the LAD established the framework for suppliers and licensees entering the audiovisual communication services market (among them, Telecom Argentina and its Argentine subsidiaries) setting forth that the Federal Authority of Audiovisual Communication Services (replaced by the ENACOM since Decree No.&nbsp;267/15 enforcement) would determine the go-to-market conditions of audiovisual communication services for ICT suppliers and licensees. The LAD also stated a gradual implementation plan through the setting up of promotion areas for limited periods of time determined according to public interest, within which the ICT licensees with significant market power would not be able to provide audiovisual communication services.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It also set forth that the ICT service should be provided throughout the national territory, considered for that end as a unique area of exploitation and supply, and the modification of the interconnection schedule, imposing higher obligations to the operators and more rights to the Argentine government for the regulation in this sense of the wholesale market.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the LAD provisions, the SBT holds its status of public service (section 54), but with a different scope than the previous regulations provisions. It was defined as the national and international telephone voice service, through the local networks, notwithstanding the technology used for its transportation, provided that it complies with the objective of allowing its users to communicate with each other (section 6 paragraph c)). In addition, in section 90 of Title XI, it established that said definition, comprises the senses of the definition established in the Auction Terms and Conditions for the International Public Auction process for the Privatization of the Supply of the Telecommunications Service timely approved by Decree No.&nbsp;62/90.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The LAD introduced substantial changes to the SU regulation established by Decree No.&nbsp;558/08. Among its provisions the LAD creates a new SU Fund and provides that the investment contributions for the SU programs shall be managed through this fund, which assets, belong to the Federal Government (See &#x201C;&#x2014;Universal Service Regulation&#x201D; below)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Law No.&nbsp;19,798 Telecommunications Act (passed in 1972), as amended, continues in effect only with respect to those provisions that do not contradict the provisions of the new LAD (including, for example, Article&nbsp;39 of Law No.&nbsp;19,798 referred to exemption from all taxes on the use of soil, subsoil and airspace for telecommunications services).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The LAD also revoked Decree No.&nbsp;764/00, as amended, but provisions of the decree that do not contradict the LAD will remain in effect during the time it takes to the Regulatory Authority to issue new licensing, interconnection services, universal service and spectrum regulations.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">f) Decree No.&nbsp;267/15 &#x2013; Amendments to the LAD</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">On January&nbsp;4, 2016, Decree No.&nbsp;267/15 was issued, amending Law No.&nbsp;26,522 (Audiovisual</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Communication Services) and Law No.&nbsp;27,078 (LAD). As mentioned above, &#x201C;ENACOM&#x201D; was created as the Regulatory Authority applicable of these laws. However, some of its provisions were subsequently amended by Decree No.&nbsp;1,340/16.</font>
		</p>
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			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The main amendments to the LAD consist of:</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The incorporation of Broadcasting Services provided by subscription (physical or radio electric link, such as Cable TV) as an ICT service within the scope of the LAD, and excluding it from Law No.&nbsp;26,522. Satellite Television Services will remain within the scope of Law No.&nbsp;26,522. Furthermore, Decree No.&nbsp;267/15 states that the ownership of a satellite television license provided by subscription is incompatible with having any other kind of ICT services license. Provision amended by Decree No.&nbsp;1,340/16.</font>
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			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Broadcasting supplied by subscription licenses (such as Cable TV) issued before the application of Decree No.&nbsp;267/15 will be considered for all purposes as in compliance with LAD upon the respective registration for such service provision. Furthermore, the Decree states a 10 years extension from January&nbsp;1, 2016, for the use of frequency spectrum to radio electric link provided by subscription license holders.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Among the amendments that replaces Section&nbsp;6 of the LAD is the incorporation of &#x201C;video on demand service,&#x201D; defined as a service offered by an ICT services supplier to provide access to software under demand on a catalogue basis. On January&nbsp;7, 2016, the Company and Personal presented to ENACOM an application for the registration of &#x201C;Video On Demand or On Demand Video Service&#x201D;, describing the service characteristics which registration was requested. As of the date of issuance of these consolidated financial statements, the ENACOM resolution is still pending.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Decree No.267/15 replaced the LAD&#x2019;s article No.&nbsp;94, and states that SBT suppliers, fixed telephony license holders within the scope of Decree No.264/98, and mobile telecommunication license holders within the scope of Decree No.1,461/93 are prohibited from providing Broadcasting under subscription services </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(defined as any form of communication, primarily one-way, for the transmission of signals to be received by a determinable public, either by physical or by radio connection, for example, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">video cable and IP TV services) until January&nbsp;1, 2018 (this term can be extended by 1 additional year). Also, the Decree replaces article 95 of the LAD and provides several obligations for fixed telephony licensees granted by Decree No.264/98 and mobile services providers with licenses granted by Decree No.1,461/93, which choose to provide broadcasting under subscription services. This provision was subsequently amended by Decree No.&nbsp;1,340/16.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">In addition, shareholders of a 10% or more interest in companies that provide public services may not be holders of a Subscription Radio Record. However, this will not apply in the following cases: (i)&nbsp;non-profit companies to whom the national, provincial or municipal State has granted the license, concession or permission to provide a public service (such as telecommunications cooperatives); (ii)&nbsp;those mentioned in section 94 (including the Company and Personal) who will be only able to provide the service after the expiration of the period specified therein.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Section&nbsp;28 of Decree No.&nbsp;267/15 created, in the field of the Ministry of Communications, the &#x201C;Commission for the Elaboration of the Draft Law for the Reform, Updating and Unification of Laws No.&nbsp;26,522 and 27,078&#x201D; (Comisi&#xF3;n para la Elaboraci&#xF3;n del Proyecto de Ley de Reforma, Actualizaci&#xF3;n y Unificaci&#xF3;n de las Leyes N&#xB0; 26,522 y 27,078&#x201D;). The Commission is responsible for the study of the reform of both laws under the principles set out herein.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On April&nbsp;15, 2016, the Ministry of Communications through Resolution No.&nbsp;9/16 provided that the Commission shall be composed by 6 members and 1 Secretary, who will perform their duties &#x201C;ad honorem.&#x201D; The Resolution also appointed its members. The Commission should submit a draft Law for the reform, updating and adaptation of a unified system of the Regulatory Framework Law for the Telecommunications and Audiovisual Communication Services in Argentina, within the following 180 calendar days from the date of its constitution.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Through Resolution No.&nbsp;1,098-E/16 published on October&nbsp;31, 2016, the Ministry of Communications extended for 180 days the deadline for the preparation of the draft reform of Laws No.&nbsp;26,522 and 27,078. As of the date of issuance of these consolidated financial statements, the elaboration of the draft reform of Laws No.&nbsp;26,522 and 27,078 is still pending.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Furthermore, the Decree provides that licenses transfers and interest transfers </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">involving the loss of company control </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">must be approved by ENACOM, stating a new procedure provided by section 8 of Decree No.&nbsp;267/15. That licenses transfers and interest in licensees&#x2019; transfers will be considered ad referendum of ENACOM approval.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Decree No.&nbsp;267/15 repealed Section&nbsp;15 and Section&nbsp;48 (second paragraph) of the LAD. Therefore, the following provisions have no longer effect: (i)&nbsp;the condition of essential and strategic public</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">services of ICT regarding the access to the telecommunications network for the &#x201C;ICT services&#x201D; license holders; and (ii)&nbsp;the Regulatory Authority power to regulate tariffs due to public interest reasons.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">On April&nbsp;8, 2016, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the Chamber of Representatives voted in favor of the validity </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">of DNU No.&nbsp;267/15. According to this, such Decree </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">acquired the status of Law</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 35.45pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The Decree establishes several amendments to the Audiovisual Communications Services Law (SCA).</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Among the main amendments established by this Emergency Decree to both laws, it should be noted that the licenses for the exploitation of physical link and radio-electric link subscription television services that had been granted under Laws No.&nbsp;22,285 and No.&nbsp;26,522 are now called &#x201C;Registrations&#x201D; for the exploitation of physical link and radio-electric link subscription television services of a </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;">Licencia &#xDA;nica Argentina Digital</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">However, it should be noted that pursuant to Section&nbsp;21 of Decree No.&nbsp;267/15 and until the enactment of a law that will unify the fee regime provided under Laws Nos. 26,522 and 27,078, the physical link and radio-electric link subscription television services will continue to be subject only to the fee regime provided under Law No.&nbsp;26,522. Therefore, they shall not be subject to the investment contribution or the payment of the Control, Oversight and Verification Fee provided under Sections 22 and 49 of Law No.&nbsp;27,078.</font>
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			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">g) Decree No.&nbsp;1,340/16 - Amendments to DNU No.&nbsp;267/15</font>
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			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Decree No.&nbsp;1,340/16 issued by PEN and published in the Official Gazette on January&nbsp;2, 2017 provides the rules&nbsp;for achieving a greater convergence of networks and services under </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">competitive conditions</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">, promoting the deployment of next generation networks and the penetration of Broadband Internet access throughout the national territory, in accordance with the provisions of Laws No.&nbsp;26,522 and 27,078. This Decree </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">introduces some amendments </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">to DNU No.&nbsp;267/15, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">which has the status of Law</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Among the most relevant provisions, it establishes:</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">- Fix the 15-year-term, as from the publication of the Decree, as differential condition in the terms provided by section 45 of Law No.&nbsp;27,078, for the protection of last-mile fixed NGN networks for Broadband deployed by ICT licensees for Broadband regarding the regulations of open access to Broadband and infrastructure to be stated, notwithstanding the provisions of section 56 of said Law.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">- That the Ministry of Communications or ENACOM, as appropriate, shall establish the rules&nbsp;for the administration, management, and control of the radio spectrum, according to guidelines for the promotion of competition as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">a) the ENACOM, in a period not exceeding 6 months since the publication of the Decree, shall call for National and International Public Auction Process for the allocation of new frequency bands for the provision of mobile communications services, according to the service attributions following the recommendations of the International Telecommunication Union (ITU), to maximize and increase the radio resources assigned thereto;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">b) for the purposes of the provisions of section 28 of Annex IV of Decree No.&nbsp;764/00 and section 29 of Law No.&nbsp;27,078, rules&nbsp;and procedures shall be adopted ensuring the reattribution of radio spectrum frequencies with economic compensation and shared use to frequencies previously allocated to other service and assigned to ICT or SCA providers who request to re-use them for the provision of mobile or fixed wireless services with LTE or higher technologies. To this effect, the Regulatory Authority shall impose coverage obligations and specific goals;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">c) for the purposes of the provisions of sections 27 and 28 of Law No.&nbsp;27,078 and section 2 subparagraphs c) and d) of Decree No.&nbsp;798/16, the ENACOM shall have the power to assign radio spectrum frequencies on demand, establishing compensation, deployment and coverage obligations, within the corresponding deadlines, to: 1) current local or regional providers of ICT services in their service areas; and 2) current providers of MCS, on the terms provided in section 3 of Decree No.&nbsp;798/16;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">d) the term of authorizations for the use of frequencies of the SCMA, as well as the corresponding deployment obligations, shall be computed since the effective migration of services currently operating in these bands in the scope of Area II, defined according to the provisions of Decree No.&nbsp;1,461/93 and its amendments (additional information on the impact on the Company is provided in Note 3.j) and Note 18.e) to these consolidated financial statements).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">- That Operators included in section 94 of the LAD (among them, Telecom Argentina), may register the Broadcasting Service by subscription, by physical or radio connection as of the enforcement of this</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Decree, setting January&nbsp;1, 2018 as initial date for the provision of such service in the AMBA (and extended AMBA), and in the cities of Rosario (Santa Fe Province) and C&#xF3;rdoba (C&#xF3;rdoba Province). The Decree also provides that, for the rest of the country, the initial date for the provision of the services of these operators shall be determined by the ENACOM (See Resolution E 5641 E/ 2017).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">- That ICT&#x2019;s licensees and Satellite Link Subscription Broadcasting licensees, who as of December&nbsp;29, 2016 simultaneously provided both services, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">may retain ownership of </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">both types of licenses.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">- That ICT&#x2019;s services providers carrying out joint service offerings, shall detail the price of each of them, including the breakdown of these values, and the discounts or benefits applied to each service or product of the aforementioned offer, not being able to subsume, under any condition, the hiring of any service to the hiring of another, so as to prevent the consumer from obtaining the service individually or separately.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">- That within 180 days of the Decree enforcement, the Ministry of Communications will establish the necessary guidelines for the creation of the &#x201C;Public Protection, Defense and Security Operations Network&#x201D; (</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Red de Protecci&#xF3;n P&#xFA;blica y Operaciones de Socorro, Defensa y Seguridad)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> under the terms of section 12 of Law No.&nbsp;27,208 </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">to secure suitable communications for public safety agencies</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">- That for the purposes of the provisions of section 92 of Law No.&nbsp;27,078 and section 2, paragraph g) of Decree No.&nbsp;798 issued on June&nbsp;21, 2016, MINCOM shall ensure the following principles on interconnection matters:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;color:#000000;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Until the interconnection prices determination systems provided by the National Interconnection Regulation are implemented, averages of regional Latin America prices shall be considered for similar functions and facilities, corrected by parameters which comply with the conditions of the sector, as determined by the Authority of Application;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;color:#000000;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">In accordance with section 46 of Law No.&nbsp;27,078, the National Interconnection Regulation shall provide asymmetric interconnection rates for mobile services for a 3 years period from the effective service implementation, extendable for a maximum of 18 months.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;color:#000000;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> c)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The National Interconnection Regulation shall provide rules&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">concerning the automatic national roaming service</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">, forcing mobile services providers, for a maximum period of 3 years, to make such service available to other providers in areas where they do not have their own network coverage.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The temporary limitation provided in the previous paragraph </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">shall not be enforceable </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">in those cases in which mobile services are provided by cooperatives and small and medium-sized companies with exclusively regional coverage.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile service providers shall</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> freely</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> enter into agreements to secure, among other issues, technical, economic, operational and legal conditions. Such agreements may not be discriminatory or may not establish technical conditions that prevent, delay or obstruct interconnection services.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The National Interconnection Regulation will enable ENACOM to define reference prices for a maximum period of 3 years, taking into </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">consideration </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">the costs of the assets involved (subject to exploitation) and a reasonable return rate to ensure speed, neutrality, non-discrimination and competition between mobile service providers. Likewise, they shall not contain technical, interconnection, operational or other conditions that delay, obstruct or create </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">barriers for the remaining mobile services providers to access the market</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">h) Universal Service Regulation</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Decree No.&nbsp;764/00</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Law No.&nbsp;27,078 states that Decree No.&nbsp;764/00 and its amendments shall remain in full force to the extent that the provisions of such Decree do not conflict with the law until the Regulatory Bodies have drawn up the regulations concerning the Licensing Framework for ICT Services.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">With respect to Universal Service Regulation, Annex III of Decree No.&nbsp;764/00 required entities that receive revenues from telecommunications services to contribute 1% of these revenues (net of taxes) to the Universal Service Fiduciary Fund (the &#x201C;SU Fund&#x201D;). The regulation adopted a &#x201C;pay or play&#x201D; mechanism for compliance with the mandatory contribution to the SU Fund. The regulation also established the exemption to contribute to the FSU in the following events: (i)&nbsp;for local services provided in areas with teledensity lower than 15%, and ii) when certain conditions exists in connection with a formula which combines the foregone revenues and the market share of other operators than Telecom Argentina and Telef&#xF3;nica who provide local telephony. Additionally, the regulation created a committee responsible for the administration of the SU Fund and the development of specific SU programs.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June&nbsp;8, 2007, the SC issued Resolution No.&nbsp;80/07 which stipulated that until the SU Fund was effectively implemented, telecommunication service providers, such as Telecom Argentina and Personal, were required to deposit any contributions accrued since the issuance of such Resolution into a special individual account held in their name at Banco de la Naci&#xF3;n Argentina. CNC Resolution No.&nbsp;2,713/07, issued in August&nbsp;2007, established how these contributions are to be calculated.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">SU Regulation established by Decree No.&nbsp;558/08</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Decree No.&nbsp;558/08, published on April&nbsp;4, 2008, introduced certain changes to the SU Fund regime, replacing the Annex III of the Decree No.&nbsp;764/00. Decree No.&nbsp;558/08 established that the SC would assess the value of service providers&#x2019; direct program contributions in compliance with obligations promulgated by Decree No.&nbsp;764/00. It would also determine the level of funding required in the SU Fund for programs pending implementation. In the same manner, in order to guarantee the continuity of certain projects, the SC was given the choice to consider as SU contributions certain other undertakings made by telecommunication services providers and compensate providers for these undertakings.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In defining &#x201C;Universal Service,&#x201D; the new regulation established two categories: (a)&nbsp;geographical areas with uncovered or unsatisfied needs and (b)&nbsp;customer groups with unsatisfied needs. It also determined that the SC would have exclusive responsibility for the issuance of general and specific resolutions regarding the new regulation, as well as for its interpretation and application.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It also established that the SC would review SU programs which were established under the previous regulation, guaranteeing the continuity of those already being administered and implementing those that had been under review. The financing of SU ongoing programs which were recognized as such were determined by the SC, whereas telecommunications providers appointed to participate in future SU Programs were selected by competitive auction.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Decree required Telecom Argentina and Telef&#xF3;nica to extend the coverage of their fixed line networks, within their respective original region of activity, within 60 months from the effective date of publication of the Decree.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Decree required telecommunications service providers to contribute 1% of their revenues (from telecommunication services, net of taxes) to the SU Fund and kept the &#x201C;pay or play&#x201D; mechanism for compliance with the mandatory monthly contribution to the SU Fund or, to claim the corresponding receivable, as the case may be.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Providers of telecommunications services should rely on the advice of a Technical Committee made up of seven members (two members should be appointed by the SC, one member should be appointed by the CNC, three members should be appointed by the telecommunication services providers &#x2013; two of which should be appointed by Telecom Argentina and Telef&#xF3;nica and one by the rest of the providers &#x2013; and another member had to be appointed by independent local operators). This Technical Committee was informed by the SC of the programs to be financed and was responsible for managing and controlling the SU Fund, carrying out technical-economic evaluations of existing projects and supervising the process of competitive auction and adjudication of new SU programs, with the prior approval by the SC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Technical Committee was created. Additionally, telecommunications service providers sent the proposed Fiduciary agreement to the SC. The SC approved it in January&nbsp;2009 through Resolution No.&nbsp;7/09.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;9, 2008, the SC issued Resolution No.&nbsp;405/08 which was objected by the Company and Personal. These objections were resolved by the SC through its Resolution No.&nbsp;154/10.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On November&nbsp;11, 2010, the SC issued Resolution No.&nbsp;154/10 adopted the methodology for the deposit of the SU contributions to the trustee&#x2019;s escrow account. The Resolution included several provisions related to the determination of the contributions that correspond to the periods before and after Decree No.&nbsp;558/08 was issued. It also provided that until the SC determined the existence of programs, the amounts that would correspond to their implementation would be discounted by the telecommunication providers when determining their contribution to the SU Fund. If completed the verification from the SC there were unrecognized amounts, they should be contributed into the SU Fund or for the development of new works of the SU, with the approval of the SC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;30, 2010, the trustee notified Telecom Argentina and Personal the trustee&#x2019;s escrow account number in which they should deposit the SU contributions under the provisions of SC Resolution No.&nbsp;154/10.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Amendments of the LAD to the SU Regulation</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In December&nbsp;2014, the LAD introduced substantial modifications to the SU regulations pursuant to Decree No.&nbsp;558/08. Among its provisions the LAD establishes the creation of a new SU Fund and the fact that the investment contributions corresponding to the SU programs be managed through said fund, whose assets shall belong to the National Government.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The licensees of ICT Services (among them, Telecom Argentina and Personal) are obliged to make investment contributions to the SU Fund equivalent to one per cent (1%) of the total accrued revenues for the provision of the ICT Services included in the scope of application of the law, net of imposed taxes and charges. The investment contribution shall not be transferred to the users whatsoever. In turn, the Regulatory Authority may dispose, once the SU objectives are reached, the total or partial, permanent or temporary exemption, of the obligation to perform said investment contributions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This law also establishes that by virtue of that set forth by Sections 11.1 and 11.2 of the Management Trust Agreement of the SU Fund of Decree No.&nbsp;558/08, the resources therein foreseen in section 8 of Annex III of Decree No.&nbsp;764/00 and its amendments shall be integrated to the SU Fund created by the LAD in the conditions determined by the Regulatory Authority.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The SU Funds shall be applied by means of specific programs. Its content and the corresponding awarding mechanisms shall be defined by the Regulatory Authority who may entrust the execution of these plans directly to the entities included in article 8, paragraph b), of Law No.&nbsp;24,156, or, complying with the selection mechanisms that may correspond, respecting publication and competition principles, to other entities.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September&nbsp;10, 2015 Telecom Argentina and Personal filed before the AFTIC their respective SU contribution affidavits corresponding to the revenues recorded in July&nbsp;2015, clarifying that these presentations were made with the understanding that the operational rules&nbsp;related to the SU Fund contribution, regulated by Decree No.&nbsp;558/08 and related provisions, are in force. Additionally, Personal proceeded to deposit the corresponding contribution in the new SU Fund account reported through the Official Notice published by the AFTIC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In its filings, Telecom Argentina and Personal had stated that the filing of the affidavits and, in the case of Personal, the deposit did not imply explicit or implicit consent of the regulations issued by the LAD and expressly reserved their rights in relation to the unconstitutionality of the provisions set forth in articles 21, 22, 91 and related provisions of said law, as well as the claim of any rights arising from the acknowledgement of this argument.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, the Company has not received any response to its filings.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">ENACOM Resolution No.&nbsp;2,642/16 approved the new SU Regulation, which was published on May&nbsp;31, 2016, in the context of the new disposals established by the LAD.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The new regulation retains the obligation of contributing 1% of total income related to the provision of ICT services net of taxes and fees, anticipating the possibility of granting exemptions, in which case the subjects liable for payment, must comply with the obligations established by the Regulatory Authority.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In accordance with ENACOM Resolution No.&nbsp;6,981-E/16 issued on October&nbsp;19, 2016, the FFSU and the FFSU Investment Contribution Settlement and Interest Report forms were approved and are in force since January&nbsp;1, 2017, being operationally implemented since March&nbsp;2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Taking into consideration the changes introduced in the Affidavits Form&nbsp;approved by the regulation, the Company and Personal made a presentation to the Regulatory Authority exposing the need to introduce amendments to the forms in order to explain the deductions of the SU services that both companies are providing.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On May&nbsp;4, 2017, ENACOM Resolution No.&nbsp;2,884/17 was published in the Official Gazette. This Resolution amends the Form&nbsp;of the FFSU contributions, adding, within the possible deductions, the &#x201C;Discount Annex. SC Resolution No.&nbsp;154/10 Section&nbsp;1, Sub-section B) i), second paragraph&#x201D;. Such Resolution allows deducting, until the Regulatory Authority expresses its opinion, any amounts that eventually may correspond to SU Initial Programs or other than those provided for in Annex III of Decree No.&nbsp;764/00, in accordance with the provisions of Section&nbsp;2 of Decree No.&nbsp;558/08 and Section&nbsp;6 of Annex III of Decree No.&nbsp;764/00, replaced by Decree No.&nbsp;558/08.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">ENACOM Resolution No.&nbsp;8,770-E/16, issued on December&nbsp;19, 2016, amends section 21 of the RGSU (General Regulation of the Universal Service</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, providing that programs developed in accordance with sections 19 and 20 of the Regulation will be awarded by Resolution of the ENACOM Board of Directors through any of the following mechanisms, as proposed by the Chairman of the ENACOM Board of Directors:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a) Direct implementation of the programs to entities included in section 8 paragraphs b) of Law No.&nbsp;24,156, or</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">b) Public or private, national or international, single or multiple-stage auction or offering.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Priority will be given to projects to be developed in those municipalities that have adopted the regulations proposed in the code of good practices for the deployment of mobile communications networks developed by Argentine Federation of Municipalities and the Operators of Mobile Communications and supported by the former SC of the former Ministry of Federal Planning, Public Investment and Services on August&nbsp;20, 2009 or those contemplating regulations of similar characteristics.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> financial statements</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, there are still pending administrative appeals filed by Telecom Argentina in 2012 against several resolutions that rendered ineffective deductions in the SU payments with reference to several programs provided by Telecom Argentina in the &#x201C;play&#x201D; mode of the SU. The magnitudes of the deductions challenged by the Regulatory Authority are disclosed below in Note 2.h) &#x201C;SU Fund in Telecom Argentina&#x201D;, transforming the asset position of Telecom Argentina ($2,925) into a potential liability position. As a reference Telecom Argentina potential obligation of the SU for the period July&nbsp;2007 to December&nbsp;2017 represents approximately $799. However, the Company&#x2019;s Management, with the assistance of its legal advisors, considers that has solid fact and legal arguments to defend the criteria that Telecom Argentina has held and holds with regard to the SU scheme.&nbsp;&nbsp;Additional information is provided on Note 2.o) to these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">SU Fund in Telecom Argentina</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Several years after the market&#x2019;s liberalization and the effectiveness of the first SU regulations, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">incumbent operators </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">have not received </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">any </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">set-offs for providing services as required by the SU regime and the LAD.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">As of the date of issuance of these consolidated financial statements and in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713 /07, Telecom Argentina has filed its monthly calculations since July&nbsp;2007 for the review of the Regulatory Authority and estimated a receivable of $2,925 (unaudited). This receivable has not yet been recorded as of December&nbsp;31, 2017 since it is subject to the approval of the SU programs, the review of the Regulatory Authority and the availability of funds in the SU Trust.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">On April&nbsp;8, 2011, the SC issued Resolution No.&nbsp;43/11 notifying Telecom Argentina that investments associated with &#x201C;High-Cost Areas&#x201D; &#x2013; amounting </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">to </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">approximately $2,691 since July&nbsp;2007 </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">to date </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">and which are included in the abovementioned receivable - did not qualify as an Initial Indicative Program. Telecom Argentina filed a claim on this resolution.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Telecom Argentina was notified of SC Resolutions No.&nbsp;53, 54, 59, 60, 61, 62, 69 and 70/12, pursuant to which the &#x201C;Special Service of Information 110&#x201D;, the &#x201C;Discounts for Retired People, Pensioners and Low Consumption Households&#x201D;, the services of &#x201C;Social Public Telephony and Loss-Making Public Telephony&#x201D;, the &#x201C;Services and Discounts relating to the Information Society Program argentin@internet.todos&#x201D;, the &#x201C;Services for Deaf-Mute People&#x201D;, the &#x201C;Free Access to Special Emergency Services and Special Community Services&#x201D;, the &#x201C;Value Added Service 0611 and 0612&#x201D; and the &#x201C;Long Distance Semipublic Service &#x201C;, respectively, did not qualify as an Initial Indicative Program, pursuant to the terms of Article&nbsp;26 of Annex III of Decree No.&nbsp;764/00, and that, they did not constitute different services involving a SU provision, and therefore they cannot be financed with SU Funds, pursuant to the terms of Article&nbsp;2 of Decree No.&nbsp;558/08.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina&#x2019;s</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> Management, with the advice of its legal </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">counsel</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">, has filed appeals against SC Resolutions Nos. 53, 54, 59, 60, 61, 62, 69 and 70 presenting the legal arguments based on which such resolutions should be revoked. The deductions that were objected by the SC Resolutions amount to approximately $1,033 and are included in the credit balance mentioned in the second paragraph.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> of the date of issuance of these consolidated financial statements the resolution of this appeal is still pending.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> September&nbsp;13, 2012, the CNC required Telecom Argentina to deposit approximately $208</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">.&nbsp;Telecom Argentina</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> has filed a recourse refusing the CNC&#x2019;s request on the grounds that appeals against </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">SC Resolutions are still pending</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> of resolution</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">As of the date of issuance of these consolidated financial statements, although it cannot be assured that these issues will be favorably resolved at the administrative stage, Telecom Argentina&#x2019;s Management, with the assistance of its legal advisors, considers that it has solid legal and de facto arguments to support the position of Telecom Argentina.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">SU Fund in Personal</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Since January&nbsp;2001, Personal has recorded a liability related to its obligation to make contributions to the SU Fund. In addition, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">since July&nbsp;2007 and </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713/07, Personal </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">deposited the correspondent contributions of approximately $112 into an account held under their name at the Banco de la Naci&#xF3;n Argentina in January&nbsp;2011.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During the first quarter of 2011, the above -mentioned funds were transferred to the trustee&#x2019;s escrow account, in compliance with the provisions of SC Resolution No.&nbsp;154/10 previously described. Since January&nbsp;2011, the SU Fund monthly contributions were made into such escrow account.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;26, 2011, the SC issued Resolution No.&nbsp;9/11 establishing the &#x201C;Infrastructure and Facilities Program.&#x201D; The Resolution provided that telecommunication service providers could contribute to investment projects under this program, exclusively the amounts corresponding to their pending obligations of investment contributions born under Annex III of Decree No.&nbsp;764/00, before the effective date of Decree No.&nbsp;558/08.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In March&nbsp;2011, Personal submitted to the SC a $70 investment project, pursuant to SC Resolution No.&nbsp;9/11, for the development of a network infrastructure in locations in the Northern Region of Argentina with no mobile coverage. Personal submitted its calculations from 2001/2007 related to the mentioned project to be financed through its own SU contribution of such periods as required by the SC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On April&nbsp;9, 2014 Personal filed an amended proposal for the project within the scope of resolution No.&nbsp;9/11, pursuant to the SC&#x2019;s request. This new filing consists only of additional detailed information about the project&#x2019;s scope. As of the date of issuance of these consolidated financial statements the Project is pending of approval.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On July&nbsp;5, 2012, the SC issued Resolution No.&nbsp;50/12 pursuant to which it notified that the services referred to by the Mobile Communications Services Providers, which were filed as High Cost Areas or services provided in non-profitable areas, services provided to clients with physical limitations (deaf-mute and blind people), rural schools, and the request relating to the installation of radio-bases and/or investment in the infrastructure development in various localities, did not constitute items that may be discounted from the amount of contributions to the SU pursuant to the last part of Article&nbsp;3, of Resolution No.&nbsp;80/07, or Article&nbsp;2 of Decree No.&nbsp;558/08. It also provided that certain amounts already deducted would be used for investment projects within the framework of the Program of SC Resolution No.&nbsp;9/11, or deposited in the SU Fund, as applicable.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Personal has filed an administrative </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">action</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> against SC Resolution No.&nbsp;50/12 requesting its nullity. As of the date of issuance of these consolidated financial statements</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, this </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">matter is still pending.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;1, 2012, responding to an SC&#x2019;s requirement, Personal deposited under protest approximately $23 in the SU Fund, corresponding to the assessment of the SU services provided by Personal since the issuance of Decree No.&nbsp;558/08, reserving its right to take all actions it may deem appropriate to claim its reimbursement, as informed to the SC and the CNC on October&nbsp;15, 2012. Since August&nbsp;2012, Personal is paying under protest of those concepts in their monthly affidavits.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It cannot be assured</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> that this issue would be favorably resolved </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">in</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> the administrative stage</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, or, later at a judicial stage</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">i) Spectrum</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">SC Resolution No.&nbsp;38/14</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On July&nbsp;7, 2014, SC Resolution No.&nbsp;38 was published in the Official Gazette which announced a Public Auction process (the &#x201C;Auction process&#x201D;) for the awarding of the remaining frequencies of the Personal Communication Services (PCS), of the Cellular Mobile Radiocommunication Services (SRMC), as well as those of the new spectrum for the Advanced Mobile Communications Service (SCMA) recently created.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Terms and Conditions organized the aggregate of the spectrum to be auctioned in 10 Lots, being the first one to be auctioned exclusively among entering operators. The Public Auction took place on October&nbsp;31, 2014. Personal presented its economic bids and was awarded Lots 2, 5, 6 and 8. Telef&#xF3;nica M&#xF3;viles Argentina S.A. (Movistar), Am&#xE9;rica M&#xF3;vil S.A. (Claro) and Arlink S.A also participated in the Auction.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Through SC Resolution No.79/14 the SCMA service was awarded to Personal, while through SC Resolutions No.&nbsp;80/14, 81/14, 82/14 and 83/14 that were published in the Official Gazette on November&nbsp;27, 2014, the following frequency bands were awarded to Personal:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;">
			<tr>
				<td valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">SC<br />Resolution</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Lot<br />No.</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Frequency Band</font></p>
				</td>
				<td valign="bottom" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Exploitation<br />area/ (Service)</font></p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Amount<br />paid (in<br />millions of<br />US$)</font></p>
				</td>
				<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Capitalized cost<br />of acquisition (in<br />millions of $)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">80/14</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">5</font></p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">PCS</font></p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">1890-1892.5 MHz and 1970-1972.5 MHz</font></p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Northern (3G)</font></p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.0
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">81/14</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">2</font></p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">SRMC</font></p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">830.25-834 MHz and 875.25-879 MHz</font></p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">AMBA (3G)</font></p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.0
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">82/14</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">6</font></p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">PCS</font></p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">1862.5-1867.5 MHz and 1942.5-1947.5 MHz</font></p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Southern (3G)</font></p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.0
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">83/14</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">8</font></p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">SCMA</font></p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">1730-1745 MHz and 2130-2145 MHz</font></p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Country (4G) partial awarding</font></p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>354.7
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,049
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>410.7
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(*) 3,530</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Includes $18 corresponding to the tax on debits to bank accounts that were capitalized in the cost of the licenses.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Personal paid for the awarded frequency bands, and also constituted the corresponding performance guarantees. In the case of Lot No.&nbsp;8, the payment was made on account of the single and total price offered for this Lot.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Personal asked that the assignment of the Frequency Bands for the SCMA services in Lot No.&nbsp;8, which was partially awarded to Personal through SC Resolution No.83/14, be completed and reserved the applicable rights.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The full awarding of Lot No.&nbsp;8 became essential for compliance with the commitments foreseen in the Auction Terms and Conditions. Once the awarding process was completed, Personal had access to SCMA Frequency Bands 713-723/768-778, and had to pay the equivalent to US$ 247.3 million (pending balance of the auction&#x2019;s amount), and give a warrant of accomplishment of 15% of such amount.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Auction Terms and Conditions provided authorizations for the use of the auctioned frequency bands for a period of fifteen (15) years from the notification of the award. After this deadline the Regulatory Authority would extend the terms of use upon formal request of the awarded operator (which price and conditions would be set forth by the Regulatory Authority).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Auction Terms and Conditions also established strict coverage and network deployment commitments which require significant investments to Personal. Additional information is provided in Note 18.e) to these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Through SC Resolution No.&nbsp;25/15, issued on June&nbsp;11, 2015, Personal was assigned the rest of Frequency Bands which composed Lot 8 and that were pending of assignment by the SC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June&nbsp;25, 2015 Personal paid the offered amounts corresponding to the awarded Frequency Bands (which were equivalent to US$247.3 million) pursuant to the provisions of the Auction Terms and Conditions and its complementary clarifying documents, as a result of which the whole amount of the sum offered for Lot 8 was paid. In addition, in its bid documents, Personal stated that such Lot formed a unique and comprehensive block for purposes of complying with the obligations undertaken in connection with the deployment of the SCMA, also expressing that the Federal Government has the obligation to cause the awarded bands to be free from occupants and interferences.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">SC Resolution No.18/14, provided that the 698 to 806MHz frequency bands had to be disengaged before a two years deadline. Expired that period, the irradiating systems involved in the migration had to finish their emissions.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> financial statements</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, the deadline provided by SC Resolution No.&nbsp;18/14 for the disengagement of the 698 to 806MHz frequency band expired on July&nbsp;18, 2016. However, such frequency band continues to be busy.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">ENACOM Resolution No.&nbsp;6,396/16, published in the Official Gazette on July&nbsp;22, 2016, provided that the licensees within the scope of the migration provided by SC Resolution No.&nbsp;18/14 that are currently providing services within the 698 to 806MHz frequency band, may choose to: (i)&nbsp;temporarily continue providing their respective services in other frequencies corresponding to the bands allocated to the&nbsp;broadcasting service, particularly 512-698 MHz frequency band, subject to technical feasibility verified in each case, and for the term provided in section 2 of Resolution No.&nbsp;6,396/16; or (ii)&nbsp;request the assignment of a bandwidth equivalent to that currently authorized, in 12.2 to 12.7 GHz destination band.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, the &#x201C;Authorization Agreement for the Use of Frequency Bands&#x201D;, related to the bands awarded to Personal as a result of the public auction called pursuant to the provisions of SC Resolution No.&nbsp;38/14 is still pending of execution by the Regulatory Authority.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the provisions of Decree No.&nbsp;1,340/16, the term of the authorizations for the use of frequencies of the Advanced Mobile Communications Service, as well as the corresponding deployment obligations, will be computed from the actual migration of the services currently operating in these bands in Area II (AMBA) (additional information on the impact on the Company is disclosed in Note 3.j) and Note 18.e) to these consolidated financial statements).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;18, 2017, Personal filed a letter to ENACOM expressing its interest in participating in the Auction, Offering or Reattribution procedure/s of frequency bands timely available within the scope provided by Law No.&nbsp;27,078 and consistent regulations, subject to the analysis of the conditions defined at that time. This includes the bands currently attributed to the Mobile Communications Service or Advanced Mobile Communications Service, as thus also any other band which, in the future, be attributed to the provision of such services among other frequencies in bands 2.5-2.6 Ghz, 3.4-3.7 GHz, 450 Mhz, 600 MHz, 700 MHz, 800 MHz, 850 MHz, 900 MHz, 1900 MHz, AWS, and extended AWS.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Regulations of Refarming with Financial Compensation and Shared Use of Frequencies</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;31, 2017, Resolution of the Ministry of Communications 171-E 2017 was issued, approving the &#x201C;Regulations of Refarming with Financial Compensation and Shared Use of Frequencies&#x201D; (Reglamento de Refarming con Compensaci&#xF3;n Econ&#xF3;mica y Uso Compartido de Frecuencias). As a summary, the following provisions can be highlighted:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Instructs ENACOM to analyze the technical feasibility and implement the allocation to the mobile service, with primary status, of the 450-470 MHz, 698-960 MHz and 2,300-2,400 MHz frequency bands. All of the above is to be used in the provision of SCMA or any other arising from technological developments.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Provides the preventive suspension of the reception of awarding procedures in 1,427-1,518 and 3,300-3,600 MHz frequency bands.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Modifies the spectrum cap, setting it in 140 MHz per provider for each area and/or operating location. For such purposes, the spectrum assigned to each company, its subsidiaries or controlling shareholders, directly or indirectly, or subject to common control or those holding more than 30% of the shares of another company, will be considered if, with such equity interest, holds a position of substantial influence in the decisions of such company. Any other subject or body may be included in the calculation of the spectrum awarded to any other subject or entity assigned to that spectrum when it is understood that any contractual linkage has been entered into to circumvent this limit.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Instructs ENACOM to modify the &#x201C;National Scheme of Attribution of Radio Spectrum Bands&#x201D; (Cuadro Nacional de Atribuci&#xF3;n de Bandas del Espectro Radioel&#xE9;ctrico &#x2013; &#x201C;ER&#x201D;) for the purpose of making available for MCS providers frequency bands suitable to that end.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; From the publication of the new bandwidth table and its respective channels, MCS providers will have a maximum of 15 working days to request their express assignment. Such allocations shall be made on equal terms and conditions as those required from other providers of similar service in the same band. This provision is complemented by section 9 of Resolution No.&nbsp;1,034-E/17.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; The regulatory authority is delegated to ENACOM, who will provide the necessary complementary or explanatory rules&nbsp;for a better application of these provisions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Through the Annex attached to the resolution, the &#x201C;Refarming Regulation&#x201D; is approved including a series of definitions that enable to properly understand the scope of the resolution.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, ENACOM Resolution No.&nbsp;1,033-E/17, issued on February&nbsp;20, 2017 provided to allocate the frequency bands between 905-915 MHz, and 950-960 MHz to the Mobile Service with primary status, for the provision of the Advanced Mobile Communications Service.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">ENACOM Resolution No.&nbsp;1,034-E/17, also issued on February&nbsp;20, 2017, allocated the frequency band between 2,500-2,690 MHz to the Mobile Service with primary status, and the use of the frequency band between 2,500-2,690 MHz for the provision of SCMA in addition to current services when their coexistence is possible.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March&nbsp;7, 2017 ENACOM Resolution No.&nbsp;1,299-E/17 was published in the Official Gazette. This Resolution approved the Refarming Project with Financial Compensation and Shared Use of Frequencies to&nbsp;Nextel Communications Argentina SRL (&#x201C;Nextel&#x201D;), currently Telecom since the merger with Cablevisi&#xF3;n S.A. &#x2013;See Note 32, to provide the Advanced Mobile Communications Service, granting this company the registration for the provision of such service, and authorizing it to:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.25pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">use frequencies between 905-915 MHz and 950-960 MHz in accordance with the provisions of ENACOM Resolution No.&nbsp;1,033-E/17 and channels 7 to 10, and 7&#x2019; to 10&#x2019; in FDD mode, provided in the Annex of Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project approved by the Resolution.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.3pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">use frequencies between 2,550-2,560 MHz, and between 2,670-2,680 MHz exclusively for migrating users from pre-existing services, for a 2-year period, term in which it should additionally resolve the final destination of those users. Once the migration is completed, or the 2-year term expires, whichever occurs last, Nextel may use channels 11 and 12, and the corresponding 11&#x2019; and 12&#x2019; in FDD mode, provided in the Annex to Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project hereby approved.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Resolution provides as URV for the radio spectrum the following bands involved in the project:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">900 MHz Band = 0.1841 (US$/MHz/inhabitant)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">2,600 MHz Band = 0.0423 (US$/MHz/inhabitant)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">RV for frequencies involved in the Project in FDD mode is set in US$178,419,397 calculated pursuant to Section&nbsp;7 of MINCOM Resolution No.&nbsp;171-E/17, based on the URV provided in the foregoing section.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The rule&nbsp;establishes that the following discounts and weighting factors will be applied, which shall be calculated pursuant to section 7 of MINCOM Resolution No.&nbsp;171-E/17, and which in detail will be used in order to determine the amount of the Financial Compensation that will be part of the agreement to be settled.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.3pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Discounts:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">- The amount equivalent to the frequencies of the spectrum whose return is provided in section 7 therein, and whose value will be calculated according to the URV provided in section 8 herein, as appropriate.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-The amount corresponding to the valuation of the Coverage Obligations provided by section 10 of the regulation.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.25pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Weighting Factors:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-The speed of networks and service deployment calculated from the amount of investment for the first five years, with respect to the total Project hereby approved.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-The speed of deployment of the Coverage Obligations provided in section 10 therein.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The implementation of the Project is subject to the issuance of the agreement specifying the terms, conditions, goals, obligations and other issues inherent to the provision of Advanced Mobile Communications Service.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">ENACOM Resolution No.&nbsp;3,687-E/17 call for the on-demand frequency allocation</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">ENACOM Resolution No.&nbsp;3,687-E/17, published in the Official Gazette on May&nbsp;12, 2017, provided the call for the on-demand frequency allocation of the 2,500 to 2,690 MHz radio spectrum, stating the procedure, obligations and compensations to be fulfilled by the Mobile Communications Service providers who qualify to participate, in accordance with the provisions of Section&nbsp;4 of Decree No.&nbsp;1,340/17.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Resolution provided to group the frequency channels to be allocated in three (3)&nbsp;Lots: two (2)&nbsp;Lots of 30 MHz, containing three (3)&nbsp;frequency channels in the FDD mode each, and one (1)&nbsp;Lot of 40 MHz, containing two (2)&nbsp;frequency channels in FDD mode (20 MHz) and four (4)&nbsp;frequency channels in TDD mode (40 MHz) with a TDD channels trade option for a Lot of 10 MHz in FDD for two years extent if certain conditions are met, according to the channeling provided in ENACOM Resolution No.&nbsp;1,034-E/17 and its amendment (ENACOM Resolution N&#xB0; 1,956-E/17). According to the characteristics of the 2,500 to 2,690 MHz band, the authorization of use of the frequency channels that compose each Lot must be issued by each locality.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On May&nbsp;24, 2017, Personal filed to ENACOM the Envelope with its On-demand Allocation Request, according to the provisions of Resolution No.&nbsp;3,687-E/17.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On July&nbsp;5, 2017, ENACOM notified Personal of its Resolution No.&nbsp;5,478-E/17 through which the frequencies included in Lot A were assigned to Telef&#xF3;nica M&#xF3;viles Argentina S.A., the frequencies included in Lot B were assigned to AMX Argentina S.A. and the frequencies included in Lot C were assigned to&nbsp;Personal (all of them stated in Annex I of ENACOM Resolution No.&nbsp;3,687 E/17), in the locations detailed in the respective Annexes (attached to Resolution No.&nbsp;5,478-E/17) as requested by each provider. The Resolution provides that the enforcement of its provisions will be operative, within the Departments of San Rafael, General Alvear and Malarg&#xFC;e, of the Province of Mendoza, once the judicial decision ordered by the Federal Court of San Rafael in the legal process entitled &#x201C;CABLE TELEVISORA COLOR S.A. c/ PEN AND OTHER S/ AMPARO Ley 19,986-File No.&nbsp;5,472/17&#x201D; had been revoked.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The spectrum allocation will last 15 years since CABA plus other 13 areas are free of interference over a total of 18 provincial capitals plus Rosario, Mar del Plata and Bahia Blanca and will demand payment of up to approximately US$ 55.9 million (subject to certain compensation clauses for early or late releases) to be paid by localities released from interference on every January&nbsp;of the following year of the year of the effective release. The conditions for the spectrum allocation include certain obligations regarding the service launch by localities, penalty clauses for non-compliance with the deadlines established by localities (which would involve the frequency return plus a fine equivalent to 15% of the spectrum value of the locality involved) and certain guarantees required, among them, the deployment.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Spectrum in 700 MHz Band licenses (Paraguay)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September&nbsp;2017 the public consultation process was started for the auction of 700 MHZ band spectrum. The list of conditions was issued on October&nbsp;30, 2017 and in December&nbsp;of the same year the prequalification of offerors was done being N&#xFA;cleo one of the prequalified and having to pay a deposit of US$ 15 million in December&nbsp;2017 (equivalent to approximately $278 as of December&nbsp;31, 2017, and included in other current receivables). The process finished on January&nbsp;4, 2018 with the simultaneous auction of 7 sub-bands of 5 + 5 MHz each one, N&#xFA;cleo was awarded with two of them for an amount of US$ 12 million for each sub-band subject to the compliance with certain conditions provided by CONATEL&#x2019;s resolution.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On February&nbsp;27, 2018 the auction&#x2019;s price was cancelled for US$ 9 million in compliance with CONATEL&#x2019;s resolution.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">j) SC Resolution No.&nbsp;5/13 &#x2013; Telecommunication service quality regulation</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On July&nbsp;2, 2013, SC Resolution No.&nbsp;5/13 was published in the Official Gazette. This Resolution approved a &#x201C;telecommunication service quality regulation&#x201D;, establishing, among others, new quality parameters required for telecommunication services provided through mobile and fixed public networks, for all the operators in Argentina, as well as the obligation to provide periodic information to the CNC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">CNC Resolution No.&nbsp;3,797/13 was published in the Official Gazette on November&nbsp;13, 2013, supplementing SC Resolution No.&nbsp;5/13 and approving the Audit Procedures and Technical Verification of Service Quality Regulation of Telecommunications Services Manual.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant to the provisions of CNC Resolution No.&nbsp;3,797/13, Telecom Argentina and Personal have submitted their respective &#x201C;Technical Reports&#x201D; (detailed technical specifications of the measurement process) and have made their submissions providing the required information pursuant to the provisions of SC Resolution No.&nbsp;5/13.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On August&nbsp;14, 2014 the CNC notified Telecom Argentina and Personal that the audits and technical verifications that the Regulatory Authority shall perform on the supply of services regarding licenses of Telecom Argentina and Personal will be performed following the processes and methods of measurement exhibited in the respective presentations of the &#x201C;Technical Reports.&#x201D; The CNC also notified Telecom Argentina that these shall be carried out using the principles set forth in SC Resolutions No.&nbsp;5/13 and CNC No.&nbsp;3,797/13. Notwithstanding, the CNC developed verification tasks of the mobile services by means of tests of calls and data with measuring mobile devices in different locations of the country using procedures different from those defined in the Quality Regulation and published the results at &#x201C;quenosecorte.gob.ar.&#x201D;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Within the scope of said verifications, the CNC initiated penalty processes against Personal for alleged non-compliance with CNC Resolution No.&nbsp;3,797/13. The Management of the Company has in a timely basis submitted its solid legal defense against these claims.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Since the enforceability of this Resolution is subject to the compliance of certain steps for its implementation with the previous approval of the Regulatory Authority, Telecom Argentina and Personal have carried out the corresponding reservations of their rights in each of their submissions. In addition, Telecom Argentina has stated in its different submissions that, due to the special circumstances that affected its tariff structure, the compliance of the burdensome operative and customer service parameters set forth in SC Resolution No.&nbsp;5/13</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> should not apply.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">k) Regulation of Virtual Mobile Operators</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">SC Resolution No.&nbsp;68/14, published in the Official Gazette on October&nbsp;28, 2014, approved the Regulation of Virtual Mobile Operators (&#x201C;VMO&#x201D;) and the Basic Requirements for VMO Agreements. Among its provisions, the Resolution states that the Network Mobile Operators (&#x201C;NMO&#x201D;) that have spectrum and infrastructure, shall annually file a reference offer for those interested in providing services as VMO, in which they will set forth the technical and economic conditions, which shall be reasonable and non-discriminatory.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Resolution also provides the modalities and procedures for the provision of such services. According to article 2 of the Annex of the Resolution, the Regulation is applicable to SCMA.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Ministry of Communications Resolution No.&nbsp;38/16, issued on May&nbsp;5, 2016, approved the new Regulation of Virtual Mobile Operators (&#x201C;VMO&#x201D;) and revoked SC Resolution No.&nbsp;68/14, which had approved the Regulation of Virtual Mobile Operators previously provided by former SC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The mentioned Resolution provides that Network Mobile Operators (&#x201C;NMO&#x201D;), which have spectrum and infrastructure (among them, Personal), must submit, within 120 calendar days since the Resolution publication, a Reference Offer (&#x201C;the RO&#x201D;) for those interested in providing VMO services. The RO must be published annually in the NMO and on the Regulatory Authority official web site, and shall provide the economic and technical conditions (that will be freely established between the parties, reasonable, and non-discriminatory), clearly detailing the prices and conditions of each of the benefits and services to be provided.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This new Regulation is applicable for Mobile Communications Service (SCM), which includes Mobile Telecommunication Services (STM), Cellular Mobile Radio-communications Services (SRMC), Personal Communications Services (PCS) and Mobile Advanced Communications Services (SCMA). The Resolution also provides the procedures for the Services Agreements subscription between the NMO and the VMO, which will determine the terms and conditions under which the NMO will provide telecommunications network access and, where appropriate, telecommunications network interconnection the VMO.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September&nbsp;1, 2016, Personal filed a presentation to the Ministry of Communications through which it exposed substantial grounds for finding essential the suspension of the deadline for submission of the OR provided in Section&nbsp;2 of Ministry of Communications Resolution No.&nbsp;38/16, until the 700MHz frequencies comprising Lot 8 (awarded and paid by Personal) were in full conditions of use and until the spectrum of Lot 1 of the Frequency Bands Public Auction developed by SC Resolution No.&nbsp;38/14 was allocated and &#x201C;on-air.&#x201D; Through the mentioned presentation it was also requested: a) the removal of Section&nbsp;10 of Annex I of the above-mentioned rule&nbsp;(which does not allow agreements with VMO on an exclusive basis); b) that ENACOM enclose interference measurements carried out in the 700MHz Band awarded to Personal; and c) that ENACOM informs whether it has definitively resolved all the claims filed by the users of such band.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Notwithstanding its presentation, on January&nbsp;12, 2017, ENACOM charged Personal for non- compliance with the RO presentation. Personal has submitted its discharge rejecting the accusation and has submitted its RO, which validity is subject to the resolution of the legal issues exposed in its submissions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">l) Decree No.&nbsp;798/16: National Plan for the Development of Competitiveness Conditions and Quality of Mobile Communications Services</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Decree No.&nbsp;798 published in the Official Gazette on June&nbsp;22, 2016 &#x2013; issued within the scope of the Ministry of Communications&#x2013; approved the National Plan for the Development of Competitiveness Conditions and Quality of the Mobile Communications Services, which has its strategic focus on encouraging greater efficiency in the market, with quality services at fair and reasonable prices.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The above mentioned plan provides that within 90 days the Ministry of Communications shall (i)&nbsp;start the process of adaptation of the scheme approved by Resolution SC No.&nbsp;157/97 (CPP scheme) to the provisions of the LAD; (ii)&nbsp;update the General Regulation of MCS customers along with the process initiated by the Resolution SC No.&nbsp;12/13, proving for the existence of mechanisms that would allow customers to access information about the quality of the service and to get benefits and/or compensation in their services in case of non-compliance with the established quality standards; (iii)&nbsp;start the process of adaptation of the &#x201C;Regulation on Administration, Management and Control of Frequency Bands&#x201D; (&#x201C;Reglamento sobre&nbsp;Administraci&#xF3;n, Gesti&#xF3;n y Control del Espectro Radioel&#xE9;ctrico&#x201D;), to the provisions of the LAD, in order to introduce greater competitiveness in all services; (iv)&nbsp;update the &#x201C;National Scheme for the Granting of Frequency Bands&#x201D; (Cuadro Nacional de Atribuci&#xF3;n de Bandas del Espectro Radioel&#xE9;ctrico) so as to increase the availability of frequencies for the provision of mobile communications services, for which purpose the procedures provided in section 30 of the LAD will be initiated; (v)&nbsp;incorporate to the &#x201C;Universal Service General Regulation&#x201D; (Reglamento General del Servicio Universal) approved by Resolution ENACOM No.&nbsp;2.642/16, the granting of priority to consider -in programs with SU Funds- projects eligible to be developed in those Municipalities which have adopted the legislation proposed in the &#x201C;Code of Good Practices for the Deployment of Mobile Communication Networks&#x201D; (C&#xF3;digo de Buenas Pr&#xE1;cticas para el Despliegue de Redes de Comunicaciones M&#xF3;viles) provided by the &#x201C;Argentine Federation of Municipalities and the Operators of Mobile Communications&#x201D; (Federaci&#xF3;n Argentina de Municipios y los Operadores de Comunicaciones M&#xF3;viles) and supported by the former SC of the former Ministry of Federal Planning, Public Investment and Services on August&nbsp;20, 2009, or those contemplating rules&nbsp;of similar characteristics that would not prevent, in fact or Law, the deployment of such networks; (vi)&nbsp;develop a National Contingency Plan for disaster situations; and (vii)&nbsp;Update the National Interconnection Regulations and Licensing for Telecommunications Services and the Scheme of Portability Number approved by Resolution SC No.&nbsp;98/10.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This Decree also provides that the Ministry of Communications, through the ENACOM, shall, in a 60-calendar-day term, prepare measurement protocols that would enable to show the quality perception of MCS users, taking into account UIT parameters, and review and update quality standards for the ICT service networks through all the corresponding areas.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, the ENACOM shall perform measurements of non-ionizing radiations in order to control that these remain within non-harmful levels to human health, and the &#x201C;Administration Agency for State Property&#x201D; (Agencia de Administraci&#xF3;n de Bienes del Estado - AABE) shall in its role as governing Body of the state property policy, perform procedures and administrative acts and relevant contracts to grant the use for valuable consideration of terraces, roofs, towers, solar and/or any installation, plant or property sector of the State that are suitable for the installation of supporting structures of antennas, equipment and installations associated with telecommunications, information technologies and communications and/or audiovisual communication services. The AABE will make available for the licensees of such services and for independent companies sharing passive infrastructure, the listing of state properties potentially suitable for such facilities.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Among other aspects, the Decree provides that, as a way to encourage the rapid deployment of networks and the infrastructure sharing, rent fees will not be charged for a 1-year period for the use of state property in which base stations are installed within 3 months of publication of the rule&nbsp;in the Autonomous City of Buenos Aires, or within 6 months in the rest of the country. Under the same condition, this period will be extended to 3 years when the infrastructure is shared by two Mobile Services Licensees, and to 4 years when it is shared by more than two. Identical benefit will be granted if it is a sharing independent company of passive infrastructure, and the above conditions are met.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In this regard, it is worth mentioning the agreement signed on April&nbsp;27, 2016 between Personal, AMX Argentina S.A., Telef&#xF3;nica M&#xF3;viles Argentina S.A., the Ministry of Communications and the Government of the City of Buenos Aires, to facilitate the deployment of network infrastructure in the area of Comuna 1 of the Autonomous City of Buenos Aires, including the use of roofs and luminaries of the GCBA.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Through Resolution No.&nbsp;5/2017 of the Ministry of the Interior, Public Works and Housing Court of Appraisals of the Nation (February&nbsp;1, 2017), initial monthly rent fees for the year 2017 were approved, for the use against payment of terraces, roofs, solar towers or any installation, plant or sector of state property that are suitable for the installation of supporting structures of antennas, equipment and installations associated with telecommunications, information technologies and communications and audiovisual communication services.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">m) &#x201C;Tax Stability&#x201D; principle: impact of variations in social security contributions</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March&nbsp;23, 2007, the SC issued Resolution No.&nbsp;41/07 relating to the impact of variations in social security contributions occurring after November&nbsp;8, 1990 and the proposed use for the resulting savings and increases in contribution rates that have occurred.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina had recorded a liability related to the savings caused by reductions in the levels of social security contributions initially earmarked for the Argentina@internet.todos Program. The mentioned savings were substantially generated during fiscal year 2000. Resolution No.&nbsp;41/07 allowed Telecom Argentina to recover the increases in social security contributions that it has to pay as a consequence of the increase in social contributions rates.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Within this context and considering applicable the principle of tax stability provided by the Transfer Agreement approved by Decree No.&nbsp;2,332/90, the Resolution authorized the aforementioned savings being offset with the amounts arising from the application of the mentioned increases.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The offset of both concepts and the determination of a balance, were subject to the audit results performed by the Regulatory Authority according to the information provided by Telecom Argentina. The mentioned audit was performed during the third quarter of 2007. Telecom Argentina took knowledge of the proceedings, in which the CNC recognized a receivable arising from increases in social contributions within the scope of Resolution No.&nbsp;41/07, and cancelled payables arising from reduction in social contributions taxes with the Regulatory Authority and other sanctions imposed to Telecom Argentina.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, Telecom Argentina has a net receivable of $33 which, in addition to the receivable of $23 corresponding to the </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Impuesto a los D&#xE9;bitos y Cr&#xE9;ditos bancarios</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> (&#x201C;IDC&#x201D;) as explained below, is included in under the item &#x201C;Other receivables&#x201D; in these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Since Resolution No.&nbsp;41/07 provides Telecom Argentina the right to offset receivables with existing and/or future regulatory liabilities and, given Telecom Argentina&#x2019;s intention to exercise this right, the receivable was recorded net of several provisions. As of December&nbsp;31, 2017, the provisions which can be offset with the receivables arising from Resolution No.&nbsp;41/07 and from IDC amounted to $56.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It should be noted that, as of December&nbsp;2008, the Company began to transfer to its customers the highest social contributions accrued as of October&nbsp;2008 applying the same methodology used for the transfer of the IDC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">n) Tax on deposits to and withdrawals from bank accounts charged to customers</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On February&nbsp;6, 2003, the Ministry of Economy and Public Finance, through Resolution No.72/03, defined the method to allow, going forward, rate increases on Basic Telephone Services reflecting the impact of the IDC. The amount of tax charged must be shown separately in customers&#x2019; bills. Telecom Argentina has determined the existence of a remaining unrecovered amount of approximately $23 that arose before the issuance of Resolution No.72/03.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In April&nbsp;2007, Telecom Argentina provided the CNC with supporting documentation about this amount and in May&nbsp;2007 filed its preliminary economic evaluation to the Regulatory Authority. Telecom Argentina took knowledge of the Regulatory Authority&#x2019;s documentation which corroborates the amount claimed by it and provides a similar offsetting method pursuant to Resolution No.41/07 (as described in &#x201C;&#x2014;Tax Stability principle: impact of variations in Social Security contributions&#x201D; above). As a result, Telecom Argentina recorded as &#x201C;Non-current Other receivable&#x201D; a total of $23. This receivable is also included in the provisions for regulatory matters described above.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">o) Renegotiation of the contract with the public administration</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Convertibility period of the peso to the US dollar: dollarization of rates</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On November&nbsp;28, 1991 Telecom Argentina and Telef&#xF3;nica signed an agreement with the Argentine government related to the rate regime, which was ratified by Decree No.&nbsp;2,585/91 and was effective from December&nbsp;18, 1991. The most relevant aspects included in this agreement that amended the rate regime provided by the Transfer Agreement were:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rate, measured in basic telephone pulses, was set in US dollars, adjustable twice a year (April&nbsp;and October) based on the variation of the U.S. C.P.I. (all items). These rate adjustments did not require the prior approval of the Regulatory Authority. Since 2000 these rate adjustments were not applied according to agreements signed with the SC, which delayed its implementation. Subsequently, in October&nbsp;2001, an injunction prevented the continuity of application.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The customers billing continued performing in local currency.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Rates pesification</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">: regulated public services rates freezing</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;6, 2002, the Argentine Government enacted Law No.&nbsp;25,561, &#x201C;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Ley de Emergencia P&#xFA;blica y Reforma del R&#xE9;gimen Cambiario&#x201D;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> (the &#x201C;Public Emergency Law&#x201D;). This Law, by Article&nbsp;8, annulled adjustment clauses in dollars or other foreign currencies and indexation clauses based on price index and any other indexation method. As a consequence, from that date Telecom Argentina&#x2019;s rates were set in pesos at the exchange rate P$1 per US$ 1. As a consequence, regulated fixed service tariffs remained frozen until the end of the year 2015. Such freezing of tariffs violated the Transfer Contract and regulations that supplemented it.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Transfer Agreement and the resolution of the regulatory issues that negatively affected the operations of Telecom Argentina since the enactment of the Public Emergency Law and the Exchange Regime System Reform in January&nbsp;2002 (pesification of rates, lack of compensation for SU features, increased penalties for delays in repairing and installation in fixed telephony,&nbsp;etc.), have not been fulfilled by the National Government making it responsible for the damages caused.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additional information on Telecom Argentina&#x2019;s tariffs pesification, Letters of Understanding with the National Government/UNIREN and Price Cap are presented in consolidated financial statements of prior years.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">p) ENACOM Resolution No.&nbsp;5,641-E/2017</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:14.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Through this Resolution, published on December&nbsp;22, 2017, the ENACOM decided:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">1.- To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of Law No.&nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have less than 80,000 inhabitants. To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of Law No.&nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have more than 80,000 inhabitants and where those services are rendered only by Cooperatives and Small-and-Medium Sized Companies.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">2.- To provide that in all those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, whatever the size of their population, where the Subscription Broadcasting Service by means of physical or radio-electric link is rendered by, at least, a licensee that has more than 700,000 subscribers nationwide, the Licensees mentioned in Section&nbsp;94 of Law No.&nbsp;27,078 may start providing services as from January&nbsp;1, 2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">3.- The Licensees mentioned in Section&nbsp;94 of Law No.&nbsp;27,078 (among them, Telecom) that are authorized to provide Subscription Broadcasting Service by means of physical or radio-electric link pursuant to Section&nbsp;2 of said law may not make an integrated offering to provide said service with the rest of the services that they are currently providing in those locations until January&nbsp;1, 2019.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">4.- To provide that in those locations in Argentina where subscription broadcasting services by means of physical or radio-electric link are not provided, the Licensees mentioned in Section&nbsp;94 of Law No.&nbsp;27,078 may, as from January&nbsp;1, 2018, request authorization to provide services in the respective coverage areas, subject to an evaluation by the ENACOM.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">q) Other Regulations</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Buy Argentine Act</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the provisions of Article&nbsp;1 of Law No.&nbsp;25,551, which is regulated by Decree No.1,600/02, Telecom Argentina, as a public fixed telephone service licensee, and their respective direct subcontractors, shall give preference to the purchase or lease domestic goods and services.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Article&nbsp;2 of the mentioned law provides that a good or service is of domestic origin when it has been produced or extracted in Argentina, provided that the cost of raw materials, supplies or nationalized imported materials do not exceed 40% of the goods or services gross production value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Article&nbsp;3 of the mentioned law provides that the preference established in Article&nbsp;1 to domestic goods or services will apply when, for identical or similar goods or services, under cash payment terms, the price is equal to or lower than the price of imported goods or services, increased by 7% when the offering of the good or services is carried out by companies qualified as SME, and 5% when the offering of the good or services is carried out by other companies. For comparison purposes, the price of imported goods shall include import duties and taxes and all expenses required for its nationalization.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The mentioned law provides that the hiring companies shall announce their tenders in the Official Gazette as required by the regulation involved, so as to provide all possible bidders timely access to information that enables them to participate in the mentioned tender. It is worth mentioning that the communication provided in the hiring processes law for purchases subject to the Buy Argentine Act, establishes a considerable period prior to the issuance of the purchase order. The mentioned Act also establishes criminal sanctions for non-compliance.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Relating to services acquisitions, Decree No.1,600/02 refers to Law No.&nbsp;18,875, which provides the obligation to hire only companies, consultants and domestic professionals, as defined in the mentioned Law. Any exceptions must be approved by the competent Ministry.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In August&nbsp;2004, the CNC Resolution No.&nbsp;2,350/04, approved the &#x201C;Procedure for the accomplishment of the Buy Argentine Act&#x201D;, which includes the obligation to submit semiannual affidavits related to the compliance with the Act. The Act provides an administrative sanctions procedure for non-compliance with this information procedure.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It is worth mentioning that this Act provides to Telecom Argentina less operational flexibility related to, among other matters, the terms lengthening in tenders, authorizations management prior to acquisitions and higher administrative expenses for the required semiannual information submission.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">&#x201C;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">ENACOM Resolution No.&nbsp;4,656-E/2017 &#x2013; Model Agreement for the authorization for infrastructure sharing</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Board of Directors of ENACOM issued Resolution No.&nbsp;4656-E/2017, published in the Official Gazette on June&nbsp;12, 2017, approving the model agreement for the &#x201C;Authorization for the Sharing of Active and / or Passive Infrastructure , Automatic Roaming and Goals of Service&#x201D; to be celebrated with each of the current providers of the Advanced Mobile Communications Service (&#x201C;SCMA&#x201D;) who were awarded with the frequency bands for the provision of the Personal Communications service (&#x201C;PCS&#x201D;), the Cellular Mobile Radiocommunication Services (&#x201C;SRMC&#x201D;) and the SCMA approved by SC Resolution No.&nbsp;38/2014, delegating to the President of ENACOM the powers to subscribe the agreement within 15 working days .</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On August&nbsp;8, 2017, the ENACOM notified Personal through ENACOM Note No.&nbsp;206/2017, the concession of a 15-day period to coordinate the signing of the Authorization Agreement for the Sharing of Active and / or Passive Infrastructure, Automatic Roaming and Goals of Service. Personal presented the required documentation.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On November&nbsp;2, 2017, the ENACOM issued Resolution No.&nbsp;3420-E/2017, through which it was decided to extend the delegation made in Resolution No.&nbsp;4656-E/2017 for a 180 day-period.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, the agreement is still pending of subscription.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Consultation documents under the &#x201C;General Regulation of Public Hearings and Consultation Documents for Communication Services&#x201D; provisions and &#x201C;General Regulation for the Participatory Elaboration of Standards</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina and Personal have timely filed through the ICT Secretary their opinions and proposals for the following consultations and documents issued during 2017:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Document &#x201C;Consultation on ICT Network Service Quality&#x201D;, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">issued through SECTIC Resolution No.&nbsp;3-E/17 issued on March&nbsp;13, 2017;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Document &#x201C;Interconnection and Access General Regulation Project&#x201D;,</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> issued through&nbsp;&nbsp;SECTIC Resolution No.&nbsp;2-E/17, issued on March&nbsp;13, 2017;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Document &#x201C;Public Hearing for Internet Matters&#x201D;,</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> issued through SECTIC Resolution No.&nbsp;7-E/17, issued on May&nbsp;12, 2017;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Project &#x201C;Number Portability Regulation&#x201D; (including fixed telephony service)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, issued through SECTIC Resolution No.&nbsp;1-E/17, issued on September&nbsp;29, 2017.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Project &#x201C;Regulation of the ICT Services&#x2019; quality&#x201D;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, issued through Resolution 2-E/2017, issued on December&nbsp;14, 2017.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">New General Rules&nbsp;Governing ICT Services Licenses</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;2, 2018, the Ministry of Modernization issued Resolution No.&nbsp;697/2017, whereby it approved the new General Rules&nbsp;Governing ICT Services Licenses. This Resolution repealed the General Rules&nbsp;approved through Annex I of Decree No.&nbsp;764/2000, as from the date it became effective (February&nbsp;1, 2018), and it also repealed ENACOM Resolutions No.&nbsp;2,483/2016 and No.&nbsp;1,394/2016 (except for Section&nbsp;12 of its Annex I, which will remain in effect).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">New General Rules&nbsp;Governing ICT Services Customers</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;4, 2018, the Ministry of Modernization issued Resolution No.&nbsp;733/2017, whereby it approved the new General Rules&nbsp;Governing ICT Services Customers. This Resolution will become effective on March&nbsp;5, 2018, repealing SC Resolutions No.490/1997, and Annexes I and III of SC Resolution No.&nbsp;10,059/1999 and its supplementing regulations. Annex II of SC Resolution No.&nbsp;10,059/1999 shall remain in effect, as applicable, until the enactment of the penalty regime provided under Section&nbsp;63 of Law No.&nbsp;27,078. Such New General Rules&nbsp;repeal the current general rules&nbsp;governing mobile and basic telephony services customers, thus becoming the only general rules&nbsp;that govern ITC services customers, including Internet access services and subscription broadcasting services.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company is evaluating the impact of certain regulations (such as the 180-day period during which prepaid credit can be used) and analyzing eventual actions against other regulations that would violate its rights (for example, Section&nbsp;56, which provides for compensation in favor of the customer, and Section&nbsp;79, which establishes the obligation to replace any channels eliminated from the programming grid with other channels of similar quality.)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:16.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Decree No.&nbsp;1,060/2017 - Development of mobile communication services networks</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:16.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This Decree, published in the Official Gazette on December&nbsp;21, 2017, provides for the facilitation of the development of mobile communication services networks, establishing, among other provisions, that the jurisdictions and agencies comprised in subsections a) and b) of Section&nbsp;8 of Law No.&nbsp;24,156 shall ensure information technology and communication services licensees and independent operators of passive infrastructure multiple or shared access, for consideration, to passive infrastructures for the deployment of networks under neutral, unbiased, transparent, fair and non-discriminatory conditions, without the possibility of granting any exclusiveness or preference whatsoever, in fact or in law, provided that such access does not compromise the continuity and security of the services provided by its holder.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For the purposes of this Decree, an Independent Operator of Passive Infrastructure is any individual or legal entity that, without being an information technology and communication services provider, has aerial, ground or underground infrastructure serving as support to networks to render those services, mainly comprised of towers, masts, posts, ducts, channels, conduits, cameras, cables, easement, right of way, optic fiber laying, antennae. Independent operators of passive infrastructure will not be required to have a license, authorization or permit to lease their infrastructure, notwithstanding the obligation to notify the ENACOM of the beginning of their activities to be entered in the registry that said agency will keep to that effect and to comply with the reporting obligations, as required. These operators may not have any legal title whatsoever granting them exclusiveness or preference for the deployment of infrastructure.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Decree also provides that:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">1) The Ministry of Modernization:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">a.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:2pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">shall issue comprehensive general rules&nbsp;with supplementary regulations for infrastructure&nbsp;&nbsp;sharing;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">b.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:2pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">shall develop, within a term of 180 days, a multi-year spectrum plan in order to maximize and&nbsp;&nbsp;&nbsp;&nbsp;increase the radio electric resources for the deployment of next-generation mobile networks and mobile services and mobile communication services in order to support traffic growth and improve service quality;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">c.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:2pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">shall issue supplementary or clarifying regulations relating to Section&nbsp;29 of Law No.&nbsp;27,078, establishing efficient procedures and avoiding distortions in competition;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">d.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:2pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">shall identify radio electric spectrum frequency bands for the development of new services and wireless applications and issue regulations allowing for their shared and unauthorized use.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">2) It shall substitute Section&nbsp;3 of Decree No.&nbsp;798 dated June&nbsp;21, 2016 with the following:<br />&#x201C;SECTION&nbsp;3.- Mobile communications service (SCM, for its Spanish acronym) is defined as wireless telecommunications service with multiple capabilities which, irrespective of its operating frequency, through the use of mobile network architectures and the use of digital access technology, supports low and high user mobility, allows for the interoperability with other fixed and mobile networks for worldwide roaming.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It comprises Mobile Telephone Service (STM), Cellular Mobile Radiocommunications Service (SRMC), Personal Communication Service (PCS), Mobile Advanced Communications Service (SCMA, for its Spanish acronym) and their technological evolution.&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">3) The frequencies that are allocated and authorized to render radio electric trunking services (&#x201C;SRCE&#x201D;, for its Spanish acronym) may only be used to provide those services. The ENACOM may allocate frequencies to provide SCM and demand the return of the frequencies and migration of services pursuant to Section&nbsp;28 and 30 of Law No.&nbsp;27,078, and its regulations, or, at the request of the interested party, apply Section&nbsp;4, subsection b) of Decree No.&nbsp;1,340 dated December&nbsp;30, 2016, and its regulations, establishing an economic compensation in favor of the National Government.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">4) SBT licensees may provide this service through the use of radio electric spectrum frequencies using those allocated for the provision of 4G mobile services, notwithstanding the provision of fixed telephone service pursuant to Section&nbsp;2, subsection a) of the Personal Communications Service (PCS) General Rules&nbsp;approved as an annex to Section&nbsp;1 of Decree No.&nbsp;266 dated March&nbsp;10, 1998, through the execution of agreements with the licensees of those frequencies, which shall be reported to the ENACOM.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">5) Delegate on the Ministry of Modernization the power to issue the penalty rules&nbsp;provided under Section&nbsp;63 of Law No.&nbsp;27,078, which shall repeal the current rules&nbsp;approved under Decree No.&nbsp;1,185 dated June&nbsp;22, 1990, as amended and supplemented.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Registrations and authorizations to use the spectrum that are now held by the Company as a result of corporate reorganizations:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">1)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 48pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Personal S.A.:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On November&nbsp;24, 2017, Telecom Argentina and Telecom Personal S.A. were served with ENACOM Resolution No.&nbsp;4,544-E/2017, whereby that agency decided:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(i)&nbsp;to authorize Telecom Personal to transfer in favor of Telecom Argentina the registrations of Mobile Telephone Services, Cellular Mobile Radiocommunications Services; Personal Communications Services Area I,&nbsp;II,&nbsp;III, and Mobile Advanced Communications Services, as well as the resources, permits and frequencies granted in its name;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(ii)&nbsp;to revoke the licenses granted to Telecom Personal to render Data Transmission, Value Added and National and International Long-Distance Telephone Services;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(iii)&nbsp;to authorize the transaction reported by Telecom whereby the controlling companies Sofora Telecomunicaciones S.A. and Nortel Inversora S.A. are dissolved without liquidation pursuant to the Bidding Terms and Conditions approved under Decree No.&nbsp;62/1990.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablevisi&#xF3;n S.A.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;22, 2017, Telecom Argentina and Cablevisi&#xF3;n S.A. were served with ENACOM Resolution No.&nbsp;5,644-E/2017, whereby that agency decided, among other things, to authorize Cablevisi&#xF3;n S.A. to transfer in favor of Telecom Argentina:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;The Registration of physical and/or radio electric link broadcasting services, including the permits/frequencies required to provide radio electric link broadcasting services, as well as the area authorizations to provide those services (via physical and radio electric link), which may operate in Area II, defined as provided under Decree No.&nbsp;1,461/93, as amended, and the city of Rosario, Province of Santa Fe, and the city of C&#xF3;rdoba, Province of C&#xF3;rdoba, as from January&nbsp;1, 2018, as provided under Section&nbsp;5 of National Decree No.&nbsp;1,340/2016, and in the rest of the areas authorized on the dates and in the modalities provided under ENACOM Resolution No.&nbsp;5,641/2017 dated December&nbsp;20, 2017;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;The Registration of the Radio Electric Trunking Service (SRCE); and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(iii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;The authorizations and permits to use frequencies and allocations of numbering and sign-posting resources to provide the above-mentioned services held by Cablevisi&#xF3;n S.A., pursuant to effective regulations, and the agreement executed by Nextel Communications Argentina S.R.L. on April&nbsp;12, 2017 (IF-2017-08818737-APN-ENACOM#MCO), whereby Telecom Argentina, in its capacity as absorbing company of Cablevisi&#xF3;n S.A., shall, within a term of two years as from the date on which the merger is approved by the National Antitrust Commission and the ENACOM or any agency that may substitute them in the future, return the radio electric spectrum that exceeds the limit set under Section&nbsp;5 of Resolution No.&nbsp;171-E/17 issued by the Ministry of Communications and/or any regulation that may repeal it in the future. To those effects, the Company shall file with the ENACOM, no later than one year in advance upon the expiration of the two-year term, a proposal to conform to that limit. The ENACOM may accept the proposal, reject it and/or request a new filing with any changes it may deem appropriate.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, through that Resolution, the ENACOM authorized the change of corporate control, pursuant to Section&nbsp;33 of the LGS, in Telecom Argentina once the merger became effective and the shareholders agreement dated July&nbsp;7, 2017 entered into effect, as a result of which Cablevisi&#xF3;n Holding S.A. became the legal controlling company of Telecom Argentina as surviving company of Cablevisi&#xF3;n S.A.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Said Resolution also approved:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;The relinquishment of the services registrations that are currently non-operative that had been requested by Cablevisi&#xF3;n S.A. (SAP, SRC, STP, SLV and SAVR) and by Telecom (SRC); and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;The revocation of the licenses and registrations granted to Cablevisi&#xF3;n S.A., now held by&nbsp;&nbsp;&nbsp;Telecom.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, the Resolution provides that:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#282828;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#282828;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;Telecom shall comply with Section&nbsp;95 of Law No.&nbsp;27,078, which provides for the conditions under which it may operate the physical and/or radio electric link subscription television service, transcribed below:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company shall create a business unit to provide the audiovisual communication service and manage it separately from the public utility business unit;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It shall keep separate accounting records and bill the licensed services separately;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> c.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It shall not conduct anti-competitive practices such as tie-in practices and cross subsidies with funds from public utilities to licensed services;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> d.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It shall provide - when requested- to the competitors in licensed services access to its own support infrastructure, especially, posts, masts and ducts under market conditions. In the absence of agreement between the parties, the ENACOM shall intervene;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> e.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It shall not conduct anti-competitive practices concerning the rights to broadcast contents over its networks and facilitate a growing percentage to be established by the ENACOM to the distribution of contents from independent third parties.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> f.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It shall respect the professional competences and job classifications of the workers in the different activities it is engaged in.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#282828;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#282828;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;&nbsp;Telecom is declared to be an operator with a significant position in the retail market of Fixed Internet Access market in the locations detailed in the Report prepared by the National Directorate for the Development of Competition in Networks and Services of the ENACOM. As a result, it decided that:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom shall, within 60 days as from the date the Resolution was issued, offer the Fixed Internet Access service in those locations at a price that may not be higher than the lowest price offered by the company in Area II for that service. If a similar service is not provided in that Area, it shall apply the lowest price offered at national level by the licensee for a similar service.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom shall, within 60 days as from the date the Resolution was issued, report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service. Telecom shall ensure to other providers, under transparent, non-discriminatory and cost-oriented conditions, access to its own support infrastructure, especially, posts, masts and ducts.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All the provisions mentioned above shall be in effect for a term of 2 years as from the notice of the authorization granted by ENACOM, or until it has been verified that there is effective competition in all or in some of the locations involved. The ENACOM may extend or revoke that term.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">With regard to the provision of Quadruple Play services, Section&nbsp;7 of Decree No.&nbsp;1,340 shall apply:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">SECTION&nbsp;7 - The providers of Information Technology and Communications Services that make joint service offerings shall detail the price of each of those services, including the breakdown of those prices and discounts or benefits applied to each service or product for the above-mentioned offerings. Pursuant to Section&nbsp;2, subsection i) of Law No.&nbsp;25,156 and to Section&nbsp;1,099 of the Civil and Commercial Code of Argentina, those providers may not subject, in any way and under any condition, the purchase of any service to the purchase of another service, thus preventing the customer from purchasing any service separately or individually.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Finally, the Company shall file, within a term of 180 days, proof of the registration of the change of authorities in Cablevisi&#xF3;n Holding S.A.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:16.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">&#x201C;ENACOM Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18 &#x2013; New regime for Radioelectric Spectrum Fees&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:16.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On February&nbsp;27, 2018, Resolutions Nos. 840 and 1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard. The Company is assessing the impacts and actions in this regard.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045350192">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">Significant accounting policies</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 3 &#x2013; Significant accounting policies</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Going concern</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The consolidated financial statements for the years ended December&nbsp;31, 2017, 2016 and 2015 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Foreign currency translation</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Items included in the financial statements of each of the Group&#x2019;s entities are measured using the currency of the primary economic environment in which the entity operates (&#x201C;the functional currency&#x201D;). The consolidated financial statements are presented in Argentine pesos ($), which is the functional currency of all Telecom Group&#x2019;s companies located in Argentina. The functional currency for the foreign subsidiaries of the Telecom Group is the respective legal currency of each country.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The financial statements of the Company&#x2019;s foreign subsidiaries (N&#xFA;cleo, Personal Env&#xED;os, Telecom USA and Tuves Paraguay since June&nbsp;30, 2017) are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated statement of cash flows are translated at the average exchange rates for each year.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">c)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Foreign currency transactions</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction or valuation where items are re-measured. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Financial income/expenses as Foreign currency exchange gains or losses.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">d)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Consolidation</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">These consolidated financial statements include the accounts of Telecom Argentina and its subsidiaries over which it has effective control (N&#xFA;cleo, Micro Sistemas, Telecom USA, Personal Env&#xED;os, Tuves Paraguay &#x2013; only as of December&nbsp;31, 2017- and the second semester of 2017 and Telecom Personal until November&nbsp;30, 2017) as of December&nbsp;31, 2017, 2016 and 2015.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Control exists when the investor (Telecom Argentina) has power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They should be deconsolidated from the date that control ceases.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated companies are consolidated on a line-by-line basis and non-controlling interests in the equity and in the profit (loss) for the year are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All intercompany accounts and transactions have been eliminated in the preparation of these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial year-end of all the subsidiaries&#x2019; financial statements coincides with that of the Parent and are prepared as of the same closing date and in accordance with the same accounting policies.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">e) Acquisition of the controlling interest in Tuves Paraguay</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;6, 2016 Tuves Paraguay&#x2019;s controlling shareholder (TU VES S.A &#x2013; Chile) accepted N&#xFA;cleo&#x2019;s proposal for executing the Tuves Paraguay&#x2019;s shares purchase option, which was subject to the approval of the Comisi&#xF3;n Nacional de Telecomunicaciones (&#x201C;CONATEL&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On April&nbsp;11, 2017, the CONATEL&#x2019;s Board of Directors through Resolution No.&nbsp;460/17authorized TU VES S.A. (Chile) to transfer N&#xFA;cleo 350 shares of Tuves Paraguay, that represent 70% Tuves Paraguay&#x2019; total capital stock.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Accordingly, and pursuant to the provisions of the shares&#x2019; purchase agreement, on June&nbsp;30, 2017, the transaction was performed and N&#xFA;cleo acquired the 70% capital stock and votes of Tuves Paraguay through the payment of approximately $0.1 (35 million of Guaran&#xED;es) and the partial capitalization of receivables that N&#xFA;cleo had at such date for approximately $147 (49,396 million of Guaran&#xED;es).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Tuves Paraguay is a Paraguayan company whose main purpose is the provision of telecommunications services and also the distribution of digital audio and television signals to homes, in accordance with the license granted by CONATEL.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The acquisition of control of Tuves Paraguay was recognized in the consolidated financial statements as of June&nbsp;30, 2017, in accordance with the provisions of IFRS 3 &#x201C;Business Combinations&#x201D;.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For this purpose, the total purchase price provided by IFRS 3 of approximately $149 (50,056 million of Guaran&#xED;es) was determined including the book value of the call option as of the date of the transaction, the assets and liabilities of Tuves Paraguay were measured at fair value, recognizing a higher value of PP&amp;E and identifying a customer relationship and a goodwill of approximately $2 within Intangible Assets (662 million of Guaran&#xED;es), which will be annually reviewed through its impairment test.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">f) Revenues</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues are recognized to the extent that it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably. Final outcome may differ from those estimates.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues are stated net of discounts and returns.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company discloses its revenues into two groups: services and equipment. Service revenues are the main source of income for the Company and are disclosed by nature: Voice services,&nbsp;Internet services and Data transmission services. This classification of revenues is given by different commercial offers and products, type of contracts and kind of customers. Equipment sales represent a precursor of the mentioned service revenues; therefore, the Group only sells equipment to customers and, from time to time, the Management of the Company and N&#xFA;cleo decide to sell mobile handsets at prices lower than their respective costs in order to acquire new contracts with a minimum non-cancelable period of permanence.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Other income mainly includes penalties collected from suppliers and gains on disposal of PP&amp;E, which are realized in the ordinary course of business but are not the main business objective.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s principal sources of revenues are:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Fixed telecommunication services and products</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Domestic services revenues consist of monthly basic fees, measured service, long-distance calls and monthly fees for additional services, including call forwarding, call waiting, three-way calling, itemized billing and voicemail.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues are recognized when services are rendered. Unbilled revenues from the billing cycle dating to the end of each month are calculated based on traffic and are accrued at the end of the year.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from corresponding accounts receivable. Revenues derived from other telecommunications services, principally network access, long distance and airtime usage, are recognized on a monthly basis as services are provided.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from the sale of prepaid calling cards are recognized on the basis of the minutes used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &#x201C;Deferred revenue on prepaid calling cards&#x201D; under Deferred revenues line item in the statement of financial position.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Interconnection charges represent amounts received by the Company from other local service providers and long-distance carriers for calls that are originated on their networks and transit and/or terminate on the Company&#x2019;s network. Revenue is recognized as services when they are provided.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Traffic revenues from interconnection and roaming are reported gross of the amounts due to other telecommunication operators.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred (as well as the related costs not in excess of the amount of revenues) over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship (approximately 8 years in the case of fixed telephony&#x2019;s voice services).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Reconnection fees charged to customers when resuming service after suspension are deferred and recognized ratably over the average life for those customers who are assessed a reconnection fee. Associated direct expenses are also deferred over the estimated customer relationship period up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from sales of goods, such as telephone and other equipment, are recognized when the significant risks and rewards of ownership are transferred to the buyer.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract are recognized as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenue on construction contracts recognized in the year ended December&nbsp;31, 2017 amounted to $614. The 2017 agreement provides finance within 48 months from January&nbsp;1, 2017, the date when the implementation of the project was effective. $83 and $17 are receivables as of December&nbsp;31, 2017 and 2016, respectively.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cost on construction contracts recognized in the year ended December&nbsp;31, 2017 amounted to $429.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">No revenue or costs on construction contracts were recorded for years 2016 and 2015.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenue from international telecommunications services mainly includes voice and data services and international point-to-point leased circuits. Revenues from international long-distance service reflect payments under bilateral agreements between the Company and foreign telecommunications carriers, covering inbound international long-distance calls. Revenues are recognized as services when they are provided.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Data and Internet revenues mainly consist of fixed monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet connectivity services (dial-up and broadband). These revenues are recognized as services when they are rendered.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Mobile telecommunication services and products</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Group provides mobile services throughout Argentina via cellular and PCS networks. Cellular fees consist of monthly basic fees, airtime usage charges, roaming, charges for TLRD, CPP charges and additional charges for VAS, including call waiting, call forwarding, three-way calling, voicemail, SMS, GPRS, Mobile Internet and for other miscellaneous cellular services. These revenues are recognized as services when they are rendered.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from the corresponding accounts receivable.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from the sale of prepaid calling cards are recognized on the basis of the traffic used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &#x201C;Deferred revenue on prepaid calling cards&#x201D; under Deferred revenues line item in the statement of financial position.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from sales of goods, such as handsets, sim cards, tablets, smartphones and other equipment are recognized when the significant risks and rewards of ownership are transferred to the buyer.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company and N&#xFA;cleo offer to their subscribers a customer loyalty program. Under such program the Company and N&#xFA;cleo grant award credits as part of the sales transactions which can be subsequently redeemed for goods or services provided by Personal and N&#xFA;cleo or third parties. The fair value of the award credits is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. Those revenues are classified as service or goods revenues depending on the goods or services redeemed by the customers.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Applicable to both fixed telephony and mobile telephony, for offerings including separately identifiable components (as equipment and service), the Company and its subsidiaries recognize revenues related to the sale of the equipment when it is delivered to the final customer whereas service revenues are recorded when rendered. The total revenue generated by this type of transactions is assigned to the separately identifiable units of accounting based on their fair values, provided that the total amount of revenue to be recognized does not exceed the contract revenue. IFRS does not prescribe a specific method for such assignation of revenue. However, telecommunications industry practice generally applies the method known as &#x201C;residual method&#x201D;, which was used in the preparation of these consolidated financial statements. The &#x201C;residual method&#x201D; requires identifying all the components that comprise a transaction and allocating its fair value on an individual basis to each of them. Under this method, the fair value of a delivered item (which could not be individually determined) is determined as the difference between the total arrangement consideration and the sum of the fair values of those elements for which fair value can be estimated on a stand-alone basis.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">g) Financial instruments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">g.1) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Financial assets</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Upon acquisition, in accordance with IFRS 9, financial assets are subsequently measured at either</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"> amortized cost</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, or </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">fair value</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, on the basis of both:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(a)&nbsp;the entity&#x2019;s business model for managing the financial assets; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(b)&nbsp;the contractual cash flow characteristics of the financial asset.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">A financial asset shall be measured at </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">amortized cost</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> if both of the following conditions are met:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(a)&nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(b)&nbsp;the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, for assets that met the abovementioned conditions,&nbsp;IFRS provides for an option to designate, at inception, those assets as measured at </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">fair value</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an &#x2018;accounting mismatch&#x2019;) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">A financial asset that is not measured at </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">amortized cost</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> according to the paragraphs above is measured at </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">fair value</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial assets include:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Cash and cash equivalents</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Time deposits are valued at their amortized cost.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Investments in Lebacs are valued at fair value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Trade and other receivables</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Investments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2016, Telecom Argentina received in payment certain Provincial Government bonds denominated in argentine pesos (Provincia de Mendoza and Provincia de Buenos Aires) that bear interests in argentine pesos. These Provincial Government bonds are valued at amortized cost and their results are included in Financial results as investment gains.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the IRR and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Financial expenses as Foreign currency exchange gains or losses.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Likewise, Telecom Argentina and Personal acquired Government bonds. Taking into account the business model chosen to manage these financial assets, and according to the provisions of IFRS 9, these bonds are recorded at their fair value and its results were included in Financial results &#x2013; Other investments gains.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Investments in Lebacs are valued at fair value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The 2003 Telecommunications Fund is recorded at fair value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Impairment of financial assets</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">At every annual or interim closing date, assessments are made as to whether there is any objective evidence that a financial asset or a group of financial assets may be impaired. If any such evidence exists, an impairment loss is recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Certain circumstances of impairment of financial assets that the Group assesses to determine whether there is objective evidence of an impairment loss could include: delay in the payments received from customers; customers that enter bankruptcy; the disappearance of an active market for that financial asset because of financial difficulties; observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets, significant financial difficulty of the obligor, among others.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">g.2) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Financial liabilities</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial liabilities comprise trade payables (excluding Derivatives), financial debt, salaries and social security payables (see Note 3.o) below) and certain other liabilities.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial liabilities other than derivatives are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">g.3) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Derivatives</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Derivatives are used by Telecom Group to manage its exposure to exchange rate and sometimes interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All derivative financial instruments are measured at fair value in accordance with IFRS 9.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Derivative financial instruments qualify for Hedge Accounting only when:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a) The hedging relation consists only on hedging instruments and hedged items eligible;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">b) Since its inception the hedging relation and the purpose and risk management strategy, are formally designated and documented;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">c) the hedge is expected to fulfill the efficacy requirements described in Note 20 &#x2013; Hedge Accounting.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">When a derivative financial instrument is designated as a cash flow hedge (the hedge of the exposure to variability in cash flows of an asset or liability, a firm commitment or a highly probable forecasted transaction) the effective portion of any gain or loss on the derivative financial instrument is recognized directly in OCI. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is recognized in the consolidated income statement immediately. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">If hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are directly recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For additional information about derivatives operations during 2017 and 2016, see Note 20.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">h) Inventories</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Inventories are measured at the lower of cost and estimated net realizable value. Cost is determined on a weighted average cost basis. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Allowances are made for obsolete and slow-moving inventories.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">From time to time, the Management of the Company and N&#xFA;cleo decide to sell mobile handsets at prices lower than their respective costs. This strategy is aimed at achieving higher service revenues or at retention of high value customers by reducing customer access costs while maintaining the companies&#x2019; overall mobile business profitability since the customer subscribes a monthly service contract for indefinite period with a minimum period of permanence and, if the contract is abandoned in advance, the mobile company has the right to cancel, totally or partially, the bonus granted to the customer at the beginning of the contractual relationship. For the estimation of the net realizable value in these cases the Company considers the estimated selling price in normal course of business less applicable variable selling expenses plus the expected margin from the service contract signed during its minimum non-cancelable term.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">i) PP&amp;E</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">PP&amp;E is stated at acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All other subsequent costs are recognized as expense in the period in which they are incurred, unless they are improvements. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">PP&amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized in the statement of financial position under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related tangible assets in the Depreciation and amortization item line.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are annually reviewed. Changes in the above liability are recognized as an increase or decrease of the cost of the relative asset and are depreciated prospectively.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Depreciation of PP&amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of the assets; the ranges of the estimated useful lives of the main PP&amp;E are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 73.00%;">
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Asset</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Estimated useful<br />life (in years)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Buildings received from ENTel</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">35</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Buildings acquired subsequent to 11/8/90</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">50</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Improvements in third parties buildings</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">2 &#x2013; 5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tower and pole</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">10 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Transmission equipment</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Wireless network access</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Switching equipment</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">5 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Power equipment</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">7 &#x2013; 15</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">External wiring</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Computer equipment and software</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Installations</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">2 &#x2013; 10</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">j) Intangible assets</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets are recognized when the following conditions are met: the asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets with a finite useful life are stated at cost, less accumulated amortization and impairment losses, if any.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets with an indefinite useful life are stated at cost, less accumulated impairment losses, if any.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets comprise the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Subscriber acquisition costs (&#x201C;SAC&#x201D;)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Direct and incremental costs incurred for the acquisition of new subscribers are capitalized when the conditions for the recognition of an intangible asset are met.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The cost of acquiring broadband customers meets the conditions established by IFRS for its recognition as intangible asset. The amount of costs deferred is limited to the non-contingent part of the revenues generated by that subscriber. The costs above revenues are expensed when incurred.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Capitalized SAC related to the acquisition of broadband customers are amortized on a straight-line basis over the average period of the customer relationship.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The cost of acquiring postpaid and &#x201C;cuentas claras&#x201D; subscribers in mobile telephony meet the conditions established by IFRS for its recognition as intangible asset. In the event of early cancellation, grants the right to cancel bonuses granted at the beginning of the contractual relationship (i.e, equipment bonuses). SAC are mainly comprised of upfront commissions paid to third parties and, to a lower extent, of subsidies granted to customers on the sale of handsets.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In all other cases, subscriber acquisition costs are expensed when incurred.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Capitalized SAC related to the acquisition of post-paid and &#x201C;cuentas claras&#x201D; subscribers are amortized on a straight-line basis over the term in which the customer must pay a cancellation charge, in case of early termination of the relationship.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Service connection or habilitation costs</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Direct costs incurred for connecting customers to the network are accounted for as intangible assets and then amortized over the term of the contract with the customer if required conditions are met. For indefinite period contracts, the deferral of these costs is limited to the amount of non contingent revenue from the customer and expensed over the average period life of the customer relationship. Costs exceeding that amount are expensed as incurred. Connection costs are generated mainly for the installation of fixed lines and amortized over an average period of 8 years.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- 3G/4G licenses</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As described in Note 2.i, it includes 3G and 4G frequencies awarded by the SC to Personal in November&nbsp;2014 and June&nbsp;2015. In accordance with Article&nbsp;12 of the Auction Terms and Conditions they were granted for a period of 15 years as from the date of awarding notification. After this deadline, the Regulatory Authority may extend the term at Personal&#xB4;s request. The extension of the term, the related cost and conditions shall be defined by the Regulatory Authority.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Consequently, the Company&#x2019;s management has concluded that the 3G and 4G licenses have a finite useful life and therefore are amortized under the straight-line method over 180 months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of Section&nbsp;4 (d)&nbsp;of PEN Decree No.&nbsp;1,340/16, which is described in Note 2.i), the remaining useful life of the frequencies included in lot 8 of the auction was re-estimated in 4Q16. It was considered that 700 Mhz bands would be released since May&nbsp;2017 and, in compliance with the mentioned Decree, the period of 15 years from such date was computed. After that, such date was re-estimated being the effective day of release on April&nbsp;2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- PCS license (Argentina)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company, based on an analysis of all of the relevant factors, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- PCS and Band B licenses (Paraguay)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">PCS license is amortized under the straight-line method over 60 months. These licenses were successively renewed for a period of 5 years, the amortization finalized during year 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, Band B license finished its amortization during year 2012.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June&nbsp;2017, N&#xFA;cleo required the renewal of this license. Before the expiration date, CONATEL issued, according with the telecommunications law, resolutions of temporary extensions which are valid for 90 days, with the possibility of one only extension for the same term.&nbsp;&nbsp;Therefore, it is expected to have the definitive renewal en the next months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Internet and data transmission license (Paraguay)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">N&#xFA;cleo&#x2019;s license 60 months amortization was finished in fiscal year 2016. However, on July&nbsp;2017 CONATEL granted the Company with the renewal of such licenses.&nbsp;&nbsp;Therefore, the term of the license is extended until May&nbsp;2021.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Rights of use</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company purchases network capacity under agreements which grant the exclusive right to use a specified amount of capacity for a specified period of time. Acquisition costs are capitalized as intangible assets and amortized over the terms of the respective capacity agreements, generally 180 months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Exclusivity agreements</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Exclusivity agreements were entered into with certain retailers and third parties relating to the promotion of the Company&#x2019;s services and products. Amounts capitalized are being amortized over the life of the agreements, with expiration up to financial year 2028.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">-&nbsp;&nbsp;Cubecorp &#x2018;s Customer relationships</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Customer relationships identified as part of the purchase price allocation performed upon the acquisition of Cubecorp Argentina S.A. (a company engaged in data center business) in financial year 2008, are being amortized over the estimated duration of the relationship for customers in the data center business (180 months).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">-&nbsp;&nbsp;Tuves Paraguay&#x2019;s Customer relationships</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It is related to the acquisition of Tuves Paraguay (see Note 3.e). It is amortized over the term of the relationship with the acquired customers, which is estimated in 78 months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">-&nbsp;&nbsp;Goodwill</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It is related to the acquisition of Tuves Paraguay (see Note 3.e) measured as the difference between the fair value of the amount transferred less the fair value of the identified net assets. The goodwill has indefinite useful life and the impairment must be analyzed at least annually.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">k) Leases</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Finance leases</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. The Company recognizes finance leases as assets and liabilities in its statements of financial position at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Subsequently, minimum lease payments are apportioned between a finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents, if any, are charged as expenses in the periods in which they are incurred.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The depreciation policy for depreciable leased assets is consistent with that for depreciable assets that are owned.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017 the Telecom Group hold finance leases which represents liabilities in the amount of $13. The total payable at these leases&#x2019; maturity amounts to $13. PP&amp;E related to these financial leases and several of the mentioned leases contracts characteristics as of December&nbsp;31, 2017 are detailed below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;">
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Book value</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Lease term</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Depreciation</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E &#x2013; Computer equipment</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3 years</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3 years</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Accumulated depreciation</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64)
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Net carrying value as of December&nbsp;31, 2017</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Operating leases</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits under various non-cancellable operating leases that expire on various dates through 2035. Rental expenses are included under Interconnection costs and other telecommunication charges and Other operating expenses items lines in the consolidated income statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:16.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">l) Impairment of intangible assets and PP&amp;E</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">At least annually, the Company assesses whether there are any indicators of impairment of assets that are subject to amortization. Both internal and external sources of information are used for this purpose. Internal sources include, among others, obsolescence or physical damage of the asset, and significant changes in the use of the asset and the economic performance of the asset compared to estimated performance. External sources include, among others, the market value of the asset, changes in technology, markets or laws, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of the Group over market capitalization.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be recognized in the statement of income.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The recoverable value of an asset is the higher of its fair value less costs to sell and its value in use. In calculating the value in use, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs. The Company considers each legal entity of the Group as a cash-generating unit.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">When the conditions that gave rise to an impairment loss no longer exist, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, up to the carrying amount that would have been recorded if no impairment loss had been recognized. The reversal of an impairment loss is recognized as income in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets with an indefinite useful life (including intangible assets under development or not ready to use) are not subject to amortization and are tested at least annually for impairment. The only intangible asset with an indefinite useful life held by the Company as of December&nbsp;31, 2017 and 2016 is the PCS license (Argentina), which is entirely allocated to the Personal Mobile Service operating segment. Its recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For the years presented, the Company estimates that does not exist indicators of impairment of assets that are subject to amortization, with the exception of those related to process of modernization and replacement of its mobile network access technology in the Argentine Republic and a group of longstanding work in progress.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The net effects of the constitution and recovery of the mentioned impairments are recorded under &#x201C;Impairment of PP&amp;E&#x201D; line item. Additional information disclosed in Note 22.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">m) Other liabilities</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 21.3pt;text-indent: -21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Pension benefits</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Argentine laws provide for pension benefits to be paid to retired employees from government pension plans and/or privately managed fund plans to which employees may elect to contribute. Amounts payable to such plans are accounted for on an accrual basis. The Company does not sponsor any stock option plan.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pension benefits shown under Other liabilities represent benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service. There is no vested benefit obligation until the occurrence of those conditions. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The actuarial assumptions used are based on market interest rates, past experience and Management&#x2019;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the following rates and salary ranges:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;">
			<tr>
				<td valign="top" style="width:49.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Discount rate (1)</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">4.6% - 9.2%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">4.8% - 6.2%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">6.5% - 8.5%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Projected increase rate in compensation (2)</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">8.0% - 16.3%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">8.0% - 22.5%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">12.0% - 26.8%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;">
			<tr>
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(1)&nbsp;Represents estimates of real rate of interest rather than nominal rate in $.</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(2)&nbsp;In line with an estimated inflationary environment for the next three financial years.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 19.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additional information on pension benefits is provided in Note 16.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 21.3pt;text-indent: -21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Legal fee</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant to Law No.&nbsp;26,476 - Tax Regularization Regime (&#x201C;R&#xE9;gimen de Regularizaci&#xF3;n Impositiva Ley N&#xBA; 26,476&#x201D;), the Company is subject to a legal fee which shall be paid in twelve monthly consecutive installments without interest as from final judgment. It is carried at amortized cost.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">n) Deferred revenues</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Deferred revenues include:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Deferred revenues on prepaid calling cards</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. See Note 3.f. Revenues &#x2013; Fixed telecommunication services and products and Mobile telecommunication services and products.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Deferred revenues on connection fees</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. See Note 3.f. Revenues &#x2013; Fixed telecommunication services and products and Mobile telecommunication services and products.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Customer Loyalty Programs</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The fair value of the award credits regarding the Company and N&#xFA;cleo&#x2019;s customer loyalty program is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. See Note 3.f. Revenues &#x2013; Mobile telecommunication services.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Deferred revenue on sale of capacity and related services</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided. Those revenues are recorded under &#x201C;Data&#x201D; line item.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Deferred income for CONATEL&#x2019;s government grants</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2010 and 2011, the CONATEL awarded to N&#xFA;cleo public tenders for the expansion of the network infrastructure that provides a platform for access to mobile services and basic services in social interest areas in Paraguay.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Government grants are recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either in the statement of financial position as deferred income or as a reduction of the carrying amount of related asset. The Company elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets were recognized at the cost incurred by N&#xFA;cleo in the construction of the engaged infrastructure and the government grant was accounted for as deferred income and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">o) Salaries and social security payables</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note 3.g.2) above for a description of the accounting policy regarding the measurement of financial liabilities.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">&#x201C;prejubilaciones&#x201D;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">). The employee&#x2019;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">p) Taxes payables</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company is subject to different taxes and levies such as municipal taxes, tax on deposits to and withdrawals from bank accounts, turnover taxes, regulatory fees (including SU) and income taxes,&nbsp;among others, that represent an expense for the Group. It is also subject to other taxes over its activities that generally do not represent an expense (internal taxes, VAT, ENARD tax).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The principal taxes that represent an expense for the Company are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Income taxes</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Income taxes are recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the year comprises current and deferred tax.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return). All income tax payments are made by each of the subsidiaries as required by the tax laws of the countries in which they operate. The Company records income taxes in accordance with IAS 12.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Deferred taxes are recognized using the &#x201C;liability method&#x201D;. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the consolidated financial statements.&nbsp;&nbsp;&nbsp;A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries that generate a deferred income tax liability, where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Deferred tax assets relating to unused tax loss carry forwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets arising from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and when future taxable income would be sufficient to apply those temporary differences.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The book value of a deferred tax asset shall be revised at the end of every reporting period. The company shall reduce the carrying amount of a deferred tax asset if it is probable that future taxable income will not be available to offset the benefits of the deferred tax asset. This reduction shall be reassessed at each reporting period and reversed if it becomes probable that future taxable income to offset the deferred tax asset will be available.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The statutory income tax rate in Argentina was 35% for all years presented. Cash dividends received from a foreign subsidiary are computed on the statutory income tax rate. As per Argentinean Tax Law, income taxes paid abroad may be recognized as tax credits.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">However, for the calculation of deferred tax as of December&nbsp;31, 2017, Law No.27.430 (issued on December&nbsp;29, 2017, see Section&nbsp;at the end of Note 3.p) was considered as a reference.&nbsp;&nbsp;This law states a decrease from 35% to 30% in the income tax rate for companies for fiscal years started from January&nbsp;1, 2018 to December&nbsp;31, 2019; and a decrease to 25% for fiscal years started from January&nbsp;1, 2020. Therefore, the company considered, following the statements of IAS 12, the periods in which temporary differences as of December&nbsp;31, 2017, will be reversed to apply the proper tax rate in the calculation of deferred tax. The effect of changes in future rates of income tax was included as &#x201C;Effect of changes in income tax rate&#x201D; in the reconciliation between the amount charged in results and pre-tax income in Note 14.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The statutory income tax rate in Paraguay was 10% for all years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5% (this is the criterion used by N&#xFA;cleo for the recording of its deferred tax assets and liabilities, representing an effective tax rate of 15%). However, the effect of the additional income tax rate according to the Argentine tax law in force on the undistributed profits of N&#xFA;cleo is fully recognized as it is considered probable that those results will flow in the form of dividends.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The statutory income tax rate in the United States was 39.50% for the years ended December&nbsp;31, 2017, 2016 and 2015.&nbsp;&nbsp;Since January&nbsp;1, 2018, a new Income Tax Law is applicable in the United States, which modifies the flat rate to 21% changing the legal income tax rate from 39.5% to 26.5%. This change in the tax rate has a similar impact in deferred tax than the explained above regarding the changes in Argentina&#x2019;s income tax rate.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Turnover tax</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Under Argentine tax law, the Company is subject to a tax levied on revenues and other income. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (services and equipment). Average rates resulting from the turnover tax charge over the total revenues were approximately 5.4%, 5.3% and 5.2% for the years ended December&nbsp;31, 2017, 2016 and 2015, respectively.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Other taxes and levies</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.h). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues, excluding the SU tax and other deductions stated by regulations. The rate is 1% of total billed revenues and adopts the &#x201C;pay or play&#x201D; mechanism for compliance with the mandatory contribution to the SU fund.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;">Telecom Argentina&#x2019;s declaration as proper taxpayer</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant to Law No.&nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and comply with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina has already filed this request related to the payment of the tax on personal property&#x2013; on behalf of Shareholders. As a consequence, Telecom Argentina recorded in 2017 the reversal of the current tax credit on personal property &#x2013; on behalf of Shareholders and the corresponding liability that it had recorded as of December&nbsp;31, 2016 which amounted to $8 and has discontinued recording such receivables and liabilities since January&nbsp;1, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Likewise, Nortel and Sofora (companies absorbed by Telecom) filed such exemption.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Notwithstanding, it cannot be assured that in the future, Telecom Argentina can fulfill those requirements and maintain the referred exemption.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;">Tax reform and consensus on taxation &#x2013; Laws No.&nbsp;27,429, 27,430 and 27,432</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Tax reform</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;29, 2017, the PEN issued Law No.&nbsp;27,430 which established a comprehensive reform of the tax system with effect beginning in fiscal year 2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Among others, the law includes modifications in tax income in both corporate income tax and individual income tax, value added tax, internal taxes, social security contributions, tax procedure code and tax criminal procedure code.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The main changes with impact in corporate taxes are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Income Tax:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Modification of corporate income tax and withholding tax on dividends</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law decreases the corporate income tax rate from 35% to 30% for fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years starting January&nbsp;1, 2020 and onwards.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law also establishes a withholding tax on dividends at a 7% rate on profits accrued during fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and a 13% rate on profits accrued in fiscal years starting January&nbsp;1, 2020 and onwards.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Income of fiscal years closed until December&nbsp;31, 2017 will not be subject to withholding tax at the moment of distribution.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The new withholding tax rates apply to distributions made to shareholders qualifying either as resident individuals or nonresidents.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, the Law repeals the &#x201C;equalization tax&#x201D; (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) on income accrued from January&nbsp;1, 2018 and onwards.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Results derived from transfers of shares</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The effective tax rate applicable for individuals residents and non-residents is 15% (in case of non-residents its applicable over a presumed income equivalent to 90% of the transfer price). For local companies the applicable rate is 30% for both fiscal years 2018 and 2019, and 25% onwards.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">However, in the case of individuals residing in Argentina, the results derived from transfers of shares are exempted from taxes to the extent that it is a placement through public offering authorized by the Argentine Securities Commission or that the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the Argentine Securities Commission.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The exemptions will only apply if the foreign beneficiaries do not reside in or the funds do not arise from &#x201C;non-cooperating&#x201D; jurisdictions. It also establishes an exemption for interest income and capital gains on the sale of negotiable obligations and share certificates issued abroad that represent shares issued by Argentine companies (ADRs).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Optional tax revaluation of assets</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The law established the revaluation of the cost of diverse assets &#x2013;in case of disposal- and the revaluation of the deductible depreciation for all the acquisitions or investments since January&nbsp;1, 2018 on the base of IPIM evolution from that date.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, the law establishes an option to revaluate for tax purposes their assets located in Argentina that generate taxable income. The revaluation option is applicable for the Company on the assets as of December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Under the Law, the new tax value of the assets will be determined by applying a &#x201C;revaluation factor,&#x201D; as established in the Law, to the tax value originally determined in each year or period of the asset&#x2019;s acquisition or construction. In the case of immovable or movable property qualifying as fixed assets, the value may be determined by an independent appraiser under certain conditions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law imposes a one-time special tax on the amount of the revaluation. The applicable rate will vary depending on the assets revaluated:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Real estate (regarded as capital assets): 8%</font>
		</p>
		<p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Real estate (regarded as inventories): 15%</font>
		</p>
		<p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Shares, quotas and other participations in Argentine companies owned by resident individuals: 5%</font>
		</p>
		<p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; All other assets (except inventories and cars, which may not be revaluated): 10%.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:34.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The option must be exercised on all the taxpayer&#x2019;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation is updated on the base of the variation of Internal Wholesale Price Index since January&nbsp;1, 2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law requires taxpayers that opt for the special revaluation regime to withdraw from any judicial or administrative process in which they are claiming, for tax purposes, an adjustment process of any kind regarding the period of the option, and those who started process in previous fiscal years must desist from making a new claim. (See Note 14 -Income tax &#x2013; Actions for recourse filed with the Tax Authority).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The company is currently taking actions to evaluate the convenience of exercing this option. As of the date of issuance of these consolidated financial statements, the regulations hasn&#x2019;t established the term in which the option can be exercised.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Internal Taxes and Tax Collection ENARD:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26%. In addition, the law provides for the repeal of the tax collection at source of the charge required by the ENARD.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, pursuant to Decree No.&nbsp;979/2017, as from November&nbsp;15, 2017, the effective internal tax rate that levies the sale of imported mobile phones and other wireless networks is reduced from 20.48% to 11.73%.&nbsp;&nbsp;Said rate, pursuant to Law No.&nbsp;27,430, will decrease gradually until its complete phase out as from January&nbsp;1, 2024. In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November&nbsp;15, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Tax on deposits to and withdrawals from bank accounts:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant Law No 27.432&nbsp;The National Executive Power may decide that the percentage of the tax that on the date of entry into force of this law is not computable as payment on account of income tax, will be progressively reduced by up to twenty percent (20%) per year as of January&nbsp;1, 2018, and also may decide that, in 2022, the tax provided for in Law 25,413 and its amendments as a payment on account of income tax will be computed in full.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Social Security:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law gradually reduces the percentage of employers&#x2019; contributions to be paid by large companies from 21% to 19.5% in 2022.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It establishes a non-taxable base for calculating employers&#x2019; contributions of $ 2,400 Argentine pesos for 2018, which will increase until reaching $12,000 Argentine pesos in 2022. The Law gradually phases out employers&#x2019; contributions creditable against VAT.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Tax Consensus</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, on January&nbsp;2, 2018, Law No.&nbsp;27,429 - &#x201C;Tax Consensus&#x201D; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, the National Government, the Provinces and the Autonomous City of Buenos Aires agreed to fulfill certain commitments. Among the commitments regarding Turnover Tax undertaken by the Provinces, the most relevant are the immediate elimination of differential treatments based on the place of business or the location of the taxpayer&#x2019;s establishment or the location where goods are manufactured and the establishment of exemptions and application of tax rates that shall not exceed those set for each activity and period under the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease until reaching 3% in 2022, and in the case of mobile telephone 7% in 2018, which will decrease until reaching 5% in 2022.) As to stamp tax rates, for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January&nbsp;1, 2019, with a gradual decrease until its complete phase out as from January&nbsp;1, 2022 and the repeal of all payroll taxes.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">q) Provisions</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Group records provisions for risks and charges when it has a present obligation, legal or constructive, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as &#x201C;Finance expenses&#x201D;. Additional information is given in Note 17.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in Note 3.i) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">r) Dividends</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Dividends payable are reported as a change in equity in the year in which they are approved by the Shareholders&#x2019; Meeting.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">s) Finance income and expenses</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Finance income and expenses include:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">interest accrued on the related financial assets and liabilities using the effective interest rate method;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
				<font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
				<font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">gains and losses on foreign exchange and financial instruments;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
				<font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">other financial results.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">t) Treasury Shares Acquisition</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In connection with the Treasury Shares Acquisition Process described in Note 19 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &#x201C;Treasury shares acquisition cost&#x201D;. No profit or loss resulting from holding such instruments of own Equity shall be recognized in the income statement. If the treasury shares are sold, the account &#x201C;Treasury shares acquisition cost&#x201D; shall be recorded within Equity under the &#x201C;Treasury shares negotiation premium&#x201D; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &#x201C;Treasury shares negotiation discount&#x201D; caption.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">u)&nbsp;&nbsp;Cost of the increase of the share in controlled companies</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March&nbsp;31, 2017 the Board of Directors of Nortel approved the sale of the share in Personal (120,000 shares) to Telecom Argentina (that represented 0.008% of Telecom Personal) in an amount of $ 4, which were paid in April&nbsp;2017.&nbsp;&nbsp;As a result, Telecom Argentina reached 100% of interest in Telecom Personal.&nbsp;&nbsp;Through this transaction, the difference between the purchase value and the investment acquired valued using the Equity Method ($ 3) was recorded in &#x201C;Cost of the increase of the share in controlled companies&#x201D; in the Equity attributable to controlling interest as of December&nbsp;31, 2017, according with IFRS 10.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">v) Earnings per share</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (see Note 25).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">w) Use of estimates</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Financial statement item / area</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accounting estimates</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;">
						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Revenues</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Revenue recognition is influenced by:</font></p>
					<p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&#x2022; the expected duration of the relationship with the customer for deferred revenues regarding upfront connection fees;</font></p>
					<p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&#x2022; the estimation of traffic measures.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;">
						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Useful lives and residual value of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">PP&amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. The Company periodically reviews, at least at each financial year-end, the estimated useful lives of its PP&amp;E and amortizable intangible assets.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;">
						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Recoverability of PP&amp;E and intangible assets with finite useful life</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">At least at every annual closing date, an assessment is made regarding whenever events or changes in circumstances indicate that PP&amp;E and amortizing intangible assets may be impaired.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The recoverable amount is the higher of the fair value (less costs to sell) and its value in use. The identification of impairment indicators and the estimation of the value in use for assets (or groups of assets or cash generating units) require management to make significant judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on significant Management&#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost,&nbsp;etc.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">For the years presented the Company estimated that there are no indicators of impairment of assets that are subject to amortization, with the exception of those mentioned in the point l) of this note. However, changes in our current expectations and operating assumptions, including changes in our business strategy, technology, competition and changes in market conditions, could significantly impact these judgments and could require future adjustments to the recorded assets.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intangible assets with indefinite useful life</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The Telecom Group determined that Personal&#x2019;s PCS license met the definition of an indefinite-lived intangible asset for the years presented and tests it annually for impairment. The recoverability assessment of an indefinite-lived intangible asset such as the PCS license and Tuves Paraguay&#x2019;s Goodwill requires our Management to make assumptions about the future cash flows expected to be derived from such asset.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Such estimated cash flows are based on significant Management&#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate,&nbsp;etc. The discount rate used to determine the discounted cash flow is an annual US dollar rate of approximately 10.5%.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Our judgments regarding future cash flows may change due to future market conditions, business strategy, the evolution of technology and other factors. These changes, if any, may require adjustments to the carrying amount of the PCS license and Tuves Paraguay&#x2019;s Goodwill.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Income taxes, recoverability assessment of deferred tax assets and other tax receivables</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Deferred income tax measuring</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Income taxes (current and deferred) are calculated in each company of the Telecom Group according to a reasonable interpretation of the tax laws in effect in each jurisdiction where the companies operate. The recoverability assessment of deferred tax assets sometimes involves complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets takes into account the estimate of future taxable income based on the Company&#x2019;s projections and on conservative tax planning.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The recoverability assessment of the tax receivable related to the actions of recourse filed by the Company&#x2019;s related to income tax inflation adjustment (Note 14) is based on the existing legal arguments on this matter and the behavior of the National Tax Authority in revising the actions of recourse filed by the Company.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Since the change provided by Law No.&nbsp;27,429, the corporate income tax rate decreases from 35% to 30% for fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years starting January&nbsp;1, 2020 and onwards. Therefore, for the measuring of deferred tax, the fiscal year of future reversals of temporary differences that originate deferred tax/liability has been estimated, applying the income tax rate of each reversal period. The actual moment of the future income and tax deductions may differ from the estimated, and may produce impact in future income.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Receivables and payables valued at amortized cost</font></p>
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				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long term receivables and payables. The estimated discount rate used to determine the discounted cash flow of non-current receivables is an annual rate in pesos of approximately 34% for year 2017. Additionally, a 13% annual U.S. dollars was used for discounting long term receivables denominated in U.S. dollars during 2017 and 2016, respectively. Discount rates for accounts receivables were 9.8% in both years and discount rates in Guaranies for loans were 8.83% and 9.42% for years 2017 and 2016, respectively.</font></p>
				</td>
			</tr>
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				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Provisions</font></p>
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				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The Company is subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory and other matters. In order to determine the proper level of provisions, Management assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. Internal and external legal counsels are consulted on these matters. A determination of the amount of provisions required, if any, is made after careful analysis of each individual issue. The determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in its method of resolving such matters, such as changes in settlement strategy.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Allowance for Doubtful Accounts</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The recoverability of trade receivables is measured by considering the aging of the accounts receivable balances, the necessity or request of customers unsubscribe, historical write-offs, Public Sector and corporative customer creditworthiness and changes in the customer payment terms. If the financial condition of the customers were to deteriorate, the actual write-offs could be higher than expected.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the absence of a Standard or an Interpretation that specifically applies to a particular transaction, Management carefully considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of the Group, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be completed in all material respects.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">New Standards and Interpretations issued by the IASB not in force</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As required by IAS 8, the IFRS issued by the IASB not in force as of the date of these consolidated financial statements are reported below and briefly summarized. These standards have not been adopted by the Company.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">IFRS 15 (Revenue from Contracts with Customers)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In May&nbsp;2014 the IASB issued IFRS 15. This IFRS applies to all revenue contracts (except for contracts that are within the scope of IAS 17, leases,&nbsp;IFRS 4,&nbsp;Insurance Contracts and IFRS 9, Financial&nbsp;Instruments). IFRS 15 provides a single model for the recognition and measurement of revenues and replaces IAS 11,&nbsp;IAS 18,&nbsp;IFRIC 13,&nbsp;IFRIC 15,&nbsp;IFRIC 18 and SIC 31. It also establishes additional disclosure requirements and a 5-step model for revenue recognition, being the identified steps:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 1)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Identify the contract(s)&nbsp;with a customer;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 2)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Identify the performance obligations in the contract;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 3)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Determine the transaction price;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 4)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Allocate the transaction price to the performance obligations in the contract; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 5)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Recognize revenue when (or as) the entity satisfies a performance obligation.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company will apply IFRS 15 using the modified retrospective approach, as it is permitted by that Standard.&nbsp;&nbsp;Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining services and equipments. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It is worth mentioning that in April&nbsp;2016 amendments were made to IFRS 15, without changing the underlying principles of the standard, but clarifying them. The amendment provides the way of: 1) identifying a performance obligation, 2) determining whether a company is a principal or agent, and 3) determining whether license revenues must be recognized at a point in time or over time. In addition, the standard adds the following exemptions: (i)&nbsp;extends the possibility of not applying the standard to the recognition of &#x201C;complete contracts&#x201D; to the date of transition and full contracts at the beginning of the oldest period presented; and (ii)&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">it allows to not retrospectively restate a contract in relation to the modifications that occur before the beginning of the earliest period presented, and shall instead reflect the aggregate effect, when the satisfied and unsatisfied performance obligations can be identified, and when the transaction price and its allocation can be determined</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 15 is effective from annual periods beginning on January&nbsp;1, 2018. Earlier application is permitted.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company has concluded the analysis of the impact of the application of IFRS 15 and is currently measuring the effects. From that analysis resulted that IFRS 15 impacts are mainly related to contracts that include equipment revenues together with services in mobile services contracts (first sale of equipments or renewal of customer&#x2019;s equipments together with postpaid and &#x201C;abono fijo&#x201D; services charges).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company is able to offer services as well as handsets (equipment) separately or together (it means selling the plan service with the handset).&nbsp;&nbsp;Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. Currently, this kind of contracts of joint selling is recorded applying the Residual Method.&nbsp;&nbsp;This method requires firstly, the identification of all the elements that compose the transaction and allocate to each of them, its own fair value. Under this method, the fair value of a transferred element, a handset in mobile services for example (it is not possible to allocate an specific price because the company usually sells that element at different prices depending on the plan service), is calculated as the difference between the full price of the contract subscribed with the customer and the fair value of those elements that is possible to allocate a fair value on an individual basis (in our case it would be the difference between the full price of the contract and the price of the plan service to determine the price of the handset).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">However, under the application of IFRS 15 the Residual Method is not allowed. The standard requires allocating the price to each performance obligation according to its proportional standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering a service term of 24 months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">These amendments introduced by IFRS 15 will initially generate an early recognition of handset revenues that will have an impact on retained earnings (due to the partially retroactively application of the standard) with the recognition of contractual asset. Such increase is due to the fact that the discounts on&nbsp;handsets will be allocated between the sale of handsets and the services. Before the application of this standard, such discount was only allocated to the sale of handsets.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In view of the above mentioned, as from January&nbsp;1, 2018, this standard will generate a reallocation of revenues, increasing equipment sales revenues and reducing the recognition of services revenues. It will cause the initial recognition of a contractual asset that will decrease to the extent service revenues are recognized, which will be fully derecognized in the 24th month (the stipulated contractual term).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The effect of the application of such method (determined based on the standalone selling price of each item) would generate a contractual asset of $781, which would be offset with an increase in deferred tax liabilities of $234 and an estimated increase in retained earnings as of January&nbsp;1, 2018 in the amount of approximately $547 (net of income tax.)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">With regards to handset subsidies occasionally granted by the Company to new postpaid subscribers, Management believes that the capitalization of such costs will be discontinued under IFRS 15 in light of the interpretations of the new standard. On the other hand, Management believes that commissions paid for the acquisition of postpaid and &#x201C;Cuentas Claras&#x201D; customers in the Mobile Segment and broadband customers in the Fixed Segment will continue to be capitalized under IFRS 15, because these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the new standard.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The impact of not capitalizing handsets&#x2019; subsidies in the retained earnings as of January&nbsp;1, 2018 amounts to $48 (lower retained earnings of $68, net of income tax of $ 20).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amendments to IFRS 9 &#x201C;Financial Instruments&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In July&nbsp;2014, the IASB amended IFRS 9 &#x201C;Financial Instruments&#x201D;. The amendments incorporate: 1) a new classification of financial assets (valued at fair value through other comprehensive income); and 2) includes requirements related to the recognition of expected credit losses of financial assets removing the minimum requirements mentioned in IFRS 39 regarding the occurrence of events to recognize the losses and recognizing them at initial measurement if losses are expected.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Regarding the expected credit losses, according to IFRS 9 the Company must recognize such loss as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the expected credit losses of the credit.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For other financial instruments: the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&#x2019;s credit risk so the lifetime expected credit losses must be recorded (expected credit losses for the full term of the financial instrument).</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 9 is effective from annual periods beginning on January&nbsp;1, 2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The impact of the initial estimation of the expected credit losses related to trade receivables in retained earnings as of January&nbsp;1, 2018, amounts to $357 (lower retained earnings of $482, net of income tax of $125).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amendments to IFRS 9 (Prepayment features with negative compensation)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;2017, the IASB amended IFRS 9.&nbsp;&nbsp;As a result, financial assets with negative compensation characteristics that could lead to reasonably negative compensation as of to the early end of a contract, can be measured at amortized cost or fair value with impact in other comprehensive income.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The new standard is effective for fiscal years beginning on January&nbsp;1, 2018. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">IFRS 16 (Leases)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In January&nbsp;2016 IFRS 16 was issued.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This standard replaces IAS 17,&nbsp;IFRIC 14 and SIC 15 and 27. The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated in this standard impact mainly on the lessees accounting.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For a company having control of use of an identified asset it:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Must have the right to obtain substantially all the economic benefits of the identified assets and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Must have the right to direct the use of the identified asset.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The standard excludes short-term contracts (less than 12 months) and those in which the underlying asset has low value (as defined by the standard, low value should be defined by reference to a brand new asset rather than a used one or its net carrying amount).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The new standard is effective for fiscal years beginning on or after January&nbsp;1, 2019. Earlier application is permitted for companies that have adopted IFRS 15. During 2017 the Company continued analyzing the impact that this new standard may have on the Group&#x2019;s financial position, cash flows and results of operations.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">IFRIC 22 (Foreign Currency Transactions and Advance Consideration)</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">In December&nbsp;2016 IFRIC 22 was issued.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">IFRIC 22 analyzes the accounting providing the exchange rate to apply for transactions that include the receipt or payment of an advance consideration. The interpretation concludes that the date of transaction that determines the exchange rate in the initial recognition of an asset, income or expense (or a part of it) is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration (If there is more than one payment or receipt of the advance consideration, the date of transaction is established for each payment or receipt of such advance consideration).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 22 is effective from annual periods beginning on January&nbsp;1, 2018. The adoption of these amendments will not have significant impacts on the statements of financial position, results of operations or cash flows of the Company.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">IFRIC 23 (Uncertainty over Income Tax Treatments)</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;2017,&nbsp;IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i)&nbsp;if uncertain tax treatments must be assessed separately; (ii)&nbsp;the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&#x2019;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii)&nbsp;how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment of the probability of occurrence); and (iv)&nbsp;how the changes in facts and circumstances are considered.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The new standard is effective for fiscal years beginning on January&nbsp;1, 2019. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant accounting policies applied by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998781648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract', window );"><strong>Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock', window );">Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:12pt;">Note 4 &#x2013; Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Cash and cash equivalents and Investments</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cash and cash equivalents and investments consist of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="bottom" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:22.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Cash&nbsp;and&nbsp;cash&nbsp;equivalents</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Cash</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Banks</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,312
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>878
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Time deposits</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>898
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>604
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other short-term investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,509
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Lebacs at fair value</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,263
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total cash and cash equivalents&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,945
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at fair value</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>371
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,456
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at fair value &#x2013; dollar linked</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at amortized cost in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost &#x2013; dollar linked</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other short-term investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,433
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>270
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Lebacs at fair value</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>109
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total current investments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,426
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,751
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at amortized cost in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,228
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost &#x2013; dollar linked</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>386
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tuves Paraguay S.A. shares purchase option</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">2003 Telecommunications Fund</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total non-current investments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,657
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>347
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Additional information on the consolidated statements of cash flows</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company applies the indirect method to reconcile the net income for the year with the cash flows generated by its operations.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For purposes of the statements of cash flows, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (with a maturity of three months or less from the date of acquisition). Bank overdrafts are disclosed in the statement of financial position as financial debts. During 2017, 2016 and 2015 bank overdrafts have been part of the permanent short-term financing structure of Personal, so, net funds requests under that method (with maturities less than three months) are included in financing activities.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additional information on the breakdown of the net cash flow provided by operating activities is given below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Collections</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Collections from customers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,113
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55,928
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,930
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interests from customers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>762
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>366
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>182
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interests from investments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>670
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile operators collections</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,282
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>885
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>843
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73,827
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,238
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,145
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Payments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">For the acquisition of goods and services and others</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19,557)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,120)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,784)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">For the acquisition of inventories</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,520)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,383)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,343)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Salaries and social security payables and severance payments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,669)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,113)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,885)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">CPP payments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,132)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(393)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(413)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Income taxes (include tax returns and payments in advance)</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,400)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,700)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,631)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other taxes and taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,399)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,731)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,775)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Foreign currency exchange differences related to the payments to suppliers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(818)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,433)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(502)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;">Inventory suppliers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(269)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(182)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;">PP&amp;E suppliers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(425)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,467)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(188)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;">Other suppliers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(144)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(31)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;">NDF</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>473
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54,495)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,873)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(36,333)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Net cash flow provided by operating activities&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,332
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,365
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,812
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Changes in assets/liabilities components:</font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Net decrease (increase) in assets</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,072)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,773)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,364)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other receivables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(902)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>276
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(754)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventories</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(618)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>837
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,522)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,592)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,660)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,640)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Net increase (decrease) in liabilities</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,067
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,391)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,368
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Deferred revenues</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(58)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(48)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Salaries and social security payables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>513
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>369
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>221
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other taxes payables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>982
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>483
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other liabilities</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provisions (Note 17)</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(360)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(174)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(163)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,321
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,179)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,890
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Main non-cash operating transactions:</font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Offsetting of capitalized trade receivables of Tuves Paraguay acquisition</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Offsetting of tax on personal property &#x2013; on behalf of Shareholders</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Income tax offset with VAT and internal taxes</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Offsetting of other receivables with regulatory provisions</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">VAT offset with income tax payments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">SAC acquisitions offset with trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>313
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>305
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>212
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other receivables of PP&amp;E sales offset with trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Most significant investing activities:</font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Fixed assets acquisitions include:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 2pt;">
			<font style="display:inline;font-size:2pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">CAPEX (Note 8)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,905)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,632)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,396)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Acquisition of Materials (net transfers to CAPEX, Note 8)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,433)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(474)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,062)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Subtotal</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,338)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,106)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,458)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Plus:</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Payments of trade payables originated in prior years acquisitions</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,342)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,832)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,367)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Less:</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Acquisition of fixed assets through incurrence of trade payables</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,862
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,298
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,592
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Assets retirement obligations</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile handsets lent to customers at no cost (i)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,727)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,541)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,148)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 13.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (i)</font>
			</p>
		</td><td style="width:5pt;"><p style="width:5pt;width:5pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Under certain circumstances, Personal and N&#xFA;cleo lend handsets to customers at no cost pursuant to term agreements. Handsets remain the property of the companies and customers are generally obligated to return them at the end of the respective agreements.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets acquisitions include:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Acquisition of licenses 3G and 4G</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,256)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other intangible assets acquisitions (Note 9)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,238)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,754)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,448)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Plus:</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Payments of trade payables originated in prior years acquisitions</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(93)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(201)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">SAC acquisition offset with trade receivables</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(313)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(305)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(212)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Less:</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Acquisition of intangible assets through incurrence of trade payables</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>673
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>462
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>466
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(971)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,798)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,310)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The following table presents the cash flows from purchases, sales and maturities of securities which were not considered cash equivalents in the statement of cash flows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds acquisition</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,002)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(971)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,049)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Sales of Government bonds</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,986
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,051
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds collection</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>276
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other short-term investments and time deposits</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,063)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(265)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Sales of Other short-term investments</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>176
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Argentine companies notes collection</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,627)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(976)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Financing activities components:</font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The following table presents the financing activities components of the consolidated statements of cash flows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank overdrafts</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,344
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,150
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Notes</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,869
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>716
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank loans</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">1 ,730</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,124
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>435
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total financial debt proceeds</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,730
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,337
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,301
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank overdrafts</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,572)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,793)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Notes</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(566)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank loans</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(848)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(143)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(31)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total payment of debt</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,986)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,936)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(31)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank overdrafts</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(58)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,243)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(405)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interests on Notes and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(340)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(205)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interests on bank loans and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(418)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(125)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(63)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">NDF</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total payment of interest and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(848)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,573)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(471)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Dividends paid by company breakdown are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="top" style="width:35.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">N&#xFA;cleo to ABC Telecomunicaciones</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Telecom Argentina</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,151)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,000)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(804)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Dividends advance declared by Sofora and paid by Telecom in December&nbsp;2017</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,192)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,000)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(849)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Telecom Argentina&#x2019;s Dividends Distribution</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Fiscal year 2017</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s Board of Directors&#x2019; Meeting held on December&nbsp;18, 2017, resolved in exercise of the powers delegated by the Ordinary Shareholders&#x2019; Meeting held on the same date, to allocate $4,150.3 (equivalent to $4.28 pesos per outstanding share) from the &#x201C;Voluntary reserve for future dividends payments&#x201D; to a cash dividend distribution that was available to shareholders as from December&nbsp;29, 2017.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Fiscal year 2016</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s Board of Directors&#x2019; Meeting held on April&nbsp;29, 2016, resolved to allocate $2,000 (equivalent to $2.06 pesos per outstanding share) of the &#x201C;Voluntary reserve for future dividends payments&#x201D; to a cash dividend distribution in two installments: $700 that was available to shareholders as from May&nbsp;13, 2016 and $1,300 that was available to shareholders since August&nbsp;26, 2016.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Fiscal year 2015</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s Ordinary Shareholders&#x2019; Meeting held on April&nbsp;29, 2015, approved the payment of cash dividends of $804 (equivalent to $0.83 pesos per outstanding share), which was made available to shareholders on May&nbsp;11, 2015.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Advance of dividends declared by Sofora and paid by Telecom</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;29, 2017, Telecom Argentina as surviving company of the merger, paid the pending advance of dividends of $2.9 declared by Sofora in its Board of Directors&#x2019; meeting held on November&nbsp;29, 2017.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 15pt;">
			<font style="display:inline;font-size:15pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">N&#xFA;cleo&#x2019;s Dividends Distribution</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Fiscal year 2017</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">N&#xFA;cleo&#x2019;s shareholders, at their meeting held on March&nbsp;28, 2017, approved the distribution of cash dividends for an amount equivalent to $109 (that correspond to 40,000 million of Guaran&#xED;es translated to argentine pesos at the exchange rate of the approval day), with the following schedule of payments:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:46.8pt;">
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Month of dividends<br />payments</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Dividends<br />corresponding to<br />Personal</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:26.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Dividends<br />corresponding to non-<br />controlling<br />shareholders</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Total</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">May&nbsp;2017 (*)</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">37</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:26.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">17</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">54</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">October&nbsp;2017 (**)</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">37</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:26.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">18</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">55</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">74</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:26.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">35</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">109</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(*)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"> As of the payment date, the amounts were 39 and 18, respectively.</font>
		</p>
		<p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(**)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"> As of the payment date, the amounts were 41 and 20, respectively.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Fiscal year 2015</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">N&#xFA;cleo&#x2019;s shareholders, at their meeting held on March&nbsp;26, 2015, approved the distribution of cash dividends for an amount equivalent to $63 (that correspond to 35,000 million of Guaran&#xED;es translated to argentine pesos at the exchange rate of the approval day), with the following schedule of payments:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Ordinary Shareholders&#x2019; Meeting also delegate in Nucleo&#x2019;s Board of Directors the possibility and opportunity of distribution of a second cash dividends for an amount of up to 35,000 million of Guaran&#xED;es (equivalent to approximately $80).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Finally, the Board of Directors, at their meeting held on December&nbsp;17, 2015, approved the distribution of cash dividends for an amount $80 (that correspond to 35,000 million of Guaran&#xED;es translated to argentine pesos at the exchange rate of the approval day). According to this, the total dividends amount paid during 2015 was as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:46.8pt;">
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Month of dividends<br />payment</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Dividends<br />corresponding to<br />Personal</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Dividends<br />corresponding to non-<br />controlling <br />shareholders </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">&#x2013;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"> ABC<br />Telecomunicaciones</font></p>
				</td>
				<td valign="top" style="width:03.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">May&nbsp;2015 (*)</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:31.08%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21
				</td>
				<td valign="top" style="width:03.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">December&nbsp;2015 (**)</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:31.08%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
				<td valign="top" style="width:03.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:31.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total &nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:31.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="top" style="width:03.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>143
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:31.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(*)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"> As of the payment date, the amounts were 41 and 19, respectively.</font>
		</p>
		<p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(**)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">As of the payment date, the amounts were 52 and 26, respectively.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 15pt;">
			<font style="display:inline;font-size:15pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;">Additional information required by IAS 7</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In January&nbsp;2016,&nbsp;IAS 7 was amended through the incorporation of paragraphs 44A to 44E. This amendment included additional information requirements that allow financial statements&#x2019; users to assess changes in liabilities generated by financing activities. Reconciliation between the opening and closing balances of liabilities generated by financing activities is disclosed below.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Balances<br />as of<br />December<br />31, 2016</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;text-decoration:underline;">Transfers</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Cash<br />Flows</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;text-decoration:underline;">Accrued interests</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Exchange<br />differences<br />and<br />currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Balances as <br />of December<br />31, 2017</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Bank overdrafts</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,707
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,572)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Bank loans &#x2013; principal</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,401
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,092)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>882
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>992
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,194
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Notes &#x2013; principal</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,650
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(566)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,158
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">NDF</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Accrued interests</font></p>
				</td>
				<td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152
				</td>
				<td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,149
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(816)
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>880
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>366
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,731
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.20%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Total current financial debt (Note 12)</font></p>
				</td>
				<td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,912
				</td>
				<td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(a)<br />(2,104)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>928
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,499
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,235
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (a)</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Correspond to $1,730 of debt proceeds, $2,986 of principal payments and $848 of interest payments.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of the components of cash, cash equivalents, and investments and additional information on statement of cash flows.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade receivables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradeReceivablesAbstract', window );"><strong>Trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfTradeReceivablesTextBlock', window );">Trade receivables</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 5 &#x2013; Trade receivables</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Trade receivables consist of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<tr>
				<td valign="bottom" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:27.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current trade receivables</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed and mobile services</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,232
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,210
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(596)
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(633)
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,636
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,577
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current trade receivables</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed and mobile services</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>208
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total trade receivables, net&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,785
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Movements in the allowance for current doubtful accounts are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:36.45pt;">
			<tr>
				<td valign="bottom" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:29.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the fiscal year</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(633)
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(386)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions &#x2013;Bad debt expenses</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,113)
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,228)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Uses</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,162
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>989
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Currency translation adjustments</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12)
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(596)
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(633)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfTradeReceivablesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure on trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfTradeReceivablesTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TradeReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TradeReceivablesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998870512">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other receivables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherReceivablesAbstract', window );"><strong>Other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOtherReceivablesTextBlock', window );">Other receivables</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Note 6 </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">&#x2013;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"> Other receivables</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Other receivables consist of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:25.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current other receivables</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Prepaid expenses</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>554
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>620
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Deposit in auction&#x2019;s warrant to CONATEL (Note 2.i)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>278
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Expenditure reimbursement</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>134
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>126
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax credits</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>218
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Restricted funds</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Receivables for return of handsets under warranty</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">PP&amp;E disposal receivables</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Guarantee deposits</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax on personal property &#x2013; on behalf of Shareholders</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">NDF (Note 20) (*)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>140
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,514
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,032
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,491
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,011
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">(*) Includes 60 of Financial NDF as of December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current other receivables</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Prepaid expenses</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>266
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>258
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Credit on SC Resolution No.&nbsp;41/07 and IDC (Note 2.m and n)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Restricted funds</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Regulatory receivables (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax on personal property &#x2013; on behalf of Shareholders</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax credits</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Guarantee deposits</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;color:#212121;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Credit of indemnity for Tuves Paraguay acquisition</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;color:#212121;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Financial NDF (Note 20)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>435
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for regulatory matters (Note 2.m and n)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(56)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for tax on personal property</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for tax on other credits (i)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>419
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total other receivables&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,910
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,371
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 11.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 6pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;;"> (i)</font>
			</p>
		</td><td style="width:7pt;"><p style="width:7pt;width:7pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 6pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">6 allocated to Taxes with the Regulatory Authority and 1 to Currency translation adjustments.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Movements in the allowances are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:25.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Current allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25)
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Uses</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:25.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Non-current allowance for regulatory matters</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(84)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Compensation of Telecom Argentina&#x2019;s regulatory liabilities</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.64%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(56)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:24.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Non-current allowance for tax on personal property</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998853584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInventoriesExplanatory', window );">Inventories</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 7 &#x2013; Inventories</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Inventories consist of the following:</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:7.35pt;text-align:left"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:6.25pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:19.6pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:30.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile handsets and others</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,631
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,321
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed telephones and equipment</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventories for construction projects</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,901
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,332
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for obsolescence of inventories</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,854
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,278
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Movements in the allowance for obsolescence of inventories are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 88.00%;">
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:30.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(86)
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions &#x2013; Fees for services, maintenance and materials</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Uses</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Sale and cost of equipment and handsets by business segment is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="bottom" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment sales Fixed Services</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>663
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cost of equipment Fixed Services</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(136)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equipment gain (loss) &#x2013; Fixed Services</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment and handsets sales Mobile Services - Personal</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,446
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,535
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,796
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cost of equipment and handsets Mobile Services - Personal (net of SAC capitalizations)</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,035)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,749)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,328)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equipment gain &#x2013; Mobile Services &#x2013; Personal</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,411
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,786
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,468
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment and handsets sales Mobile Services - N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>260
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cost of equipment and handsets &#x2013; Mobile Services N&#xFA;cleo (net of SAC capitalizations)</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(125)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(303)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equipment loss &#x2013; Mobile Services &#x2013; N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(43)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equipment and handsets sale</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total cost of equipment and handsets (net of SAC capitalizations)</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total income for sale of equipment and handsets</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,531
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,698
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,421
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cost of equipment and handsets is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2015</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventories at the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,332)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,279)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(794)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Plus:</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Equipment acquisitions</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,416)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,491)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,233)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">SAC deferred costs (Note 3.j)</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decreases net of allowance of obsolescence</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decreases not charged to cost of equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Less:</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventories at the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,901
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,332
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,279
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Cost of equipment and handsets&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInventoriesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInventoriesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045327008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, plant and equipment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">Property, plant and equipment</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 8 &#x2013; Property, plant and equipment</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">PP&amp;E consist of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;">
			<tr>
				<td valign="bottom" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:24.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Land, buildings and installations</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,576
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,310
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Computer equipment and software</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,586
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,265
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Switching and transmission equipment (i)</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,576
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,614
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Mobile network access and external wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,256
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,078
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,138
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,915
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Other tangible assets</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>831
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>704
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;">Subtotal PP&amp;E&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,963
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,886
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,024
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,629
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Valuation allowance for materials and impairment of materials</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(144)
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(305)
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(282)
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,538
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,165
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 13.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (i)</font>
			</p>
		</td><td style="width:5pt;"><p style="width:5pt;width:5pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Includes tower and pole, transmission equipment, switching equipment, power equipment, equipment lent to customers at no cost and handsets lent to customers at no cost.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Movements in Materials are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 87.00%;">
			<tr>
				<td valign="bottom" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:25.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,629
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,652
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Plus:</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Increase for Tuves Paraguay acquisition</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Purchases</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,133
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,647
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Less:</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Transfers to CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,700)
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,173)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Disposal for maintenance</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,125)
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(507)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Currency translation adjustments</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,024
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,629
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Movements in the valuation allowance for materials and impairment of materials are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:21.15pt;">
			<tr>
				<td valign="bottom" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:27.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions &#x2013; Fees for services, maintenance and materials</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(94)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decrease</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(144)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Movements in the impairment of PP&amp;E are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:21.15pt;">
			<tr>
				<td valign="bottom" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:27.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(282)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(203)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(234)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(367)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Uses</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>288
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(305)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(282)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Details on the nature and movements during the years ended December&nbsp;31, 2017 and 2016 are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Gross<br />value&nbsp;as<br />of<br />December<br />31,&nbsp;2016</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Tuves<br />Paraguay<br />acquisition</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">CAPEX</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Transfers&nbsp;and<br />reclassifications</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Decreases</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Gross<br />value&nbsp;as<br />of<br />December<br />31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Land</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>151
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>153
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Building</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,877
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,992
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,697
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>188
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,988
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Transmission equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,010
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,301
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(58)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,508
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,443
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>329
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,072
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(467)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,403
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">External wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,529
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,927
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,455
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,916
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,566
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Power equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,727
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>285
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,086
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Computer equipment and systems</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,401
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>518
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,311
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(36)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,250
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>845
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>903
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>543
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>817
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>267
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>224
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>429
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>545
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Furniture</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Installations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,172
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>324
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,513
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Improvements in third parties buildings</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>755
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>867
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Special projects</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,915
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,237
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,932)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(107)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,138
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>224
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,157
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,905
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,775
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(870)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72,138
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="bottom" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accumulated<br />depreciation<br />as of<br />December&nbsp;31,<br />2016</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Tuves<br />Paraguay<br />acquisition</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Depreciation</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Currency<br />translation<br />adjustment</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Decrease<br />and<br />reclassifications</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accumulated<br />depreciation<br />as of<br />December<br />31, 2017</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net carrying<br />value as of<br />December&nbsp;31,<br />2017</font></p>
				</td>
				<td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Land</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>153
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Building</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,171)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,210)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>782
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(712)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(97)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(861)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,127
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Transmission equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,793)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(633)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(113)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,596)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,912
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,910)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,146)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(226)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>257
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,025)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,378
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">External wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,984)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(593)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,577)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,878
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,342)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(703)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(282)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,209)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,357
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Power equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,050)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,212)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>874
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Computer equipment and systems</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,136)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,112)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(450)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,664)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,586
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(789)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(814)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(508)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(75)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(714)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Equipment lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(141)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(155)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>124
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(172)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>203
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(223)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(267)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>278
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Furniture</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(146)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(170)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Installations</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(719)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(137)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(872)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>641
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Improvements in third parties buildings</font></p>
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(529)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(42)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(660)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>207
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Special projects</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,138
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(71)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(88)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,271)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,039)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,327)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>545
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,175)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,963
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Gross&nbsp;value<br />as&nbsp;of<br />December<br />31,&nbsp;2015</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">CAPEX</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Transfers&nbsp;and<br />reclassifications</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Decreases</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Gross Value<br />as&nbsp;of<br />December<br />31,&nbsp;2016</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Land</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>151
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Building</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,771
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,877
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,238
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>377
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,697
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Transmission equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,880
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>147
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>959
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(40)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,010
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,242
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,435
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(612)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,443
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">External wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,208
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,407
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(86)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,529
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,791
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>272
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>830
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,916
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Power equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,449
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,727
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Computer equipment and systems</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,663
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>408
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,304
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,401
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>806
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>845
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>505
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(115)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>543
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>150
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(76)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>267
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>380
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>429
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Furniture</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Installations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>905
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,172
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Improvements in third parties buildings</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>574
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>755
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Special projects</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,015
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,022
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,090)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,915
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,149
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,632
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,430
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,054)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,157
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Accumulated<br />depreciation<br />as of<br />December&nbsp;31,<br />2015</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Depreciation</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Currency<br />translation<br />adjustments</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Decreases<br />and<br />transfers </font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Accumulated<br />depreciation<br />as of<br />December<br />31, 2016</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net<br />carrying<br />value as of<br />December<br />31, 2016</font></p>
				</td>
				<td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Land</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>151
				</td>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Building</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,134)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,171)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>706
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Tower and pole</font></p>
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				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(596)
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					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(77)
				</td>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(712)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>985
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Transmission equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,265)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(476)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(87)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,793)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,217
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,210)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(877)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(147)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>324
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,910)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,533
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">External wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,597)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(472)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,984)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,545
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,327)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(856)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(211)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,342)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,574
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Power equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(921)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(97)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,050)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>677
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Computer equipment and systems</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,778)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(997)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(363)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,136)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,265
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(773)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(789)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(475)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(508)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(141)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>126
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(183)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(223)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>206
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Furniture</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(128)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(146)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Installations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(603)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(102)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(719)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>453
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Improvements in third parties buildings</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(403)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(529)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Special projects</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,915
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(55)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(71)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34,583)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,358)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,033)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>703
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,271)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,886
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998845536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory', window );">Intangible assets</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Note 9 &#x2013; Intangible assets</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets consist of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;">
			<tr>
				<td valign="bottom" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Gross value<br />as of<br />December&nbsp;31,<br />2016</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Acquisition<br />Tuves<br />Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Gross value as<br />of December<br />31, 2017</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">SAC fixed services</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(169)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">SAC mobile services</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,838
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,081
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,295)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,714
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Service connection or habilitation costs</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>242
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">3G/4G licenses </font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,786
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,786
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">PCS and Band B (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>951
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,156
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Rights of use</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>463
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>450
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Exclusivity agreements</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Customer relationship</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>146
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Goodwill Tuves Paraguay</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Software developed for internal use</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>601
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>642
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,788
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,238
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,535)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,981
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Accumulated<br />amortization<br />as&nbsp;of<br />December&nbsp;31,<br />2016</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Acquisition<br />Tuves<br />Paraguay</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Amortization</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Decreases</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Accumulated<br />amortization<br />as&nbsp;of<br />December&nbsp;31,<br />2017</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net<br />carrying<br />value&nbsp;as<br />of<br />December<br />31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC fixed services</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(130)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(106)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>169
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(67)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC mobile services</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,411)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,385)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,295
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,574)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,140
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Service connection or habilitation costs</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(33)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(106)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3G/4G licenses </font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(681)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(325)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,006)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,780
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>588
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS and Band B (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(951)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(202)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,153)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Rights of use</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(219)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(224)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Exclusivity agreements</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Customer relationship (*)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Goodwill Tuves Paraguay</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Software developed for internal use</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(601)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(642)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,196)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(49)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,889)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(272)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,523
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,883)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,098
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(*) The net carrying value as of December&nbsp;31, 2017, correspond 134 to Tuves Paraguay and 1 to Cubecorp.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;">
			<tr>
				<td valign="bottom" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Gross value<br />as of<br />December&nbsp;31,<br />2015</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Gross value as<br />of December<br />31, 2016</font></p>
				</td>
				<td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC fixed services</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(145)
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC mobile services</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,157
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,544
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(893)
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,838
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Service connection or habilitation costs</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>208
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27)
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3G/4G licenses </font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,786
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,786
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS and Band B (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>774
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>951
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Rights of use</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>425
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>463
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Exclusivity agreements</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cubecorp&#x2019;s Customer relationship</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Software developed for internal use</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>566
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>601
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,851
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,754
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>248
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,065)
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,788
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accumulated<br />amortization as<br />of December<br />31, 2015</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amortization</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Decreases </font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accumulated<br />amortization as<br />of December<br />31, 2016</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net<br />carrying<br />value as of<br />December<br />31, 2016</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC fixed services</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(118)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(157)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>145
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(130)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC mobile services</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,001)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,288)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>893
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,411)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,427
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Service connection or habilitation costs</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3G/4G licenses </font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(343)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(338)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(681)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,105
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>588
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS and Band B (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(774)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(177)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(951)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Rights of use</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(190)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(219)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>244
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Exclusivity agreements</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cubecorp&#x2019;s Customer relationship</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Software developed for internal use</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(566)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(35)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(601)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,192)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,840)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,065
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,196)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,592
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045177248">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade payables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 10 &#x2013; Trade payables</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Trade payables consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; purchase of materials and supplies;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; purchase of handsets and equipment;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; agent and retails commissions;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; procurement of services; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; purchase of goods included in PP&amp;E.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<tr>
				<td valign="bottom" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:30.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current&nbsp;trade&nbsp;payables</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,854
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,496
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other assets and services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,783
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,422
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventory</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,697
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>676
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,334
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,594
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Agent commissions</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>385
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,483
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,979
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,584
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,131
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Deferred revenues<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 11 &#x2013; Deferred revenues</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Deferred revenues consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;revenues received from connection fees for fixed telephony, data and Internet, nonrefundable;</font>
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		<p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;revenues collected by remaining traffic and packages of data from unexpired cards;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;the value assigned to the points delivered by customer loyalty programs in the mobile telephony;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;the advanced collection of revenues from services of international capacity;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;the advanced collection of construction projects; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&nbsp;subsidies received for the construction of infrastructure which are deferred in the same period of amortization of the related works.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;">
			<tr>
				<td valign="bottom" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:30.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current deferred revenues</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On prepaid calling cards &#x2013; Fixed and Mobile Services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>292
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>261
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On construction projects</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On connection fees &#x2013; fixed services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On capacity rental</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On mobile customer loyalty programs</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">From CONATEL &#x2013; mobile services N&#xFA;cleo (Note 18.d)</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>515
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current deferred revenues</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On capacity rental &#x2013; Fixed Services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>195
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On connection fees &#x2013; Fixed services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On mobile customer loyalty programs</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>425
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total deferred revenues&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>940
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>888
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred income. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045619360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial debt<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract', window );"><strong>Financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBorrowingsExplanatory', window );">Financial debt</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 12 &#x2013; Financial debt</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial debt consists of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;">
			<tr>
				<td valign="bottom" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:30.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current financial debt</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank overdrafts &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,707
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank loans &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>182
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>839
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Notes &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,158
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>566
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">NDF (Note 20)</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Accrued interest&nbsp;&nbsp;and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>711
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,194
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,266
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current financial debt</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Notes &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,084
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank loans &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,012
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,562
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">NDF (Note 20)</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Accrued interests and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,020
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,041
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,646
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total financial debt&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,235
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,912
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Bank overdrafts</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, Telecom Argentina had bank overdrafts amounting to $135.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Bank and other financing entities loans</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 4pt;">
			<font style="display:inline;font-size:4pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36.95pt;text-indent: -36.95pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;text-decoration:underline;">Personal</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On July&nbsp;5, 2016, Personal had accepted an offer from the International Finance Corporation (IFC) for the assessment and transfer of funds for purposes of financing investment needs, work capital and debt refinancing for an amount of up to US$ 400 million.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;5, 2016 Personal and the IFC signed the loan agreement (&#x201C;IFC Loan&#x201D;) for an amount of US$ 400 million and for a six year period, payable in 8 equal half-yearly installments since the 30</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;">th</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> month, with a 6 month LIBOR rate + 400bp. This loan will be used to deploy the 4G network and refinance short-term financial liabilities. The loan terms include standard commitments and limitations for this type of financial transactions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;26, 2016 Personal received the loan proceeds for an amount of US$ 392.5 million, net of expenses of US$ 7.5 million (equivalent to $5,956 as of the date of the disbursement).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In April&nbsp;2017, Personal and the Inter-American Investment Corporation (&#x201C;IIC&#x201D;), a member of the Inter-American Development Bank (&#x201C;IDB&#x201D;) Group, signed a loan agreement (&#x201C;IIC Loan&#x201D;) for an amount of US$ 100 million maturing in September&nbsp;2022, payable in 8 equal half-yearly installments since the 24th month, with a 6 month LIBO rate + 400bp. The funds of this loan will be allocated to deploy the 4G network and for financing working capital and other financial needs. The loan terms include standard commitments and covenants for this type of financial transactions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The funds were effectively disbursed by IIC on September&nbsp;18, 2017 (approximately $1,723).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36.95pt;text-indent: -36.95pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;text-decoration:underline;">N&#xFA;cleo</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The following table shows the outstanding loans with different local financing entities in Paraguay and their main terms as of December&nbsp;31, 2017:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 52.00%;margin-left:72.5pt;">
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Principal&nbsp;nominal<br />value&nbsp;(in&nbsp;million&nbsp;of<br />Guaran&#xED;es)</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amortization<br />term</font></p>
				</td>
				<td colspan="2" valign="top" style="width:50.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Book&nbsp;value</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Current</font></p>
				</td>
				<td valign="bottom" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Non-current</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">80,000</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">1.9 years</font></p>
				</td>
				<td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">132</font></p>
				</td>
				<td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">132</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">40,000</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">1.7 years</font></p>
				</td>
				<td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">50</font></p>
				</td>
				<td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">83</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">120,000</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">182</font></p>
				</td>
				<td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">215</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The weighted average annual rate of these loans is 8.83% in Guaran&#xED;es and the weighted average amortization term of these loans is approximately 2 years.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The terms and conditions of N&#xFA;cleo&#x2019;s loans provide for certain events of default which are considered standard for these kinds of operations.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Global Programs for the issuance of Notes</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Telecom Argentina</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Ordinary and Extraordinary Shareholders&#x2019; Meeting of Telecom Argentina held on December&nbsp;15, 2011, approved the creation of a Medium Term Notes Global Program for a maximum outstanding amount of US$ 500 million or its equivalent in other currencies for a term of five years.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;28, 2017, Telecom Argentina held an Ordinary Shareholders&#x2019; Meeting that approved a Notes Global Program for a maximum outstanding amount of US$ 3,000 million or its equivalent in other currencies. The delegation of powers in the Board of Directors was also approved to determine and modify the terms and conditions of the Program as well as to establish the issuance opportunities.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Personal</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Ordinary and Extraordinary Shareholders&#x2019; Meeting of Personal held on December&nbsp;2, 2010, had approved the creation of a Medium Term Notes Global Program for a maximum outstanding amount of US$ 500 million or its equivalent in other currencies for a term of five years. On October&nbsp;13, 2011, the CNV had authorized such Program, through Resolution No.&nbsp;16,670.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Personal&#x2019;s Ordinary Shareholders&#x2019; Meeting held on May&nbsp;26, 2016 authorized to extend the due date and expand the Program&#x2019;s maximum circulation amount up to US$ 1,000 million or its equivalent in other currencies.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;20, 2016, the CNV authorized the extension and expansion of the mentioned Program through Resolution No.&nbsp;18,277. Within such Program, Personal issued notes in four series under the following conditions:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Series&nbsp;II</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Issuance date:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> December&nbsp;10, 2015.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amount involved:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> $149,000,000</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Expiration Date:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> 36 months from its issuance date (December&nbsp;10, 2018).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amortization:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Capital will be settled by one payment in an amount equal to 100% of total capital, payable on their maturity date (December&nbsp;10, 2018).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Interest rate:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Series&nbsp;II notes bear interest from its issuance date until the ninth month maturity (inclusive) at a nominal fixed annual rate equivalent to 28.75% per annum and since the beginning of the tenth month until its maturity date will bear at a floating rate equivalent to the Badlar Privada rates published by the BCRA plus 4.00% per annum.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Interest Payment Date:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Series&nbsp;III</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Issuance date:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> November&nbsp;16, 2016.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amount involved:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> $721,969,404.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Expiration Date:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> 18 months from its issuance date (May&nbsp;16, 2018).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amortization:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Capital will be settled by one payment in an amount equal to 100% of total capital, payable on their maturity date (May&nbsp;16, 2018).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Interest rate:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Series&nbsp;III notes bear interest from its issuance date until their maturity date at a nominal floating annual rate equivalent to the Badlar Privada rates published by the BCRA plus 2.90% per annum.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Interest Payment Date:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Series&nbsp;IV</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Issuance date:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> November&nbsp;16, 2016.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amount involved:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> US$ 77,900,400 (equivalent to approximately $ 1,207 as of the issuance date).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Expiration Date: </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">24 months from its issuance date (November&nbsp;16, 2018).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amortization:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Capital will be settled by one payment in an amount equal to 100% of total capital, payable on their maturity date (November&nbsp;16, 2018).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Interest rate:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Series&nbsp;IV notes bear interest from its issuance date until their maturity date at a nominal fixed annual rate equivalent to 4.85%.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Interest Payment Date:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Use of Funds</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The funds arising from the Series&nbsp;I (already cancelled), and II notes placement were used for the partial settlement of bank overdrafts that Personal had taken to finance the acquisition of 3G and 4G frequencies bands. Funds from notes placement have been applied to &#x201C;debt refinancing&#x201D;.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The funds arising from the Series&nbsp;III and IV notes were used for local bank overdrafts cancellation (&#x201C;refinancing of liabilities&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Notes Rating</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The mentioned notes have a local risk rating awarded by FIX SCR S.A. of &#x201C;AA+(arg)&#x201D; with a stable outlook. National &#x201C;AA&#x201D; involves a solid credit quality with respect to other note&#x2019;s issuers of the country or other notes issued in the country.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Events of default</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The terms and conditions of the Notes provide for certain events of default as follows:</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">lack of payment of capital and/or interests of any of the notes at the maturity date during the term stated in the respective contracts;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">lack of payment of capital and/or interests of any other financial debt of Personal or its subsidiaries for an amount of at least US$ 20 million (&#x201C;cross default&#x201D; clause), after the expiration of the agreed grace period;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">final court sentence dictamination (including seizure, executions of property, and similar court decisions) for an amount of at least US$ 20 million;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">bankruptcy petition, presentation of reorganization proceeding, or homologation petition of out-of-court preventive agreement of Personal or any of its subsidiaries;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">any other situation that could cause the revocation of licenses granted to Personal or its subsidiaries (if applicable), in the case of total or partial license revocation that derives in negative effect on the commercial activity, assets, financial and economic situation of Personal or its subsidiaries (taken as a whole).</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the terms of the notes issued if any case of non-compliance is verified, the debt holders are allowed to demand the payment of the outstanding amount of capital and accrued interest at the time of non-compliance (&#x201C;acceleration clause&#x201D;). The application of this clause is generally optional for the debt holders and it is subject to compliance of certain requirements and conditions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, Telecom Group is in compliance with its respective loans agreements&#x2019; commitments.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045208352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Salaries and social security payables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">Salaries and social security payables</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 13 &#x2013; Salaries and social security payables</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Salaries and social security payables include unpaid salaries, vacation and bonuses and its related social security contributions and termination benefits.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, the total number of employees was 15,396, of which approximately 82% were unionized. All Management and senior positions are held by non-unionized employees.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the field of compensation policy for Directors and Managers, the Company and its subsidiaries have a scheme that includes fixed and variable components. While fixed compensation is dependent upon the level of responsibility required for the position and its market competitiveness, variable compensation is comprised of compensation driven by the goals established on an annual basis and also by compensation regarding the fulfillment of long and medium term goals.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company and its subsidiaries have no stock option plans for their employees.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Salaries and social security payables consist of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 87.00%;margin-left:13.05pt;">
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:29.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="top" style="width:14.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:14.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Vacation and bonuses</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,433
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,102
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Social security payables</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>499
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>383
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>125
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,051
				</td>
				<td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,610
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.90%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>160
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Bonuses</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>259
				</td>
				<td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total salaries and social security payables&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,310
				</td>
				<td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,794
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Compensation for the Key Managers for the years ended December&nbsp;31, 2017, 2016 and 2015 is shown in Note 27.e).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Employee benefit expenses and severance payments are composed of:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;">
			<tr>
				<td valign="top" style="width:71.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:28.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Salaries</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,741)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,954)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,166)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Social security expenses</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,846)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,147)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,642)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Severance indemnities and termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(944)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(521)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(319)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other employee benefits</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(187)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(178)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,718)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,800)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,253)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=sect_Scope&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax payables, income tax assets and deferred income tax<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">Income tax payables, income tax assets and deferred income tax</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 14 &#x2013; Income tax payables, income tax assets and deferred income tax</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Income tax asset and liability, net as of December&nbsp;31, 2017 and 2016 consist of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:32.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2017</font></p>
				</td>
				<td valign="top" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Income tax payables (a)</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,437
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,091
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Withholdings and payments in advance of income taxes</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,695)
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,372)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Law No.&nbsp;26,476 Tax Regularization Regime (b)</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Current income tax liability, net</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,748
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>724
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:107.08%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-bottom:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:107.08%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.00%;border-bottom:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:107.08%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Law No.&nbsp;26,476 Tax Regularization Regime (b)</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Non-current Income tax liability</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:16.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(a)&nbsp;Includes 3,678 for Income tax payable attributable to Telecom Personal as of November&nbsp;30, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(b)&nbsp;Tax liability valuated to its discount value at each time of valuation.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The tax effects of temporary differences that give rise to significant portions of the Telecom Group&#x2019;s deferred tax assets and liabilities and the actions for recourse tax receivable are presented below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 84.00%;">
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:30.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income&nbsp;tax&nbsp;assets</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:24.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Deferred&nbsp;tax&nbsp;liabilities</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"> As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Telecom<br />Argentina</font></p>
				</td>
				<td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Telecom<br />USA</font></p>
				</td>
				<td valign="bottom" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>504
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>504
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Inventory</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Pension and termination benefits</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>162
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>162
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Deferred revenues</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other deferred tax assets, net</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax assets&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,018
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,021
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(970)
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(971)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cash dividends from foreign companies</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(*) (129)</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(129)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64)
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile handsets financed sales</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(69)
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(69)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Tuves Paraguay&#xB4;s Deferred tax liabilities, net</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(***) (25)</font></p>
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax liabilities&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,168)
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,169)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax (liability) asset, net&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(**) (150)</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(148)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(****) (48)</font></p>
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(48)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.30%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Actions for recourse tax receivable</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>774
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>774
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total income tax assets&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>624
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>626
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Include 46 recorded in Other Comprehensive Income for the year ended December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(**)Include (3)&nbsp;and (11) in Telecom Argentina y Personal, respectively, of temporary differences withdrawals related to the filing of the affidavit for the year 2016.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(***) Originated in Tuves Paraguay acquisition.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(****) Include (2)&nbsp;related to Currency translation adjustments on initial balances.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;">
			<tr>
				<td valign="middle" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:27.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income tax assets</font></p>
				</td>
				<td valign="top" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:33.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Deferred tax liabilities</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">As of December&nbsp;31, 2016</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Telecom<br />Argentina</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Telecom<br />USA</font></p>
				</td>
				<td valign="bottom" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Personal</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>271
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>341
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>341
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Inventory</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Pension and termination benefits</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Deferred revenues</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other deferred tax assets, net</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax assets</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>771
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>774
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>540
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>570
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E and intangible assets</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(560)
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(560)
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(789)
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(789)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cash dividends from foreign companies</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(150)
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44)
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(194)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile handsets financed sales</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(84)
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(84)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other deferred tax liabilities, net</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax liabilities</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(560)
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(560)
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,095)
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44)
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,139)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax asset (liability), net </font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(555)
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14)
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(569)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Action for recourse tax receivable </font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>466
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>466
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total income tax assets </font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>677
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>680
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Income tax expense for the years ended December&nbsp;31, 2017, 2016 and 2015 consists of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Year ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Current tax expense</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,091)
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,721)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Deferred tax benefit </font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>228
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(69)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Action for recourse income tax receivable </font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>308
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>368
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income tax expense&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,902)
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,594)
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,692)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Income tax expense for the years ended December&nbsp;31, 2017, 2016 and 2015 differed from the amounts computed by applying the Company&#x2019;s statutory income tax rate to pre-tax income as a result of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:37.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">For the years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Pre-tax income</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,626
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,599
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,127
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Non taxable items </font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>738
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,364
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,678
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,135
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Weighted statutory income tax rate (*)</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.3%
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.3%
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.5%
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income tax expense at weighted statutory tax rate</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,235)
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,947)
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,774)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Income tax on cash dividends of foreign companies &#x2013; N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44)
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Effect of changes in tax rate</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other changes in tax assets and liabilities</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Actions for recourse income tax receivable </font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>308
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>368
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income tax expense&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,902)
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,594)
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,692)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for all the years presented. In Paraguay was 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for all the years presented.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;text-decoration:underline;">Income tax - Actions for recourse filed with the Tax Authority</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Article&nbsp;10 of Law No.&nbsp;23,928 and Article&nbsp;39 of Law No.24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April&nbsp;1, 1992.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Accordingly, Telecom Argentina determined its income tax obligations in accordance to those provisions, without taking into account the income tax inflation adjustment.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its verdict in the &#x201C;Candy&#x201D; case (07/03/2009) in which it stated that particularly for fiscal year 2002 and considering the serious state of disturbance of that year, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">More recently, the Argentine Supreme Court of Justice applied a similar criterion to the 2010, 2011 and 2012 fiscal years in the cases brought by &#x201C;Distribuidora Gas del Centro&#x201D; (10/14/2014, 06/02/2015 and 10/04/2016), enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis such as 2002.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the above-mentioned new legal background that the Company took knowledge during 2015, and after making the respective assessments, Telecom Argentina filed during 2015, 2016 and 2017 actions for recourse with the AFIP to claim the full tax overpaid for fiscal years 2009, 2010, 2011 and 2012 for a total amount of $509 plus interest, under the argument that the lack of application of the income tax inflation adjustment is confiscatory.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, the actions for recourse filed are pending of resolution by the Tax Authority. However, the Company&#x2019;s Management, with the assessment of its tax advisor, considers that the arguments presented in those recourse actions follow the same criteria as the one established by the Argentine Supreme Court of Justice jurisprudence mentioned above, among others, which should allow the Company to obtain a favorable resolution of actions of recourse filed.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Consequently, the income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and the Company recorded a non-current tax credit of $774 as of December&nbsp;31, 2017 ($98 were recorded in fiscal year 2015, $368 in fiscal year 2016 and $308 in fiscal year 2017). For the measurement of the tax credit, the Company has estimated the amount of the tax determined in excess for all fiscal years not covered by the statute of limitation (2009-2017) weighting the likelihood of certain variables according to the jurisprudential antecedents known until such date. The Company&#x2019;s Management will assess Tax Authority&#x2019;s resolutions related to actions of recourse filed as well as the jurisprudence evolution in order to annually re-measure the tax credit recorded.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other taxes payables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherTaxesPayablesAbstract', window );"><strong>Other taxes payables</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOtherTaxesPayableTextBlock', window );">Other taxes payables</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 15 &#x2013; Other taxes payables</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Other taxes payables consist of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:23.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
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			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:11.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;VAT, net</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>564
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Tax withholdings</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Internal taxes</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>162
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>138
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Tax on SU (Note 2.h)</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>110
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Regulatory fees </font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Turnover tax</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>383
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Municipal taxes</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Retention Decree No.583/10 ENARD</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Tax on personal property &#x2013; on behalf of Shareholders</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,505
				</td>
				<td valign="bottom" style="width:11.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,149
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
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			<font style="display:inline;">&nbsp;</font>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for taxes payable.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory', window );">Other liabilities</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 16 &#x2013; Other liabilities</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Other liabilities consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">pension benefits;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">guarantees received;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">legal fees payable by adhesion to the tax regularization schemes;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">any liability not included in the other liability items.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;">
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:21.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:10.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="top" style="width:10.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Compensation for directors and members of the Supervisory Committee</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Guarantees received</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Other</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
				<td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Pension benefits (Note 3.m)</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>164
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Legal fees</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Other</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220
				</td>
				<td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>170
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total other liabilities&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>305
				</td>
				<td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>239
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Movements in the pension benefits are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;">
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:21.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years ended<br />December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:10.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>164
				</td>
				<td valign="top" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Service cost (*)</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest cost (**)</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Payments</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6)
				</td>
				<td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Actuarial loss /(gain) (***)</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6)
				</td>
				<td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214
				</td>
				<td valign="top" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>164
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Included in Employee benefit expenses and severance payments.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(**) Included in Financial expenses.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(***) Included in Other comprehensive income as required by IAS 19R.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other liabilities. [Refer: Other liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045391088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provisions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsAbstract', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfProvisionsExplanatory', window );">Provisions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 17 &#x2013; Provisions</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company is a party to several civil, tax, commercial, labor and regulatory proceedings and claims that have arisen in the ordinary course of business. In order to determine the proper level of provisions, Management of the Company, based on the opinion of its internal and external legal counsel, assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. A determination of the amount of provisions required, if any, is made after careful analysis of each individual case.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The determination of the required provisions may change in the future due to new developments or unknown facts at the time of the evaluation of the claims or changes as a matter of law or legal interpretation. Consequently, as of December&nbsp;31, 2017, the Company has established provisions in an aggregate amount of $2,088 ($56 to cover potential losses under these claims for regulatory contingencies deducted from assets and $2,032 included under provisions) and certain amounts deposited in the Company&#x2019;s bank accounts have been restricted as to their use due to some judicial proceedings. As of December&nbsp;31, 2017, these restricted funds totaled $98 (included under Other receivables, net line item in the consolidated statement of financial position).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Provisions consist of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Balances</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Additions/<br />(recoveries)</font></p>
				</td>
				<td rowspan="2" valign="middle" style="width:09.42%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Reclassifications</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Uses</font></p>
				</td>
				<td rowspan="2" valign="middle" style="width:07.04%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Balances<br />as of<br />December<br />31, 2016</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Additions/<br />(recoveries)</font></p>
				</td>
				<td rowspan="2" valign="middle" style="width:09.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Reclassifications</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:11.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Uses</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Balances</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">as of<br />December<br />31, 2015</font></p>
				</td>
				<td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Capital</font></p>
				</td>
				<td valign="top" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Interest<br />(i)</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Debt<br />recognition</font></p>
				</td>
				<td valign="top" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Payments</font></p>
				</td>
				<td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Capital</font></p>
				</td>
				<td valign="top" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Interest<br />(i)</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Debt<br />recognition</font></p>
				</td>
				<td valign="top" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Payments</font></p>
				</td>
				<td valign="top" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">as of<br />December<br />31, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="top" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for civil and commercial proceedings</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(35)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>109
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104
				</td>
				<td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(66)
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(65)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>158
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for labor claims</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159
				</td>
				<td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(92)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>232
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(223)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for regulatory, tax and other matters claims</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;height:3.15pt;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
				</td>
				<td valign="bottom" style="width:06.42%;height:3.15pt;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:04.58%;height:3.15pt;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>283
				</td>
				<td valign="bottom" style="width:06.42%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(140)
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(67)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Total current provisions</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>207
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>278
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(42)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(172)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>271
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>619
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(206)
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(355)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>406
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for civil and commercial proceedings</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>240
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14
				</td>
				<td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>261
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>150
				</td>
				<td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(104)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for labor claims</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>329
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130
				</td>
				<td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(159)
				</td>
				<td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>377
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>315
				</td>
				<td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(232)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>601
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for regulatory, tax and other matters claims</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>407
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43
				</td>
				<td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>416
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
				<td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(283)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>294
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64
				</td>
				<td valign="bottom" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>298
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>371
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Total non-current provisions</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,165
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234
				</td>
				<td valign="bottom" style="width:04.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>207
				</td>
				<td valign="bottom" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(251)
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,352
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578
				</td>
				<td valign="bottom" style="width:04.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>320
				</td>
				<td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(619)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,626
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Total provisions</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,372
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">(ii)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6.5pt;">&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">234</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>207
				</td>
				<td valign="bottom" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">(iii)&nbsp;&nbsp;&nbsp;27</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(43)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(174)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,623
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">(iv)&nbsp;&nbsp;&nbsp;655</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>320
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(206)
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(360)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,032
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Charged to finance costs, interest on provisions line item.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Charged 187 to Provisions, 45 to PP&amp;E (CAPEX) and 2 to currency translation adjustments.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6.5pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Use of Resolution No.&nbsp;41/07 receivables.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iv)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Charged 590 to Provisions, 35 to CAPEX, 3 to currency translation adjustments and 27 to acquisition of Tuves Paraguay.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">1</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Probable Contingent liabilities</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Below is a summary of the most significant claims and legal actions for which provisions have been established:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Profit sharing bonds</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Various legal actions are brought, mainly by former employees of the Company against the Argentine government and Telecom Argentina, requesting that Decree No.&nbsp;395/92 &#x2013; which expressly exempted Telef&#xF3;nica and the Company from issuing the profit sharing bonds provided in Law No.&nbsp;23,696 &#x2013; be struck down as unconstitutional. The plaintiffs also claim the compensation for damages they suffered because such bonds have not been issued.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In August&nbsp;2008, the Argentine Supreme Court of Justice found Decree No.&nbsp;395/92 unconstitutional when resolving a similar case against Telef&#xF3;nica.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Since the Argentine Supreme Court of Justice&#x2019;s judgment on this matter, the Divisions of the Courts of Appeal ruled that Decree No.&nbsp;395/92 was unconstitutional. As a result, in the opinion of the legal counsel of the Company, there is an increased probability that the Company has to face certain contingencies, notwithstanding the right of reimbursement that attends Telecom Argentina against the National State.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Said Court decision found the abovementioned Decree unconstitutional and ordered that the proceedings be remanded back to the court of origin so that such court could decide which defendant was compelled to pay &#x2013;the licensee and/or the Argentine government- and the parameters that were to be taken into account in order to quantify the remedies requested (percent of profit sharing, statute of limitations criteria, distribution method between the program beneficiaries, etc). It should be mentioned that there is no uniformity of opinion in the Courts in relation to each of those concepts.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Later, in &#x201C;Ramollino Silvana c/Telecom Argentina S.A.&#x201D;, the Argentine Supreme Court of Justice, on June&nbsp;9, 2015, ruled that the profit sharing bonds do not correspond to employees who joined Telecom Argentina after November&nbsp;8, 1990 and that were not members of the PPP.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This judicial precedent is consistent with the criteria followed by the Company for estimating provisions for these demands, based on the advice of its legal counsel, which considered remote the chances of paying compensation to employees not included in the PPP.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Legal action&#x2019;s statute of limitations criteria: Argentine Supreme Court of Justice ruling &#x201C;Dominguez c/ Telef&#xF3;nica de Argentina S.A.&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In December&nbsp;2013, the Argentine Supreme Court ruled on a similar case to the above referred legal actions, &#x201C;Dom&#xED;nguez c/ Telef&#xF3;nica de Argentina S.A&#x201D;, overturning a lower court ruling that had barred the claim as having exceeded the applicable statute of limitations since ten years had passed since the issuance of Decree No.&nbsp;395/92.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Argentine Supreme Court of Justice ruling states that the Civil and Commercial Proceedings Court must hear the case again to consider statute of limitations arguments raised by the appellants that, in the opinion of the Argentine Supreme Court of Justice, were not considered by the lower court and are relevant to the resolution of the case.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">After the Argentine Supreme Court of Justice&#x2019;s ruling and until the date of issuance of these consolidated financial statements, two chambers of the Civil and Commercial Federal Proceedings Court have issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice in its ruling, acknowledging that the statute of limitations must be applied periodically &#x2013;as of the time of each balance sheet- but limited to five years; and Chamber III ruled, by a majority of votes, that the statute of limitations must not be applied periodically, but that instead, was exceeded ten years after the issuance of Decree No.&nbsp;395/92.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Criteria for determining the relevant profit to calculate compensation: ruling of the Civil and Commercial Federal Proceedings Court in Plenary Session &#x201C;Parota c/ Estado Nacional y Telef&#xF3;nica de Argentina S.A.&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On February&nbsp;27, 2014, the Civil and Commercial Appeals Court issued its decision in plenary session in the case &#x201C;Parota, C&#xE9;sar c/ Estado Nacional&#x201D;, as a result of a complaint filed against Telef&#xF3;nica de Argentina S.A, ruling: </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">&#x201C;that the amount of profit sharing bonds the corresponding to former employees of Telef&#xF3;nica de Argentina S.A. should be calculated based on the taxable income of Telef&#xF3;nica de Argentina S.A. on which the income tax liability is to be assessed&#x201D;.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Court explained that in order to make such determination: </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">&#x201C;it is necessary to clarify that &#x201C;taxable income&#x201D; (pre-tax income) means the amount of income subject to the income tax that the company must pay, which generally means gross income, including all revenue obtained during the fiscal year (including contingent or extraordinary revenue), minus all ordinary and extraordinary expenses accrued during such fiscal year&#x201D;.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, the Company&#x2019;s Management, with the advice of its legal counsel, has recorded the provisions for contingencies that it estimates are sufficient to cover the risks associated with these legal actions, having considered the available legal background as of the date of issuance of these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, on June&nbsp;3, 2013 Telecom Argentina was notified of a lawsuit filed by four unions claiming the issuance of a profit sharing bonds (hereinafter &#x201C;the bonds&#x201D;) for future periods and for periods for which the statute of limitations is not expired. To enforce this claim, the plaintiffs require that Decree No.&nbsp;395/92 should be declared unconstitutional.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This collective lawsuit is for an unspecified amount. The plaintiffs presented the criteria that should be applied for the determination of the percentage of participation in the Company&#x2019;s profit. The lawsuit requiring the issuance of a profit sharing bond represents an obligation with potential future economic impact for Telecom Argentina.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In June&nbsp;2013, the Company filed its answer to the claim, arguing that the labor courts lack of jurisdiction. On October&nbsp;30, 2013, the judge rejected the lack of jurisdiction plea, established a ten year period as statute of limitation and deferred ruling on the defenses of res judicata, lis pendens and on the third party citation required after a hearing is held by the court. Telecom Argentina has appealed the judge&#x2019;s ruling.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;12, 2013 this hearing took place and the intervening court differed the defense of statute of limitations filed by the Company to the moment of the final ruling, among other matters. It also ordered the plaintiff to establish that they have permission to bring the case on behalf Telecom Argentina&#x2019;s employees included in the claim; meanwhile the trial proceeding will be suspended. The plaintiff appealed the decision and the judge deferred this issue to the time of sentencing.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, the appeal regarding lack of jurisdiction raised by the Company is pending, until the documentation requested by the court to the plaintiffs was resolved.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company, based on the advice of its legal counsel, believes that there are strong arguments to defend its rights in this claim based, among other things, in the expiration of the statute of limitations of the claim for the unconstitutionality of Decree No.&nbsp;395/92, the lack of active legal standing for collective claim for bonds issuance -due to the existence of individual claims-, among other reasons regarding lack of active legal standing.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Sales representative claims</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Former sales representatives of Personal have brought legal actions for alleged improper termination of their contracts and have submitted claims for payment of different items such as commission differences, value of the customers&#x2019; portfolio and lost profit, among other matters. Personal believes, based on the advice of its legal counsel, that certain items included in the claims would not be sustained while other items, if sustained, would result in significantly lower amounts than those claimed. As of the date of issuance of these consolidated financial statements, some legal actions are in the discovery phase and with expert opinions in progress.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Personal&#x2019;s Management, based on the advice of its legal counsel, has recorded provisions that it estimates are sufficient to cover the risks associated with these claims, which are considered that would not have a negative impact on Personal&#x2019;s results and financial position.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Regulator&#x2019;s Penalty Activities</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina is subject to various penalty procedures, in most cases promoted by the Regulatory Authority, for delays in the reparation and installation of service to fix-line customers. Although generally a penalty considered on an individual basis does not have a material effect on Telecom Argentina&#x2019;s equity, there is a significant disproportion between the amounts of the penalty imposed by the Regulatory Authority and the revenue that the affected customer has generated to Telecom Argentina.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In determining the provisions for regulatory charges and sanctions, the Telecom Argentina&#x2019;s Management, with the assessment of its legal counsel, determines the likelihood of such sanctions being imposed, the amount thereof based on historical information and judicial precedents, also contemplating various probable scenarios of statute of limitation for charges and sanctions received, the current levels of execution of sanctions and the eventual results of legal actions that Telecom Argentina has undertaken to demonstrate, among other things, the disproportionate sanctions imposed by the Regulatory Authority since 2013.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina has recorded certain provisions that it deems sufficient to cover the above mentioned sanctions and charges, estimating that they should not prosper in amounts individually higher than 200 thousand UT (9,380 argentine pesos) per each alleged violation against its clients in the normal course of business, in accordance with the legal and regulatory analysis performed as of December&nbsp;31, 2017. If Telecom Argentina and its legal advisors&#x2019; arguments do not prevail, the Management of Telecom Argentina estimates that the amount of provisions for regulatory charges and sanctions might be increased in approximately $103 as of December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Interest rate applicable to&nbsp;&nbsp;the matters under Labor Courts of the City of Buenos Aires</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On May&nbsp;21, 2014 the National Labor Court of Appeals agreed, as a result of a divided vote, that the interest rate applicable to the matters under its jurisdiction in the City of Buenos Aires shall be the nominal annual rate for personal loans with free use of funds of the </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Argentine National Bank</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> for a 49 to 60 month term (as of December&nbsp;31, 2015 the mentioned rate was 3% per month). The Court also resolved that in those cases that the Court sentences are still pending, this new rate shall be applied as from the date on which each amount is due.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As from 2002 the above mentioned Court had resolved to apply the interest rate resulting from the monthly average of the interest rate used by the National Bank of Argentina for the granting of loans (as of December&nbsp;31, 2015 the mentioned average rate was 2.055% per month).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This prospective criterion was sustained until the date of issuance of these consolidated financial statements as of December&nbsp;31, 2016, since Telecom Group&#x2019;s Management, with the assistance of its legal counsel, considered that there were strong legal grounds to challenge the retroactive application of the new rate.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:30.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">However, later, the lower labor courts applied the new rate criterion retroactively as from the date that each amount is considered due. The Company has appealed these decisions, but the Labor Court of Appeals validated the criterion mentioned in recent cases and extraordinary appeals have been dismissed before the Supreme Court. For this reason, during 2017, the Company recorded additional provisions as it deemed sufficient to cover the impacts that these rulings could have.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">2</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Possible Contingencies</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition to the possible contingencies related to regulatory matters described in Note 2 h)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"> SU Fund in Telecom Argentina</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> and in the last paragraph of section &#x201C;Regulator&#x2019;s Penalty Activities&#x201D; mentioned above, is a summary of the most significant claims and legal actions for which no provisions have been established, although it cannot be ensured the final outcome of these lawsuits:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">&#x201C;Consumidores Financieros Asociaci&#xF3;n Civil para su Defensa&#x201D; claim</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In November&nbsp;2011, Personal was notified of a lawsuit filed by the &#x201C;Consumidores Financieros Asociaci&#xF3;n Civil para su Defensa&#x201D; claiming that Personal made allegedly abusive charges to its customers by implementing per-minute billing and setting an expiration date for prepaid telecommunication cards.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The plaintiff claim Personal to: i) cease such practices and bill its customers only for the exact time of telecommunication services used; ii) reimburse the amounts collected in excess in the ten years preceding the date of the lawsuit; iii) credit its customers for unused minutes on expired prepaid cards in the ten years preceding the date of the lawsuit; iv) pay an interest equal to the lending rate charged by the Banco de la Naci&#xF3;n Argentina; and v) pay punitive damages provided by article 52 bis of Law No.&nbsp;24,240.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Personal responded in a timely manner, arguing the grounds by which the lawsuit should be dismissed, with particular emphasis on the regulatory framework that explicitly endorses Personal&#x2019;s practices, now challenged by the plaintiff in disregard of such regulations.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The plaintiffs are seeking damages for unspecified amounts. Although the Company believes there are strong defenses according to which the claim should not succeed, in the absence of jurisprudence on the matter, the Company&#x2019;s Management (with the advice of its legal counsel) has classified the claim as possible until a judgment is rendered.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This claim was at a preliminary stage as of the date of issuance of these consolidated financial statements. However, the judge has ordered the accumulation of this claim with two other similar claims against Telef&#xF3;nica M&#xF3;viles Argentina S.A. and AMX Argentina S.A. So, the three legal actions will continue within the Federal Civil and Commercial Court No.&nbsp;9.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Lawsuit against Personal on changes in services prices</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In June&nbsp;2012 the consumer trade union &#x201C;Proconsumer&#x201D; filed a lawsuit against Personal claiming that the company did not provide the clients with enough information regarding the new prices for the services provided by Personal between May&nbsp;2008 and May&nbsp;2011. It demands the reimbursement of the increase in the price billed to customers for a period of two months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s Management considers that Personal had adequately informed its clients the modifications of the terms and conditions in which the service would be provided, and therefore, believes that this lawsuit should not succeed.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September&nbsp;5, 2012 the Court took notice of the lawsuit. On June&nbsp;26, 2013, the judge upheld the jurisdictional plea filed by Personal and ordered to send the lawsuit to the Administrative and Contentious court, which decided that the jurisdiction corresponded to the Commercial Court. That decision was appealed by Personal through an extraordinary motion. The extraordinary motion was denied and Personal filed a complaint with the Argentine Supreme Court of Justice, which on May&nbsp;27, 2016 provided that the demand will continue its proceedings in the commercial courts. The lawsuit is in the discovery phase and both parts are preparing the evidence required.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s Management considers that there are solid arguments for the favorable resolution of this lawsuit, but, in the event it is resolved unfavorably, it would not have a significant impact on Personal&#x2019;s results and financial position.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Proceedings related to value added services - Mobile contents</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;1, 2015 Personal was notified of a claim seeking damages for unspecified amounts initiated by consumer trade union &#x201C;Cruzada C&#xED;vica para la defensa de los consumidores y usuarios de Servicios p&#xFA;blicos&#x201D;. The plaintiff invokes the collective representation of an undetermined number of Personal customers.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:34.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The plaintiff claims the way that content and trivia are contracted, in particular the improper billing of messages sent offering those services and their subscription. Additionally, it proposes the application of a punitive damages to Personal.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This claim is substantially similar to other claims made by a consumer association (Proconsumer) where collective representation of customers is also invoked. As of the date of issuance of these consolidated financial statements, those claims are at preliminary stages.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Personal has answered the claims through the presentation of legal and factual defenses, subpoenaing third parties involved in the provision of VAS. Likewise, with the advice of its legal counsel, Personal believes to have strong arguments for its defense in these lawsuits. However, given the absence of jurisprudential precedents, the final outcome of these claims cannot be assured.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Claims of some Content Providers to the Company</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the framework of the general reorganization of the content business started out by Personal in 2016, and given the expiration of agreements with content providers, some of the latter have been notified that such agreements will not be renewed.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">By virtue of that communication, four of those companies initiated and obtained in court, precautionary measures against Personal, in order to avoid that the duly notified decision of not renewing the agreements be effective, and thus, forcing Personal to refrain from disconnecting or interrupting the contractual relationship on the scheduled dates.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On February&nbsp;24, 2017, the ENACOM notified Personal the Resolution 2017-1122-APN-ENACOM # MCO (Resolution No.&nbsp;1,122), which set out that Mobile Operators providers of audiotext and mass calling Value Added Services may receive, in every respect, a percentage that should not exceed 40% of the services invoiced on behalf and to the order those provider.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, the Resolution sets forth a 30-day period to file under the ENACOM the interconnection contracts or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March&nbsp;22, 2017, Personal&#x2019;s Management, with the assistance of its legal advisors and due to its solid grounds, filed an administrative appeal against Resolution No.&nbsp;1,122 before the former Ministry of Communications (MINCOM - currently the Ministry of Modernization.) In addition, Personal has brought legal actions to safeguard its rights.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, it should be noted that the Company has renewed the commercial agreements with most of the providers of these contents, which are still in force.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September&nbsp;29, 2017, the ENACOM notified Personal with ENACOM Resolution No.&nbsp;2,408/17, whereby it rejected the reconsideration appeals filed by Movistar and Claro against Resolution No.&nbsp;1,122, and the suspension of the effects of said resolution requested by Personal, Movistar and Claro. In addition, in the same act, it rejected the reconsideration appeal filed by Personal against ENACOM Note No.&nbsp;29/17 (in connection with the supplier MOVICLIPS). The appeal filed by Personal against Resolution No.&nbsp;1,122 with the former MINCOM is still pending resolution.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">&#x201C;Asociaci&#xF3;n por la Defensa de Usuarios y Consumidores c/Telecom Personal S.A.&#x201D; claim</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In 2008 the &#x201C;Asociaci&#xF3;n por la Defensa de Usuarios y Consumidores&#x201D; sued Personal, seeking damages for unspecified amounts, claiming the billing of calls to the automatic answering machine and the collection system called &#x201C;send to end&#x201D; in collective representation of an undetermined number of Personal customers. The claim is currently in evidence phase.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the third quarter of 2015 Personal took knowledge of an adverse court ruling in a similar trial, promoted by the same consumers association against other mobile operator.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:38pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s Management, with the advice of its legal counsel, believes that it has strong arguments for its defense, but given the new jurisprudential precedent, the outcome of this claim cannot be ensured.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Radioelectric Spectrum Fees</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In October&nbsp;2016 Personal modified the criteria used for the statement of some of its commercial plans (&#x201C;Abono fijo&#x201D;) for purposes of paying the radioelectric spectrum fees (derecho de uso de espectro radioel&#xE9;ctrico or &#x201C;DER&#x201D;), taking into account certain changes in such plans&#x2019; composition. This meant a reduction in the amount of fees paid by Personal.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In March&nbsp;2017, the ENACOM demanded Personal to rectify its statements, requiring that such plans&#x2019; statements continue to be prepared based on the previous criteria. Personal&#x2019;s Management believes that it has solid legal arguments to defend its position, which are actually confirmed by Resolution ENACOM No.&nbsp;840/18. On August&nbsp;15, 2017, Personal received a note for the differences owed, and on August&nbsp;31, 2017 presented the corresponding administrative note. Personal&#x2019;s Management believes that it has solid legal arguments to defend its position. However, it cannot be assured that such arguments will be accepted by the ENACOM.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The difference resulting from both sets of liquidation criteria is of approximately $403 since October&nbsp;2016, plus interests.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">3</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Remote Contingencies</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Group faces other legal proceedings, fiscal and regulatory considered normal in the development of its activities. The Company Directors and its legal advisors estimate it will not generate an adverse impact on their financial position and the result of its operations, or its liquidity. In accordance with IAS 37 provisions, not any provision has been constituted related to the resolution of these issues</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">4</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Contingency Asset</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 71.4pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">&#x201C;AFA Plus Project&#x201D; Claim</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On July&nbsp;20, 2012, the Company entered into an agreement with the Argentine Football Association (&#x201C;AFA&#x201D;), for the provision of services to a system called &#x201C;Argentine Football System Administration&#x201D; (&#x201C;AFA Plus Project&#x201D;) related to the secure access to first division football stadiums whereby Telecom Argentina should provide the infrastructure and systems to enable the AFA to manage the aforementioned project. The recovery of investments and expenses incurred by Telecom Argentina and its profit margin would come from charging AFA with a referring price stated in 20% of the popular ticket price per each football fan that attend the stadiums during the term of the agreement, so the recoverability of the Company&#x2019;s assets related to the Project depended on AFA implementing the &#x201C;AFA Plus Project&#x201D;.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">From 2012 and in compliance with its contractual obligations, the Company made investments and incurred in expenses amounting to $182 as of December&nbsp;31, 2017, of which $143 are included in PP&amp;E for the provision and installation of equipment and the execution of civil works for improving the football stadiums, registration centers equipment, inventories and material storage and attend other expenses directly associated with AFA Plus Project.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For several specific reasons of the Project, the football environment and the country context, the AFA Plus system was not implemented by AFA, not even partially. Accordingly, Telecom Argentina has not been able to begin collecting the agreed price.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Finally, throughout the agreement, Telecom Argentina received no compensation from AFA for the services provided and the work performed. In September&nbsp;2014, AFA notified the Company of its decision to terminate the agreement with Telecom Argentina, modifying the AFA Plus Project, and also informed that it will assume the payment of the investments and expenditures incurred by the Company. Accordingly, negotiations between the parties have started.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In February&nbsp;2015, AFA made a proposal to compensate the investments and expenditures incurred by the Company through advertising exchange exclusively related to the AFA Plus Project (or the one that replaces this Project in the future), in the amount of US$ 12.5 million. The proposal considered that if the advertising compensation was not realized in one year, AFA would pay to Telecom the agreed amount. The Company analyzed the quality of the assets offered by AFA in its offer of advertising exchange, and rejected the offer as insufficient.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">New negotiations were conducted in 2015 to improve the mentioned offer (requiring a combination of cash payments and advertising) but a satisfactory agreement was not reached and negotiations were suspended for AFA internal affairs.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In October&nbsp;2015, the Company formally demanded that AFA pay the amounts due ($179.2 plus interest from its implementation). AFA rejected the claim but agreed to resume negotiations for a closing agreement which was then suspended by the AFA electoral process.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In January&nbsp;2016 both parties resumed conciliatory negotiations, while the Company reserved its right to exercise legal claims on the amounts due.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In June&nbsp;2016 the Company initiated a compulsory pre-judicial mediation procedure. The first audience, held on July&nbsp;12, 2016, was attended by both parties. A second audience was held on August&nbsp;3, 2016 and a third and the last one was held on August&nbsp;23, 2016, which resulted in no agreement between the parties.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, the Company initiated a new pre-judicial mediation procedure which was finished without agreement on February&nbsp;15, 2018, and its preparing the lawsuit against AFA in order to claim the owed amounts through the judicial system. The Company&#x2019;s Management with the assistance of its external advisor believes that they have solid and legal arguments for claiming and are evaluating the actions to be followed for recovering the investments and expenses made.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It is worth mentioning that the impairment recorded by the Company arising from the uncertainties related to the recoverable value of assets recognized by the AFA Plus Project (Works in Progress and Materials amounting to $143 as of December&nbsp;31, 2017) have been only recorded for the purpose to comply with accounting standards and in no way involves giving up or limiting the rights given to the Company as a genuine creditor for the AFA Plus Project agreement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 18 &#x2013; Commitments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(a)&nbsp;Purchase commitments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company has entered into various purchase orders amounting in the aggregate to approximately $10,590 as of December&nbsp;31, 2017 (of which $4,205 corresponds to PP&amp;E commitments), primarily related to the supply of switching equipment, external wiring, infrastructure agreements, inventory and other service agreements. This amount also includes the commitments mentioned in c).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(b)&nbsp;Investment commitments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In August&nbsp;2003, Telecom Argentina was notified by the SC of a proposal for the creation of a $70- fund (the &#x201C;Complejo Industrial de las Telecomunicaciones 2003&#x201D; or &#x201C;2003 Telecommunications Fund&#x201D;) to be funded by the major telecommunication companies and aimed at developing the telecommunications sector in Argentina. Banco de Inversion y Comercio Exterior (&#x201C;BICE&#x201D;) was designated as Trustee of the Fund.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In November&nbsp;2003, the Company contributed $1.5 at the inception of the Fund. In addition, Management announced that it is the Company&#x2019;s intention to promote agreements with local suppliers which would facilitate their access to financing.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(c)&nbsp;Commitments assumed by Telecom Argentina from the sale of Publicom</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March&nbsp;29, 2007, Telecom Argentina&#x2019;s Board of Directors approved the sale of its equity interest in Publicom (a company engaged in directories&#x2019; publishing business) to Yell Publicidad S.A. (a company incorporated in Spain, member of the Yell Group- </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Grupo Yell</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">), which was executed on April&nbsp;12, 2007 (the &#x201C;Closing Date&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On Closing Date and after the stock transfer was actually performed, Publicom accepted a proposal from Telecom Argentina. According to said proposal, Telecom Argentina:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">engages Publicom to publish and print Telecom Argentina&#x2019;s directories (&#x201C;white pages&#x201D;) for a 5-year period, which was extended annually;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">engages Publicom to distribute Telecom Argentina&#x2019;s white pages&nbsp;for a 20-year period, which may be extended upon expiry date;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">engages Publicom to maintain the Internet portal, which allows to access the white pages&nbsp;through the web, for a 20-year period, term which may be extended upon expiry date;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">grants Publicom the right to lease advertising spaces on the white pages&nbsp;for a 20-year period, which may be extended upon expiry date; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;line-height:107.08%;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">authorizes the use of certain trademarks for the distribution and/or consultation on the Internet and/or advertising spaces agreements for the same specified period.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina reserves the right to supervise certain matters associated with white pages&nbsp;publishing and distribution activities that allow Telecom Argentina to assure the fulfillment of its regulatory obligations during the term of the proposal. The terms and conditions of the proposal include usual provisions that allow Telecom Argentina to apply economic sanctions in the case of non-compliance, and in the case of serious non-compliance, allow Telecom Argentina to require an early termination. In the latter case, the Company could enter into an agreement with other providers.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The proposal set prices for the publishing, printing and distribution of the 2007 directories, and provided clauses for the subsequent editions in order to ensure Telecom Argentina that said services will be contracted at market price.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina shall continue to include in its own invoices the amounts to be paid by its customers to Publicom for the contracted services or those that may be contracted in the future, and subsequently collect the amounts for said services on behalf and to the order of Publicom, without absorbing any delinquency.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(d)&nbsp;Commitments assumed by N&#xFA;cleo</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2010, the CONATEL awarded N&#xFA;cleo a public bidding for the implementation of the expansion of the infrastructure of networks used as platform for the mobile telephony access services and the basic service in areas of public or social interest in Paraguay. The total investment was approximately of $17, of which $12 were subsidized by CONATEL.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, N&#xFA;cleo has timely fulfilled its investments obligations and the total assets and services have been installed and are satisfactorily functioning. The CONATEL has disbursed approximately $11 related to this bidding.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, in August&nbsp;2011, the CONATEL awarded N&#xFA;cleo a new public bidding for the implementation of the expansion of the infrastructure of networks as a platform for the mobile telephony access services and the basic service in the Department of Caaguaz&#xFA;. N&#xFA;cleo committed to install and render satisfactorily functioning all the assets and services covered by the bidding within six months from the date of signing of the contract, by means of an approximate investment of $6 of which $5 were subsidized by the CONATEL. As of the date of issuance of these consolidated financial statements, the work is finished. The CONATEL has disbursed approximately $4 related to this bidding.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">CONATEL&#x2019;s total deferred disbursements as of December&nbsp;31, 2017 amounted to $15 and were included under &#x201C;Deferred revenues&#x201D; line item, corresponding $5 to current deferred revenues, having accrued gains for $10 since fiscal year 2011.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On August, 2017 the CONATEL started a bidding of universal service fund for the provision of internet services, data transmission services, and office equipment for the telemedicine program with the Ministry of Public Health and Social Welfare, being N&#xFA;cleo awarded for the provision of such goods and services for the programs of Central and Guair&#xE1; Departments, the subsidy amounted approximately to $19.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(e)&nbsp;Commitments assumed from the acquisition of Spectrum by Personal</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Auction Terms and Conditions convened by SC Resolution No.&nbsp;38/14 established high and demanding obligations of coverage and network deployment, which would require significant investments in PP&amp;E that were estimated at the time of submission of Personal&#xB4;s bid in approximately US$ 450 million over the next five years and whose failure could result in sanctions and adverse effects to Personal.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Some of the obligations included in the Terms and Conditions are the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Extend the SRMC, STM and PCS coverage in such a way that it reaches all locations with at least 500 inhabitants in a time period that would not exceed 60 months.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Upgrade the network infrastructure in a time period that would not exceed 60 months, in such a manner that in all the network locations where mobile Internet services are offered&nbsp;&nbsp;a minimum of 1 Mbps per user be guaranteed in the downlink for SRMC, STM and PCS.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For the SCMA (Annex III of Terms and Conditions) progressive coverage obligations in the Argentine Republic territory are established, in five differenced stages, completed in the 60-month-period with coverage in locations with more than 500 inhabitants.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For further detail of the obligations involved, see SC Resolution No.37/14, No.&nbsp;38/14 and its amendments and supplementary regulations.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Taking into account that the frequency bands of SC Resolution No.83/14 had been partially awarded, Personal requested the SC that all the mentioned deadlines were calculated from the date on which the frequency band 713-723 Mhz to 768-778 Mhz were awarded, what would complete Lot 8 award. Such requirement was satisfied by the provisions of section 4 d) of Decree No.&nbsp;1,340/16.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 19 &#x2013; Equity</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Equity includes:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:11.7pt;">
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:26.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:13.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equity attributable to Telecom Argentina (Controlling Company)</font></p>
				</td>
				<td valign="top" style="width:13.20%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,086
				</td>
				<td valign="bottom" style="width:13.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,336
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equity attributable to non-controlling interest (Note 1.a)</font></p>
				</td>
				<td valign="top" style="width:13.20%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>793
				</td>
				<td valign="bottom" style="width:13.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>542
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equity (*)</font></p>
				</td>
				<td valign="top" style="width:13.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,879
				</td>
				<td valign="bottom" style="width:13.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,878
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Additional information is given in the consolidated statements of changes in equity.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(a)&nbsp;Capital information</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017 the total capital stock of Telecom Argentina amounted to $984,380,978 pesos, represented by an equal number of ordinary shares, of $1 argentine peso of nominal value, of which 969,159,605 outstanding shares were entitled to one vote, since 15,221,373 treasury shares were acquired by the Company and are kept in the portfolio.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of the Corporate reorganization described in Note 31, Telecom Argentina&#x2019;s breakdown of capital stock as of December&nbsp;31, 2017 is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="middle" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Registered, subscribed and authorized for public offering</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Shares</font></p>
				</td>
				<td valign="middle" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Outstanding shares</font></p>
				</td>
				<td valign="middle" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Treasury shares</font></p>
				</td>
				<td valign="middle" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total capital stock</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Ordinary shares, $1 argentine peso of nominal value each</font></p>
				</td>
				<td valign="top" style="width:17.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;&#x201C;A&#x201D;</font></p>
				</td>
				<td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>340,994,852
				</td>
				<td valign="top" style="width:16.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>340,994,852
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;height:11.35pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;&#x201C;B&#x201D;</font></p>
				</td>
				<td valign="top" style="width:17.88%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>627,930,005
				</td>
				<td valign="top" style="width:16.60%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:20.52%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>643,151,378
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;&#x201C;C&#x201D;</font></p>
				</td>
				<td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
				<td valign="top" style="width:16.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total</font></p>
				</td>
				<td valign="top" style="width:17.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>969,159,605
				</td>
				<td valign="top" style="width:16.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:20.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>984,380,978
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Each ADS represents 5 Class&nbsp;B shares and are traded on the NYSE under the ticker symbol TEO.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All of the Company&#x2019;s shares as of December&nbsp;31, 2017 were authorized by the CNV, the Buenos Aires Stock Exchange (the &#x201C;BYMA&#x201D;) and the New York Stock Exchange (the &#x201C;NYSE&#x201D;) for public trading. Taking into account the particular transfer conditions of the Class&nbsp;&#x201C;A&#x201D; and Class&nbsp;&#x201C;C&#x201D; shares, only Class&nbsp;&#x201C;B&#x201D; shares were available for public trading in the BYMA and the NYSE.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Each ADS represents 5 Class&nbsp;B shares and are traded on the NYSE under the ticker symbol TEO.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, the capital stock was fully integrated and registered in IGJ.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of January&nbsp;1, 2018, due to the merger between Telecom Argentina and Cablevisi&#xF3;n S.A., the new breakdown of capital stock is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;">
			<tr>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Shares</font></p>
				</td>
				<td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Outstanding&nbsp;shares</font></p>
				</td>
				<td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Treasury&nbsp;shares</font></p>
				</td>
				<td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total&nbsp;capital&nbsp;stock</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;A&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>683,856,600
				</td>
				<td valign="top" style="width:27.28%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>683,856,600
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;B&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>627,930,005
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>643,151,378
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;C&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
				<td valign="top" style="width:27.28%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;D&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841,666,658
				</td>
				<td valign="top" style="width:27.28%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841,666,658
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,153,688,011
				</td>
				<td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,168,909,384
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Since the increase of Telecom&#x2019;s capital stock is the result of the merger between Telecom Argentina as absorbing company and Cablevisi&#xF3;n S.A. as absorbed company, according to the terms approved by the respective Shareholders Meeting, 342,861,748 Class&nbsp;&#x201C;A&#x201D; shares and 841,666,658 Class&nbsp;&#x201C;D&#x201D; shares are fully integrated and in process of registration. Additional information is given in Note 32 to these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(b)&nbsp;Share Ownership Plan</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In 1992, a Decree from the Argentine government, which provided for the creation of the Company upon the privatization of ENTel, established that 10% of the capital stock then represented by 98,438,098 Class&nbsp;&#x201C;C&#x201D; shares was to be included in the PPP (an employee share ownership program sponsored by the Argentine government). Pursuant to the PPP, the Class&nbsp;&#x201C;C&#x201D; shares were held by a trustee for the benefit of former employees of the state-owned company who remained employed by the Company and who elected to participate in the plan.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In 1999, Decree No.&nbsp;1,623/99 of the Argentine government eliminated the restrictions on some of the Class&nbsp;&#x201C;C&#x201D; shares held by the PPP, although it excluded Class&nbsp;&#x201C;C&#x201D; shares of the Fund of Guarantee and Repurchase subject to an injunction against their use. In March&nbsp;2000, the shareholders&#x2019; meeting of the Company approved the conversion of up to unrestricted 52,505,360 Class&nbsp;&#x201C;C&#x201D; shares into Class&nbsp;&#x201C;B&#x201D; shares (these shares didn&#x2019;t belong to the Fund of Guarantee and Repurchase), most of which was sold in a secondary public offering in May&nbsp;2000.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Annual General and Extraordinary Meetings held on April&nbsp;27, 2006, approved that the power for the additional conversion of up to 41,339,464 Class&nbsp;&#x201C;C&#x201D; ordinary shares into the same amount of Class&nbsp;&#x201C;B&#x201D; ordinary shares, be delegated to the Board of Directors. As granted by the Meetings, the Board transferred the powers to convert the shares to some of the Board&#x2019;s members and/or the Company&#x2019;s executive officers. As of December&nbsp;31, 2011, all the 41,339,464 shares were converted into Class&nbsp;&#x201C;B&#x201D; ordinary shares in eleven tranches.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The remaining 4,593,274 Class&nbsp;&#x201C;C&#x201D; shares were affected by an injunction measure recorded in file </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;">&#x201C;Garc&#xED;as de Vicchi, Amerinda y otros c/ Sindicaci&#xF3;n de Accionistas Clase C del Programa de Propiedad Participada s/nulidad de acto jur&#xED;dico</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&#x201D;, which was released. The General Ordinary and Extraordinary and Special Class&nbsp;&#x201C;C&#x201D; Shares Meetings held on December&nbsp;15, 2011, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">approved that the power for the additional conversion of up to 4,593,274 Class&nbsp;&#x201C;C&#x201D; shares into the same amount of Class&nbsp;&#x201C;B&#x201D; shares in one or more tranches, be delegated to the Board of Directors. Of such amount, 4,358,526 Class&nbsp;&#x201C;C&#x201D; shares have already been converted into Class&nbsp;&#x201C;B&#x201D; shares in 10 tranches.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, 234,748 Class&nbsp;&#x201C;C&#x201D; shares are still pending to be converted into Class&nbsp;&#x201C;B&#x201D; shares.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(c)&nbsp;Capital Market Act - Law No.&nbsp;26,831</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;28, 2012 the new Capital Market Law (Law No.&nbsp;26,831) was published in the Official Gazette. This Law eliminates self-regulation of the capital market; grants new powers to the CNV and supersedes Law No.&nbsp;17,811 and Decree No.&nbsp;677/01, among other rules. The Law became effective on January&nbsp;28, 2013. Since that date, governs the universal scope of the Statutory Regime of Public Offer of Mandatory Acquisition, as provided the Law, which states: </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">&#x201C;Article&nbsp;90. &#x2013; Universal scope. The Statutory Regime of Public Offer of Mandatory Acquisition regulated in this chapter and the residual rules&nbsp;of participation regulated in the following chapter includes all listed companies, even those that, under the previous regime, have opted to be excluded of its application.&#x201D;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(d)&nbsp;Acquisition of Treasury Shares</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s Ordinary Shareholders&#x2019; Meeting held on April&nbsp;23, 2013, which was adjourned until May&nbsp;21, 2013, approved at its second session of deliberations, the creation of a &#x201C;Voluntary Reserve for Capital Investments&#x201D; of $1,200, granting powers to the Company&#x2019;s Board of Directors to decide its total or partial application, and to approve the methodology, terms and conditions of such investments.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In connection with the above mentioned, on May&nbsp;22, 2013, the Board of Directors approved a Company&#x2019;s Treasury Shares Acquisition Program in the market in Argentine pesos (the &#x201C;Treasury Shares Acquisition Program&#x201D;) so as to avoid any possible damages to the Company and its shareholders derived from fluctuations and unbalances between the shares&#x2019; price and the Company&#x2019;s solvency, for the following maximum amount and deadline:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;">Maximum amount to be invested:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> $1,200.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;">Deadline for the acquisitions:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> until April&nbsp;30, 2014.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the offer made on November&nbsp;7, 2013 by Fintech for the acquisition of the controlling interest of the Telecom Italia Group in Telecom Argentina, Telecom Argentina suspended the acquisition of treasury shares and its Board of Directors considered appropriate to request the opinion of the CNV on the applicability of the new provisions contained in the rules&nbsp;issued by that entity (Title II, Chapter I, Art.13 and concurring) with respect to the continuation of the Treasury Shares Acquisition Program.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The CNV did not answer the Company&#x2019;s request and the Telecom Argentina&#x2019;s Board of Directors, at its meeting held on May&nbsp;8, 2014, decided to conclude the request considering that the Treasury Shares Acquisition Program finished on April&nbsp;30, 2014, which had been approved by Telecom Argentina&#x2019;s Board of Directors Meeting held on May&nbsp;22, 2013.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina&#x2019;s Board of Directors, at its meeting held on June&nbsp;27, 2014, decided to request a new opinion from the CNV to confirm whether Telecom Argentina is obliged to refrain from acquiring treasury shares in the market under Section&nbsp;13, Chapter I, Title II of the CNV rules&nbsp;(NT 2013).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant to Section&nbsp;67 of Law No.&nbsp;26,831, the Company should sell its treasury shares within three years of the date of acquisition, although the Company&#xB4;s Shareholders&#x2019; Meetings provides an extension. Pursuant to Section&nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#x2019; Meetings. No restrictions apply to Retained Earnings as a result of the creation of a specific reserve for such purposes named &#x201C;Voluntary Reserve for Capital Investments&#x201D;, which as of December&nbsp;31, 2017 amounts to $461. The Company&#x2019;s Shareholders&#x2019; Meeting held on April&nbsp;29, 2016 approved a three year extension to the term established in Section&nbsp;67 of Law No.&nbsp;26,831 for the disposal of the treasury shares.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017 the Company owns 15,221,373 treasury shares, representing 1.55% of its total capital. The acquisition cost of these shares in the market amounted to $461.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(e)&nbsp;Law No.&nbsp;27,260 of &#x201C;Historical Repair to Retired and Pensioned&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On July&nbsp;22, 2016, Law No.&nbsp;27,260 of &#x201C;Historic Reparation for Retired Persons and Pensioners&#x201D;, abolishing Law No.&nbsp;27,181 on &#x201C;Declaration of public interest of the protection of the social participations of the National State that make up the investment portfolio of the &#x201C;Sustainability Guarantee Fund of the Argentine Pension Integrated System&#x201D; in its Section&nbsp;35, was published in the Official Gazette. In addition, Section&nbsp;30 of Law No.&nbsp;27,260 provides that the transfer of shares of public corporations authorized by the CNV that are part of the FGS is banned without a previous and express authorization of the Federal Congress if, as a result of such transfer, the FGS&#x2019;s holding of the above referred securities becomes less than 7% of the aggregate assets of the FGS. The following exceptions apply: &#x201C;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">1.Tender offers addressed to all holders of such assets at a fair price authorized by the CNV, pursuant to the terms of Chapters II,&nbsp;III and IV of Title III of Law No.&nbsp;26,831. 2. Swaps of shares for other shares of the same or another corporation as a result of a merger, split or other corporate reorganization.&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(f)&nbsp;Decree No.&nbsp;894/2016: exercise of corporate, political and economic rights by the ANSES</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On July&nbsp;28, 2016, Decree No.&nbsp;894/2016 was published in the Official Gazette, providing that in those corporations which shares are part of the Sustainability Guarantee Fund of the Argentine Pension Integrated System&#x2019; portfolio, the corporate, political and economic rights corresponding to such shares shall not be exercised by the Secretary of Economic Politics and Development Planning, but shall instead be exercised by the Federal Management of Social Security (&#x201C;ANSES&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, Decree No.&nbsp;894/2016 provides that the Directors appointed by ANSES shall have the functions, duties and powers provided in the LGS, the Capital Market Law No.&nbsp;26,831 and their complementary regulations, all other rules&nbsp;applicable to corporations in which they act as directors, and their bylaws and internal regulations, and that they shall be exposed to all the liabilities applicable under such rules, not being subject to the provisions of Decree No.&nbsp;1,278/2012 and No.196/2015 (the latter in connection with its delimitation of responsibility).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share capital, reserves and other equity interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998883024">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial instruments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory', window );">Financial instruments</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 20 &#x2013; Financial instruments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Categories of financial assets and financial liabilities</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The following tables set out, for financial assets and liabilities as of December&nbsp;31, 2017 and 2016, the supplementary disclosures on financial instruments required by IFRS 7 and the detail of gains and losses established by IFRS 9.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:45.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="middle" style="width:11.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:30.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Fair&nbsp;value</font></p>
				</td>
				<td valign="middle" style="width:11.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
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				<td valign="top" style="width:45.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
				<td valign="middle" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Amortized<br />cost</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">accounted<br />through&nbsp;profit<br />or&nbsp;loss</font></p>
				</td>
				<td valign="middle" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">accounted<br />through&nbsp;other<br />comprehensive<br />Income</font></p>
				</td>
				<td valign="middle" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Assets</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cash and cash equivalents (1)</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,469
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,362
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,169
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,913
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,082
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Trade receivables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other receivables (2)&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58
				</td>
				<td valign="top" style="width:16.14%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,673
				</td>
				<td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,333
				</td>
				<td valign="top" style="width:16.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Liabilities</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Trade payables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,584
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,584
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Loans</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,218
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,235
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Salaries and social security payables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,310
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,310
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other liabilities (2)</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,203
				</td>
				<td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,220
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(1)&nbsp;Includes 1,364 as of December&nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(2)&nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:45.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:11.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:30.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Fair&nbsp;value</font></p>
				</td>
				<td valign="middle" style="width:11.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2016</font></p>
				</td>
				<td valign="middle" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Amortized<br />cost</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">accounted<br />through&nbsp;profit<br />or&nbsp;loss</font></p>
				</td>
				<td valign="middle" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">accounted<br />through&nbsp;other<br />comprehensive<br />Income</font></p>
				</td>
				<td valign="middle" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Assets</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cash and cash equivalents (1)</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,436
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,509
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,945
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>349
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,748
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,097
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Trade receivables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,785
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,785
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other receivables (2)&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>335
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,903
				</td>
				<td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,259
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,162
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Liabilities</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Trade payables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,131
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,131
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Loans</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,910
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:16.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,912
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Salaries and social security payables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,794
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,794
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other liabilities (2)</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,910
				</td>
				<td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:16.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,912
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(1)&nbsp;Includes 934 as of December&nbsp;31, 2016, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(2)&nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Gains and losses by category &#x2013; Year 2017</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;">
			<tr>
				<td valign="top" style="width:65.22%;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Net gain/(loss)</font></p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:03.02%;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Of which interest</font></p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial assets at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,211
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>947
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial liabilities at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,213)
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(940)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial assets at fair value through profit or loss (a)</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>904
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial liabilities at fair value through profit or loss (b)</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(95)
				</td>
				<td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Includes 121 corresponding to other short-term investments and 783 corresponding to Government bonds.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Corresponding to NDF.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Gains and losses by category &#x2013; Year 2016</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:6.3pt;">
			<tr>
				<td valign="top" style="width:65.26%;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Net&nbsp;gain/(loss)</font></p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:03.02%;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Of which interest</font></p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial assets at amortized cost</font></p>
				</td>
				<td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>707
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>374
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial liabilities at amortized cost</font></p>
				</td>
				<td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,010)
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,667)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial assets at fair value through profit or loss (a)</font></p>
				</td>
				<td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>305
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial liabilities at fair value through profit or loss (b)</font></p>
				</td>
				<td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total</font></p>
				</td>
				<td valign="top" style="width:16.60%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,999)
				</td>
				<td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,293)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Includes 61 corresponding to other short-term investments,&nbsp;&nbsp;6 corresponding to NDF, 11 corresponding to Tuve&#x2019;s share purchase option and 227 corresponding to Government bonds.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Corresponding to NDF.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Fair value hierarchy and other disclosures</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 7 establishes a hierarchy of fair value, based on the information used to measure the financial assets and liabilities and also establishes different valuation techniques. According to IFRS 7, valuation techniques used to measure fair value shall maximize the use of observable inputs.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The measurement at fair value of the financial instruments of the Group is classified according to the three levels set out in IFRS 7. The fair value hierarchy introduces three levels of input:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.26%;margin-left:36pt;font-family:Arial,Helvetica,sans-serif;">
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:03.68%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:96.32%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Level 1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:03.68%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:96.32%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Level 2: Fair value determined based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:03.68%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:96.32%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Level 3: Fair value determined by unobservable inputs where the reporting entity is required to develop its own assumptions.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial assets and liabilities recognized at fair value as of December&nbsp;31, 2017 and 2016, their inputs, valuation techniques and the level of hierarchy are listed below:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Other short-term investments:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> These investments are included in Cash and cash equivalents and Investments. The Group had other short-term investments amounting to $2,532 and $1,779 as of December&nbsp;31, 2017 and 2016, respectively. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end; therefore its valuation is classified as Level 1.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Lebacs:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> These investments are included in Cash and cash equivalents and Investments. The Group had Lebacs amounting to $1,372 as of December&nbsp;31, 2017. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end; therefore its valuation is classified as Level 1.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Government bonds:</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> These bonds are included in &#x201C;Investments&#x201D; in the consolidated statement of financial position. As of December&nbsp;31, 2017 and 2016 the Group has Government bonds in an amount of $371 and $1,456, respectively. The fair value was determined using information from active markets, valuing each bond to its closing year market value, so, its valuation qualifies as Level 1.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Derivative financial instruments (Forward contracts to purchase US dollars at fixed exchange rates):</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> The fair value of the Telecom Group&#x2019;s NDF contracts, disclosed below in the chapter &#x201C;Hedge Accounting&#x201D; was determined by information obtained in the most representative financial institutions in Argentina, the derivative financial instruments&#x2019; valuation was classified as Level 2.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2017 and 2016 there were no transfers between Levels of the fair value hierarchy.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to IFRS 7, it is also required to disclose fair value information about financial instruments whether or not recognized at fair value in the balance sheet, for which it is practicable to estimate fair value. The financial instruments which are discussed in this section include, among others, cash and cash equivalents, accounts receivable, accounts payable and other instruments.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair value, the Company&#x2019;s fair values should not be compared to those of other companies.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The methods and assumptions used to estimate the fair values of each class of financial instrument falling under the scope of IFRS 7 as of December&nbsp;31, 2017 and 2016 are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Cash and banks</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Carrying amounts approximate its fair value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Time deposits and National Government bonds (included in Cash and cash equivalents</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group considers as cash and cash equivalents all short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed 3 months. The carrying amount reported in the statement of financial position approximates fair value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Investments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Investments in Government bonds and valued at amortized cost with its fair value at December&nbsp;31, 2017 and 2016 are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:7.2pt;">
			<tr>
				<td valign="top" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:25.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As of December&nbsp;31, 2017</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:23.48%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As of December&nbsp;31, 2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="middle" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Book value</font></p>
				</td>
				<td valign="middle" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Fair value (*)</font></p>
				</td>
				<td valign="middle" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Book value</font></p>
				</td>
				<td valign="middle" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Fair value (*)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 2pt;">
						<font style="display:inline;font-size:2pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:12.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Government bonds (dollar linked)</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>301
				</td>
				<td valign="bottom" style="width:11.36%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:12.12%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Government bonds in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,377
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,387
				</td>
				<td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>258
				</td>
				<td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>264
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provincial and Municipal government bonds currency</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>419
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>417
				</td>
				<td valign="bottom" style="width:11.36%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:12.12%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provincial government bonds in pesos</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provincial and Municipal government bonds (dollar linked)</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59
				</td>
				<td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
				</td>
				<td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,169
				</td>
				<td valign="bottom" style="width:12.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,172
				</td>
				<td valign="bottom" style="width:11.36%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>349
				</td>
				<td valign="bottom" style="width:12.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>351
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(*)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"> According to IFRS selling costs are not deducted.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Trade receivables</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Carrying amounts are considered to approximate fair value due to the short term nature of these accounts receivables. Noncurrent trade receivables have been recognized at their amortization cost, using the effective interest method and are not significant. All amounts that are assumed to be uncollectible within a reasonable period are written off and/or reserved.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Trade payables (except for NDF)</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The carrying amount of accounts payable reported in the consolidated statement of financial position approximates its fair value due to the short term nature of these accounts payable. Noncurrent trade payables have been discounted and are not significant.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Loans</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017 loans&#x2019; fair value amounts to $12,262 and its carrying value amounts to $12,235. As of December&nbsp;31, 2016 loans&#x2019; fair value amounts to $13,988 and its carrying value amounts to $11,912.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Salaries and social security payables</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The carrying amount of Salaries and social security payables reported in the consolidated statement of financial position approximates its fair value.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 34pt;text-indent: -7pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Other receivables, net (except for NDF) and other liabilities</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The carrying amount of other receivables, net and other liabilities reported in the consolidated statement of financial position approximates its fair value.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Hedge accounting</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In November&nbsp;2013, a new chapter was introduced in IFRS 9 on Hedge Accounting replacing the provisions contained in IAS 39. This amendment represents a major review of hedge accounting, introducing significant improvements over the previous model, basically aligning accounting and risk management as well as related disclosures. The Telecom Group believes that a hedging relationship qualifies for hedge accounting if all of the following conditions established by the rule&nbsp;are met:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The hedging relationship consists only of eligible hedging instruments and hedged items;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">At the beginning of the hedge relationship, there is a formal designation and documentation of the hedging relationship and objective and strategy for risk management of the Company for undertaking the hedge. That documentation shall include identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity assesses whether the hedging relationship meets the requirements of hedge effectiveness (including analysis of sources of hedge ineffectiveness and how to determine the hedge ratio); and</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">c) The hedging relationship satisfies the following requirements of hedge effectiveness:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 49.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(i)&nbsp;the economic relationship between the hedged item and the hedging instrument; <br />(ii)&nbsp;the effect of credit risk is not predominant in respect of changes of value coming from this economic relationship, and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 49.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(iii)&nbsp;the coverage ratio of the hedging relationship is the same as that provided by the amount of the hedged item that really covers the entity and the amount of the hedging instrument that the entity actually used to cover that amount of the hedged item.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">During 2017</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:11pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 1Q 2017, the Telecom Group entered into several NDF agreements to hedge the fluctuation of LIBO rate from the &#x201C;IFC&#x201D; loan amounting to US$ 400 million.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The agreements effective from March&nbsp;15, 2017 hedge an amount if US$ 300 million, while those effective from September&nbsp;15, 2017 hedge the outstanding US$ 100 million. Such NDF allow fixing the variable rate all along the loan term in a range between 2.087% and 2.4525% nominal annual rate (resulting in a weight average of 2.2258%).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, the Group recognized a liability of $17, which is included in loans ($8 current and $9 non-current). Likewise during year 2017 the Group recognized losses amounting to $36 related with this contracts which are included in interest on loans in financial results.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2Q 2017, the Group entered into several NDF agreements to hedge the fluctuation of the exchange rate from the &#x201C;IFC&#x201D; loan amounting to US$ 53.5 million fixing the average exchange rate in $18.30, expiring between February&nbsp;and April&nbsp;2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:16.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, the Group recognized a receivable of $59 which is included in other current receivables and holds a reserve of $6 in other comprehensive income in the equity. Consequently, during year 2017 the Group recognized gains amounting to $53 related with this contract which is included in financial results.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 3Q 2017, the Group entered into several NDF agreements to hedge the fluctuation of LIBO rate from the &#x201C;IFC&#x201D; loan amounting to US$ 40 million. Such NDF were agreed in two tranches of US$ 20 million each one, both of them starting on March&nbsp;15, 2018 and fixing the variable rate all along the term of the loan to 2.1325% and 2.085% nominal annual rate, respectively.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:13.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, the Group recognized a receivable of $4, which is included in other receivables ($2 current and $2 non-current) with counterpart in other comprehensive income in the equity.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:11pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, during year 2017, the Group entered into several NDF agreements to hedge the fluctuation of the exchange rate from certain commercial obligations for an amount of US$6.3 million fixing the average exchange rate in $18.94 expiring between March&nbsp;and August&nbsp;2018.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:11pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, the Group recognized a receivable of $6, which is included in other current receivables. Likewise during year 2017 the Group recognized gains amounting to $6 related with this contracts which are included in foreign currency exchange rate gains in financial results.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">During 2016</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Due to the existence of commitments denominated in US Dollars as of December&nbsp;31, 2016, the Telecom Group entered into several NDF agreements during 2016 to purchase a total amount of US$ 7 million. The purpose of these NDF is to eliminate the risks associated to the fluctuation of the future exchange rate and to align the payment currency of Telecom Argentina&#x2019;s and Personal&#x2019;s commitments (hedged item) to its functional currency. As the effect of the fluctuation of the exchange rate over the hedged items is recognized in the Income Statement, changes in the fair value of NDF in 2016 (net gain of approximately $2) have also been recognized in the Income Statement, within Finance expenses &#x2013; Exchange Differences with counterpart in current assets (Other receivables), maturing in February&nbsp;2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2016, Personal entered into several NDF agreements for US$9 million, maturing in March&nbsp;2017 in order hedge the first interest installment of the IFC Loan. These NDF agreements were qualified as &#x201C;effective&#x201D; cash flow hedges for accounting purposes The Telecom Group recognizes the hedging instruments results, distinguishing between gains and losses of such agreements that generate assets and liabilities, as appropriate, without offsetting balances with different counterparties. As of December&nbsp;31, 2016, the Telecom Group has a current liability amounting to $2, negative deferred results amounting to $1 (before income tax) and a net loss amounting to $1 included in Finance expenses &#x2013; Exchange Differences related to the US$9 million outstanding NDF to such date, which will mature in March&nbsp;2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2016 Personal also settled US$ 159 million of NDF agreements in US dollars that had as of December&nbsp;31, 2015, which resulted in a gain of $2 recognized in the Income Statement, within Other operating costs. The purpose of these NDF was also to eliminate the risks associated to the fluctuation of the future exchange rate and to align the payment currency of Personal&#x2019;s commercial commitments (hedged item) to its functional currency.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -10.9pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:43.6pt;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Offsetting of financial assets and financial liabilities</font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The information required by the amendment to IFRS 7 as of December&nbsp;31, 2017 and 2016 is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;">
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="4" valign="middle" style="width:50.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />receivables</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />receivables<br />(1)</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />payables</font></p>
				</td>
				<td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />liabilities<br />(1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Current and noncurrent assets (liabilities) - Gross value</font></p>
				</td>
				<td valign="top" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,155
				</td>
				<td valign="top" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>488
				</td>
				<td valign="top" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,091)
				</td>
				<td valign="top" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(124)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Offsetting</font></p>
				</td>
				<td valign="top" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,507)
				</td>
				<td valign="top" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(33)
				</td>
				<td valign="top" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,507
				</td>
				<td valign="top" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Current and noncurrent assets (liabilities) &#x2013; Booked value</font></p>
				</td>
				<td valign="top" style="width:12.94%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
				<td valign="top" style="width:13.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455
				</td>
				<td valign="top" style="width:11.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,584)
				</td>
				<td valign="top" style="width:11.92%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(91)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(1)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;Includes financial assets and financial liabilities according to IFRS 7.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;">
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="4" valign="middle" style="width:50.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />receivables</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />receivables<br />(1)</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />payables</font></p>
				</td>
				<td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />liabilities<br />(1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Current and noncurrent assets (liabilities) - Gross value</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,196
				</td>
				<td valign="bottom" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>357
				</td>
				<td valign="bottom" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,542)
				</td>
				<td valign="bottom" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(97)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Offsetting</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,411)
				</td>
				<td valign="bottom" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22)
				</td>
				<td valign="bottom" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,411
				</td>
				<td valign="bottom" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Current and noncurrent assets (liabilities) &#x2013; Booked value</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,785
				</td>
				<td valign="bottom" style="width:13.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>335
				</td>
				<td valign="bottom" style="width:11.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,131)
				</td>
				<td valign="bottom" style="width:11.92%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(75)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(1)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;Includes financial assets and financial liabilities according to IFRS 7.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group offsets the financial assets and liabilities to the extent that such offsetting is provided by offsetting agreements and provided that the Group has the intention to make such offsetting, in accordance with requirements established in IAS 32. The main financial assets and liabilities offset correspond to transactions with other national and foreign operators (including interconnection, CPP and Roaming), being offsetting a standard practice in the telecommunications industry at the international level that the Telecom Group applies regularly. Offsetting is also applied to transactions with agents.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=sect_Scope&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenues<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>Revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRevenueExplanatory', window );">Revenues</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 21 &#x2013; Revenues</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues and other income include:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.75pt;">
			<tr>
				<td valign="bottom" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:44.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Voice</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,505
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,010
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,338
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Internet</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,715
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,994
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,557
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Data</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,577
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,919
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,780
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal Fixed Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,797
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,923
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,675
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Outbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Postpaid</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,380
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,951
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,401
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Abono Fijo</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,241
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,365
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,919
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Prepaid</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,359
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,548
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,345
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total outbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,980
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,864
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,665
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Inbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">From Fixed Services &#x2013; CPP</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,012
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>779
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>624
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">From Mobile Services &#x2013; TLRD</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,698
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>932
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>924
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total inbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,710
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,711
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,548
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Other</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,599
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,474
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,045
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal Personal Mobile Services&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,289
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,049
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,258
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Outbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Postpaid</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Abono Fijo</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>999
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>766
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>458
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Prepaid</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,445
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,134
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>742
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total outbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,525
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,962
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,236
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">From Fixed Services &#x2013; Interconnection</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">From Mobile Services &#x2013; TLRD</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total inbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>127
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Other</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal N&#xFA;cleo Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,885
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,382
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,547
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total service revenues (a)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,971
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,354
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,480
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Equipment</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>663
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Personal Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,446
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,535
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,796
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">N&#xFA;cleo Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>260
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total equipment revenues (b)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total revenues (a)&nbsp;+ (b)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,186
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,240
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,496
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Other income</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Personal Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Nucleo Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total other income (c)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">(*) 133</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">(*)&nbsp;&nbsp;83</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total revenues and other income (a)+(b)+(c)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(*) Includes 21 y 17 of PP&amp;E disposal of years 2017 and 2016, respectively.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=sect_Disclosure&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 22 &#x2013; Operating expenses</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Operating expenses disclosed by nature of expense amounted to $ 53,207, $45,480 and $34,311 for the years ended December&nbsp;31, 2017, 2016 and 2015, respectively. The breakdown of Employee benefit expenses and severance payments, Cost of equipments and handsets, Provisions and Bad debt expenses are disclosed in Notes 13, 7, 17 and 5, respectively.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The main components of the remaining operating expenses are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Interconnection costs and other telecommunication charges</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
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			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed telephony interconnection costs</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(486)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(445)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(327)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Cost of international outbound calls</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(272)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(268)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(192)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Lease of circuits and use of public network</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(490)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(461)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(336)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile Services - charges for roaming</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(348)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(414)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(374)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile Services - charges for TLRD</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,552)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(965)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(941)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,148)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,553)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,170)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Fees for services, maintenance, materials and supplies</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Maintenance of hardware and software</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(671)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(546)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(331)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Technical maintenance</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,393)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,329)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(854)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Service connection fees for fixed lines and Internet lines</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(600)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(267)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(224)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Service connection fees capitalized as SAC (Note 3.j)</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Service connection fees capitalized as Intangible assets (Note 3.j) </font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other maintenance costs</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(716)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(396)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Obsolescence of inventories &#x2013; Mobile Services (Note 7)</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Call center fees</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,999)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,428)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,297)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other fees for services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,211)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(862)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(793)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Directors and Supervisory Committee&#x2019;s fees</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(66)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(60)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(36)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,600)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,006)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,919)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Taxes and fees with the Regulatory Authority</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Turnover tax</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,528)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,817)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,122)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Taxes with the Regulatory Authority</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,049)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,078)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(917)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax on deposits to and withdrawals from bank accounts</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(626)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(539)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(403)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Municipal taxes</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(531)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(395)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(289)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other taxes</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(373)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(296)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(212)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,107)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,125)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,943)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Commissions</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Agent commissions </font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,602)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,078)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,659)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Agent commissions capitalized as SAC (Note 3.j)</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>986
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,403
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,172
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Distribution of prepaid cards commissions</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(842)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(763)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(635)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Collection commissions</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,147)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,295)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(983)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other commissions</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(88)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,631)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,849)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,193)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Advertising</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Media advertising</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(769)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(527)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fairs and exhibitions</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(264)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(176)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(137)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other advertising costs</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(171)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(153)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,218)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(874)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(814)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Cost of VAS</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Cost of mobile value added services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(829)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,446)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,218)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Cost of fixed value added services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(53)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(874)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,499)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,256)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Other operating expenses</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Transportation, freight and travel expenses</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(927)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(961)
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(768)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Delivery costs capitalized as SAC </font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>134
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Rental expense</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,069)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(765)
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(540)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Energy, water and others</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,117)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(783)
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(429)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">International and satellite connectivity</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(246)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(215)
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(202)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,280)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,590)
				</td>
				<td valign="top" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,854)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">D&amp;A</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Depreciation of PP&amp;E </font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,039)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,358)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,046)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Amortization of SAC and service connection costs</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,524)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,474)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,045)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Amortization of 3G/4G licenses</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(325)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(338)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(324)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Amortization of other intangible assets</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(40)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,928)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,198)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Gain on disposal and impairment of PP&amp;E (*)</font></p>
				</td>
				<td valign="top" style="width:10.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Impairment of PP&amp;E &#x2013; Fixed services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Impairment of PP&amp;E &#x2013; Mobile services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(369)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(114)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decrease of PP&amp;E &#x2013; Fixed services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:10.20%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decrease of PP&amp;E &#x2013; Mobile services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(66)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:10.20%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Since 2016 these results are included in Other Income.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Operating expenses, disclosed per function are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Operating costs</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,287)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27,628)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20,578)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Administration costs</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,306)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,453)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,827)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Commercialization costs</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16,708)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,829)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,594)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other expenses &#x2013; provisions</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(590)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(187)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(113)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Gain on disposal of PP&amp;E and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(53,207)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,480)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34,311)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Operating leases</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Future minimum lease payments from of non cancellable operating lease agreements as of December&nbsp;31, 2017, 2016 and 2015 are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 51.00%;">
			<tr>
				<td valign="top" style="width:25.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Less than 1<br />year</font></p>
				</td>
				<td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">1-5 years</font></p>
				</td>
				<td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">More than 5<br />years</font></p>
				</td>
				<td valign="top" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2015</font></p>
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>436
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>890
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31
				</td>
				<td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,357
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2016</font></p>
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>636
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,169
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
				</td>
				<td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,879
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2017</font></p>
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>681
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,185
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>143
				</td>
				<td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,009
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Further information is provided in Note 3.k) to these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating income<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 23 &#x2013; Operating income</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Operating income from services and other income</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Revenues and other income</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,104
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,437
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,524
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Operating expenses</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,279)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,711)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25,079)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income before depreciation and amortization (a)&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,825
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,726
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,445
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A </font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,928)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,198)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income from services and other income&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,581
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,145
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,808
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Operating income (loss) from equipment sales</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Revenues</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Cost of equipments and handsets</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income (loss) from equipment sales (b)&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,531
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,698
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,421
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Consolidated net income</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income before depreciation and amortization (a)&nbsp;+ (b)</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,928)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,198)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The breakdown of Operating income by segment is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Fixed<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Mobile<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total<br />consolidated</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Services revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,868
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,236
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,104
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,421
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>316
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,737
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,262)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21,017)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,279)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,421)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,737)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income for services revenues and other (1)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,711
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,114
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,825
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Equipments revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>663
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,552
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,160)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income (loss) from equipments revenues (2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,392
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,531
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income before depreciation and amortization (3)=(1)+(2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,850
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,506
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A (4)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,236)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,692)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,928)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E (5)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income (6)=(3)+(4)+(5)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,593
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,519
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net effect of the intersegment eliminations (7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,105)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,105
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income before D&amp;A (8)=(3)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,745
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,611
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income (9)=(6)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(512)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,624
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.25pt;">
			<tr>
				<td valign="bottom" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2016</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Fixed<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Mobile<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total<br />consolidated</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Services revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,989
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,448
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,437
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,947
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>158
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,105
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,464)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19,247)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,711)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(158)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,947)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,105)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income for services revenues and other (1)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,314
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,412
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,726
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Equipments revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,795
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(136)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,052)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income (loss) from equipments revenues (2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,743
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,698
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income before depreciation and amortization (3)=(1)+(2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,269
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,155
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A (4)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,897)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,301)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,198)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E (5)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income (6)=(3)+(4)+(5)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,373
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,470
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net effect of the intersegment eliminations (7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,789)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,789
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income before D&amp;A (8)=(3)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,480
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,944
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income (9)=(6)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(416)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,259
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.5pt;">
			<tr>
				<td valign="bottom" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2015</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Fixed<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Mobile<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total<br />consolidated</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Services revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,714
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,810
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,524
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,834
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,971
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,863)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,216)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25,079)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(137)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,834)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,971)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income for services revenues and other (1)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,548
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,897
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,445
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Equipments revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,955
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,513)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income (loss) from equipments revenues (2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,442
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,421
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income before D&amp;A for services and other income (3)=(1)+(2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,527
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,339
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A (4)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,526)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,912)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E (5)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(91)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(108)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income (6)=(3)+(4)+(5)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>910
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,319
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net effect of the intersegment eliminations (7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,697)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,697
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income before D&amp;A (8)=(3)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>830
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,036
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income (9)=(6)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(787)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,016
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Finance income and expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 24 &#x2013; Finance income and expenses</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:32.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Gains on other short-term investments</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>169
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Gains on investments (Argentine companies notes and Governments bonds)</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>979
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>432
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on receivables</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>763
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>183
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Foreign currency exchange gains</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,217
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>273
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>316
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">TUVES share purchase option</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:11.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total finance income&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,115
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,006
				</td>
				<td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,130
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on loans</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(928)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,613)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(566)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on salaries and social security payable, other taxes payables and accounts payable</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(49)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(37)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on provisions (Note 17)</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(320)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(207)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(137)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Loss on discounting of salaries and social security payables, other taxes payable and other liabilities</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Foreign currency exchange losses (*)</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,224)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,328)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,456)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">TUVES share purchase option</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(24)
				</td>
				<td valign="bottom" style="width:11.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on pension benefits (Note 16)</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total finance expenses&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,601)
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,250)
				</td>
				<td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,232)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total finance income, net&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(486)
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,244)
				</td>
				<td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,102)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Includes 40, 5 and 432 of foreign currency exchange gains (losses), net generated by NDF for the years ended on December&nbsp;31, 2017, 2016 and 2015, respectively.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance income (cost). [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 25 &#x2013; Earnings per share</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company computes net income per common share by dividing net income for the year attributable to Telecom Argentina (Controlling Company) by the weighted average number of common shares outstanding during the year. Diluted net income per share is computed by dividing the net income for the year by the weighted average number of common and dilutive potential common shares then outstanding during the year. Since the Company has no dilutive potential common stock outstanding, there are no dilutive earnings per share amounts.</font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For financial years ended December&nbsp;31, 2017, 2016 and 2015 the weighted average number of shares outstanding amounted to 969,159,605 due to the changes caused by the Treasury Shares Acquisition Process that began in May&nbsp;2013, as described in Note 19.d) to these consolidated financial statements.</font>
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			<font style="display:inline;">&nbsp;</font>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -URI http://asc.fasb.org/topic&amp;trid=2144383<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6985238960">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory', window );">Financial risk management</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 26 &#x2013; Financial risk management</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Financial risk factors</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Group is exposed to the following financial risks in the ordinary course of its business operations:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">market risk: stemming from changes in exchange rates and interest rates in connection with financial assets that have been originated and financial liabilities that have been assumed.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">credit risk: representing the risk of the non-fulfillment of the obligations undertaken by the counterpart with regard to the liquidity investments of the Group;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">liquidity risk: connected with the need to meet short-term financial commitments.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">These financial risks are managed by:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">the definition of guidelines for directing operations;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">the activity of the Board of Directors and Management which monitors the level of exposure to market risks consistently with prefixed general objectives;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">the identification of the most suitable financial instruments, including derivatives, to reach prefixed objectives;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">the monitoring of the results achieved;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The policies to manage and the sensitivity analyses of the above financial risks by Telecom Group are described below.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xD8;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;color:#000000;">Market risk</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The main Telecom Group&#x2019;s market risks are its exposure to changes in foreign currency exchange rates in the markets in which it operates principally Argentina and Paraguay. As regards to changes in interest rates, as of December&nbsp;31, 2017 the Telecom Group has mainly outstanding floating rate borrowings (see Note 12).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Foreign currency risk is the risk that the future fair values or cash flows of a financial instrument may fluctuate due to exchange rate changes. Telecom Group&#x2019;s exposure to exchange variation risks is related mainly to its operating activities (when income, expenses and investments are denominated in a currency other than the Telecom Group&#x2019;s functional currency).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group have part of its commercial debt nominated in US$ and euro. Additionally, holds part of its financial debt is denominated in US$ at variable rate.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The financial risk management policies of the Group are directed towards diversifying market risks by the acquisition of goods and services in the functional currency and minimizing interest rate exposure by an appropriate diversification of the portfolio. This may also be achieved by using carefully selected derivative financial instruments to mitigate long-term positions in foreign currency and/or adjustable by variable interest rates (See Note 20).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, the Telecom Group has cash and cash equivalents and investments denominated in US$ and euro (approximately 66% of these items) that are also sensitive to changes in peso/dollar exchange rates and contribute to reduce the exposure to trade payables in foreign currency. On the other hand the Telecom Group holds investments adjustable to the variation of the US$/$ exchange rate (&#x201C;dollar linked&#x201D;). They are also sensitive to variations in exchange rates and contribute to reduce the exposure of the commercial and financial commitments in foreign currency. Dollar linked investments and represent approximately 4% of total cash and cash equivalent and investments of Telecom Group as of December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The following table shows a breakdown of Telecom Argentina&#x2019;s net assessed financial position exposure to currency risk as of December&nbsp;31, 2017 and 2016:</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:113.3pt;">
			<tr>
				<td colspan="9" valign="top" style="width:100.00%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">12.31.17</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="3" valign="bottom" style="width:45.72%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 19.5pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amount of foreign currency (i)</font></p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Exchange rate</font></p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amount in local currency (ii)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Assets</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">US$</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>372
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">18.549</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(iii)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp; 7,094</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">G</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,029
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">0.003</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>399
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">EURO</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">22.283</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total assets</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,563
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Liabilities</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">US$</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(939)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">18.649</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,568)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">G</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(233,891)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">0.003</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(773)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">EURO</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">22.450</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(259)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total liabilities</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,600)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net liabilities</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,037)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">US$ = United States dollar; G= Guaran&#xED;es.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.5pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Includes 371 corresponding to Government bonds at fair value (equivalent to US$ 12 million).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In order to partially reduce this net liability position in foreign currency, the Telecom Group, as of December&nbsp;31, 2017, hold dollar linked investments by $365. According to this, the Telecom Group&#x2019;s net liability position in foreign currency amounts to $10,672 as of December&nbsp;31, 2017, equivalent to approximately US$ 578 million. Additionally, the Group entered into several NDF contracts as of December&nbsp;31, 2017 amounting to US$ 60 million, so, the portion of the net liability position in foreign currency not covered by these instruments amounted to US$ 518 million as of December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:113.3pt;">
			<tr>
				<td colspan="9" valign="top" style="width:100.00%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">12.31.16</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="3" valign="bottom" style="width:45.72%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 19.5pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amount of foreign currency (i)</font></p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Exchange rate</font></p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amount in local currency (ii)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Assets</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">US$</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>241
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">15.790</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(iii)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp; 4,067</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">G</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250,865
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">0.003</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>684
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">EURO</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">16.625</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>124
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total assets</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,875
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Liabilities</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">US$</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(859)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">15.890</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,648)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">G</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(311,279)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">0.003</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(848)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">EURO</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">16.770</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(158)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total liabilities</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,654)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net liabilities</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,779)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">US$ = United States dollar; G= Guaran&#xED;es.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.5pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Includes 735 corresponding to Government bonds at fair value (equivalent to US$ 45 million).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In order to partially reduce this net liability position in foreign currency, the Telecom Group, as of December&nbsp;31, 2016, hold dollar linked investments by $74. According to this, the Telecom Group&#x2019;s net liability position in foreign currency amounted to $9,705, as of December&nbsp;31, 2016, equivalent to approximately US$ 611 million. Additionally, the Group entered into several NDF contracts as of December&nbsp;31, 2016 amounting to US$ 16 million, so, the portion of the net liability position in foreign currency not covered by these instruments amounted to US$ 595 million as of December&nbsp;31, 2016.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The exposure to the various market risks can be measured by sensitivity analyses, as set forth in IFRS 7. These analyses illustrate the effects produced by a given and assumed change in the levels of the relevant variables in the various markets (exchange rates, interest rates and prices) on finance income and expenses and, at times, directly on Other comprehensive income. A description on the sensitivity analysis of exchange rate and interest rate risks is given below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Exchange rate risk &#x2013; Sensitivity analysis</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Based on the composition of the consolidated statement of financial position as of December&nbsp;31, 2017, which is a net liability position in foreign currency of $11,037 equivalent to US$592 million, Management estimates that every variation in the exchange rate of $0.10 pesos against the U.S. dollar and proportional variations for euro and guaran&#xED;es against the Argentine peso, plus or minus, would result in a variation of approximately $59 of the consolidated amounts of foreign currency position.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">If we consider only the portion not covered by derivative financial instruments and other assets adjusted by the variation of the U.S. dollar, the net liability position totaled $9,559 equivalent to approximately US$518 million, and a variation of the exchange rate of $ 0.10 pesos as described in the previous paragraph, would generate a variation of approximately $52 in the consolidated financial position in foreign currency.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This analysis is based on the assumption that this variation of the Argentine peso occurred at the same time against all other currencies.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This sensitivity analysis provides only a limited, point-in-time view of the market risk sensitivity of certain of the financial instruments. The actual impact of market foreign exchange rate changes on the financial instruments may differ significantly from the impact shown in the sensitivity analysis.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Interest rate risk &#x2013; Sensitivity analysis</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Within its structure of financial debt, the Telecom Group has bank overdrafts denominated in argentine pesos accruing interest at rates that are reset at maturity, notes that bear interest at a mixed rate (fixed rate and floating rate) and fixed rate and foreign bank loans denominated in U.S. dollar and guaran&#xED;es that bear interest at a floating rate.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Management believes that any variation of 10 bps in the agreed interest rates would become in the following results:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:32.15pt;">
			<tr>
				<td valign="middle" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Financial debt</font></p>
				</td>
				<td valign="middle" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Financial debt<br />currency</font></p>
				</td>
				<td valign="middle" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Amount<br />(in millions)</font></p>
				</td>
				<td valign="middle" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Effect<br />(in millions)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Bank overdrafts</font></p>
				</td>
				<td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">$</font></p>
				</td>
				<td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135
				</td>
				<td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Notes</font></p>
				</td>
				<td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">$</font></p>
				</td>
				<td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>871
				</td>
				<td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.9
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Notes</font></p>
				</td>
				<td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">US$</font></p>
				</td>
				<td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
				<td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.4
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Bank loans</font></p>
				</td>
				<td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">US$</font></p>
				</td>
				<td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500
				</td>
				<td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.3
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This analysis is based on the assumption that this change in interest rates occurs at the same time and for the same periods.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This sensitivity analysis provides only a limited point of view of the sensitivity to market risk of certain financial instruments. The actual impact of changes in interest rates of financial instruments may differ significantly from this estimate.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:10pt;text-align:justify;text-justify:inter-ideograph;;"> &#xD8;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;color:#000000;">Credit risk</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Credit risk represents Telecom Group&#x2019;s exposure to possible losses arising from the failure of commercial or financial counterparts to fulfill their assumed obligations. Such risk stems principally from economic and financial factors, or from the possibility that a default situation of a counterpart could arise or from factors more strictly technical, commercial or administrative.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Group&#x2019;s maximum theoretical exposure to credit risk is represented by the carrying amount of the financial assets and trade receivables, net recorded in the consolidated statement of financial position.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;margin-left:9pt;">
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Date due</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Banks and cash<br />equivalents</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />receivables, net</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />receivables,<br />net</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total due</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,807
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,807
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total not due</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,082
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,841
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,209
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total as of December&nbsp;31, 2017</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,082
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,016
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The accruals to the allowance for doubtful accounts are recorded: (i)&nbsp;for an exact amount on credit positions that present an element of individual risk (bankruptcy, customers under legal proceedings with the Company); (ii)&nbsp;on credit positions that do not present such characteristics, by customer segment considering the aging of the accounts receivable balances, customer creditworthiness and changes in the customer payment terms. Total overdue balances not covered by the allowance for doubtful accounts amount to $1,807 as of December&nbsp;31, 2017 ($1,738 as of December&nbsp;31, 2016).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Regarding the credit risk relating to the asset included in the &#x201C;Net financial debt or asset&#x201D;, it should be noted that the Telecom Group evaluates the outstanding credit of the counterparty and the levels of investment, based, among others, on their credit rating and the equity size of the counterparty. Deposits are made with leading high-credit-quality banking and financial institutions and generally for periods of less than three months.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group serves a wide range of customers, including residential customers, businesses and governmental agencies. As such, the Telecom Group&#x2019;s account receivables are not subject to significant concentration of credit risk.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In order to minimize credit risk, the Group also pursues a diversification policy for its investments of liquidity and allocation of its credit positions among different first-class financial entities. Consequently, there are no significant positions with any one single counterpart.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:23pt;"><p style="width:23pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;color:#000000;font-size:10pt;;"> &#xD8;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;color:#000000;">Liquidity risk</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 38.15pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 38.15pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Liquidity risk represents the risk that the Telecom Group has no funds to accomplish its obligations of any nature (labor, commercial, fiscal and financial, among others).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Group&#x2019;s working capital breakdown and its main variations are disclosed below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:9pt;">
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2016</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Variation</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Trade receivables</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,636
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,577
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,059
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Other receivables (not considering financial NDF)</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,431
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,011
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>420
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Inventories</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,854
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,278
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>576
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Current liabilities (not considering financial debt)</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,793)
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,245)
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,548)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Operative working capital - negative</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,872)
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,379)
				</td>
				<td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,493)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;">Over revenues</font></p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;">(10.5)%</font></p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;">(6.4)%</font></p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Cash and cash equivalents</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,945
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,114)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Financial NDF</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,426
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,751
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,675
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Current financial debt</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,194)
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,266)
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Net Current financial asset</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,123
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,430
				</td>
				<td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Negative operating working capital (current assets &#x2013; current liabilities)</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,749)
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(949)
				</td>
				<td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,800)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Liquidity rate</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.83
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.94
				</td>
				<td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.11)
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group has a typical working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially PP&amp;E) for longer terms than those it provides to its customers. According to this, the negative operating working capital amounted to $6,872 as of December&nbsp;31, 2017 (increasing $3,493 vs. December&nbsp;31, 2016) showing higher levels of suppliers financing (10.5% of consolidated revenues as of December&nbsp;31, 2017 vs. 6.4% of consolidated revenues as of December&nbsp;31, 2016).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2017 the Telecom Group continued demanding funds to the financial market in Argentina (See Notes 12 and 33.d), what has allowed financing the Group&#x2019;s growth in PP&amp;E and intangible assets at very reasonable rates. The Group has an excellent credit rating (the Company&#x2019;s notes have been qualified &#x201C;AA + (arg)&#x201D; by FIX SCR S.A) related to the Group&#x2019;s operating cash flow record and low leverage (net financial debt ratio over company market value amounts only 2%). All the above mentioned generates that the total working capital (current assets - current liabilities) amounted to a net debt of $3,749 as of December&nbsp;31, 2017, resulting from an increase in negative operating working capital amounting to $3,493&nbsp;&nbsp;partially offsetted by an increase in net current financial asset of $693.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Group has several financing sources and several offers from first-class international institutions to diversify its current short-term funding structure, which includes accessing to domestic and international capital market and obtaining competitive bank loans in what relates to terms and financial costs.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The low financial debt of the Group and the merge by absorption with Cablevisi&#xF3;n S.A. since January&nbsp;1, 2018, make possible to obtain financial resources for longer terms at a reasonable cost. The Group&#x2019;s management evaluates the national and international macroeconomic context to take advantage of market opportunities that allows it preserving its financial health for the benefit of its investors.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group manages its cash and cash equivalents and its financial assets trying to match the term of investments with those of its obligations. The average term of its investments should not exceed the average term of its obligations. Cash and cash equivalents position is invested in highly-liquid short-term instruments through first-class financial entities.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group maintains a liquidity policy that results into a significant volume of available cash through its normal course of business as it is shown in the consolidated statement of cash flows. The Telecom Group has consolidated cash and cash equivalents amounting to $2,831 (equivalent to US$ 153 million) as of December&nbsp;31, 2017 (in 2016, $3,945, equivalent to US$ 250 million).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group has bank credits and a program of Notes that allow to finance its short-term obligations and an investment plan in addition to the operative cash flow for the next years.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The table below contains a breakdown of financial liabilities into relevant maturity groups based on the remaining period at the date of the consolidated statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:36pt;">
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Maturity Date</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />payables</font></p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Debt</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Salaries and<br />social<br />security<br />payables</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />liabilities</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Due</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>319
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">January&nbsp;2018 thru December&nbsp;2018</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,164
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,389
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,055
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,678
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">January&nbsp;2019 thru December&nbsp;2019</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,043
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>187
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,317
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">January&nbsp;2020 thru December&nbsp;2020</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,687
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,788
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">January&nbsp;2021 and thereafter</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,984
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,036
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,599
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,103
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,345
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,138
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Capital management</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The primary objective of the Group&#x2019;s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Group manages its capital structure and makes adjustments considering the business evolution and changes in the macreoeconomic conditions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders and the level of indebtedness.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">No changes were made in the objectives, policies or processes for managing capital during the years ended December&nbsp;31, 2017 and 2016.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group does not have to comply with regulatory capital adequacy requirements.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's financial risk management practices and policies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party balances and transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Note 27 &#x2013; Related party balances and transactions</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(a)&nbsp;Controlling group</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Until November&nbsp;30, 2017 Nortel was the holder of the 54.74% stake in the Company, meaning that exercised control of the Company in the terms of Section&nbsp;33 of LGS. As of that date, Nortel owned all of the Class&nbsp;&#x201C;A&#x201D; Preferred shares (51% of total shares of the Company) and 7.64% of the Class&nbsp;&#x201C;B&#x201D; Preferred shares (3.74% of total shares of the Company).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a result of the Company&#x2019;s Treasury Shares Acquisition Process described in Note 19.d), Nortel&#x2019;s equity interest in Telecom Argentina amounted to 55.60% of the Company&#x2019;s outstanding shares as of November&nbsp;30, 2017. Pursuant to Section&nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#x2019; Meetings.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All of the common shares of Nortel belonged to Sofora. As of November&nbsp;30, 2017 these shares represented 78.38% of the capital stock of Nortel.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Sofora&#x2019;s capital stock consisted of common stock shares, with a par value of $1 argentine peso each and one vote per share. As of November&nbsp;30, 2017, Sofora&#x2019;s total shares were held by Fintech, as a result of the total amortization of the Sofora&#x2019;s shares held by WAI during the fiscal year 2017 (see Note 31.1).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017, after the effect of the Corporate reorganization of the Telecom Group and its controlling companies (Note 31), Fintech is the direct controller of Telecom Argentina with a share of 39.5% of Telecom Argentina&#x2019;s capital stock. Before such reorganization, Fintech was the indirect controller since the acquisition of Sofora&#x2019;s control to Telecom Italia on March&nbsp;8, 2016.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Fintech, a Delaware (United States) limited liability company, is a wholly-owned direct subsidiary of Fintech Advisory Inc. and its primary purpose is to hold, directly and indirectly, the securities of Telecom Argentina. Fintech Advisory Inc., a Delaware (United States) company, is directly controlled by Mr.&nbsp;David Mart&#xED;nez. Fintech Advisory Inc. is an investor and investment manager in equity and debt securities of sovereign and private entities primarily in emerging markets.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In connection with the Shareholders&#x2019; Agreement entered into by the Telecom Italia Group and WAI, through which Fintech acquired all the rights and obligations of the Telecom Italia Group, it was no longer into effect with respect to (i)&nbsp;the political rights therein provided, on May&nbsp;23, 2017, when 17% of Sofora&#x2019;s shares were amortized; and (ii)&nbsp;the rest of its provisions, on June&nbsp;22, 2017, when 15% of Sofora&#x2019;s shares were amortized (see Note 31.1).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, Cablevisi&#xF3;n Holding S.A. is the legal controlling company of Telecom Argentina as a result of becoming effective on January&nbsp;1, 2018 the Merger described in Note 32 and the shareholders agreement signed on July&nbsp;7, 2017, also mentioned in such note. The change of control was authorized by Resolution ENACOM No.&nbsp;5644-E/2017.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(b)&nbsp;Related parties</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For the purposes of these consolidated financial statements, related parties are those individuals or legal entities which are related (in terms of IAS 24) to Fintech, ABC Telecomunicaciones S.A. (non-controlling shareholder of N&#xFA;cleo) and TU VES S.A &#x2013;Chile (non-controlling shareholder of Tuves Paraguay), except companies under sect. 33 of the LGS.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For the years presented, the Telecom Group has not conducted any transactions with Key Managers and/or persons related to them, except the mentioned in e) below.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(c)&nbsp;Balances with related parties</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;">
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Type of related party</font></p>
				</td>
				<td colspan="2" valign="top" style="width:18.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">CURRENT ASSETS</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Cash and cash equivalents</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Banco Atlas S.A.(a)</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total cash and cash equivalents</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Trade receivables</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Editorial Azeta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;">
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">CURRENT LIABILITIES</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Trade payables</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Experta ART S.A. (b)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Haras El Capricho S.A. (b)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Telteco S.A. (c)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Penta S.A (a)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total trade payables</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Financial Debt &#x2013; Notes (current and non-current)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">La Estrella Sociedad An&#xF3;nima de Seguros de Retiro (b)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>172
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Experta ART S.A. (b)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>151
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>323
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(d)&nbsp;Transactions with related parties and companies under sect. 33 of the LGS</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 56.7pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Companies under sect. 33 of the LGS</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Transaction&nbsp;description</font></p>
				</td>
				<td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:27.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Other income</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Nortel</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Rental revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Direct parent Company</font></p>
				</td>
				<td valign="bottom" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="middle" style="width:18.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total other income</font></p>
				</td>
				<td valign="middle" style="width:07.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">-</font></p>
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:18.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 56.7pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Related parties</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Transaction description</font></p>
				</td>
				<td valign="top" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Type of related party</font></p>
				</td>
				<td valign="top" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="top" style="width:26.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;text-decoration:underline;">Services rendered</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 35.4pt;line-height:106.67%;text-indent: -35.4pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Editorial Azeta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Voice retail</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Banco Atlas S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Voice retail</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Penta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Voice retail</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="middle" style="width:18.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total services rendered</font></p>
				</td>
				<td valign="middle" style="width:06.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:06.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="middle" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:18.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Transaction description</font></p>
				</td>
				<td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Type of related party</font></p>
				</td>
				<td colspan="5" valign="top" style="width:26.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;text-decoration:underline;">Services received</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="top" style="width:02.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Editorial Azeta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Advertising</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:06.50%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.84%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:02.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Penta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Rental</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:06.50%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.84%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="top" style="width:02.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total services received</font></p>
				</td>
				<td valign="top" style="width:06.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6)
				</td>
				<td valign="top" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="top" style="width:02.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (a)</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Such companies relate to ABC Telecommunications Group of Paraguay (Non-controlling shareholders&#x2019; of N&#xFA;cleo).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (b)</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Such companies relate to W de Argentina &#x2013; Inversiones S.A. until May&nbsp;23, 2017.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (c)</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Such company relates to a member of the Board of Directors appointed by W de Argentina &#x2013; Inversiones S.A. until May&nbsp;23, 2017.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:18pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The transactions discussed above were made on terms no less favorable to the Telecom Group than would have been obtained from unaffiliated third parties. The Board of Directors approved transactions representing more than 1% of the total shareholders&#x2019; equity of the Company, after being approved by the Audit Committee in compliance with Law No.&nbsp;26,831.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In connection with the change of control explained, on March&nbsp;8, 2016, Fintech acquired 51% of Sofora&#x2019;s shares from the Telecom Italia Group. As a result, since January&nbsp;1, 2016 until such date (in which the Telecom Italia Group ceased to be a related party of the Telecom Group), the transactions carried out with the Group amounted to $111 for services rendered, $72 for services received and $18 for purchase of PP&amp;E for the year ended December&nbsp;31, 2016; and amounted to $564 for services rendered, $352 for services received and $103 for purchase of PP&amp;E for the year ended December&nbsp;31, 2015. It should be mentioned that no transactions with related parties of Fintech were identified since March&nbsp;8, 2016 according to IAS 24.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, with the first trance amortization of Sofora&#x2019;s ordinary shares owned by WAI (see Note 31.1 to these consolidated financial statements), as of May&nbsp;23, 2017 WAI ceased to be a related party of the Telecom Group. The operations carried out with the aforementioned Group since January&nbsp;1, 2017 until such date amounted to $7 for services rendered, $72 for services received and $34 for financial costs related to loans. Operations carried out in the year ended December&nbsp;31, 2016 amounted to $7 for services rendered, $153 for services received, $1 for PP&amp;E acquisition, and $55 for financial costs related to loans. While amounted to $120 services rendered and $4 for purchase of PP&amp;E in the year ended December&nbsp;31, 2015.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(e)&nbsp;Key Managers</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Compensation for Directors and Key Managers, including social security contribution, amounted to $323, $200 and $106 for the years ended December&nbsp;31, 2017, 2016 and 2015, respectively, and was recorded as expenses under the line item &#x201C;Employee benefits expenses and severance payments&#x201D;.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td colspan="5" valign="top" style="width:38.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Salaries (*)</font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Variable compensation (*) </font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Social security contributions </font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Hiring benefits</font></p>
				</td>
				<td valign="top" style="width:13.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Termination benefits</font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>323
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>200
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 7.1pt;text-indent:28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Gross compensation. Social security contributions and income tax retentions that are deducted from the gross compensation are in charge of the employee.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017 and 2016, respectively, an amount of $45 and $66 remained unpaid.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The estimated compensation of Telecom Argentina&#x2019;s Board of Directors for fiscal year 2017 is approximately $49.8. The compensation of Telecom Argentina&#x2019;s Board of Directors approved by the General Shareholders Meetings of the years 2016 and 2015 were $ 34.6 and $20, respectively.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The members and alternate members of the Board of Directors do not hold executive positions in the Company or Company&#x2019;s subsidiaries.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=sect_Disclosures&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998855648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory', window );">Segment information</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 59.55pt;text-indent: -59.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Note 28 &#x2013; Segment information</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Until 2016, the Telecom Group carried out its activities through six companies grouped in operating segments. While the segment information as of December&nbsp;31, 2017, includes additionally Tuves Paraguay&#x2019;s operations corresponding to 2&#xB0;semester of 2017, which were included in &#x201C;Mobile Services &#x2013; N&#xFA;cleo&#x201D;.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;1, 2018, the Corporate Reorganization described in Note 31 was effective. Although Personal&#x2019;s operations were absorbed by Telecom, since that date the Management keeps a separate assessment of the operations carried out by Personal.&nbsp;&nbsp;As a consequence, the segment information for year 2017 shows the operations of Mobile Services &#x2013; Personal as an independent reportable segment.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Telecom Group has combined the operating segments into three reportable segments: &#x201C;Fixed Services&#x201D;, &#x201C;Personal Mobile Services&#x201D; and &#x201C;N&#xFA;cleo Mobile Services&#x201D; based on the nature of products provided by the entities and taking into account the regulatory and economic framework in which each entity operates.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Segment financial information for the years 2017, 2016 and 2015 was as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">For the year ended December&nbsp;31, 2017</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Income statement information</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Fixed</font></p>
				</td>
				<td colspan="3" valign="top" style="width:26.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Mobile Services</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Services</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Personal</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Subtotal</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Eliminations</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income (1)</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,952
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,128
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,997
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,125
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,758)
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,625)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,876)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(217)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,093)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,718)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interconnection costs and other telecommunication charges</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,200)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,537)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(220)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,757)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,809
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,148)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,546)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,384)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(280)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,664)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>610
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,600)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,581)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,413)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(113)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,526)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,107)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Commissions</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(417)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,965)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(344)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,309)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,631)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of equipments and handsets</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,035)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(125)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,160)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(194)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(915)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(109)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,024)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,218)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of VAS</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(614)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(215)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(829)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(874)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(183)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(406)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(407)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(590)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Bad debt expenses</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(193)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(844)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(76)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(920)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,113)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,594)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,740)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(190)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,930)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>244
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,280)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income before D&amp;A</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,850
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,399
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,107
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,506
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Depreciation of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,072)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,325)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(642)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,967)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,039)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Amortization of intangible assets</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(164)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,636)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,725)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,889)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,593
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,143
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>376
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,519
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Financial results, net</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(486)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income before income tax expense</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,626
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Income tax expense, net</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,902)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Net income</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,724
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to Telecom Argentina </font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,630
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to non-controlling interest</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,724
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 2.9pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 2.9pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(1)</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Service revenues</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,797
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,289
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,885
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,174
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,971
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Equipment sales</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>663
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,446
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,552
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other income</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Subtotal third party revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,531
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,797
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,991
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,788
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,421
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>337
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,758)
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,952
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,128
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,997
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,125
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,758)
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 35.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt 2.15pt 0pt 0pt;">
				<font style="margin:0pt 2.15pt 0pt 0pt;font-family:Wingdings;font-size:9pt;line-height:107.08%;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt 2.15pt 0pt 0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Balance sheet information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.90%;margin-left:0.25pt;">
			<tr>
				<td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">PP&amp;E,&nbsp;net</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,039
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,901
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,598
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,499
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,538
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Intangible assets, net</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>406
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,482
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,693
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,098
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on PP&amp;E (a)</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,254
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,161
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>490
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,651
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,905
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on intangible assets (b)</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>153
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,032
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,085
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,238
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,407
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,193
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>543
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,736
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,143
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total additions on PP&amp;E and intangible assets</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,886
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,173
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>517
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,690
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,576
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net financial debt</font></p>
				</td>
				<td valign="top" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,260)
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Geographic information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:1pt;">
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:30.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total non-current assets</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of<br />operations</font></p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of the<br />Group&#xB4;s customers</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">location of operations</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Argentina</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,012
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,696
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,429
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Abroad</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,307
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,623
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,921
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,350
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;">For the year ended December&nbsp;31, 2016</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Income statement information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Fixed</font></p>
				</td>
				<td colspan="3" valign="top" style="width:25.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Mobile Services</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Services</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Personal</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Subtotal</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Eliminations</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income (1)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,027
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,766
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,649
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,415
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,119)
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,220)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,381)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,580)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,800)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interconnection costs and other telecommunication charges</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(961)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,721)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(200)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,921)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,329
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,553)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,311)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,975)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,204)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>509
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,006)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,118)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,925)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,007)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,125)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Commissions</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(327)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,286)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,581)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,849)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of equipments and handsets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(136)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,749)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(303)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,052)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(644)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(104)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(748)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(874)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of VAS</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(53)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,329)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(117)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,446)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,499)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(78)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(109)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(109)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(187)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Bad debt expenses</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(152)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(951)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(125)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,076)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,228)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other operating expenses</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,276)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,378)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(158)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,536)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,590)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income before D&amp;A</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,269
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,318
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>837
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,155
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Depreciation of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,686)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,088)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(584)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,672)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,358)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Amortization of intangible assets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(211)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,526)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,629)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,840)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,373
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,320
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>150
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,470
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Financial results, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,244)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income before income tax expense</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,599
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Income tax expense, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,594)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Net income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,005
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to Telecom Argentina</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,975
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to non-controlling interest</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,005
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(1)</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Service revenues</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,923
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,049
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,382
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,431
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,354
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Equipment sales</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,535
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>260
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,795
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other income</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Subtotal third party revenues and other income</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,080
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,600
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,643
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,243
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Intersegment revenues</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,947
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>166
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>172
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,119)
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,027
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,766
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,649
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,415
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,119)
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Balance sheet information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">PP&amp;E, net</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,468
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,541
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,156
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,697
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,165
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Intangible assets, net</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>429
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,086
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,164
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,592
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on PP&amp;E (a)</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,820
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,249
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>563
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,812
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,632
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on intangible assets (b)</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>197
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,481
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,557
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,754
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,017
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,730
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>639
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,369
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,386
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total additions on PP&amp;E and intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,525
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,708
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>627
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,335
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,860
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net financial debt</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,892)
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Geographic information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:31.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total non-current assets</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of<br />operations</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of the<br />Group&#xB4;s customers</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of operations</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Argentina</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,406
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,958
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,832
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Abroad</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,917
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,365
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,520
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,352
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;">For the year ended December&nbsp;31, 2015</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Income statement information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Fixed</font></p>
				</td>
				<td colspan="3" valign="top" style="width:25.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Mobile Services</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Services</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Personal</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Subtotal</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Eliminations</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income (1)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,609
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,203
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,717
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,920
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,989)
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,268)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,856)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(129)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,985)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,253)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interconnection costs and other telecommunication charges</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(719)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,686)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(154)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,840)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,389
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,170)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,769)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,417)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(152)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,569)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>419
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,919)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(818)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,071)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,125)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,943)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Commissions</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(268)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,774)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,973)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,193)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of equipments and handsets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,328)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,513)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(108)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(628)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(78)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(706)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(814)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of VAS</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,136)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,218)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,256)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(96)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(96)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(113)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Bad debt expenses</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(79)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(462)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(485)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(564)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other operating expenses</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(934)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(960)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(93)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,053)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,854)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income before D&amp;A</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,509
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,789
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>568
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,357
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Depreciation of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,341)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,379)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(326)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,705)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,046)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Amortization of intangible assets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,141)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(66)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,207)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,392)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(91)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(109)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(108)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>892
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,160
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,337
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Financial results, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,102)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income before income tax expense</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,127
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Income tax expense, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,692)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Net income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,435
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to Telecom Argentina </font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,403
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to non-controlling interest</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,435
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">(1)</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Service revenues</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,675
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,258
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,547
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,805
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,480
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Equipment sales</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,796
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,955
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Subtotal third party revenues and other income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,775
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,059
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,706
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,765
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,834
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>155
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,989)
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,609
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,203
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,717
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,920
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,989)
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Balance sheet information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">PP&amp;E, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,280
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,899
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,784
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,683
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,963
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Intangible assets, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,131
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,217
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,659
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on PP&amp;E (a)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,846
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,157
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>393
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,550
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,396
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on intangible assets (b)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>233
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,395
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,471
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,704
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,079
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,552
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>469
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,021
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,100
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total additions on PP&amp;E and intangible assets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,514
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,158
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>490
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,648
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,162
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net financial asset (debt)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,277)
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Geographic information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:31.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total non-current assets</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of<br />operations</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of the<br />Group&#xB4;s customers</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of operations</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Argentina</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,677
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,388
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,844
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Abroad</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,863
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,152
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,129
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,973
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for operating segments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6985238960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Quarterly consolidated information (unaudited information)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfQuarterlyConsolidatedInformationAbstract', window );"><strong>Quarterly consolidated information (unaudited information)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfQuarterlyConsolidatedInformationTextBlock', window );">Quarterly consolidated information (unaudited information)</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 29 &#x2013; Quarterly consolidated information (unaudited information)</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Quarter</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Revenues</font></p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating<br />income before<br />D&amp;A</font></p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Operating<br />income</font></p>
				</td>
				<td valign="top" style="width:14.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Financial Results,<br />net (loss) gain</font></p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net<br />income</font></p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Net income<br />attributable<br />to Telecom<br />Argentina</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Fiscal year 2015:</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">March&nbsp;31</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,872
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,634
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,680
				</td>
				<td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,041
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,028
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">June&nbsp;30</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,624
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,501
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,468
				</td>
				<td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>937
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>928
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">September&nbsp;30</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,094
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,529
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,311
				</td>
				<td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(73)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>800
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>801
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">December&nbsp;31</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,906
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,202
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,770
				</td>
				<td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(910)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>657
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,496
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
				<td valign="top" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,102)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,435
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,403
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Fiscal year 2016:</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">March&nbsp;31</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,455
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,402
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,997
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(557)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>935
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>925
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">June&nbsp;30</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,951
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,362
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,724
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(489)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>802
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>800
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">September&nbsp;30</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,412
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,446
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,802
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(636)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>758
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>746
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">December&nbsp;31</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,422
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,214
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,320
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(562)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,510
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,504
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,240
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
				<td valign="bottom" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,244)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,005
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,975
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Fiscal year 2017:</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.60%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">March&nbsp;31</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,726
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,638
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,893
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>124
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,966
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,955
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">June&nbsp;30</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,818
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,706
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,958
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,673
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,660
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">September&nbsp;30</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,719
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,902
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,167
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,056
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,026
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">December&nbsp;31</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,923
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,110
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,094
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(210)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,029
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,989
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,186
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
				<td valign="bottom" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(486)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,724
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,630
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045335504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Restrictions on distribution of profits and dividends<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RestrictionsOnDistributionOfProfitsAndDividends', window );">Restrictions on distribution of profits and dividends</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 30 &#x2013; Restrictions on distribution of profits and dividends</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(a)&nbsp;Restrictions on distribution of profits</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Under the LGS, the by-laws of the Company and rules&nbsp;and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses, if any, must be appropriated by resolution of the shareholders to a legal reserve until such reserve reaches 20% of the outstanding capital (common stock plus inflation adjustment of common stock). On May&nbsp;21, 2014, Telecom Argentina reached the maximum amount of its Legal Reserve according to LGS and CNV provisions previously disclosed.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(b)&nbsp;Dividends</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company is able to distribute dividends up to the limit of retained earnings determined under the LGS, and reserves constituted to such purpose. Retained earnings as of December&nbsp;31, 2017 are positive and amounted to $7,630, while Voluntary reserve for future dividends payment amounted to $9,730 (See dividends distribution approved by the Board of Directors on January&nbsp;31, 2018 in Note 33).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:79.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2017</font></p>
				</td>
				<td valign="top" style="width:06.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2016</font></p>
				</td>
				<td valign="top" style="width:06.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:79.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:79.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7.5pt;">Dividends declared and paid by Telecom Argentina during the year<br /> ($ 4.28, $2.06, and $0.83 </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">peso per share, respectively)</font></p>
				</td>
				<td valign="bottom" style="width:06.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(*)&nbsp; 4,151</font></p>
				</td>
				<td valign="bottom" style="width:06.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(*)&nbsp; 2,000</font></p>
				</td>
				<td valign="bottom" style="width:06.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>804
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:79.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:79.72%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 2pt;">
						<font style="display:inline;font-size:2pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.76%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:79.72%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7.5pt;">Proposed for approval at the Annual General Meeting (not recognized as a liability as of December&nbsp;31)</font></p>
				</td>
				<td valign="bottom" style="width:06.76%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7.5pt;">(**)</font></p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7.5pt;">-</font></p>
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					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7.5pt;">-</font></p>
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			<tr>
				<td valign="top" style="width:79.72%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(*) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">By reversal of the Voluntary reserve for future dividends payments.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7.5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(**) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">The Company&#x2019;s Board of Directors has proposed to the Shareholder&#x2019;s Meeting the confirmation of the dividends&#x2019; distribution in advance (Note 33.b) and the allocation of the outstanding retained earnings ($1,989) to the constitution of a &#x201C;Voluntary reserve for future dividends payments&#x201D;, with delegation to the Board of Directors its subsequent reversal and availability.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Corporate Reorganization of the Telecom Group and Its controlling companies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CorporateReorganizationAbstract', window );"><strong>Corporate Reorganization of the Telecom Group and Its controlling companies</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CorporateReorganizationTextBlock', window );">Corporate Reorganization of the Telecom Group and Its controlling companies</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 31 &#x2013; Corporate Reorganization of the Telecom Group and its controlling companies</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">1) Amortization of Sofora shares</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In March&nbsp;2017, WAI offered to Sofora and Sofora accepted, with the consent of Fintech (the controlling shareholder of Sofora), an offer to amortize in two tranches all of the 140,704,640 shares issued by Sofora and owned by WAI, according to the provisions of Sections 223 and 228 of the LGS. As a result of the amortization, Sofora agreed to pay WAI an amount equal to the par value of WAI&#x2019;s shares of capital stock issued by Sofora, such amount being equivalent to $140,704,640 pesos, and issue in the name of WAI one or more dividend certificates (Class&nbsp;&#x201C;A&#x201D; &#x201C;Bono de Goce&#x201D;) evidencing WAI&#x2019;s rights to dividends up to an aggregate amount of US$ 470 million minus the amounts paid to amortize the shares of Sofora owned by WAI (equivalent to US$ 8,683,596).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On May&nbsp;23, 2017 the first tranche of the ordinary shares of Sofora owned by WAI (74,749,340 ordinary shares), representing 17% of Sofora&#x2019;s capital stock was amortized. As a result of the mentioned amortization:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> i.</font>
			</p>
		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Sofora paid $74,749,340 pesos to WAI and issued a Class&nbsp;&#x201C;A&#x201D; Bono de Goce on behalf of WAI which granted them the right to dividends in the amount of US$ 245,036,017, and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> ii.</font>
			</p>
		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The members and alternate members of the Board of Directors and of the Supervisory Committee of Telecom Argentina, Personal, Nortel and Sofora appointed by WAI presented their resignations. In the case of Telecom Argentina, the General Ordinary and Extraordinary Shareholders&#x2019; Meeting held on May&nbsp;23, 2017, in its second tranche of deliberations held on June&nbsp;6, 2017, appointed two directors, two alternate directors, one member of the Supervisory Committee and one alternate member of the Supervisory Committee to complete the term of duties of the resigning members and alternate members of the Board of Directors and of the Supervisory Committee of Telecom Argentina.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a result of obtaining one of the authorizations of ENACOM in the context of the Reorganization of the Telecom Group mentioned in 2) of this Note, on June&nbsp;22, 2017, the second tranche of the ordinary shares of Sofora owned by WAI (65,955,300 shares) representing 15 % of Sofora&#x2019;s capital stock before the first tranche of ordinary shares amortization, was amortized. As a result of this amortization, Sofora paid $65,955,300 pesos to WAI and issued an additional Class&nbsp;&#x201C;A&#x201D; Bono de Goce on behalf of WAI which granted them the right to dividends in the amount of US$ 216,280,387.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The principal terms and conditions of each Bono de Goce provide that: (i)&nbsp;dividend payments of up to the maximum amount under the Bono de Goce will be made only if and when Sofora resolves to pay a dividend, (ii)&nbsp;dividend payments made by Sofora shall be paid to the holder of the Bono de Goce with priority over all other shareholders of Sofora, (iii)&nbsp;all dividends to be paid under the Bono de Goce will be paid by Sofora with liquid and realized profits, (iv)&nbsp;the maximum amount of dividends to be collected under the Bono de Goce shall accrete every year on June&nbsp;1 on the amount of dividends that remain unpaid by Sofora as of May&nbsp;31 of the relevant year at a 2% annually, (v)&nbsp;Sofora has a right to redeem the Bono de Goce at any time after the later of 36 months from the date of issuance or the payment of 60% of the maximum amount of dividends under the Bono de Goce and, whatever occur at last (vi)&nbsp;in the event that Sofora is absorbed by another continuing company of Sofora&#x2019;s activities, the preference of the Class&nbsp;&#x201C;A&#x201D; Bono de Goce will remain only in respect of those shares of the continuing company that Sofora&#x2019;s shareholders receive according to the expected exchange ratio of the Reorganization, so that this preference does not affect the other shareholders of the absorbing company, meaning that, in the case of the reorganization mentioned in this Note (the &#x201C;Telecom Group&#x2019;s Reorganization&#x201D;), the preference for the Class&nbsp;&#x201C;A&#x201D; Bono de Goce will only be verified with respect to the Class&nbsp;&#x201C;A&#x201D; Shares of Telecom Argentina that receives Fintech and will not affect the Class&nbsp;&#x201C;B&#x201D; Shares or Class&nbsp;&#x201C;C&#x201D; Shares of Telecom Argentina.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Considering that the Reorganization of the Telecom Group is consummated, Telecom Argentina assumed all the rights and obligations of Sofora as issuer of the Class&nbsp;&#x201C;A&#x201D; Bonos de Goce. In no event shall the dividend rights under the Class&nbsp;&#x201C;A&#x201D; Bonos de Goce affect the dividend rights of holders of Telecom Argentina Class&nbsp;&#x201C;B&#x201D; or Class&nbsp;&#x201C;C&#x201D; Shares or any other class of shares.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">2) The Telecom Group&#x2019;s Reorganization</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March&nbsp;31, 2017, each of the Board of Directors of Sofora, Personal and Nortel and Telecom Argentina approved a preliminary reorganization agreement (the &#x201C;Preliminary Reorganization Agreement&#x201D;). Under the terms of the Preliminary Reorganization Agreement, Telecom Argentina will absorb Nortel, Sofora and Personal according to the provisions of sections 82 and 83 of the LGS.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina&#x2019;s and Personal&#x2019;s General Ordinary and Extraordinary Shareholders&#x2019; Meetings held on May&nbsp;23, 2017, and Nortel&#x2019;s and Sofora&#x2019;s General Extraordinary Shareholders&#x2019; Meeting held on May&nbsp;22, 2017 approved the Telecom Group&#x2019;s Reorganization jointly with the following documents:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> i.</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Special-purpose unconsolidated financial statements of their respective companies as of December&nbsp;31, 2016;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> ii.</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Special-purpose combined financial statements of Sofora, Nortel, Telecom Argentina y Telecom Personal as of December&nbsp;31, 2016;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> iii.</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The corresponding preliminary reorganization agreement approved on March&nbsp;31, 2017.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, the mentioned Telecom Argentina&#x2019;s General Ordinary and Extraordinary Shareholders&#x2019; Meeting approved:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">i.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the conversion of up to 161,039,447 Class&nbsp;A Ordinary Shares, par value $1 entitled to one vote per share into equal Class&nbsp;B Ordinary Shares, par value $1 and entitled to one vote per share to be delivered to Nortel&#x2019;s Preferred Class&nbsp;&#x201C;B&#x201D; Shares holders, as explained in Section&nbsp;4th of the related preliminary reorganization agreement (the conversion was effective on December&nbsp;15, 2017); and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">ii.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the amendment of the following sections of the Bylaws:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Section&nbsp;4&#xB0;: to establish a dynamic conversion procedure for the shares representing capital stock from one Class&nbsp;to the other with equal political and equity rights; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">b.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Section&nbsp;5&#xB0;: to allow the total or partial amortization of integrated shares according to the provisions of Section&nbsp;223 of LGS and allow the issuance of Bonos de Goce according to the provisions of Section&nbsp;228 on the mentioned Law.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">iii.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The removal of Section&nbsp;9&#xB0; of the Bylaws, which includes limitations for transferring Class&nbsp;&#x201C;A&#x201D;&nbsp;&nbsp;Shares,&nbsp;&nbsp;&nbsp;which is effective since the authorization of the ENACOM of the Nortel&#x2019;s dissolution related to the Reorganization of the Telecom Group and the distribution to holders of Nortel&#x2019;s Class&nbsp;&#x201C;B&#x201D; Preferred Shares of a portion of Class&nbsp;&#x201C;A&#x201D; Shares of Telecom Argentina through its conversion to Class&nbsp;&#x201C;B&#x201D; Shares in accordance to the provisions of the corresponding preliminary reorganization agreement.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of the date of issuance of these consolidated financial statements, the amendment of the bylaws mentioned in items ii) and iii) above is in process of registration.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">At least, Personal&#x2019;s, Nortel&#x2019;s and Sofora&#x2019;s Shareholders&#x2019; Meeting approved the dissolution without liquidation of such companies in accordance with Section&nbsp;94, item 7 of the LGS as a consequence of their incorporation to Telecom Argentina through the Telecom Group&#x2019;s Reorganization.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The companies involved requested ENACOM the following authorizations provided for in the previous reorganization agreement:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a) ENACOM authorization for releasing the shares that comprised the second amortization tranche of Sofora&#x2019;s ordinary shares (owned by WAI representing 15% of Sofora&#x2019;s capital stock) of the allocation to the main core of shares of the investment consortium for the acquisition, in the process of privatization of ENTel, of the Sociedad Licenciataria Norte (currently Telecom Argentina) pursuant to the provisions of Decree No.&nbsp;62/90 issued on January&nbsp;5, 1990 and the terms of such privatization and Resolution No.&nbsp;111/03 issued by the SC on December&nbsp;10, 2003.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">b) ENACOM authorization for the dissolution of Nortel as a result of the Reorganization of the Telecom Group and the distribution to the holders of Nortel&#x2019;s Class&nbsp;&#x201C;B&#x201D; Preferred Shares of a portion of Telecom Argentina&#x2019;s Class&nbsp;&#x201C;A&#x201D; Shares through Its conversion to Telecom Argentina&#x2019;s Class&nbsp;&#x201C;B&#x201D; Shares pursuant to the corresponding reorganization agreement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">c) ENACOM authorization for the transfer to Telecom Argentina, as a result of the Reorganization of the Telecom Group, of all licenses for the provision of ICT Services and the records of ICT Services, together with the corresponding permissions for the use of frequencies, which were granted or awarded to Personal.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June&nbsp;16, 2017, the ENACOM Authorization referred to in a) above was granted by Resolution No.&nbsp;RESOL-2017-5120-APN-ENACOM # MCO, allowing the amortization of the second tranche of Sofora&#x2019;s ordinary shares, described in 1).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Being approved the Reorganization of the Telecom Group by General and Special shareholders&#x2019; meetings, and having expired the term for the opposition of creditors in accordance with the applicable rules, on November&nbsp;13, 2017, Telecom Argentina, Nortel, Sofora, and Telecom Personal subscribed the Final Reorganization Agreement which was filed to the regulatory authorities according with the respective applicable bylaws.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On November&nbsp;24, 2017, the Company, Personal, Nortel and Sofora were notified through Resolution No.&nbsp;2017-4545-APN-ENACOM#MM, by which ENCAOM granted the authorizations mentioned in sections b) and c) mentioned above.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Reorganization Effective Date was at 00.00 am December&nbsp;1, 2017, date on which the Chairmen of the Boards of Directors of the companies that were part of the Telecom Group subscribed the Transfer of Operations Record whereby the following was put on record: (i)&nbsp;Telecom Argentina prepared its technical and operational systems with the capacity to absorb the operations of Personal, Nortel and Sofora, and ii) the effective transfer of the operations and activities of the absorbed companies to Telecom Argentina being satisfied all the following conditions to which the Reorganization of the Telecom Group was subject:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">approval of the Reorganization on the terms and conditions set forth in the Preliminary Reorganization Agreement by special shareholders&#x2019; meetings in the case of Nortel;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the execution of the Final Reorganization Agreement;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the receipt of certain regulatory approvals by ENACOM;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina preparing its technical and operational systems with the capacity to absorb the operations of Personal, Nortel and Sofora.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of the reorganization and with effect as of the date thereof: (i)&nbsp;the total equities of the absorbed companies were transferred to Telecom Argentina at the book values of such items in the respective special-purpose unconsolidated financial statements. According to this, Telecom Argentina will acquire all rights, obligations and responsibilities of any nature of Personal, Sofora and Nortel; (ii)&nbsp;Telecom Argentina is the continuing company of all Personal, Sofora and Nortel activities; (iii)&nbsp;Personal, Sofora and Nortel were dissolved without liquidation. As of the date of issuance of these consolidated financial statements, the corresponding inscription is pending.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of the Reorganization:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> (i)</font>
			</p>
		</td><td style="width:26pt;"><p style="width:26pt;width:26pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">A portion of Class&nbsp;&#x201C;A&#x201D; Shares issued by Telecom Argentina was distributed to Fintech as the only holder of Sofora Common Shares,</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 92.9pt;text-indent: -57.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> (ii)</font>
			</p>
		</td><td style="width:26pt;"><p style="width:26pt;width:26pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The remaining Class&nbsp;&#x201C;A&#x201D; issued by Telecom Argentina were converted to Telecom Argentina Class&nbsp;&#x201C;B&#x201D; Shares,</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 20.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> (iii)</font>
			</p>
		</td><td style="width:26pt;"><p style="width:26pt;width:26pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All Class&nbsp;&#x201C;B&#x201D; Shares issued by Telecom Argentina owned by Nortel (including Class&nbsp;&#x201C;B&#x201D; Shares as a result of the conversion mentioned above were distributed to the holders of Nortel Preferred Shares.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina didn&#x2019;t issue any new Class&nbsp;&#x201C;B&#x201D; Shares or Class&nbsp;&#x201C;A&#x201D; Shares in connection with the Reorganization.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, the effectiveness of the administrative procedures of the Reorganization of the Telecom Group is subject to the following conditions, among others: (i)&nbsp;to obtain the administrative approval of the CNV regarding the Reorganization of the Telecom Group, which was obtained on January&nbsp;4, 2018, (ii)&nbsp;the registration of the &#x201C;Final Reorganization Agreement&#x201D; in IGJ (which is in process), and (iii)&nbsp;to obtain any other authorization that could be required from other regulatory authority (SEC, among others).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045335504">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Merger by absorption between Telecom Argentina and Cablevision S.A.<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MergerAbstract', window );"><strong>Merger by absorption between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsExplanatory', window );">Merger by absorption between Telecom Argentina and Cablevision S.A.</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Note 32 &#x2013; Merger by absorption between Telecom Argentina and Cablevisi&#xF3;n S.A.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June&nbsp;30, 2017 the Board of Directors of Telecom Argentina and Cablevisi&#xF3;n S.A. approved a preliminary merger agreement by which they agree that Telecom Argentina absorbed by merger Cablevisi&#xF3;n S.A., which was dissolved without liquidation as of the merger effective date, in accordance with the provisions of Sections 82 and 83 of the LGS, and ad referendum of the corporate and regulatory approvals (the &#x201C;Merger&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The purpose of the Merger is to enable the surviving company by merger to efficiently offer, in line with the trend both at a national and international level, technological convergence products between media and telecommunications services, in a separate or independent basis, to provide voice, data, sound and image services, both fixed and wireless, in a single product or groups of products for the self benefit and the benefit of consumers of such multiple individual services. Likewise, both companies considered that their respective operational 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.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Merger Effective Date was since 0:00 hours of the date in which the Chairmen of the Boards of Directors of Telecom Argentina and Cablevisi&#xF3;n S.A. subscribed an operations transfer minute stating that: (i)&nbsp;Telecom Argentina has adapted its operational- technical systems to assume the operations and activities of Cablevisi&#xF3;n S.A., and (ii)&nbsp;that on such Merger Effective Date the transfer of the activities and operations of Cablevisi&#xF3;n S.A. to Telecom Argentina was finalized as the following conditions to which the Merger was subject were accomplished:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">i.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the subscription of the definitive merger agreement (which was subscribed on October&nbsp;31, 2017, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">ad refer&#xE9;ndum </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">of the ENACOM authorizations under Decree No.&nbsp;267/15), and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">ii.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the ENACOM operation authorization (this authorization was issued by Res. ENACOM No.&nbsp;5644-E/2017, which was notified on December&nbsp;22, 2017). The operations transfer minute mentioned above was subscribed on January&nbsp;1, 2018.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the Merger, and to the provisions of Section&nbsp;83, item c) of the LGS, the following distribution rate was settled: one ordinary share of Cablevisi&#xF3;n S.A. (both, Class&nbsp;&#x201C;A&#x201D; and &#x201C;B&#x201D; shares) for every 9,871.07005 new ordinary shares of Telecom Argentina (the &#x201C;Distribution Ratio&#x201D;). The determined Distribution Ratio was considered fair from a financial perspective by the independent valuation experts JPMorgan Securities LLC and Lion Tree Advisors LLC.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Ordinary and Extraordinary Shareholders&#x2019; Meeting of Telecom Argentina and Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n S.A., respectively, which both were held on August&nbsp;31, 2017 approved the preliminary merger agreement and, relating Cablevisi&#xF3;n S.A., its dissolution as of the Merger Effective Date and, relating Telecom Argentina, the Bylaws amendment and the increase of its capital stock. As of the date of issuance of these consolidated financial statements, the amendment of the bylaws is in process of registration.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On July&nbsp;7, 2017, Cablevisi&#xF3;n Holding S.A. accepted an offer of call option granted by Fintech Advisory Inc. and its subsidiaries Fintech Telecom LLC and Fintech Media LLC, for the acquisition of&nbsp;&nbsp;13.51% equity interest in Telecom Argentina (representing a participation of approximately 6% of Telecom Argentina after the merger) in the amount of US$ 634,275,282 (the &#x201C;Option&#x201D;). The Option can be executed during one year since July&nbsp;7, 2017. Likewise, Cablevisi&#xF3;n Holding S.A. should pay to Fintech Advisory Inc. within thirty days since July&nbsp;7, 2017, a share premium amounting to US$ 3,000,000, which was paid on July&nbsp;2017.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;5, 2017, Cablevisi&#xF3;n Holding S.A. paid in advance the full Option price of US$ 634,275,282.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;27, 2017 Cablevisi&#xF3;n Holding S.A. executed the Option, therefore, as of the merger effective date, received an additional VLG Argentina LLC&#x2019; share of 21.55% (representing an indirect share of approximately 6% in Telecom after the merger). Likewise, in the scope of the call option contract, the price was established in US$ 628,008,363. As a consequence, Fintech Media LLC became the owner of 28.45% of VLG Argentina LLC stock and Cablevision Holding S.A. became the owner of the remaining 71.55% of VLG Argentina LLC stock.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September&nbsp;6, 2017 Telecom Argentina S.A. and Cablevisi&#xF3;n S.A. entered a presentation before the ENACOM requesting authorization for:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The transfer and incorporation of the &#x201C;Licencia Unica Argentina Digital&#x201D; (Digital Argentina Sole License) owned by Telecom Argentina S.A., of the records, resources, assignments, and ratings owned by Cablevisi&#xF3;n S.A.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 5pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The transfer in favor of Telecom Argentina S.A. of the authorizations of usage and the resources assigned for the provision of the services registered under the ownership of Cablevisi&#xF3;n S.A. and / or the companies absorbed by the latter.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(iii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 2pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The change of corporate control that will take place in Telecom Argentina S.A. once the aforementioned ENACOM authorization has been obtained, the Merger becomes effective and the shareholder agreement of July&nbsp;7, 2017 becomes effective, as a result of which Cablevisi&#xF3;n Holding S.A. will be the legal controlling company of Telecom Argentina S.A. as the surviving company of Cablevisi&#xF3;n S.A.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;31, 2017, the definitive merger agreement was subscribed pursuant art. 83 section 4) of LGS, </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">ad refer&#xE9;ndum </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">of the ENACOM authorizations that may correspond.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Being satisfied all the conditions to which the Merger was subject according with art. 7&#xB0; of the Preliminary Merger Agreement and the Final Merger Agreement, on January&nbsp;1, 2018, the Transfer of Operations Record from the absorbed company to the absorbing company was subscribed.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence, and according with the Preliminary Merger Agreement and the Final Merger Agreement, since 00.00 am January&nbsp;1, 2018 the Merger is effective and, consequently, the composition of the Board of Directors was changed which was notified on December&nbsp;28, 2017; and also, the change of the controlling company to Cablevisi&#xF3;n Holding S.A. since January&nbsp;1, 2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In accordance with the Preliminary Merger Agreement and the Final Merger Agreement and the notification received from Fintech Telecom and Fintech Media LLC (&#x201C;Fintech Media&#x201D;) on December&nbsp;29, 2017 informing of a corporate reorganization process by which Fintech Telecom absorbs by merger Fintech Media and VLG Argentina Escindida LLC (a spin-off of VLG Argentina LLC) with effect on the Merger Effectiveness Date.&nbsp;&nbsp;The shares issued by Telecom as decided by the Board of Directores were delivered as follows: i) to Fintech Telecom LLC: 342,861,748 Class&nbsp;A shares; ii) to Cablevisi&#xF3;n Holding S.A.: 406,757,183 Class&nbsp;D shares; and iii) to VLG Argentina LLC: 434,909,475 Class&nbsp;D shares. Such exchange of shares occurred on January&nbsp;1, 2018.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina&#x2019;s breakdown of capital stock as of January&nbsp;1, 2018 is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;">
			<tr>
				<td valign="top" style="width:26.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.80%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Outstanding shares</font></p>
				</td>
				<td valign="top" style="width:24.80%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Treasury shares</font></p>
				</td>
				<td valign="top" style="width:24.80%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total capital stock</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:26.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Shares</font></p>
				</td>
				<td valign="top" style="width:23.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:24.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:24.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:26.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;A&#x201D;</font></p>
				</td>
				<td valign="top" style="width:23.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>683,856,600
				</td>
				<td valign="top" style="width:24.80%;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>683,856,600
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:26.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;B&#x201D;</font></p>
				</td>
				<td valign="top" style="width:23.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>627,930,005
				</td>
				<td valign="top" style="width:24.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>643,151,378
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:26.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;C&#x201D;</font></p>
				</td>
				<td valign="top" style="width:23.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
				<td valign="top" style="width:24.80%;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:26.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;D&#x201D;</font></p>
				</td>
				<td valign="top" style="width:23.80%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841,666,658
				</td>
				<td valign="top" style="width:24.80%;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841,666,658
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:26.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:24.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:24.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:26.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Total</font></p>
				</td>
				<td valign="top" style="width:23.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,153,688,011
				</td>
				<td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:24.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,168,909,384
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:26.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:24.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:24.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:38.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Fintech Telecom LLC, controlling company of Telecom Argentina until December&nbsp;31, 2017, is a Delaware (United States) limited liability company, wholly-owned direct subsidiary of Fintech Advisory Inc. and its primary purpose is to hold, directly and indirectly, the securities of Telecom Argentina. Fintech Advisory Inc., a Delaware (United States) corporation, is directly controlled by Mr.&nbsp;David Mart&#xED;nez. Fintech Advisory Inc. is an investor and investment manager in equity and debt securities of sovereign and private entities primarily in emerging markets.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cablevisi&#xF3;n Holding S.A., legal controlling company of Telecom Argentina since January&nbsp;1, 2018, is an argentine corporation and its primary purpose is to hold capital stock in corporations whose object and purpose is to provide Information and Communication Technology Services (ICT Services) and to provide Audiovisual Communication Services (ICT Services). Its controlling shareholder is GC Dominio S.A.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Since the Merger Effective Date, (i)&nbsp;the whole assets and liabilities (including registered assets, licenses, rights and obligations) belonging to Cablevisi&#xF3;n S.A. will be incorporated to Telecom Argentina&#x2019;s equity, (ii)&nbsp;Telecom Argentina will continue the operations of Cablevisi&#xF3;n S.A., generating the corresponding operational, accounting and tax effects, (iii)&nbsp;the administration and representation of Cablevisi&#xF3;n S.A. will be in charge of the administration and representations boards of Telecom Argentina.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Merger was accounted for effective January&nbsp;1, 2018, using the acquisition method, as outlined by IFRS 3.&nbsp; IFRS 3 requires, in a business combination effected through an exchange of equity interests, all relevant facts and circumstances to be considered when identifying the acquirer.&nbsp; Based on the terms of the preliminary merger agreement, Cablevisi&#xF3;n S.A. (the legally absorbed entity) is to be considered the accounting acquirer and Telecom Argentina (the surviving entity) is to be considered the accounting acquiree, which qualifies the transaction as a &#x201C;reverse acquisition&#x201D; in accordance with IFRS.&nbsp; The factors that were relied upon to determine that Cablevisi&#xF3;n S.A. should be treated as the accounting acquirer in the Merger were:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 1.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the relative voting rights in the surviving entity (55% for the shareholders of Cablevisi&#xF3;n S.A. before the Merger Effective Date, and 45% for the shareholders of Telecom Argentina, before the Merger Effective Date, both percents previous to the Merger Effective Date);</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 2.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the composition of the board of directors in the surviving entity and other committees (Audit, Supervisory and Executive),</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 3.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the relative fair value assigned to Telecom Argentina and Cablevisi&#xF3;n S.A. and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 4.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">the composition of the key management of the surviving entity.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Accordingly, the assets and liabilities of Cablevisi&#xF3;n S.A. were recognized and measured in the consolidated financial statements at their pre-Merger carrying amounts, while the identifiable assets and liabilities of Telecom Argentina will be recognized at fair value as of the Merger Effective Date (January&nbsp;1, 2018). Goodwill resulting from the application of the acquisition method was measured as the excess of the fair value of the consideration paid over the net fair value of Telecom Argentina&#x2019;s identifiable assets and liabilities. The retained earnings and other equity balances recognized in the consolidated financial statements of the combined entity are the sum of the respective amounts of the individual financial statements of Telecom Argentina and Cablevisi&#xF3;n S.A. immediately before the Merger.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Business Combinations Reporting required under IFRS 3</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 3 &#x201C;Business Combinations&#x201D; in its paragraphs 59 to 63 establishes that for a significant business combination occurred between the end of the reporting and the issuance date of the financial statements, certain information regarding the transaction must be included. The merger by absorption of Telecom Argentina and Cablevisi&#xF3;n S.A., which was produced on January&nbsp;1, 2018, qualifies as a Business Combination according to IFRS 3, therefore, in compliance of this standard the following information is disclosed.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The information disclosed below represents the best estimation of the Company with the information available as of the date of issuance of these consolidated financial statements, therefore, in case the Company obtains new information about the events and circumstances existing on the date of acquisition, the amounts will be updated re-estimating the fair value of the identified net assets, and/or recognizing additional assets or liabilities during the measurement period, which shall not exceed one year as from the acquisition date, according to paragraph 45 of IFRS 3.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Due to the fact that the merger between Telecom and Cablevisi&#xF3;n S.A. is a business combination carried out through an exchange of interests in equity, the consideration is based on the fair value of the shares of Telecom on the Merger Effective Date. Such amount is $132 billion, determined based on the market value of Telecom&#x2019;s ADR in the NYSE as of the transaction date (January&nbsp;1, 2018).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant to IFRS 3, the net identifiable assets acquired were valued at fair value, amounting to an estimated of $74 billion. In that respect, it&#x2019;s important to highlight the following: Property, Plant and Equipment, which estimated fair value reached $63 billion, and Intangible Assets, which estimated fair value reached $40 billion (includes the recognition of the Customer Relationship for $10 billion, Trademarks for $9 billion, and Licenses for $21 billion). Additionally, a deferred income tax liability was recognized due to the higher value assigned to net identifiable assets, that added to the book value as of the Merger Effective Date, amounts to $17 billion.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, a non-controlling interest estimated in $1 billion is recognized, determined as the proportionate share of the Company&#x2019;s net identifiable assets. As a consequence of the allocation of the purchase price to the acquired assets, a goodwill estimated in $59 billion was generated.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Goodwill represents the future economic benefits that are not individually identified or recognized separately. It represents the excess of the consideration and non-controlling interest over the fair value of the net identifiable assets acquired under the business combination. Goodwill is not amortized. It shall be tested for impairment at least once a year as required under IAS 38.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Shareholders&#x2019; Agreement: Fintech - CVH</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Effective as of May&nbsp;23, 2017, W de Argentina Inversiones and Fintech as shareholders at that time of Sofora, left without effect the political rights of the shareholders agreement that bounded them. As of June&nbsp;22, 2017, the lattest ceased to be a shareholder of Sofora. As a result, the shareholders&#x2019; agreement that linked the Sofora shareholders was entirely left without effect.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">On July&nbsp;7, 2017</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> Cablevisi&#xF3;n Holding S.A., VLG Argentina LLC, Fintech Media LLC, Fintech Advisory Inc., GC Dominio S.A. (all of them direct or indirect shareholders of Cablevisi&#xF3;n S.A.) and Fintech Telecom LLC (then controlling shareholder of Telecom Argentina)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> entered into a shareholders agreement that governs the exercise of their rights as shareholders of Telecom Argentina as from the Merger Effective Date (January&nbsp;1, 2018) (the &#x201C;Shareholders&#xB4; Agreement&#x201D;).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:22.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">The Shareholders&#xB4; Agreement establishes basically:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">the representation in the corporate bodies, provided that subject to the fulfillment of certain conditions and as long as CVH holds a certain percentage of Telecom Shares, CVH shall be entitled to designate the majority of the directors, alternate directors, members of the Supervisory Committee, Executive Committee, Audit Committee, CEO and any other Key Employee (other than the CFO and the Internal Auditor, who shall be designated by Fintech).</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> CVH shall also be entitled to nominate the Chairman of the Board of Directors and Fintech to nom&#xED;nate de Vicechairman of the Board of Directors.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">a scheme of supermajorities and required votes for the approval by the Shareholders&#xB4;Meetings or Board of Directors&#xB4; Meetings, respectively, of certain matters such as: i) the approval of the Business Plan and the Annual Budget of Telecom Argentina; ii) amendments of the bylaws, iii) changes in Independent Auditors, iv) the creation of committees of the Board of Directors, v) hiring of Key Employees as defined in the Shareholders&#xB4; Agreement; vi) mergers, vii) acquisitions, viii) sale of assets, ix) capital increases; x) incurrence of indebtedness over certain limits, xi) capital investments in infrastructure, plant and equipment above certain amounts; xii) related party transactions, xiii) contracts that may impose restrictions to the distribution of dividends; xiv) new lines of business or discontinuing existing lines of business; xv) contracting for significant amounts not contemplated in the Business Plan and the Annual Budget, among others.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=sect_Disclosures&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events to December 31, 2017<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory', window );">Subsequent events to December 31, 2017</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">Note 33 &#x2013; Subsequent events to December&nbsp;31, 2017</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Decisions issued by the shareholders of Telecom Argentina at the General Ordinary Shareholders&#x2019; Meeting</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 14.15pt;text-indent:24.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;31, 2018, the shareholders of Telecom Argentina held a General Ordinary Shareholders&#x2019; Meeting at which they approved the changes in the composition of the Board of Directors and the delegation of the powers vested on the Board of Directors to decide on the total or partial reversal of the &#x201C;Voluntary reserve for future dividends payments&#x201D; of Telecom Argentina as of December&nbsp;31, 2017 and the distribution of the amount of cash dividends under said reversal in the amounts and on the dates to be established by the Board of Directors.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Reversal of the Reserve for future cash dividends and distribution of dividends</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;31, 2018, the Board of Directors of Telecom Argentina approved:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 1.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant to the powers delegated by the shareholders at the General Ordinary Shareholders&#x2019; Meeting mentioned in item a) above, the reversal of $9,729,418,019 Argentine pesos of the &#x201C;Voluntary reserve for future dividends payments&#x201D; of Telecom Argentina as of December&nbsp;31, 2017, and its distribution as cash dividends in two installments: i) $2,863,000,000 Argentine pesos on February&nbsp;15, 2018 and ii) $6,866,418,019 Argentine pesos on April&nbsp;30, 2018, being the Board empowered to make such payment on an earlier date if it deems it convenient in the future. Later, the Board of Directors approved on March&nbsp;7, 2018 the anticipation of the availability for March&nbsp;27, 2018 or in a previous date that the President of the Company may decide.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 2.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The distribution of $5,640,728,444 Argentine pesos as interim cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the General Associations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Telecom Argentina as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018; and</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 3.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The distribution of $4,502,777,155 Argentine pesos as distribution of interim cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the General Associations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Cablevisi&#xF3;n S.A.-absorbed by Telecom Argentina- as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On February&nbsp;15, 2018, the Company paid dividends for a total of $13,006,505,599 Argentine pesos (equivalent to $6.04 dividends per outstanding share), corresponding to the above-mentioned distributions.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">c)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Payment by Telecom of the dividends declared by Cablevisi&#xF3;n S.A.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January&nbsp;8, 2018, Telecom Argentina, as surviving company of Cablevisi&#xF3;n S.A. paid the dividends declared by Cablevisi&#xF3;n S.A. on December&nbsp;18, 2017 for $4,077,790,056 Argentine pesos.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">d)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Syndicated Loan</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">At its meeting held on January&nbsp;31, 2018, the Board of Directors of Telecom Argentina approved the execution of a syndicated loan agreement with several banks for up to a total of US$ 1,000 million which will accrue compensatory interest at an annual rate equal to LIBOR for each period of interest accrual plus an applicable margin (ranging from 1.25 to 2.25 percentage points), payable on a quarterly or semi-annual basis at the choice of Telecom Argentina. The term shall be of 12 months and principal shall be repaid in full at maturity. The funds from the loan will be used by Telecom Argentina for increasing its working capital in Argentina, investing in physical assets in Argentina and for other corporate purposes. In case Telecom subsequently applies for a loan or issues debt for a term of 3 years for more than US$ 500 million, the day after it receives the funds it shall repay in full the syndicated Loan.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On February&nbsp;2, 2018, Telecom Argentina notified its intention to request a disbursement under the loan for US$ 650 million, which was received on February&nbsp;9, 2018.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=10&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6985877536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SummaryOfSignificantAccountingPoliciesAbstract', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock', window );">Going concern</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Going concern</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The consolidated financial statements for the years ended December&nbsp;31, 2017, 2016 and 2015 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">Foreign currency translation</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Foreign currency translation</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Items included in the financial statements of each of the Group&#x2019;s entities are measured using the currency of the primary economic environment in which the entity operates (&#x201C;the functional currency&#x201D;). The consolidated financial statements are presented in Argentine pesos ($), which is the functional currency of all Telecom Group&#x2019;s companies located in Argentina. The functional currency for the foreign subsidiaries of the Telecom Group is the respective legal currency of each country.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The financial statements of the Company&#x2019;s foreign subsidiaries (N&#xFA;cleo, Personal Env&#xED;os, Telecom USA and Tuves Paraguay since June&nbsp;30, 2017) are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated statement of cash flows are translated at the average exchange rates for each year.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory', window );">Foreign currency transactions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">c)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Foreign currency transactions</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction or valuation where items are re-measured. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Financial income/expenses as Foreign currency exchange gains or losses.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock', window );">Consolidation</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">d)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Consolidation</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">These consolidated financial statements include the accounts of Telecom Argentina and its subsidiaries over which it has effective control (N&#xFA;cleo, Micro Sistemas, Telecom USA, Personal Env&#xED;os, Tuves Paraguay &#x2013; only as of December&nbsp;31, 2017- and the second semester of 2017 and Telecom Personal until November&nbsp;30, 2017) as of December&nbsp;31, 2017, 2016 and 2015.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Control exists when the investor (Telecom Argentina) has power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They should be deconsolidated from the date that control ceases.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated companies are consolidated on a line-by-line basis and non-controlling interests in the equity and in the profit (loss) for the year are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All intercompany accounts and transactions have been eliminated in the preparation of these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial year-end of all the subsidiaries&#x2019; financial statements coincides with that of the Parent and are prepared as of the same closing date and in accordance with the same accounting policies.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock', window );">Acquisition of the controlling interest in Tuves Paraguay</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 14.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">e) Acquisition of the controlling interest in Tuves Paraguay</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;6, 2016 Tuves Paraguay&#x2019;s controlling shareholder (TU VES S.A &#x2013; Chile) accepted N&#xFA;cleo&#x2019;s proposal for executing the Tuves Paraguay&#x2019;s shares purchase option, which was subject to the approval of the Comisi&#xF3;n Nacional de Telecomunicaciones (&#x201C;CONATEL&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On April&nbsp;11, 2017, the CONATEL&#x2019;s Board of Directors through Resolution No.&nbsp;460/17authorized TU VES S.A. (Chile) to transfer N&#xFA;cleo 350 shares of Tuves Paraguay, that represent 70% Tuves Paraguay&#x2019; total capital stock.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Accordingly, and pursuant to the provisions of the shares&#x2019; purchase agreement, on June&nbsp;30, 2017, the transaction was performed and N&#xFA;cleo acquired the 70% capital stock and votes of Tuves Paraguay through the payment of approximately $0.1 (35 million of Guaran&#xED;es) and the partial capitalization of receivables that N&#xFA;cleo had at such date for approximately $147 (49,396 million of Guaran&#xED;es).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Tuves Paraguay is a Paraguayan company whose main purpose is the provision of telecommunications services and also the distribution of digital audio and television signals to homes, in accordance with the license granted by CONATEL.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The acquisition of control of Tuves Paraguay was recognized in the consolidated financial statements as of June&nbsp;30, 2017, in accordance with the provisions of IFRS 3 &#x201C;Business Combinations&#x201D;.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For this purpose, the total purchase price provided by IFRS 3 of approximately $149 (50,056 million of Guaran&#xED;es) was determined including the book value of the call option as of the date of the transaction, the assets and liabilities of Tuves Paraguay were measured at fair value, recognizing a higher value of PP&amp;E and identifying a customer relationship and a goodwill of approximately $2 within Intangible Assets (662 million of Guaran&#xED;es), which will be annually reviewed through its impairment test.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Revenues</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">f) Revenues</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues are recognized to the extent that it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably. Final outcome may differ from those estimates.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues are stated net of discounts and returns.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company discloses its revenues into two groups: services and equipment. Service revenues are the main source of income for the Company and are disclosed by nature: Voice services,&nbsp;Internet services and Data transmission services. This classification of revenues is given by different commercial offers and products, type of contracts and kind of customers. Equipment sales represent a precursor of the mentioned service revenues; therefore, the Group only sells equipment to customers and, from time to time, the Management of the Company and N&#xFA;cleo decide to sell mobile handsets at prices lower than their respective costs in order to acquire new contracts with a minimum non-cancelable period of permanence.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Other income mainly includes penalties collected from suppliers and gains on disposal of PP&amp;E, which are realized in the ordinary course of business but are not the main business objective.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company&#x2019;s principal sources of revenues are:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Fixed telecommunication services and products</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Domestic services revenues consist of monthly basic fees, measured service, long-distance calls and monthly fees for additional services, including call forwarding, call waiting, three-way calling, itemized billing and voicemail.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues are recognized when services are rendered. Unbilled revenues from the billing cycle dating to the end of each month are calculated based on traffic and are accrued at the end of the year.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from corresponding accounts receivable. Revenues derived from other telecommunications services, principally network access, long distance and airtime usage, are recognized on a monthly basis as services are provided.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from the sale of prepaid calling cards are recognized on the basis of the minutes used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &#x201C;Deferred revenue on prepaid calling cards&#x201D; under Deferred revenues line item in the statement of financial position.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Interconnection charges represent amounts received by the Company from other local service providers and long-distance carriers for calls that are originated on their networks and transit and/or terminate on the Company&#x2019;s network. Revenue is recognized as services when they are provided.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Traffic revenues from interconnection and roaming are reported gross of the amounts due to other telecommunication operators.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred (as well as the related costs not in excess of the amount of revenues) over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship (approximately 8 years in the case of fixed telephony&#x2019;s voice services).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Reconnection fees charged to customers when resuming service after suspension are deferred and recognized ratably over the average life for those customers who are assessed a reconnection fee. Associated direct expenses are also deferred over the estimated customer relationship period up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from sales of goods, such as telephone and other equipment, are recognized when the significant risks and rewards of ownership are transferred to the buyer.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract are recognized as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenue on construction contracts recognized in the year ended December&nbsp;31, 2017 amounted to $614. The 2017 agreement provides finance within 48 months from January&nbsp;1, 2017, the date when the implementation of the project was effective. $83 and $17 are receivables as of December&nbsp;31, 2017 and 2016, respectively.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cost on construction contracts recognized in the year ended December&nbsp;31, 2017 amounted to $429.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">No revenue or costs on construction contracts were recorded for years 2016 and 2015.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenue from international telecommunications services mainly includes voice and data services and international point-to-point leased circuits. Revenues from international long-distance service reflect payments under bilateral agreements between the Company and foreign telecommunications carriers, covering inbound international long-distance calls. Revenues are recognized as services when they are provided.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Data and Internet revenues mainly consist of fixed monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet connectivity services (dial-up and broadband). These revenues are recognized as services when they are rendered.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Mobile telecommunication services and products</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Group provides mobile services throughout Argentina via cellular and PCS networks. Cellular fees consist of monthly basic fees, airtime usage charges, roaming, charges for TLRD, CPP charges and additional charges for VAS, including call waiting, call forwarding, three-way calling, voicemail, SMS, GPRS, Mobile Internet and for other miscellaneous cellular services. These revenues are recognized as services when they are rendered.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Basic fees are generally billed monthly in advance and are recognized when services are provided. Billed basic fees for which the related service has not yet been provided are deducted from the corresponding accounts receivable.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from the sale of prepaid calling cards are recognized on the basis of the traffic used, at the contract price per minute, or when the card expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as &#x201C;Deferred revenue on prepaid calling cards&#x201D; under Deferred revenues line item in the statement of financial position.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from sales of goods, such as handsets, sim cards, tablets, smartphones and other equipment are recognized when the significant risks and rewards of ownership are transferred to the buyer.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company and N&#xFA;cleo offer to their subscribers a customer loyalty program. Under such program the Company and N&#xFA;cleo grant award credits as part of the sales transactions which can be subsequently redeemed for goods or services provided by Personal and N&#xFA;cleo or third parties. The fair value of the award credits is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. Those revenues are classified as service or goods revenues depending on the goods or services redeemed by the customers.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Applicable to both fixed telephony and mobile telephony, for offerings including separately identifiable components (as equipment and service), the Company and its subsidiaries recognize revenues related to the sale of the equipment when it is delivered to the final customer whereas service revenues are recorded when rendered. The total revenue generated by this type of transactions is assigned to the separately identifiable units of accounting based on their fair values, provided that the total amount of revenue to be recognized does not exceed the contract revenue. IFRS does not prescribe a specific method for such assignation of revenue. However, telecommunications industry practice generally applies the method known as &#x201C;residual method&#x201D;, which was used in the preparation of these consolidated financial statements. The &#x201C;residual method&#x201D; requires identifying all the components that comprise a transaction and allocating its fair value on an individual basis to each of them. Under this method, the fair value of a delivered item (which could not be individually determined) is determined as the difference between the total arrangement consideration and the sum of the fair values of those elements for which fair value can be estimated on a stand-alone basis.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory', window );">Financial instruments</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">g) Financial instruments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">g.1) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Financial assets</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Upon acquisition, in accordance with IFRS 9, financial assets are subsequently measured at either</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"> amortized cost</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, or </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">fair value</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, on the basis of both:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(a)&nbsp;the entity&#x2019;s business model for managing the financial assets; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(b)&nbsp;the contractual cash flow characteristics of the financial asset.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">A financial asset shall be measured at </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">amortized cost</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> if both of the following conditions are met:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(a)&nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(b)&nbsp;the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, for assets that met the abovementioned conditions,&nbsp;IFRS provides for an option to designate, at inception, those assets as measured at </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">fair value</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an &#x2018;accounting mismatch&#x2019;) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">A financial asset that is not measured at </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">amortized cost</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> according to the paragraphs above is measured at </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">fair value</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial assets include:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Cash and cash equivalents</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Time deposits are valued at their amortized cost.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Investments in Lebacs are valued at fair value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Trade and other receivables</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Investments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2016, Telecom Argentina received in payment certain Provincial Government bonds denominated in argentine pesos (Provincia de Mendoza and Provincia de Buenos Aires) that bear interests in argentine pesos. These Provincial Government bonds are valued at amortized cost and their results are included in Financial results as investment gains.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the IRR and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Financial expenses as Foreign currency exchange gains or losses.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Likewise, Telecom Argentina and Personal acquired Government bonds. Taking into account the business model chosen to manage these financial assets, and according to the provisions of IFRS 9, these bonds are recorded at their fair value and its results were included in Financial results &#x2013; Other investments gains.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Investments in other short-term investments are carried at fair value. Gains and losses are included in financial results as other short-term investment gains.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Investments in Lebacs are valued at fair value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The 2003 Telecommunications Fund is recorded at fair value.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Impairment of financial assets</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">At every annual or interim closing date, assessments are made as to whether there is any objective evidence that a financial asset or a group of financial assets may be impaired. If any such evidence exists, an impairment loss is recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Certain circumstances of impairment of financial assets that the Group assesses to determine whether there is objective evidence of an impairment loss could include: delay in the payments received from customers; customers that enter bankruptcy; the disappearance of an active market for that financial asset because of financial difficulties; observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets, significant financial difficulty of the obligor, among others.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">g.2) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Financial liabilities</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial liabilities comprise trade payables (excluding Derivatives), financial debt, salaries and social security payables (see Note 3.o) below) and certain other liabilities.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Financial liabilities other than derivatives are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">g.3) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Derivatives</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Derivatives are used by Telecom Group to manage its exposure to exchange rate and sometimes interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All derivative financial instruments are measured at fair value in accordance with IFRS 9.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Derivative financial instruments qualify for Hedge Accounting only when:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a) The hedging relation consists only on hedging instruments and hedged items eligible;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">b) Since its inception the hedging relation and the purpose and risk management strategy, are formally designated and documented;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">c) the hedge is expected to fulfill the efficacy requirements described in Note 20 &#x2013; Hedge Accounting.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">When a derivative financial instrument is designated as a cash flow hedge (the hedge of the exposure to variability in cash flows of an asset or liability, a firm commitment or a highly probable forecasted transaction) the effective portion of any gain or loss on the derivative financial instrument is recognized directly in OCI. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is recognized in the consolidated income statement immediately. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">If hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are directly recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For additional information about derivatives operations during 2017 and 2016, see Note 20.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Inventories</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">h) Inventories</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Inventories are measured at the lower of cost and estimated net realizable value. Cost is determined on a weighted average cost basis. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Allowances are made for obsolete and slow-moving inventories.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">From time to time, the Management of the Company and N&#xFA;cleo decide to sell mobile handsets at prices lower than their respective costs. This strategy is aimed at achieving higher service revenues or at retention of high value customers by reducing customer access costs while maintaining the companies&#x2019; overall mobile business profitability since the customer subscribes a monthly service contract for indefinite period with a minimum period of permanence and, if the contract is abandoned in advance, the mobile company has the right to cancel, totally or partially, the bonus granted to the customer at the beginning of the contractual relationship. For the estimation of the net realizable value in these cases the Company considers the estimated selling price in normal course of business less applicable variable selling expenses plus the expected margin from the service contract signed during its minimum non-cancelable term.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">PP&amp;E</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">i) PP&amp;E</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">PP&amp;E is stated at acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">All other subsequent costs are recognized as expense in the period in which they are incurred, unless they are improvements. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">PP&amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized in the statement of financial position under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related tangible assets in the Depreciation and amortization item line.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are annually reviewed. Changes in the above liability are recognized as an increase or decrease of the cost of the relative asset and are depreciated prospectively.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Depreciation of PP&amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of the assets; the ranges of the estimated useful lives of the main PP&amp;E are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 73.00%;">
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Asset</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Estimated useful<br />life (in years)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Buildings received from ENTel</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">35</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Buildings acquired subsequent to 11/8/90</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">50</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Improvements in third parties buildings</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">2 &#x2013; 5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tower and pole</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">10 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Transmission equipment</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Wireless network access</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Switching equipment</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">5 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Power equipment</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">7 &#x2013; 15</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">External wiring</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Computer equipment and software</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Installations</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">2 &#x2013; 10</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory', window );">Intangible assets</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">j) Intangible assets</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets are recognized when the following conditions are met: the asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets with a finite useful life are stated at cost, less accumulated amortization and impairment losses, if any.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets with an indefinite useful life are stated at cost, less accumulated impairment losses, if any.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets comprise the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Subscriber acquisition costs (&#x201C;SAC&#x201D;)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Direct and incremental costs incurred for the acquisition of new subscribers are capitalized when the conditions for the recognition of an intangible asset are met.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The cost of acquiring broadband customers meets the conditions established by IFRS for its recognition as intangible asset. The amount of costs deferred is limited to the non-contingent part of the revenues generated by that subscriber. The costs above revenues are expensed when incurred.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Capitalized SAC related to the acquisition of broadband customers are amortized on a straight-line basis over the average period of the customer relationship.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The cost of acquiring postpaid and &#x201C;cuentas claras&#x201D; subscribers in mobile telephony meet the conditions established by IFRS for its recognition as intangible asset. In the event of early cancellation, grants the right to cancel bonuses granted at the beginning of the contractual relationship (i.e, equipment bonuses). SAC are mainly comprised of upfront commissions paid to third parties and, to a lower extent, of subsidies granted to customers on the sale of handsets.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In all other cases, subscriber acquisition costs are expensed when incurred.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Capitalized SAC related to the acquisition of post-paid and &#x201C;cuentas claras&#x201D; subscribers are amortized on a straight-line basis over the term in which the customer must pay a cancellation charge, in case of early termination of the relationship.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Service connection or habilitation costs</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Direct costs incurred for connecting customers to the network are accounted for as intangible assets and then amortized over the term of the contract with the customer if required conditions are met. For indefinite period contracts, the deferral of these costs is limited to the amount of non contingent revenue from the customer and expensed over the average period life of the customer relationship. Costs exceeding that amount are expensed as incurred. Connection costs are generated mainly for the installation of fixed lines and amortized over an average period of 8 years.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- 3G/4G licenses</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As described in Note 2.i, it includes 3G and 4G frequencies awarded by the SC to Personal in November&nbsp;2014 and June&nbsp;2015. In accordance with Article&nbsp;12 of the Auction Terms and Conditions they were granted for a period of 15 years as from the date of awarding notification. After this deadline, the Regulatory Authority may extend the term at Personal&#xB4;s request. The extension of the term, the related cost and conditions shall be defined by the Regulatory Authority.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Consequently, the Company&#x2019;s management has concluded that the 3G and 4G licenses have a finite useful life and therefore are amortized under the straight-line method over 180 months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of Section&nbsp;4 (d)&nbsp;of PEN Decree No.&nbsp;1,340/16, which is described in Note 2.i), the remaining useful life of the frequencies included in lot 8 of the auction was re-estimated in 4Q16. It was considered that 700 Mhz bands would be released since May&nbsp;2017 and, in compliance with the mentioned Decree, the period of 15 years from such date was computed. After that, such date was re-estimated being the effective day of release on April&nbsp;2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- PCS license (Argentina)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company, based on an analysis of all of the relevant factors, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- PCS and Band B licenses (Paraguay)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">PCS license is amortized under the straight-line method over 60 months. These licenses were successively renewed for a period of 5 years, the amortization finalized during year 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, Band B license finished its amortization during year 2012.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June&nbsp;2017, N&#xFA;cleo required the renewal of this license. Before the expiration date, CONATEL issued, according with the telecommunications law, resolutions of temporary extensions which are valid for 90 days, with the possibility of one only extension for the same term.&nbsp;&nbsp;Therefore, it is expected to have the definitive renewal en the next months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Internet and data transmission license (Paraguay)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">N&#xFA;cleo&#x2019;s license 60 months amortization was finished in fiscal year 2016. However, on July&nbsp;2017 CONATEL granted the Company with the renewal of such licenses.&nbsp;&nbsp;Therefore, the term of the license is extended until May&nbsp;2021.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Rights of use</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company purchases network capacity under agreements which grant the exclusive right to use a specified amount of capacity for a specified period of time. Acquisition costs are capitalized as intangible assets and amortized over the terms of the respective capacity agreements, generally 180 months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Exclusivity agreements</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Exclusivity agreements were entered into with certain retailers and third parties relating to the promotion of the Company&#x2019;s services and products. Amounts capitalized are being amortized over the life of the agreements, with expiration up to financial year 2028.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">-&nbsp;&nbsp;Cubecorp &#x2018;s Customer relationships</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Customer relationships identified as part of the purchase price allocation performed upon the acquisition of Cubecorp Argentina S.A. (a company engaged in data center business) in financial year 2008, are being amortized over the estimated duration of the relationship for customers in the data center business (180 months).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">-&nbsp;&nbsp;Tuves Paraguay&#x2019;s Customer relationships</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It is related to the acquisition of Tuves Paraguay (see Note 3.e). It is amortized over the term of the relationship with the acquired customers, which is estimated in 78 months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">-&nbsp;&nbsp;Goodwill</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It is related to the acquisition of Tuves Paraguay (see Note 3.e) measured as the difference between the fair value of the amount transferred less the fair value of the identified net assets. The goodwill has indefinite useful life and the impairment must be analyzed at least annually.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Leases</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">k) Leases</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Finance leases</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. The Company recognizes finance leases as assets and liabilities in its statements of financial position at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Subsequently, minimum lease payments are apportioned between a finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents, if any, are charged as expenses in the periods in which they are incurred.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The depreciation policy for depreciable leased assets is consistent with that for depreciable assets that are owned.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December&nbsp;31, 2017 the Telecom Group hold finance leases which represents liabilities in the amount of $13. The total payable at these leases&#x2019; maturity amounts to $13. PP&amp;E related to these financial leases and several of the mentioned leases contracts characteristics as of December&nbsp;31, 2017 are detailed below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;">
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Book value</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Lease term</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Depreciation</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E &#x2013; Computer equipment</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3 years</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3 years</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Accumulated depreciation</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64)
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Net carrying value as of December&nbsp;31, 2017</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Operating leases</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits under various non-cancellable operating leases that expire on various dates through 2035. Rental expenses are included under Interconnection costs and other telecommunication charges and Other operating expenses items lines in the consolidated income statements.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory', window );">Impairment of intangible assets and PP&amp;E</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:16.65pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">l) Impairment of intangible assets and PP&amp;E</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">At least annually, the Company assesses whether there are any indicators of impairment of assets that are subject to amortization. Both internal and external sources of information are used for this purpose. Internal sources include, among others, obsolescence or physical damage of the asset, and significant changes in the use of the asset and the economic performance of the asset compared to estimated performance. External sources include, among others, the market value of the asset, changes in technology, markets or laws, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of the Group over market capitalization.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be recognized in the statement of income.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The recoverable value of an asset is the higher of its fair value less costs to sell and its value in use. In calculating the value in use, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs. The Company considers each legal entity of the Group as a cash-generating unit.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">When the conditions that gave rise to an impairment loss no longer exist, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, up to the carrying amount that would have been recorded if no impairment loss had been recognized. The reversal of an impairment loss is recognized as income in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets with an indefinite useful life (including intangible assets under development or not ready to use) are not subject to amortization and are tested at least annually for impairment. The only intangible asset with an indefinite useful life held by the Company as of December&nbsp;31, 2017 and 2016 is the PCS license (Argentina), which is entirely allocated to the Personal Mobile Service operating segment. Its recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For the years presented, the Company estimates that does not exist indicators of impairment of assets that are subject to amortization, with the exception of those related to process of modernization and replacement of its mobile network access technology in the Argentine Republic and a group of longstanding work in progress.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The net effects of the constitution and recovery of the mentioned impairments are recorded under &#x201C;Impairment of PP&amp;E&#x201D; line item. Additional information disclosed in Note 22.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock', window );">Other liabilities</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">m) Other liabilities</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 21.3pt;text-indent: -21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Pension benefits</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Argentine laws provide for pension benefits to be paid to retired employees from government pension plans and/or privately managed fund plans to which employees may elect to contribute. Amounts payable to such plans are accounted for on an accrual basis. The Company does not sponsor any stock option plan.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pension benefits shown under Other liabilities represent benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service. There is no vested benefit obligation until the occurrence of those conditions. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The actuarial assumptions used are based on market interest rates, past experience and Management&#x2019;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the following rates and salary ranges:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;">
			<tr>
				<td valign="top" style="width:49.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Discount rate (1)</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">4.6% - 9.2%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">4.8% - 6.2%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">6.5% - 8.5%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Projected increase rate in compensation (2)</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">8.0% - 16.3%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">8.0% - 22.5%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">12.0% - 26.8%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;">
			<tr>
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(1)&nbsp;Represents estimates of real rate of interest rather than nominal rate in $.</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(2)&nbsp;In line with an estimated inflationary environment for the next three financial years.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 19.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additional information on pension benefits is provided in Note 16.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 21.3pt;text-indent: -21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Legal fee</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant to Law No.&nbsp;26,476 - Tax Regularization Regime (&#x201C;R&#xE9;gimen de Regularizaci&#xF3;n Impositiva Ley N&#xBA; 26,476&#x201D;), the Company is subject to a legal fee which shall be paid in twelve monthly consecutive installments without interest as from final judgment. It is carried at amortized cost.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock', window );">Deferred revenues</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">n) Deferred revenues</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Deferred revenues include:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Deferred revenues on prepaid calling cards</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. See Note 3.f. Revenues &#x2013; Fixed telecommunication services and products and Mobile telecommunication services and products.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Deferred revenues on connection fees</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Non-refundable up-front connection fees for fixed telephony, data and Internet services are accounted for as a single transaction and deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. See Note 3.f. Revenues &#x2013; Fixed telecommunication services and products and Mobile telecommunication services and products.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Customer Loyalty Programs</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The fair value of the award credits regarding the Company and N&#xFA;cleo&#x2019;s customer loyalty program is accounted for as deferred revenue, and recognized as revenue when the award credits are redeemed or expire, whichever occurs first. See Note 3.f. Revenues &#x2013; Mobile telecommunication services.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Deferred revenue on sale of capacity and related services</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided. Those revenues are recorded under &#x201C;Data&#x201D; line item.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Deferred income for CONATEL&#x2019;s government grants</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During 2010 and 2011, the CONATEL awarded to N&#xFA;cleo public tenders for the expansion of the network infrastructure that provides a platform for access to mobile services and basic services in social interest areas in Paraguay.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Government grants are recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either in the statement of financial position as deferred income or as a reduction of the carrying amount of related asset. The Company elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets were recognized at the cost incurred by N&#xFA;cleo in the construction of the engaged infrastructure and the government grant was accounted for as deferred income and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock', window );">Salaries and social security payables</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">o) Salaries and social security payables</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note 3.g.2) above for a description of the accounting policy regarding the measurement of financial liabilities.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">&#x201C;prejubilaciones&#x201D;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">). The employee&#x2019;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Taxes payables</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">p) Taxes payables</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company is subject to different taxes and levies such as municipal taxes, tax on deposits to and withdrawals from bank accounts, turnover taxes, regulatory fees (including SU) and income taxes,&nbsp;among others, that represent an expense for the Group. It is also subject to other taxes over its activities that generally do not represent an expense (internal taxes, VAT, ENARD tax).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The principal taxes that represent an expense for the Company are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Income taxes</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Income taxes are recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the year comprises current and deferred tax.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return). All income tax payments are made by each of the subsidiaries as required by the tax laws of the countries in which they operate. The Company records income taxes in accordance with IAS 12.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Deferred taxes are recognized using the &#x201C;liability method&#x201D;. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the consolidated financial statements.&nbsp;&nbsp;&nbsp;A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries that generate a deferred income tax liability, where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Deferred tax assets relating to unused tax loss carry forwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets arising from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and when future taxable income would be sufficient to apply those temporary differences.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The book value of a deferred tax asset shall be revised at the end of every reporting period. The company shall reduce the carrying amount of a deferred tax asset if it is probable that future taxable income will not be available to offset the benefits of the deferred tax asset. This reduction shall be reassessed at each reporting period and reversed if it becomes probable that future taxable income to offset the deferred tax asset will be available.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The statutory income tax rate in Argentina was 35% for all years presented. Cash dividends received from a foreign subsidiary are computed on the statutory income tax rate. As per Argentinean Tax Law, income taxes paid abroad may be recognized as tax credits.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">However, for the calculation of deferred tax as of December&nbsp;31, 2017, Law No.27.430 (issued on December&nbsp;29, 2017, see Section&nbsp;at the end of Note 3.p) was considered as a reference.&nbsp;&nbsp;This law states a decrease from 35% to 30% in the income tax rate for companies for fiscal years started from January&nbsp;1, 2018 to December&nbsp;31, 2019; and a decrease to 25% for fiscal years started from January&nbsp;1, 2020. Therefore, the company considered, following the statements of IAS 12, the periods in which temporary differences as of December&nbsp;31, 2017, will be reversed to apply the proper tax rate in the calculation of deferred tax. The effect of changes in future rates of income tax was included as &#x201C;Effect of changes in income tax rate&#x201D; in the reconciliation between the amount charged in results and pre-tax income in Note 14.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The statutory income tax rate in Paraguay was 10% for all years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5% (this is the criterion used by N&#xFA;cleo for the recording of its deferred tax assets and liabilities, representing an effective tax rate of 15%). However, the effect of the additional income tax rate according to the Argentine tax law in force on the undistributed profits of N&#xFA;cleo is fully recognized as it is considered probable that those results will flow in the form of dividends.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The statutory income tax rate in the United States was 39.50% for the years ended December&nbsp;31, 2017, 2016 and 2015.&nbsp;&nbsp;Since January&nbsp;1, 2018, a new Income Tax Law is applicable in the United States, which modifies the flat rate to 21% changing the legal income tax rate from 39.5% to 26.5%. This change in the tax rate has a similar impact in deferred tax than the explained above regarding the changes in Argentina&#x2019;s income tax rate.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Turnover tax</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Under Argentine tax law, the Company is subject to a tax levied on revenues and other income. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (services and equipment). Average rates resulting from the turnover tax charge over the total revenues were approximately 5.4%, 5.3% and 5.2% for the years ended December&nbsp;31, 2017, 2016 and 2015, respectively.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">- Other taxes and levies</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.h). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues, excluding the SU tax and other deductions stated by regulations. The rate is 1% of total billed revenues and adopts the &#x201C;pay or play&#x201D; mechanism for compliance with the mandatory contribution to the SU fund.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;">Telecom Argentina&#x2019;s declaration as proper taxpayer</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant to Law No.&nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and comply with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina has already filed this request related to the payment of the tax on personal property&#x2013; on behalf of Shareholders. As a consequence, Telecom Argentina recorded in 2017 the reversal of the current tax credit on personal property &#x2013; on behalf of Shareholders and the corresponding liability that it had recorded as of December&nbsp;31, 2016 which amounted to $8 and has discontinued recording such receivables and liabilities since January&nbsp;1, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Likewise, Nortel and Sofora (companies absorbed by Telecom) filed such exemption.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Notwithstanding, it cannot be assured that in the future, Telecom Argentina can fulfill those requirements and maintain the referred exemption.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;">Tax reform and consensus on taxation &#x2013; Laws No.&nbsp;27,429, 27,430 and 27,432</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Tax reform</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December&nbsp;29, 2017, the PEN issued Law No.&nbsp;27,430 which established a comprehensive reform of the tax system with effect beginning in fiscal year 2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Among others, the law includes modifications in tax income in both corporate income tax and individual income tax, value added tax, internal taxes, social security contributions, tax procedure code and tax criminal procedure code.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The main changes with impact in corporate taxes are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Income Tax:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Modification of corporate income tax and withholding tax on dividends</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law decreases the corporate income tax rate from 35% to 30% for fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years starting January&nbsp;1, 2020 and onwards.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law also establishes a withholding tax on dividends at a 7% rate on profits accrued during fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and a 13% rate on profits accrued in fiscal years starting January&nbsp;1, 2020 and onwards.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Income of fiscal years closed until December&nbsp;31, 2017 will not be subject to withholding tax at the moment of distribution.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The new withholding tax rates apply to distributions made to shareholders qualifying either as resident individuals or nonresidents.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:39pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, the Law repeals the &#x201C;equalization tax&#x201D; (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) on income accrued from January&nbsp;1, 2018 and onwards.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Results derived from transfers of shares</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The effective tax rate applicable for individuals residents and non-residents is 15% (in case of non-residents its applicable over a presumed income equivalent to 90% of the transfer price). For local companies the applicable rate is 30% for both fiscal years 2018 and 2019, and 25% onwards.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">However, in the case of individuals residing in Argentina, the results derived from transfers of shares are exempted from taxes to the extent that it is a placement through public offering authorized by the Argentine Securities Commission or that the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the Argentine Securities Commission.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The exemptions will only apply if the foreign beneficiaries do not reside in or the funds do not arise from &#x201C;non-cooperating&#x201D; jurisdictions. It also establishes an exemption for interest income and capital gains on the sale of negotiable obligations and share certificates issued abroad that represent shares issued by Argentine companies (ADRs).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">Optional tax revaluation of assets</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The law established the revaluation of the cost of diverse assets &#x2013;in case of disposal- and the revaluation of the deductible depreciation for all the acquisitions or investments since January&nbsp;1, 2018 on the base of IPIM evolution from that date.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Additionally, the law establishes an option to revaluate for tax purposes their assets located in Argentina that generate taxable income. The revaluation option is applicable for the Company on the assets as of December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Under the Law, the new tax value of the assets will be determined by applying a &#x201C;revaluation factor,&#x201D; as established in the Law, to the tax value originally determined in each year or period of the asset&#x2019;s acquisition or construction. In the case of immovable or movable property qualifying as fixed assets, the value may be determined by an independent appraiser under certain conditions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law imposes a one-time special tax on the amount of the revaluation. The applicable rate will vary depending on the assets revaluated:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Real estate (regarded as capital assets): 8%</font>
		</p>
		<p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Real estate (regarded as inventories): 15%</font>
		</p>
		<p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; Shares, quotas and other participations in Argentine companies owned by resident individuals: 5%</font>
		</p>
		<p style="margin:4pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">&#x2022; All other assets (except inventories and cars, which may not be revaluated): 10%.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:34.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The option must be exercised on all the taxpayer&#x2019;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation is updated on the base of the variation of Internal Wholesale Price Index since January&nbsp;1, 2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law requires taxpayers that opt for the special revaluation regime to withdraw from any judicial or administrative process in which they are claiming, for tax purposes, an adjustment process of any kind regarding the period of the option, and those who started process in previous fiscal years must desist from making a new claim. (See Note 14 -Income tax &#x2013; Actions for recourse filed with the Tax Authority).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The company is currently taking actions to evaluate the convenience of exercing this option. As of the date of issuance of these consolidated financial statements, the regulations hasn&#x2019;t established the term in which the option can be exercised.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Internal Taxes and Tax Collection ENARD:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26%. In addition, the law provides for the repeal of the tax collection at source of the charge required by the ENARD.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, pursuant to Decree No.&nbsp;979/2017, as from November&nbsp;15, 2017, the effective internal tax rate that levies the sale of imported mobile phones and other wireless networks is reduced from 20.48% to 11.73%.&nbsp;&nbsp;Said rate, pursuant to Law No.&nbsp;27,430, will decrease gradually until its complete phase out as from January&nbsp;1, 2024. In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November&nbsp;15, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Tax on deposits to and withdrawals from bank accounts:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant Law No 27.432&nbsp;The National Executive Power may decide that the percentage of the tax that on the date of entry into force of this law is not computable as payment on account of income tax, will be progressively reduced by up to twenty percent (20%) per year as of January&nbsp;1, 2018, and also may decide that, in 2022, the tax provided for in Law 25,413 and its amendments as a payment on account of income tax will be computed in full.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Social Security:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Law gradually reduces the percentage of employers&#x2019; contributions to be paid by large companies from 21% to 19.5% in 2022.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It establishes a non-taxable base for calculating employers&#x2019; contributions of $ 2,400 Argentine pesos for 2018, which will increase until reaching $12,000 Argentine pesos in 2022. The Law gradually phases out employers&#x2019; contributions creditable against VAT.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Tax Consensus</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, on January&nbsp;2, 2018, Law No.&nbsp;27,429 - &#x201C;Tax Consensus&#x201D; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, the National Government, the Provinces and the Autonomous City of Buenos Aires agreed to fulfill certain commitments. Among the commitments regarding Turnover Tax undertaken by the Provinces, the most relevant are the immediate elimination of differential treatments based on the place of business or the location of the taxpayer&#x2019;s establishment or the location where goods are manufactured and the establishment of exemptions and application of tax rates that shall not exceed those set for each activity and period under the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease until reaching 3% in 2022, and in the case of mobile telephone 7% in 2018, which will decrease until reaching 5% in 2022.) As to stamp tax rates, for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January&nbsp;1, 2019, with a gradual decrease until its complete phase out as from January&nbsp;1, 2022 and the repeal of all payroll taxes.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">q) Provisions</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Group records provisions for risks and charges when it has a present obligation, legal or constructive, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as &#x201C;Finance expenses&#x201D;. Additional information is given in Note 17.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in Note 3.i) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory', window );">Dividends</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">r) Dividends</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Dividends payable are reported as a change in equity in the year in which they are approved by the Shareholders&#x2019; Meeting.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory', window );">Finance income and expenses</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">s) Finance income and expenses</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Finance income and expenses include:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">interest accrued on the related financial assets and liabilities using the effective interest rate method;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
				<font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
				<font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">gains and losses on foreign exchange and financial instruments;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
				<font style="margin:3pt 0pt 0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:3pt 0pt 0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">other financial results.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory', window );">Treasury Shares Acquisition</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">t) Treasury Shares Acquisition</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In connection with the Treasury Shares Acquisition Process described in Note 19 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &#x201C;Treasury shares acquisition cost&#x201D;. No profit or loss resulting from holding such instruments of own Equity shall be recognized in the income statement. If the treasury shares are sold, the account &#x201C;Treasury shares acquisition cost&#x201D; shall be recorded within Equity under the &#x201C;Treasury shares negotiation premium&#x201D; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &#x201C;Treasury shares negotiation discount&#x201D; caption.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock', window );">Cost of the increase of the share in controlled companies</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:19.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">u)&nbsp;&nbsp;Cost of the increase of the share in controlled companies</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March&nbsp;31, 2017 the Board of Directors of Nortel approved the sale of the share in Personal (120,000 shares) to Telecom Argentina (that represented 0.008% of Telecom Personal) in an amount of $ 4, which were paid in April&nbsp;2017.&nbsp;&nbsp;As a result, Telecom Argentina reached 100% of interest in Telecom Personal.&nbsp;&nbsp;Through this transaction, the difference between the purchase value and the investment acquired valued using the Equity Method ($ 3) was recorded in &#x201C;Cost of the increase of the share in controlled companies&#x201D; in the Equity attributable to controlling interest as of December&nbsp;31, 2017, according with IFRS 10.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory', window );">Earnings per share</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">v) Earnings per share</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (see Note 25).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock', window );">Use of estimates</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">w) Use of estimates</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Financial statement item / area</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accounting estimates</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;">
						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Revenues</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Revenue recognition is influenced by:</font></p>
					<p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&#x2022; the expected duration of the relationship with the customer for deferred revenues regarding upfront connection fees;</font></p>
					<p style="margin:0pt 5.75pt 0pt 14.15pt;line-height:106.67%;text-indent: -14.15pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&#x2022; the estimation of traffic measures.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;">
						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Useful lives and residual value of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">PP&amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. The Company periodically reviews, at least at each financial year-end, the estimated useful lives of its PP&amp;E and amortizable intangible assets.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 3pt;">
						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Recoverability of PP&amp;E and intangible assets with finite useful life</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">At least at every annual closing date, an assessment is made regarding whenever events or changes in circumstances indicate that PP&amp;E and amortizing intangible assets may be impaired.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The recoverable amount is the higher of the fair value (less costs to sell) and its value in use. The identification of impairment indicators and the estimation of the value in use for assets (or groups of assets or cash generating units) require management to make significant judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on significant Management&#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost,&nbsp;etc.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">For the years presented the Company estimated that there are no indicators of impairment of assets that are subject to amortization, with the exception of those mentioned in the point l) of this note. However, changes in our current expectations and operating assumptions, including changes in our business strategy, technology, competition and changes in market conditions, could significantly impact these judgments and could require future adjustments to the recorded assets.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intangible assets with indefinite useful life</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The Telecom Group determined that Personal&#x2019;s PCS license met the definition of an indefinite-lived intangible asset for the years presented and tests it annually for impairment. The recoverability assessment of an indefinite-lived intangible asset such as the PCS license and Tuves Paraguay&#x2019;s Goodwill requires our Management to make assumptions about the future cash flows expected to be derived from such asset.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Such estimated cash flows are based on significant Management&#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate,&nbsp;etc. The discount rate used to determine the discounted cash flow is an annual US dollar rate of approximately 10.5%.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Our judgments regarding future cash flows may change due to future market conditions, business strategy, the evolution of technology and other factors. These changes, if any, may require adjustments to the carrying amount of the PCS license and Tuves Paraguay&#x2019;s Goodwill.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Income taxes, recoverability assessment of deferred tax assets and other tax receivables</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Deferred income tax measuring</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Income taxes (current and deferred) are calculated in each company of the Telecom Group according to a reasonable interpretation of the tax laws in effect in each jurisdiction where the companies operate. The recoverability assessment of deferred tax assets sometimes involves complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets takes into account the estimate of future taxable income based on the Company&#x2019;s projections and on conservative tax planning.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The recoverability assessment of the tax receivable related to the actions of recourse filed by the Company&#x2019;s related to income tax inflation adjustment (Note 14) is based on the existing legal arguments on this matter and the behavior of the National Tax Authority in revising the actions of recourse filed by the Company.</font></p>
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Since the change provided by Law No.&nbsp;27,429, the corporate income tax rate decreases from 35% to 30% for fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years starting January&nbsp;1, 2020 and onwards. Therefore, for the measuring of deferred tax, the fiscal year of future reversals of temporary differences that originate deferred tax/liability has been estimated, applying the income tax rate of each reversal period. The actual moment of the future income and tax deductions may differ from the estimated, and may produce impact in future income.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Receivables and payables valued at amortized cost</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long term receivables and payables. The estimated discount rate used to determine the discounted cash flow of non-current receivables is an annual rate in pesos of approximately 34% for year 2017. Additionally, a 13% annual U.S. dollars was used for discounting long term receivables denominated in U.S. dollars during 2017 and 2016, respectively. Discount rates for accounts receivables were 9.8% in both years and discount rates in Guaranies for loans were 8.83% and 9.42% for years 2017 and 2016, respectively.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The Company is subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory and other matters. In order to determine the proper level of provisions, Management assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. Internal and external legal counsels are consulted on these matters. A determination of the amount of provisions required, if any, is made after careful analysis of each individual issue. The determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in its method of resolving such matters, such as changes in settlement strategy.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Allowance for Doubtful Accounts</font></p>
				</td>
				<td valign="top" style="width:01.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:69.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">The recoverability of trade receivables is measured by considering the aging of the accounts receivable balances, the necessity or request of customers unsubscribe, historical write-offs, Public Sector and corporative customer creditworthiness and changes in the customer payment terms. If the financial condition of the customers were to deteriorate, the actual write-offs could be higher than expected.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the absence of a Standard or an Interpretation that specifically applies to a particular transaction, Management carefully considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of the Group, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be completed in all material respects.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock', window );">New Standards and Interpretations issued by the IASB not in force</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">New Standards and Interpretations issued by the IASB not in force</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As required by IAS 8, the IFRS issued by the IASB not in force as of the date of these consolidated financial statements are reported below and briefly summarized. These standards have not been adopted by the Company.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">IFRS 15 (Revenue from Contracts with Customers)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In May&nbsp;2014 the IASB issued IFRS 15. This IFRS applies to all revenue contracts (except for contracts that are within the scope of IAS 17, leases,&nbsp;IFRS 4,&nbsp;Insurance Contracts and IFRS 9, Financial&nbsp;Instruments). IFRS 15 provides a single model for the recognition and measurement of revenues and replaces IAS 11,&nbsp;IAS 18,&nbsp;IFRIC 13,&nbsp;IFRIC 15,&nbsp;IFRIC 18 and SIC 31. It also establishes additional disclosure requirements and a 5-step model for revenue recognition, being the identified steps:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 1)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Identify the contract(s)&nbsp;with a customer;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 2)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Identify the performance obligations in the contract;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 3)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Determine the transaction price;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 4)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Allocate the transaction price to the performance obligations in the contract; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:9pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> 5)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Recognize revenue when (or as) the entity satisfies a performance obligation.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company will apply IFRS 15 using the modified retrospective approach, as it is permitted by that Standard.&nbsp;&nbsp;Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining services and equipments. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">It is worth mentioning that in April&nbsp;2016 amendments were made to IFRS 15, without changing the underlying principles of the standard, but clarifying them. The amendment provides the way of: 1) identifying a performance obligation, 2) determining whether a company is a principal or agent, and 3) determining whether license revenues must be recognized at a point in time or over time. In addition, the standard adds the following exemptions: (i)&nbsp;extends the possibility of not applying the standard to the recognition of &#x201C;complete contracts&#x201D; to the date of transition and full contracts at the beginning of the oldest period presented; and (ii)&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">it allows to not retrospectively restate a contract in relation to the modifications that occur before the beginning of the earliest period presented, and shall instead reflect the aggregate effect, when the satisfied and unsatisfied performance obligations can be identified, and when the transaction price and its allocation can be determined</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 15 is effective from annual periods beginning on January&nbsp;1, 2018. Earlier application is permitted.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company has concluded the analysis of the impact of the application of IFRS 15 and is currently measuring the effects. From that analysis resulted that IFRS 15 impacts are mainly related to contracts that include equipment revenues together with services in mobile services contracts (first sale of equipments or renewal of customer&#x2019;s equipments together with postpaid and &#x201C;abono fijo&#x201D; services charges).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Company is able to offer services as well as handsets (equipment) separately or together (it means selling the plan service with the handset).&nbsp;&nbsp;Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. Currently, this kind of contracts of joint selling is recorded applying the Residual Method.&nbsp;&nbsp;This method requires firstly, the identification of all the elements that compose the transaction and allocate to each of them, its own fair value. Under this method, the fair value of a transferred element, a handset in mobile services for example (it is not possible to allocate an specific price because the company usually sells that element at different prices depending on the plan service), is calculated as the difference between the full price of the contract subscribed with the customer and the fair value of those elements that is possible to allocate a fair value on an individual basis (in our case it would be the difference between the full price of the contract and the price of the plan service to determine the price of the handset).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">However, under the application of IFRS 15 the Residual Method is not allowed. The standard requires allocating the price to each performance obligation according to its proportional standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering a service term of 24 months.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:33pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">These amendments introduced by IFRS 15 will initially generate an early recognition of handset revenues that will have an impact on retained earnings (due to the partially retroactively application of the standard) with the recognition of contractual asset. Such increase is due to the fact that the discounts on&nbsp;handsets will be allocated between the sale of handsets and the services. Before the application of this standard, such discount was only allocated to the sale of handsets.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In view of the above mentioned, as from January&nbsp;1, 2018, this standard will generate a reallocation of revenues, increasing equipment sales revenues and reducing the recognition of services revenues. It will cause the initial recognition of a contractual asset that will decrease to the extent service revenues are recognized, which will be fully derecognized in the 24th month (the stipulated contractual term).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The effect of the application of such method (determined based on the standalone selling price of each item) would generate a contractual asset of $781, which would be offset with an increase in deferred tax liabilities of $234 and an estimated increase in retained earnings as of January&nbsp;1, 2018 in the amount of approximately $547 (net of income tax.)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">With regards to handset subsidies occasionally granted by the Company to new postpaid subscribers, Management believes that the capitalization of such costs will be discontinued under IFRS 15 in light of the interpretations of the new standard. On the other hand, Management believes that commissions paid for the acquisition of postpaid and &#x201C;Cuentas Claras&#x201D; customers in the Mobile Segment and broadband customers in the Fixed Segment will continue to be capitalized under IFRS 15, because these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the new standard.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The impact of not capitalizing handsets&#x2019; subsidies in the retained earnings as of January&nbsp;1, 2018 amounts to $48 (lower retained earnings of $68, net of income tax of $ 20).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amendments to IFRS 9 &#x201C;Financial Instruments&#x201D;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In July&nbsp;2014, the IASB amended IFRS 9 &#x201C;Financial Instruments&#x201D;. The amendments incorporate: 1) a new classification of financial assets (valued at fair value through other comprehensive income); and 2) includes requirements related to the recognition of expected credit losses of financial assets removing the minimum requirements mentioned in IFRS 39 regarding the occurrence of events to recognize the losses and recognizing them at initial measurement if losses are expected.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Regarding the expected credit losses, according to IFRS 9 the Company must recognize such loss as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the expected credit losses of the credit.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-size:9pt;text-align:justify;text-justify:inter-ideograph;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For other financial instruments: the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&#x2019;s credit risk so the lifetime expected credit losses must be recorded (expected credit losses for the full term of the financial instrument).</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.4pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 9 is effective from annual periods beginning on January&nbsp;1, 2018.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The impact of the initial estimation of the expected credit losses related to trade receivables in retained earnings as of January&nbsp;1, 2018, amounts to $357 (lower retained earnings of $482, net of income tax of $125).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Amendments to IFRS 9 (Prepayment features with negative compensation)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;2017, the IASB amended IFRS 9.&nbsp;&nbsp;As a result, financial assets with negative compensation characteristics that could lead to reasonably negative compensation as of to the early end of a contract, can be measured at amortized cost or fair value with impact in other comprehensive income.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The new standard is effective for fiscal years beginning on January&nbsp;1, 2018. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">IFRS 16 (Leases)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In January&nbsp;2016 IFRS 16 was issued.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">This standard replaces IAS 17,&nbsp;IFRIC 14 and SIC 15 and 27. The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated in this standard impact mainly on the lessees accounting.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">For a company having control of use of an identified asset it:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Must have the right to obtain substantially all the economic benefits of the identified assets and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Must have the right to direct the use of the identified asset.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The standard excludes short-term contracts (less than 12 months) and those in which the underlying asset has low value (as defined by the standard, low value should be defined by reference to a brand new asset rather than a used one or its net carrying amount).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The new standard is effective for fiscal years beginning on or after January&nbsp;1, 2019. Earlier application is permitted for companies that have adopted IFRS 15. During 2017 the Company continued analyzing the impact that this new standard may have on the Group&#x2019;s financial position, cash flows and results of operations.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">IFRIC 22 (Foreign Currency Transactions and Advance Consideration)</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">In December&nbsp;2016 IFRIC 22 was issued.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">IFRIC 22 analyzes the accounting providing the exchange rate to apply for transactions that include the receipt or payment of an advance consideration. The interpretation concludes that the date of transaction that determines the exchange rate in the initial recognition of an asset, income or expense (or a part of it) is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration (If there is more than one payment or receipt of the advance consideration, the date of transaction is established for each payment or receipt of such advance consideration).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">IFRS 22 is effective from annual periods beginning on January&nbsp;1, 2018. The adoption of these amendments will not have significant impacts on the statements of financial position, results of operations or cash flows of the Company.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">IFRIC 23 (Uncertainty over Income Tax Treatments)</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October&nbsp;2017,&nbsp;IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i)&nbsp;if uncertain tax treatments must be assessed separately; (ii)&nbsp;the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&#x2019;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii)&nbsp;how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment of the probability of occurrence); and (iv)&nbsp;how the changes in facts and circumstances are considered.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The new standard is effective for fiscal years beginning on January&nbsp;1, 2019. Earlier application is permitted. The Company does not expect impacts on the application of this amendment on the statements of financial position, results of operations or cash flows.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for finance income and costs. [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the currency of the primary economic environment in which the entity operates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for acquisition of controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DescriptionOfAccountingPolicyForAcquisitionOfControllingInterestPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for consolidation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for cost of the increase of the share in controlled companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">teo_DescriptionOfAccountingPolicyForCostOfIncreaseOfShareInControlledCompaniesPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for deferred revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">teo_DescriptionOfAccountingPolicyForDeferredRevenuesPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for going concern.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for new standards and interpretations issued by the IASB not in force.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for other liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for salaries and social security payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for use of estimates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7012986240">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Description of business and basis of preparation of the consolidated financial statements (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsAbstract', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock', window );">Schedule of entities included in the consolidation process and the respective equity interest owned by the company</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:34pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display:inline;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.00%;margin-left:21.6pt;">
			<tr>
				<td valign="middle" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subsidiaries</font></p>
				</td>
				<td valign="top" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Percentage of capital<br />stock owned and<br />voting rights as of<br />12/31/17 (i)</font></p>
				</td>
				<td valign="top" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Indirect<br />control<br />through</font></p>
				</td>
				<td valign="middle" style="width:18.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Date of acquisition</font></p>
				</td>
				<td valign="middle" style="width:25.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Segment that consolidates<br />(Note 28)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Telecom USA</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">100.00%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">09.12.00</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Fixed Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Micro Sistemas (ii)</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">100.00%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">12.23.97</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Fixed Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Personal (iii)</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">07.06.94</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Personal Mobile Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">N&#xFA;cleo (iv)</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">67.50%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">02.03.98</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo Mobile Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Personal Env&#xED;os (iv)&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">67.50%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">07.24.14</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo Mobile Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Tuves Paraguay (v)</font></p>
				</td>
				<td valign="top" style="width:23.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">47.25%</font></p>
				</td>
				<td valign="top" style="width:16.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="top" style="width:18.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">06.30.17</font></p>
				</td>
				<td valign="top" style="width:25.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo Mobile Services</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:25.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:21.6pt;">
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(i)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Percentage of equity interest owned has been rounded.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(ii)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Dormant entity as of and for the fiscal years ended December&nbsp;31, 2017, 2016 and 2015.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iii)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Until November&nbsp;30, 2017, Telecom Argentina owned 100% of Personal. Since December&nbsp;1, 2017 the reorganization described in Note 31 was effective and from that date, mobile services provided by Personal are continued by Telecom.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iv)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Non-controlling interest of 32.50% is owned by the Paraguayan company ABC Telecomunicaciones S.A.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:03.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(v)</font></p>
				</td>
				<td valign="top" style="width:96.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Non-controlling interest of 22.75% is owned by the Paraguayan company ABC Telecomunicaciones S.A and 30% is owned by TU VES S.A. (Chile). On June&nbsp;30, 2017, the transaction by which N&#xFA;cleo acquired the 70% of shares and votes of Tuves Paraguay was performed.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfConsumerPriceAndInternalWholesalePriceIndexesAccordingToOfficialStatisticsTableTextBlock', window );">Schedule of consumer price and internal wholesale price indexes according to official statistics (INDEC)</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 84.00%;margin-left:36pt;">
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2015</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017 </font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Consumer Price Index</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(*)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(*)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(**)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Consumer Price Index (annual)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">20.6%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">36.3% </font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">24.8%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Consumer Price Index (3 years accumulated)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">65.8%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">103.7%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">104.9%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 4pt;">
						<font style="display:inline;font-size:4pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Internal Wholesale Price Index</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Internal Wholesale Price Index (annual)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">19.2%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">34.6% </font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">18.8%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:53.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Internal Wholesale Price Index (3 years accumulated)</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">75.4%</font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">105.8% </font></p>
				</td>
				<td valign="top" style="width:15.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">90.7%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6.5pt;">(*) Consumer Price Index and Internal Wholesale Price Index published by INDEC until October&nbsp;were 11.9% and 10.6% respectively. These rates (which contain ten months accumulated), were updated with November&nbsp;and December&nbsp;2015 Consumer Price Index average rates for this two months (7.8%) published by the Province of San Luis and the City of Buenos Aires.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 28.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6.5pt;">(**) Due to the unavailability of Consumer Price Index published by the INDEC, the Company estimated 16.6% for the period January-April&nbsp;2016; this estimation is an average of the indexes published by the Province of San Luis and the City of Buenos Aires for that period.&nbsp;&nbsp;The Consumer Price Index at national level published by the INDEC for the period May-December&nbsp;2016 was 16.9%.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of Consumer Price and Internal Wholesale Price indexes according to official statistics (INDEC).</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of entities included in the consolidation process and the respective equity interest owned by the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998881536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkAbstract', window );"><strong>REGULATORY FRAMEWORK</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfFrequencyBandsAwardedTableTextBlock', window );">Schedule of frequency bands awarded to Personal</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;">
			<tr>
				<td valign="bottom" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">SC<br />Resolution</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Lot<br />No.</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Frequency Band</font></p>
				</td>
				<td valign="bottom" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Exploitation<br />area/ (Service)</font></p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Amount<br />paid (in<br />millions of<br />US$)</font></p>
				</td>
				<td valign="bottom" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Capitalized cost<br />of acquisition (in<br />millions of $)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">80/14</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">5</font></p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">PCS</font></p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">1890-1892.5 MHz and 1970-1972.5 MHz</font></p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Northern (3G)</font></p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.0
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">81/14</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">2</font></p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">SRMC</font></p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">830.25-834 MHz and 875.25-879 MHz</font></p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">AMBA (3G)</font></p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.0
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">82/14</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">6</font></p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">PCS</font></p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">1862.5-1867.5 MHz and 1942.5-1947.5 MHz</font></p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Southern (3G)</font></p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.0
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">83/14</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">8</font></p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">SCMA</font></p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">1730-1745 MHz and 2130-2145 MHz</font></p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Country (4G) partial awarding</font></p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>354.7
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,049
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:12.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:05.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.92%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:23.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:17.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>410.7
				</td>
				<td valign="middle" style="width:01.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(*) 3,530</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:21.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Includes $18 corresponding to the tax on debits to bank accounts that were capitalized in the cost of the licenses.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure on frequency bands awarded to the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
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		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 73.00%;">
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Asset</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Estimated useful<br />life (in years)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Buildings received from ENTel</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">35</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Buildings acquired subsequent to 11/8/90</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">50</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Improvements in third parties buildings</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">2 &#x2013; 5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tower and pole</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">10 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Transmission equipment</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Wireless network access</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Switching equipment</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">5 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Power equipment</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">7 &#x2013; 15</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">External wiring</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Computer equipment and software</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">3 &#x2013; 5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.82%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Installations</font></p>
				</td>
				<td valign="top" style="width:02.72%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.46%;padding:0pt;">
					<p style="margin:1pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">2 &#x2013; 10</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRecognisedFinanceLeaseAsAssetsByLesseeExplanatory', window );">Schedule of property, plant and equipment related to financial leases</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;">
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Book value</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Lease term</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Depreciation</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E &#x2013; Computer equipment</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3 years</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3 years</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Accumulated depreciation</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64)
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Net carrying value as of December&nbsp;31, 2017</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.68%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory', window );">Schedule of assumptions used in determining expense and benefit obligations</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;">
			<tr>
				<td valign="top" style="width:49.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Discount rate (1)</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">4.6% - 9.2%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">4.8% - 6.2%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">6.5% - 8.5%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Projected increase rate in compensation (2)</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">8.0% - 16.3%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">8.0% - 22.5%</font></p>
				</td>
				<td valign="top" style="width:02.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">12.0% - 26.8%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:14.4pt;">
			<tr>
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(1)&nbsp;Represents estimates of real rate of interest rather than nominal rate in $.</font></p>
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(2)&nbsp;In line with an estimated inflationary environment for the next three financial years.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of assets recognised by the entity as a result of engaging in finance leases. [Refer: Recognised finance lease as assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2017-03-02&amp;anchor=para_31_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 145<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_145&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about depreciation and estimated useful lives of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7013635216">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<font style="display:inline;">&nbsp;</font>
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			<tr>
				<td valign="bottom" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:22.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Cash&nbsp;and&nbsp;cash&nbsp;equivalents</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Cash</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Banks</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,312
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>878
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Time deposits</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>898
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>604
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other short-term investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,509
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Lebacs at fair value</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,263
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total cash and cash equivalents&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,945
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at fair value</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>371
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,456
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at fair value &#x2013; dollar linked</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at amortized cost in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost &#x2013; dollar linked</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other short-term investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,433
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>270
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Lebacs at fair value</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>109
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total current investments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,426
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,751
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current investments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds at amortized cost in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,228
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost &#x2013; dollar linked</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provincial government and Municipal bonds at amortized cost in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>386
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tuves Paraguay S.A. shares purchase option</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">2003 Telecommunications Fund</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total non-current investments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,657
				</td>
				<td valign="bottom" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>347
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:75.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfAdditionalInformationOfNetCashFlowProvidedByOperatingActivitiesTableTextBlock', window );">Schedule of additional information of net cash flow provided by operating activities</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Collections</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Collections from customers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,113
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55,928
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,930
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interests from customers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>762
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>366
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>182
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interests from investments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>670
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile operators collections</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,282
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>885
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>843
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73,827
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,238
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,145
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Payments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">For the acquisition of goods and services and others</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19,557)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,120)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,784)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">For the acquisition of inventories</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,520)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,383)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,343)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Salaries and social security payables and severance payments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,669)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,113)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,885)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">CPP payments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,132)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(393)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(413)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Income taxes (include tax returns and payments in advance)</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,400)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,700)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,631)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other taxes and taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,399)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,731)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,775)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Foreign currency exchange differences related to the payments to suppliers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(818)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,433)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(502)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;">Inventory suppliers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(269)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(182)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;">PP&amp;E suppliers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(425)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,467)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(188)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;">Other suppliers</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(144)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(31)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 24.5pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:9pt;">NDF</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>473
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-style:italic;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54,495)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,873)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(36,333)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Net cash flow provided by operating activities&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,332
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,365
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,812
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock', window );">Schedule of changes in assets/liabilities components</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Net decrease (increase) in assets</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,072)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,773)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,364)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other receivables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(902)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>276
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(754)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventories</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(618)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>837
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,522)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,592)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,660)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,640)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Net increase (decrease) in liabilities</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,067
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,391)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,368
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Deferred revenues</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(58)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(48)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Salaries and social security payables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>513
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>369
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>221
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other taxes payables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>982
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>483
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other liabilities</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.3pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Provisions (Note 17)</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(360)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(174)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(163)
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,321
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,179)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,890
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock', window );">Schedule of main non-cash operating transactions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Offsetting of capitalized trade receivables of Tuves Paraguay acquisition</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Offsetting of tax on personal property &#x2013; on behalf of Shareholders</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Income tax offset with VAT and internal taxes</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Offsetting of other receivables with regulatory provisions</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">VAT offset with income tax payments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">SAC acquisitions offset with trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>313
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>305
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>212
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other receivables of PP&amp;E sales offset with trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMostSignificantInvestingActivitiesTableTextBlock', window );">Schedule of most significant investing activities</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Fixed assets acquisitions include:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">CAPEX (Note 8)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,905)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,632)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,396)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Acquisition of Materials (net transfers to CAPEX, Note 8)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,433)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(474)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,062)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Subtotal</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,338)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,106)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,458)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Plus:</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Payments of trade payables originated in prior years acquisitions</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,342)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,832)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,367)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Less:</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Acquisition of fixed assets through incurrence of trade payables</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,862
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,298
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,592
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Assets retirement obligations</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile handsets lent to customers at no cost (i)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,727)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,541)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,148)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 13.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (i)</font>
			</p>
		</td><td style="width:5pt;"><p style="width:5pt;width:5pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Under certain circumstances, Personal and N&#xFA;cleo lend handsets to customers at no cost pursuant to term agreements. Handsets remain the property of the companies and customers are generally obligated to return them at the end of the respective agreements.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Intangible assets acquisitions include:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Acquisition of licenses 3G and 4G</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,256)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other intangible assets acquisitions (Note 9)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,238)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,754)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,448)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Plus:</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Payments of trade payables originated in prior years acquisitions</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(93)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(201)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">SAC acquisition offset with trade receivables</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(313)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(305)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(212)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Less:</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Acquisition of intangible assets through incurrence of trade payables</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>673
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>462
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>466
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(971)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,798)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,310)
				</td>
				<td valign="top" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The following table presents the cash flows from purchases, sales and maturities of securities which were not considered cash equivalents in the statement of cash flows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds acquisition</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,002)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(971)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,049)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Sales of Government bonds</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,986
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,051
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Government bonds collection</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>276
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other short-term investments and time deposits</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,063)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(265)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Sales of Other short-term investments</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>176
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Argentine companies notes collection</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,627)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(976)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock', window );">Schedule of financing activities components</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank overdrafts</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,344
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,150
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Notes</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,869
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>716
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank loans</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">1 ,730</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,124
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>435
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total financial debt proceeds</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,730
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,337
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,301
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank overdrafts</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,572)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,793)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Notes</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(566)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank loans</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(848)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(143)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(31)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total payment of debt</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,986)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,936)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(31)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank overdrafts</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(58)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,243)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(405)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:5pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interests on Notes and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(340)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(205)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interests on bank loans and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(418)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(125)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(63)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">NDF</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total payment of interest and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(848)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,573)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(471)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDividendsExplanatory', window );">Schedule of breakdown of dividends paid by company</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="top" style="width:35.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">N&#xFA;cleo to ABC Telecomunicaciones</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Telecom Argentina</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,151)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,000)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(804)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Dividends advance declared by Sofora and paid by Telecom in December&nbsp;2017</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,192)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,000)
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(849)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory', window );">Schedule of additional information required by IAS 7</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Balances<br />as of<br />December<br />31, 2016</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;text-decoration:underline;">Transfers</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Cash<br />Flows</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;text-decoration:underline;">Accrued interests</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Exchange<br />differences<br />and<br />currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Balances as <br />of December<br />31, 2017</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Bank overdrafts</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,707
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,572)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Bank loans &#x2013; principal</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,401
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,092)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>882
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>992
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,194
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Notes &#x2013; principal</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,650
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(566)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,158
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">NDF</font></p>
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32)
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="bottom" style="width:01.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Accrued interests</font></p>
				</td>
				<td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152
				</td>
				<td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,149
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(816)
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>880
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>366
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,731
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.20%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Total current financial debt (Note 12)</font></p>
				</td>
				<td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,912
				</td>
				<td valign="top" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(a)<br />(2,104)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>928
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,499
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,235
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (a)</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Correspond to $1,730 of debt proceeds, $2,986 of principal payments and $848 of interest payments.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_NucleoMobileServicesSegmentMember', window );">Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashCashEquivalentsAndInvestmentsLineItems', window );"><strong>Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDividendsExplanatory', window );">Schedule of breakdown of dividends paid by company</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;font-family:Symbol;;font-size: 9pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Fiscal year 2017</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<a name="_Hlk511075767"></a><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:46.8pt;">
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Month of dividends<br />payments</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Dividends<br />corresponding to<br />Personal</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:26.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Dividends<br />corresponding to non-<br />controlling<br />shareholders</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Total</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">May&nbsp;2017 (*)</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">37</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:26.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">17</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">54</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">October&nbsp;2017 (**)</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">37</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:26.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">18</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">55</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">74</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:26.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">35</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">109</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(*)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"> As of the payment date, the amounts were 39 and 18, respectively.</font>
		</p>
		<p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(**)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"> As of the payment date, the amounts were 41 and 20, respectively.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Fiscal year 2015</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:46.8pt;">
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Month of dividends<br />payment</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Dividends<br />corresponding to<br />Personal</font></p>
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Dividends<br />corresponding to non-<br />controlling <br />shareholders </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">&#x2013;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"> ABC<br />Telecomunicaciones</font></p>
				</td>
				<td valign="top" style="width:03.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">May&nbsp;2015 (*)</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:31.08%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21
				</td>
				<td valign="top" style="width:03.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">December&nbsp;2015 (**)</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:31.08%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
				<td valign="top" style="width:03.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:31.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total &nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96
				</td>
				<td valign="top" style="width:03.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:31.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="top" style="width:03.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>143
				</td>
				<td valign="top" style="width:01.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:31.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(*)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"> As of the payment date, the amounts were 41 and 19, respectively.</font>
		</p>
		<p style="margin:0pt;text-indent:42.55pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(**)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">As of the payment date, the amounts were 52 and 26, respectively.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDividendsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the reconciliation of liabilities arising from financing activities. [Refer: Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 44D<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_44D&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the additional information of net cash flow provided by operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the components of cash, cash equivalents and investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the changes in assets/liabilities components.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the financing activities components.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the main non-cash operating transactions.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of most significant investing activities.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade receivables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text">&#160;<span></span>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
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					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current trade receivables</font></p>
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				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed and mobile services</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,232
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,210
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(596)
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(633)
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,636
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,577
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current trade receivables</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
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			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed and mobile services</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>208
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total trade receivables, net&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
				<td valign="top" style="width:02.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,785
				</td>
				<td valign="top" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock', window );">Schedule of movements in the allowance for doubtful accounts</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:36.45pt;">
			<tr>
				<td valign="bottom" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:29.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the fiscal year</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(633)
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(386)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions &#x2013;Bad debt expenses</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,113)
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,228)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Uses</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,162
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>989
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Currency translation adjustments</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12)
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(596)
				</td>
				<td valign="top" style="width:03.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(633)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of movements in the allowance for doubtful accounts on trade receivables.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of current and non-current trade receivables.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other receivables (Tables)<br></strong></div></th>
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				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="top" style="width:25.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current other receivables</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
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				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
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				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Prepaid expenses</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>554
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>620
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Deposit in auction&#x2019;s warrant to CONATEL (Note 2.i)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>278
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Expenditure reimbursement</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>134
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>126
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax credits</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>218
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Restricted funds</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Receivables for return of handsets under warranty</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">PP&amp;E disposal receivables</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Guarantee deposits</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax on personal property &#x2013; on behalf of Shareholders</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">NDF (Note 20) (*)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>140
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,514
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,032
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,491
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,011
				</td>
				<td valign="top" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">(*) Includes 60 of Financial NDF as of December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current other receivables</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Prepaid expenses</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>266
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>258
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Credit on SC Resolution No.&nbsp;41/07 and IDC (Note 2.m and n)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Restricted funds</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Regulatory receivables (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax on personal property &#x2013; on behalf of Shareholders</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax credits</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Guarantee deposits</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;color:#212121;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Credit of indemnity for Tuves Paraguay acquisition</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;color:#212121;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Financial NDF (Note 20)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>435
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for regulatory matters (Note 2.m and n)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(56)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for tax on personal property</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for tax on other credits (i)</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>419
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.05pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total other receivables&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,910
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,371
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 11.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 6pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;;"> (i)</font>
			</p>
		</td><td style="width:7pt;"><p style="width:7pt;width:7pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 6pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">6 allocated to Taxes with the Regulatory Authority and 1 to Currency translation adjustments.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfChangesInAllowancesTableTextBlock', window );">Schedule of movements in the allowances</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;"><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Calibri;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:25.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Current allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25)
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Uses</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:25.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Non-current allowance for regulatory matters</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(84)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Compensation of Telecom Argentina&#x2019;s regulatory liabilities</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.64%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(56)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="top" style="width:01.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:24.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Non-current allowance for tax on personal property</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18)
				</td>
				<td valign="top" style="width:01.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045336896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsScheduleOfInventoryCurrentTableTextBlock', window );">Schedule of inventories</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Inventories consist of the following:</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:7.35pt;text-align:left"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:6.25pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:19.6pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:30.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile handsets and others</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,631
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,321
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed telephones and equipment</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventories for construction projects</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,901
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,332
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Allowance for obsolescence of inventories</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,854
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,278
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Movements in the allowance for obsolescence of inventories are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 88.00%;">
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:30.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(86)
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions &#x2013; Fees for services, maintenance and materials</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Uses</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfSaleAndCostOfEquipmentAndHandsetsByBusinessSegment', window );">Schedule of sale and cost of equipment and handsets</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Sale and cost of equipment and handsets by business segment is as follows:</font>
		</p>
		<p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:44.8pt;text-align:left"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:40.95pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:36.4pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:40.25pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:29.2pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:34pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:29.45pt;text-align:left"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 42.5pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 42.5pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 42.5pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 42.5pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="bottom" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2015</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment sales Fixed Services</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>663
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cost of equipment Fixed Services</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(136)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equipment gain (loss) &#x2013; Fixed Services</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment and handsets sales Mobile Services - Personal</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,446
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,535
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,796
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cost of equipment and handsets Mobile Services - Personal (net of SAC capitalizations)</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,035)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,749)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,328)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equipment gain &#x2013; Mobile Services &#x2013; Personal</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,411
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,786
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,468
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment and handsets sales Mobile Services - N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>260
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cost of equipment and handsets &#x2013; Mobile Services N&#xFA;cleo (net of SAC capitalizations)</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(125)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(303)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equipment loss &#x2013; Mobile Services &#x2013; N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(43)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equipment and handsets sale</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total cost of equipment and handsets (net of SAC capitalizations)</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total income for sale of equipment and handsets</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,531
				</td>
				<td valign="bottom" style="width:02.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,698
				</td>
				<td valign="bottom" style="width:02.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,421
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.10%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:42.5pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cost of equipment and handsets is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2015</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventories at the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,332)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,279)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(794)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Plus:</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Equipment acquisitions</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,416)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,491)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,233)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">SAC deferred costs (Note 3.j)</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decreases net of allowance of obsolescence</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decreases not charged to cost of equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Less:</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventories at the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,901
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,332
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,279
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Cost of equipment and handsets&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:63.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the of sale and cost of equipment and handsets by business segment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045586832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, plant and equipment (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory', window );">Schedule of PP&amp;E</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;">
			<tr>
				<td valign="bottom" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:24.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Land, buildings and installations</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,576
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,310
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Computer equipment and software</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,586
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,265
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Switching and transmission equipment (i)</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,576
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,614
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Mobile network access and external wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,256
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,078
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,138
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,915
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Other tangible assets</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>831
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>704
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;">Subtotal PP&amp;E&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,963
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,886
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,024
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,629
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Valuation allowance for materials and impairment of materials</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(144)
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;">Impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(305)
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(282)
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8.5pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,538
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8.5pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,165
				</td>
				<td valign="bottom" style="width:00.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:74.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 13.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (i)</font>
			</p>
		</td><td style="width:5pt;"><p style="width:5pt;width:5pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Includes tower and pole, transmission equipment, switching equipment, power equipment, equipment lent to customers at no cost and handsets lent to customers at no cost.</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfReconciliationOfChangesInMaterialsPropertyPlantAndEquipmentTableTextBlock', window );">Schedule of movements in materials</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 87.00%;">
			<tr>
				<td valign="bottom" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:25.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,629
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,652
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Plus:</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Increase for Tuves Paraguay acquisition</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Purchases</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,133
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,647
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Less:</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Transfers to CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,700)
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,173)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Disposal for maintenance</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,125)
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(507)
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Currency translation adjustments</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,024
				</td>
				<td valign="bottom" style="width:02.40%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,629
				</td>
				<td valign="bottom" style="width:00.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:72.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock', window );">Schedule of movements in valuation allowance for materials and impairment of materials</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:21.15pt;">
			<tr>
				<td valign="bottom" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:27.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions &#x2013; Fees for services, maintenance and materials</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(94)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decrease</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.56%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(144)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock', window );">Schedule of movements in the impairment of PP&amp;E</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 82.00%;margin-left:21.15pt;">
			<tr>
				<td valign="bottom" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:27.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years ended December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8.5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(282)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(203)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(234)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(367)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Uses</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>288
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.86%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(305)
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(282)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock', window );">Schedule of nature and movements of property, plant and equipment</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Gross<br />value&nbsp;as<br />of<br />December<br />31,&nbsp;2016</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Tuves<br />Paraguay<br />acquisition</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">CAPEX</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Transfers&nbsp;and<br />reclassifications</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Decreases</font></p>
				</td>
				<td valign="top" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Gross<br />value&nbsp;as<br />of<br />December<br />31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Land</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>151
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>153
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Building</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,877
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,992
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,697
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>188
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,988
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Transmission equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,010
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,301
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(58)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,508
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,443
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>329
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,072
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(467)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,403
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">External wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,529
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,927
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,455
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,916
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,566
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Power equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,727
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>285
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,086
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Computer equipment and systems</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,401
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>518
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,311
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(36)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,250
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>845
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>903
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>543
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>817
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>267
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>224
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>429
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>545
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Furniture</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Installations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,172
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>324
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,513
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Improvements in third parties buildings</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>755
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>867
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Special projects</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,915
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,237
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,932)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(107)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,138
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>224
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,157
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,905
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,775
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(870)
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72,138
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;">
			<tr>
				<td valign="bottom" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accumulated<br />depreciation<br />as of<br />December&nbsp;31,<br />2016</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Tuves<br />Paraguay<br />acquisition</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Depreciation</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Currency<br />translation<br />adjustment</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Decrease<br />and<br />reclassifications</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accumulated<br />depreciation<br />as of<br />December<br />31, 2017</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net carrying<br />value as of<br />December&nbsp;31,<br />2017</font></p>
				</td>
				<td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Land</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>153
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Building</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,171)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,210)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>782
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(712)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(97)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(861)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,127
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Transmission equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,793)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(633)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(113)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,596)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,912
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,910)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,146)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(226)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>257
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,025)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,378
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">External wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,984)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(593)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,577)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,878
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,342)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(703)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(282)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,209)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,357
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Power equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,050)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,212)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>874
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Computer equipment and systems</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,136)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,112)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(450)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,664)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,586
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(789)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(814)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(508)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(75)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(714)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Equipment lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(141)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(155)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>124
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(172)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>203
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(223)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(57)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(267)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>278
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				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Furniture</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(146)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(170)
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				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Installations</font></p>
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(719)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(137)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(872)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>641
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Improvements in third parties buildings</font></p>
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(529)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(42)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(660)
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				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>207
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				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Special projects</font></p>
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
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				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,138
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(71)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(88)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.40%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,271)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,039)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,327)
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>545
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.36%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,175)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,963
				</td>
				<td valign="bottom" style="width:00.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:28.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Gross&nbsp;value<br />as&nbsp;of<br />December<br />31,&nbsp;2015</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">CAPEX</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Transfers&nbsp;and<br />reclassifications</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Decreases</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Gross Value<br /> &nbsp;&nbsp;&nbsp;&nbsp;as&nbsp;of<br /> December<br /> &nbsp;&nbsp;31,&nbsp;2016</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Land</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>151
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Building</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,771
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,877
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,238
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>377
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,697
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Transmission equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,880
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>147
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>959
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(40)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,010
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,242
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,435
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(612)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,443
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">External wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,208
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,407
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(86)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,529
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,791
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>272
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>830
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,916
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Power equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,449
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,727
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Computer equipment and systems</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,663
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>408
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,304
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,401
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>806
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>845
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>505
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(115)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>543
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>150
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(76)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>267
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>380
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>429
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Furniture</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Installations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>905
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,172
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Improvements in third parties buildings</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>574
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>755
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Special projects</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,015
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,022
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,090)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,915
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,149
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,632
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,430
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,054)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,157
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:36.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Accumulated<br />depreciation<br />as of<br />December&nbsp;31,<br />2015</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Depreciation</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Currency<br />translation<br />adjustments</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Decreases<br />and<br />transfers </font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Accumulated<br />depreciation<br />as of<br />December<br />31, 2016</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net<br />carrying<br />value as of<br />December<br />31, 2016</font></p>
				</td>
				<td valign="bottom" style="width:00.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Land</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>151
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Building</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,134)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,171)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>706
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(596)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(77)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(712)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>985
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Transmission equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,265)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(476)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(87)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,793)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,217
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,210)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(877)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(147)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>324
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,910)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,533
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">External wiring</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,597)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(472)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,984)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,545
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,327)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(856)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(211)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,342)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,574
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Power equipment</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(921)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(97)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,050)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>677
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Computer equipment and systems</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,778)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(997)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(363)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,136)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,265
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Telephony equipment and instruments</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(773)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(789)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Handsets lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(475)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(508)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equipment lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(141)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>126
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(183)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(223)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>206
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Furniture</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(128)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(146)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Installations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(603)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(102)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(719)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>453
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Improvements in third parties buildings</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(403)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(529)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Special projects</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,915
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(55)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(71)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34,583)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,358)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,033)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>703
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,271)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,886
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998888096">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
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			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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				<td valign="bottom" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Gross value<br />as of<br />December&nbsp;31,<br />2016</font></p>
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				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Acquisition<br />Tuves<br />Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">CAPEX</font></p>
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					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Currency<br />translation<br />adjustments</font></p>
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				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Decreases</font></p>
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				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Gross value as<br />of December<br />31, 2017</font></p>
				</td>
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					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">SAC fixed services</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(169)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">SAC mobile services</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,838
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,081
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,295)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,714
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Service connection or habilitation costs</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>242
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">3G/4G licenses </font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,786
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,786
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">PCS and Band B (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>951
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,156
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Rights of use</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>463
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>450
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Exclusivity agreements</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Customer relationship</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>146
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Goodwill Tuves Paraguay</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Software developed for internal use</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>601
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>642
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,788
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190
				</td>
				<td valign="top" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,238
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,535)
				</td>
				<td valign="bottom" style="width:01.04%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,981
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Accumulated<br />amortization<br />as&nbsp;of<br />December&nbsp;31,<br />2016</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Acquisition<br />Tuves<br />Paraguay</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Amortization</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Decreases</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Accumulated<br />amortization<br />as&nbsp;of<br />December&nbsp;31,<br />2017</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net<br />carrying<br />value&nbsp;as<br />of<br />December<br />31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC fixed services</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(130)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(106)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>169
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(67)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC mobile services</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,411)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,385)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,295
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,574)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,140
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Service connection or habilitation costs</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(33)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(106)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3G/4G licenses </font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(681)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(325)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,006)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,780
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>588
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS and Band B (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(951)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(202)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,153)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Rights of use</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(219)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(224)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Exclusivity agreements</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Customer relationship (*)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Goodwill Tuves Paraguay</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Software developed for internal use</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(601)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(642)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,196)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(49)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,889)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(272)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,523
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,883)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,098
				</td>
				<td valign="bottom" style="width:00.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(*) The net carrying value as of December&nbsp;31, 2017, correspond 134 to Tuves Paraguay and 1 to Cubecorp.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;">
			<tr>
				<td valign="bottom" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Gross value<br />as of<br />December&nbsp;31,<br />2015</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Gross value as<br />of December<br />31, 2016</font></p>
				</td>
				<td valign="top" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC fixed services</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(145)
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC mobile services</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,157
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,544
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(893)
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,838
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Service connection or habilitation costs</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>208
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27)
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3G/4G licenses </font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,786
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,786
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS and Band B (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>774
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>951
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Rights of use</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>425
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>463
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Exclusivity agreements</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cubecorp&#x2019;s Customer relationship</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Software developed for internal use</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>566
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>601
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.54%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,851
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,754
				</td>
				<td valign="top" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>248
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.24%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,065)
				</td>
				<td valign="bottom" style="width:01.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.04%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,788
				</td>
				<td valign="bottom" style="width:00.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accumulated<br />amortization as<br />of December<br />31, 2015</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amortization</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Currency<br />translation<br />adjustments</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Decreases </font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Accumulated<br />amortization as<br />of December<br />31, 2016</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net<br />carrying<br />value as of<br />December<br />31, 2016</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC fixed services</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(118)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(157)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>145
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(130)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">SAC mobile services</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,001)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,288)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>893
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,411)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,427
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Service connection or habilitation costs</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">3G/4G licenses </font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(343)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(338)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(681)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,105
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>588
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PCS and Band B (Paraguay)</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(774)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(177)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(951)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Rights of use</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(190)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(219)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>244
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Exclusivity agreements</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cubecorp&#x2019;s Customer relationship</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Software developed for internal use</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(566)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(35)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(601)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,192)
				</td>
				<td valign="bottom" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,840)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,065
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,196)
				</td>
				<td valign="top" style="width:01.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,592
				</td>
				<td valign="bottom" style="width:00.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.50%;padding:0pt;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of intangible assets that are material to the entity. [Refer: Intangible assets material to entity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 122<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_122_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade payables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
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				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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			<tr>
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					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current&nbsp;trade&nbsp;payables</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,854
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,496
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other assets and services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,783
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,422
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Inventory</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,697
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>676
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,334
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,594
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Agent commissions</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>385
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,483
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,979
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total trade payables</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,584
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,131
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Deferred revenues (Tables)<br></strong></div></th>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<tr>
				<td valign="bottom" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:30.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current deferred revenues</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On prepaid calling cards &#x2013; Fixed and Mobile Services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>292
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
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				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On construction projects</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48
				</td>
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					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On connection fees &#x2013; fixed services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On capacity rental</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
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				</td>
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					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
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						&nbsp;</p>
				</td>
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				</td>
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						&nbsp;</p>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
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				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
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			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
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				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>515
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current deferred revenues</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On capacity rental &#x2013; Fixed Services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>195
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On connection fees &#x2013; Fixed services</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">On mobile customer loyalty programs</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>425
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total deferred revenues&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>940
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>888
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998880016">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial debt (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory', window );">Schedule of current and non-current financial debt</a></td>
<td class="text"><div> <div>
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			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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				<td valign="bottom" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:30.30%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current financial debt</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank overdrafts &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,707
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank loans &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>182
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>839
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Notes &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,158
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>566
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">NDF (Note 20)</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Accrued interest&nbsp;&nbsp;and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>711
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,194
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,266
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current financial debt</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Notes &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,084
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Bank loans &#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,012
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,562
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">NDF (Note 20)</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Accrued interests and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,020
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,041
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,646
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total financial debt&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,235
				</td>
				<td valign="bottom" style="width:02.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,912
				</td>
				<td valign="bottom" style="width:00.86%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities', window );">Schedule of outstanding loans</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 52.00%;margin-left:72.5pt;">
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Principal&nbsp;nominal<br />value&nbsp;(in&nbsp;million&nbsp;of<br />Guaran&#xED;es)</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amortization<br />term</font></p>
				</td>
				<td colspan="2" valign="top" style="width:50.10%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Book&nbsp;value</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Current</font></p>
				</td>
				<td valign="bottom" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Non-current</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">80,000</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">1.9 years</font></p>
				</td>
				<td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">132</font></p>
				</td>
				<td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">132</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">40,000</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">1.7 years</font></p>
				</td>
				<td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">50</font></p>
				</td>
				<td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">83</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">120,000</font></p>
				</td>
				<td valign="top" style="width:22.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">182</font></p>
				</td>
				<td valign="top" style="width:25.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">215</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 39<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_39_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Salaries and social security payables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 87.00%;margin-left:13.05pt;">
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:29.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="top" style="width:14.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:14.90%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Vacation and bonuses</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,433
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,102
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Social security payables</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>499
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>383
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>125
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,051
				</td>
				<td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,610
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.90%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>160
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Bonuses</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99
				</td>
				<td valign="bottom" style="width:14.90%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>259
				</td>
				<td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total salaries and social security payables&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,310
				</td>
				<td valign="bottom" style="width:14.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,794
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfEmployeeBenefitExpensesAndSeverancePaymentsTableTextBlock', window );">Schedule of employee benefit expenses and severance payments</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<tr>
				<td valign="top" style="width:71.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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				<td colspan="3" valign="top" style="width:28.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Salaries</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,741)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,954)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,166)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Social security expenses</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,846)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,147)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,642)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Severance indemnities and termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(944)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(521)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(319)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other employee benefits</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(187)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(178)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,718)
				</td>
				<td valign="bottom" style="width:09.38%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,800)
				</td>
				<td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,253)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:71.88%;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:32.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2017</font></p>
				</td>
				<td valign="top" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Income tax payables (a)</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,437
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,091
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Withholdings and payments in advance of income taxes</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,695)
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,372)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Law No.&nbsp;26,476 Tax Regularization Regime (b)</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Current income tax liability, net</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,748
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>724
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-bottom:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-bottom:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Law No.&nbsp;26,476 Tax Regularization Regime (b)</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:16.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Non-current Income tax liability</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:16.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:68.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(a)&nbsp;Includes 3,678 for Income tax payable attributable to Telecom Personal as of November&nbsp;30, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(b)&nbsp;Tax liability valuated to its discount value at each time of valuation.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory', window );">Schedule of tax effects of temporary differences to deferred tax assets and liabilities and actions for recourse tax receivable</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 84.00%;">
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:30.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income&nbsp;tax&nbsp;assets</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:24.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Deferred&nbsp;tax&nbsp;liabilities</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;"> As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Telecom<br />Argentina</font></p>
				</td>
				<td valign="bottom" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Telecom<br />USA</font></p>
				</td>
				<td valign="bottom" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>252
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>504
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>504
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Inventory</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Pension and termination benefits</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>162
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>162
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Deferred revenues</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other deferred tax assets, net</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax assets&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,018
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,021
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(970)
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(971)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cash dividends from foreign companies</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(*) (129)</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(129)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64)
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile handsets financed sales</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(69)
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(69)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Tuves Paraguay&#xB4;s Deferred tax liabilities, net</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(***) (25)</font></p>
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax liabilities&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,168)
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,169)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax (liability) asset, net&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(**) (150)</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(148)
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">(****) (48)</font></p>
				</td>
				<td valign="top" style="width:12.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(48)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.30%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Actions for recourse tax receivable</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>774
				</td>
				<td valign="top" style="width:10.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.30%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>774
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total income tax assets&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>624
				</td>
				<td valign="top" style="width:10.78%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:09.30%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>626
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:42.96%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.32%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Include 46 recorded in Other Comprehensive Income for the year ended December&nbsp;31, 2017.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(**)Include (3)&nbsp;and (11) in Telecom Argentina y Personal, respectively, of temporary differences withdrawals related to the filing of the affidavit for the year 2016.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(***) Originated in Tuves Paraguay acquisition.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(****) Include (2)&nbsp;related to Currency translation adjustments on initial balances.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;">
			<tr>
				<td valign="middle" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:27.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income tax assets</font></p>
				</td>
				<td valign="top" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:33.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Deferred tax liabilities</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">As of December&nbsp;31, 2016</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Telecom<br />Argentina</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Telecom<br />USA</font></p>
				</td>
				<td valign="bottom" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Personal</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>271
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>341
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>341
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Inventory</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Pension and termination benefits</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Deferred revenues</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other deferred tax assets, net</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax assets</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>771
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>774
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>540
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>570
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E and intangible assets</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(560)
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(560)
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(789)
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(789)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cash dividends from foreign companies</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(150)
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44)
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(194)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Mobile handsets financed sales</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(84)
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(84)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other deferred tax liabilities, net</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
				<td valign="top" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax liabilities</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(560)
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(560)
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,095)
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44)
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,139)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total deferred tax asset (liability), net </font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(555)
				</td>
				<td valign="top" style="width:10.82%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14)
				</td>
				<td valign="top" style="width:12.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(569)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.14%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Action for recourse tax receivable </font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>466
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.14%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>466
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total income tax assets </font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>677
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:08.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>680
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.82%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock', window );">Schedule of income tax expense</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Year ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Current tax expense</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,091)
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,721)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Deferred tax benefit </font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>228
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(69)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Action for recourse income tax receivable </font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>308
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>368
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income tax expense&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,902)
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,594)
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,692)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock', window );">Schedule of income tax reconciliation between amounts computed based on statutory income tax rate and pre-tax income</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:37.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">For the years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="top" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Pre-tax income</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,626
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,599
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,127
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Non taxable items </font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>738
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,364
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,678
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,135
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Weighted statutory income tax rate (*)</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.3%
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.3%
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.5%
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income tax expense at weighted statutory tax rate</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,235)
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,947)
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,774)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Income tax on cash dividends of foreign companies &#x2013; N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44)
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Effect of changes in tax rate</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other changes in tax assets and liabilities</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Actions for recourse income tax receivable </font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>308
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>368
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Income tax expense&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,902)
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,594)
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,692)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:62.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for all the years presented. In Paraguay was 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for all the years presented.</font>
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			<font style="display:inline;">&nbsp;</font>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of tax receivables and payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045419360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other taxes payables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 78.00%;margin-left:7.2pt;">
			<tr>
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					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:23.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:11.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;VAT, net</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>564
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Tax withholdings</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Internal taxes</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>162
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>138
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Tax on SU (Note 2.h)</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>110
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Regulatory fees </font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Turnover tax</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>383
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Municipal taxes</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Retention Decree No.583/10 ENARD</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> &nbsp;Tax on personal property &#x2013; on behalf of Shareholders</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="bottom" style="width:11.62%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,505
				</td>
				<td valign="bottom" style="width:11.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,149
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:76.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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			</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about other taxes payable.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other liabilities (Tables)<br></strong></div></th>
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			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;">
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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				<td colspan="2" valign="top" style="width:21.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:10.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="top" style="width:10.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Compensation for directors and members of the Supervisory Committee</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Guarantees received</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Other</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
				<td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Pension benefits (Note 3.m)</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>164
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Legal fees</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;Other</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220
				</td>
				<td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>170
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total other liabilities&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>305
				</td>
				<td valign="bottom" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>239
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory', window );">Schedule of movements in the pension benefits</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;">
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:21.46%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;width: 90.00%;border-bottom:1pt solid #000000 ;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years ended<br />December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:10.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>164
				</td>
				<td valign="top" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Service cost (*)</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15
				</td>
				<td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest cost (**)</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Payments</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6)
				</td>
				<td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Actuarial loss /(gain) (***)</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6)
				</td>
				<td valign="top" style="width:10.72%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:10.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214
				</td>
				<td valign="top" style="width:10.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>164
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:78.54%;padding:0pt;">
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Included in Employee benefit expenses and severance payments.</font>
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		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(**) Included in Financial expenses.</font>
		</p>
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			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(***) Included in Other comprehensive income as required by IAS 19R.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of detailed information about other liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsOtherLiabilitiesAbstract</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7039999056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provisions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsExplanatory', window );">Schedule of provisions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Balances</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:10.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Additions/<br />(recoveries)</font></p>
				</td>
				<td rowspan="2" valign="middle" style="width:09.42%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Reclassifications</font></p>
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				<td colspan="2" valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Uses</font></p>
				</td>
				<td rowspan="2" valign="middle" style="width:07.04%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Balances<br />as of<br />December<br />31, 2016</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:10.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Additions/<br />(recoveries)</font></p>
				</td>
				<td rowspan="2" valign="middle" style="width:09.50%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Reclassifications</font></p>
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				<td colspan="2" valign="bottom" style="width:11.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Uses</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Balances</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">as of<br />December<br />31, 2015</font></p>
				</td>
				<td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Capital</font></p>
				</td>
				<td valign="top" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Interest<br />(i)</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Debt<br />recognition</font></p>
				</td>
				<td valign="top" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Payments</font></p>
				</td>
				<td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Capital</font></p>
				</td>
				<td valign="top" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Interest<br />(i)</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Debt<br />recognition</font></p>
				</td>
				<td valign="top" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Payments</font></p>
				</td>
				<td valign="top" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">as of<br />December<br />31, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="top" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for civil and commercial proceedings</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(35)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>109
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104
				</td>
				<td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(66)
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(65)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>158
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for labor claims</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159
				</td>
				<td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(92)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>232
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(223)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for regulatory, tax and other matters claims</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;height:3.15pt;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
				</td>
				<td valign="bottom" style="width:06.42%;height:3.15pt;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:04.58%;height:3.15pt;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>283
				</td>
				<td valign="bottom" style="width:06.42%;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(140)
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(67)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:3.15pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Total current provisions</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>207
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>278
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(42)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(172)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>271
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>77
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>619
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(206)
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(355)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>406
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for civil and commercial proceedings</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>240
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14
				</td>
				<td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>261
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>150
				</td>
				<td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(104)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for labor claims</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>329
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130
				</td>
				<td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(159)
				</td>
				<td valign="bottom" style="width:06.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>377
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>315
				</td>
				<td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(232)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>601
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Provision for regulatory, tax and other matters claims</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>407
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43
				</td>
				<td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>416
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
				<td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83
				</td>
				<td valign="bottom" style="width:09.50%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(283)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>294
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="bottom" style="width:04.52%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64
				</td>
				<td valign="bottom" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>298
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35
				</td>
				<td valign="bottom" style="width:04.58%;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>371
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Total non-current provisions</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,165
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234
				</td>
				<td valign="bottom" style="width:04.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>207
				</td>
				<td valign="bottom" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(251)
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,352
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578
				</td>
				<td valign="bottom" style="width:04.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>320
				</td>
				<td valign="bottom" style="width:09.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(619)
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,626
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.52%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.58%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">Total provisions</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,372
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">(ii)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6.5pt;">&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">234</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>207
				</td>
				<td valign="bottom" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">(iii)&nbsp;&nbsp;&nbsp;27</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(43)
				</td>
				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(174)
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,623
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 17pt;line-height:106.67%;text-indent: -17pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">(iv)&nbsp;&nbsp;&nbsp;655</font></p>
				</td>
				<td valign="bottom" style="width:04.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>320
				</td>
				<td valign="bottom" style="width:09.50%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:6pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(206)
				</td>
				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(360)
				</td>
				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:6pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,032
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:17.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:05.92%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:04.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:06.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:05.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:05.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Charged to finance costs, interest on provisions line item.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Charged 187 to Provisions, 45 to PP&amp;E (CAPEX) and 2 to currency translation adjustments.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6.5pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Use of Resolution No.&nbsp;41/07 receivables.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17pt;text-indent: -17pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iv)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Charged 590 to Provisions, 35 to CAPEX, 3 to currency translation adjustments and 27 to acquisition of Tuves Paraguay.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsExplanatory</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:26.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.20%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="top" style="width:13.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equity attributable to Telecom Argentina (Controlling Company)</font></p>
				</td>
				<td valign="top" style="width:13.20%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,086
				</td>
				<td valign="bottom" style="width:13.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,336
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Equity attributable to non-controlling interest (Note 1.a)</font></p>
				</td>
				<td valign="top" style="width:13.20%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>793
				</td>
				<td valign="bottom" style="width:13.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>542
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total equity (*)</font></p>
				</td>
				<td valign="top" style="width:13.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,879
				</td>
				<td valign="bottom" style="width:13.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,878
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:73.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 17.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Additional information is given in the consolidated statements of changes in equity.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory', window );">Schedule of entity's capital breakdown</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of the Corporate reorganization described in Note 31, Telecom Argentina&#x2019;s breakdown of capital stock as of December&nbsp;31, 2017 is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<a name="_Hlk511079148"></a><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="middle" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Registered, subscribed and authorized for public offering</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Shares</font></p>
				</td>
				<td valign="middle" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Outstanding shares</font></p>
				</td>
				<td valign="middle" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Treasury shares</font></p>
				</td>
				<td valign="middle" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total capital stock</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Ordinary shares, $1 argentine peso of nominal value each</font></p>
				</td>
				<td valign="top" style="width:17.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;&#x201C;A&#x201D;</font></p>
				</td>
				<td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>340,994,852
				</td>
				<td valign="top" style="width:16.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>340,994,852
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;height:11.35pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;&#x201C;B&#x201D;</font></p>
				</td>
				<td valign="top" style="width:17.88%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>627,930,005
				</td>
				<td valign="top" style="width:16.60%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:20.52%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>643,151,378
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;&#x201C;C&#x201D;</font></p>
				</td>
				<td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
				<td valign="top" style="width:16.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total</font></p>
				</td>
				<td valign="top" style="width:17.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>969,159,605
				</td>
				<td valign="top" style="width:16.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:20.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>984,380,978
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of January&nbsp;1, 2018, due to the merger between Telecom Argentina and Cablevisi&#xF3;n S.A., the new breakdown of capital stock is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;">
			<tr>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Shares</font></p>
				</td>
				<td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Outstanding&nbsp;shares</font></p>
				</td>
				<td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Treasury&nbsp;shares</font></p>
				</td>
				<td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total&nbsp;capital&nbsp;stock</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;A&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>683,856,600
				</td>
				<td valign="top" style="width:27.28%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>683,856,600
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;B&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>627,930,005
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>643,151,378
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;C&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
				<td valign="top" style="width:27.28%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;D&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841,666,658
				</td>
				<td valign="top" style="width:27.28%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841,666,658
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,153,688,011
				</td>
				<td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,168,909,384
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of classes of share capital. [Refer: Share capital [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssuedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssuedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the company's equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045528128">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial instruments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory', window );">Schedule of financial assets and financial liabilities</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:45.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:11.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:30.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Fair&nbsp;value</font></p>
				</td>
				<td valign="middle" style="width:11.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
				<td valign="middle" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Amortized<br />cost</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">accounted<br />through&nbsp;profit<br />or&nbsp;loss</font></p>
				</td>
				<td valign="middle" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">accounted<br />through&nbsp;other<br />comprehensive<br />Income</font></p>
				</td>
				<td valign="middle" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Assets</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cash and cash equivalents (1)</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,469
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,362
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,169
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,913
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,082
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Trade receivables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other receivables (2)&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58
				</td>
				<td valign="top" style="width:16.14%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,673
				</td>
				<td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,333
				</td>
				<td valign="top" style="width:16.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Liabilities</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Trade payables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,584
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,584
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Loans</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,218
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,235
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Salaries and social security payables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,310
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,310
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other liabilities (2)</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,203
				</td>
				<td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="top" style="width:16.14%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,220
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(1)&nbsp;Includes 1,364 as of December&nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(2)&nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:45.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:11.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:30.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Fair&nbsp;value</font></p>
				</td>
				<td valign="middle" style="width:11.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2016</font></p>
				</td>
				<td valign="middle" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Amortized<br />cost</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">accounted<br />through&nbsp;profit<br />or&nbsp;loss</font></p>
				</td>
				<td valign="middle" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">accounted<br />through&nbsp;other<br />comprehensive<br />Income</font></p>
				</td>
				<td valign="middle" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Assets</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Cash and cash equivalents (1)</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,436
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,509
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,945
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>349
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,748
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,097
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Trade receivables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,785
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,785
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other receivables (2)&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>335
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,903
				</td>
				<td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,259
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,162
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Liabilities</font></p>
				</td>
				<td valign="top" style="width:11.74%;padding:0pt;">
					<p style="margin:0pt 15.85pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Trade payables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,131
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,131
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Loans</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,910
				</td>
				<td valign="top" style="width:14.62%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:16.16%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,912
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Salaries and social security payables</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,794
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,794
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Other liabilities (2)</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
				</td>
				<td valign="top" style="width:14.62%;padding:0pt;">
					<p style="margin:0pt 18pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:16.16%;padding:0pt;">
					<p style="margin:0pt 25.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 4.3pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:11.74%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:15.85pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,910
				</td>
				<td valign="top" style="width:14.62%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:18pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:16.16%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:25.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:11.64%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,912
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(1)&nbsp;Includes 934 as of December&nbsp;31, 2016, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(2)&nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock', window );">Schedule of gains and losses of financial instruments by category</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Gains and losses by category &#x2013; Year 2017</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:7.2pt;">
			<tr>
				<td valign="top" style="width:65.22%;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Net gain/(loss)</font></p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:03.02%;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Of which interest</font></p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial assets at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,211
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>947
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial liabilities at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,213)
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(940)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial assets at fair value through profit or loss (a)</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>904
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial liabilities at fair value through profit or loss (b)</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(95)
				</td>
				<td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.12%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.22%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Includes 121 corresponding to other short-term investments and 783 corresponding to Government bonds.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.7pt;text-indent: -17.85pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Corresponding to NDF.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Gains and losses by category &#x2013; Year 2016</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:6.3pt;">
			<tr>
				<td valign="top" style="width:65.26%;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Net&nbsp;gain/(loss)</font></p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:03.02%;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:17.39pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Of which interest</font></p>
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:center;font-family:Arial,Helvetica,sans-serif;overflow: hidden;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial assets at amortized cost</font></p>
				</td>
				<td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>707
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>374
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial liabilities at amortized cost</font></p>
				</td>
				<td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,010)
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,667)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial assets at fair value through profit or loss (a)</font></p>
				</td>
				<td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>305
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Financial liabilities at fair value through profit or loss (b)</font></p>
				</td>
				<td valign="top" style="width:16.60%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total</font></p>
				</td>
				<td valign="top" style="width:16.60%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,999)
				</td>
				<td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 14.2pt;line-height:106.67%;text-indent: -14.2pt;text-align:right;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:15.12%;height:8.80pt;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,293)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:65.26%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.02%;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:8.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Includes 61 corresponding to other short-term investments,&nbsp;&nbsp;6 corresponding to NDF, 11 corresponding to Tuve&#x2019;s share purchase option and 227 corresponding to Government bonds.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 11.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Corresponding to NDF.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfInvestmentsAtAmortisedCostAndFairValueTableTextBlock', window );">Schedule of investments in government bonds at amortised cost with its fair value</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:7.2pt;">
			<tr>
				<td valign="top" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:25.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As of December&nbsp;31, 2017</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:23.48%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As of December&nbsp;31, 2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="middle" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Book value</font></p>
				</td>
				<td valign="middle" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Fair value (*)</font></p>
				</td>
				<td valign="middle" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Book value</font></p>
				</td>
				<td valign="middle" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Fair value (*)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 2pt;">
						<font style="display:inline;font-size:2pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:12.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.80%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Government bonds (dollar linked)</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>301
				</td>
				<td valign="bottom" style="width:11.36%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:12.12%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Government bonds in foreign currency</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,377
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,387
				</td>
				<td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>258
				</td>
				<td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>264
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provincial and Municipal government bonds currency</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>419
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>417
				</td>
				<td valign="bottom" style="width:11.36%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:12.12%;padding:0pt;">
					<p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provincial government bonds in pesos</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provincial and Municipal government bonds (dollar linked)</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
				</td>
				<td valign="bottom" style="width:12.80%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59
				</td>
				<td valign="bottom" style="width:11.36%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
				</td>
				<td valign="bottom" style="width:12.12%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,169
				</td>
				<td valign="bottom" style="width:12.80%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,172
				</td>
				<td valign="bottom" style="width:11.36%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>349
				</td>
				<td valign="bottom" style="width:12.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>351
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.94%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(*)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"> According to IFRS selling costs are not deducted.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory', window );">Schedule of offsetting of financial assets and financial liabilities</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;">
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="4" valign="middle" style="width:50.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />receivables</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />receivables<br />(1)</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />payables</font></p>
				</td>
				<td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />liabilities<br />(1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Current and noncurrent assets (liabilities) - Gross value</font></p>
				</td>
				<td valign="top" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,155
				</td>
				<td valign="top" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>488
				</td>
				<td valign="top" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,091)
				</td>
				<td valign="top" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(124)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Offsetting</font></p>
				</td>
				<td valign="top" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,507)
				</td>
				<td valign="top" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(33)
				</td>
				<td valign="top" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,507
				</td>
				<td valign="top" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Current and noncurrent assets (liabilities) &#x2013; Booked value</font></p>
				</td>
				<td valign="top" style="width:12.94%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
				<td valign="top" style="width:13.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455
				</td>
				<td valign="top" style="width:11.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,584)
				</td>
				<td valign="top" style="width:11.92%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(91)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(1)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;Includes financial assets and financial liabilities according to IFRS 7.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;">
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="4" valign="middle" style="width:50.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />receivables</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />receivables<br />(1)</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />payables</font></p>
				</td>
				<td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />liabilities<br />(1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Current and noncurrent assets (liabilities) - Gross value</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,196
				</td>
				<td valign="bottom" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>357
				</td>
				<td valign="bottom" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,542)
				</td>
				<td valign="bottom" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(97)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Offsetting</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,411)
				</td>
				<td valign="bottom" style="width:13.72%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22)
				</td>
				<td valign="bottom" style="width:11.70%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,411
				</td>
				<td valign="bottom" style="width:11.92%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Current and noncurrent assets (liabilities) &#x2013; Booked value</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,785
				</td>
				<td valign="bottom" style="width:13.72%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>335
				</td>
				<td valign="bottom" style="width:11.70%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,131)
				</td>
				<td valign="bottom" style="width:11.92%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:10.8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(75)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.72%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(1)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;Includes financial assets and financial liabilities according to IFRS 7.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35K<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35K&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the offsetting of financial assets and financial liabilities. [Refer: Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Section Offsetting financial assets and financial liabilities<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=F17296467&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of gains and losses of financial instruments by category.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of investments at amortised cost and fair value.</p></div>
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenues (Tables)<br></strong></div></th>
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			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.75pt;">
			<tr>
				<td valign="bottom" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:44.44%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;text-decoration:underline;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Voice</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,505
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,010
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,338
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Internet</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,715
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,994
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,557
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Data</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,577
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,919
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,780
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal Fixed Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,797
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,923
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,675
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Outbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Postpaid</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,380
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,951
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,401
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Abono Fijo</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,241
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,365
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,919
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Prepaid</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,359
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,548
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,345
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total outbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,980
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,864
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,665
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Inbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">From Fixed Services &#x2013; CPP</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,012
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>779
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>624
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">From Mobile Services &#x2013; TLRD</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,698
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>932
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>924
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total inbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,710
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,711
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,548
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Other</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,599
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,474
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,045
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal Personal Mobile Services&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,289
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,049
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,258
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Outbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Postpaid</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Abono Fijo</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>999
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>766
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>458
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Prepaid</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,445
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,134
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>742
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total outbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,525
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,962
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,236
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">From Fixed Services &#x2013; Interconnection</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">From Mobile Services &#x2013; TLRD</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total inbound</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>127
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Other</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Subtotal N&#xFA;cleo Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,885
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,382
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,547
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total service revenues (a)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,971
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,354
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,480
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Equipment</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>663
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Personal Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,446
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,535
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,796
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">N&#xFA;cleo Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>260
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total equipment revenues (b)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total revenues (a)&nbsp;+ (b)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,186
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,240
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,496
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Other income</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Personal Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Nucleo Mobile Services</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total other income (c)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">(*) 133</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">(*)&nbsp;&nbsp;83</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total revenues and other income (a)+(b)+(c)</font></p>
				</td>
				<td valign="top" style="width:00.54%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.14%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
				<td valign="bottom" style="width:02.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure on revenue and other income.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6985925616">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock', window );">Schedule of Interconnection costs and other telecommunication charges</a></td>
<td class="text"><div> <div>
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			<tr>
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					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
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			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fixed telephony interconnection costs</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(486)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(445)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(327)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Cost of international outbound calls</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(272)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(268)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(192)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Lease of circuits and use of public network</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(490)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(461)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(336)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile Services - charges for roaming</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(348)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(414)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(374)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Mobile Services - charges for TLRD</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,552)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(965)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(941)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,148)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,553)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,170)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock', window );">Schedule of Fees for services, maintenance, materials and supplies</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Maintenance of hardware and software</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(671)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(546)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(331)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Technical maintenance</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,393)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,329)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(854)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Service connection fees for fixed lines and Internet lines</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(600)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(267)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(224)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Service connection fees capitalized as SAC (Note 3.j)</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Service connection fees capitalized as Intangible assets (Note 3.j) </font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other maintenance costs</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(716)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(396)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Obsolescence of inventories &#x2013; Mobile Services (Note 7)</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Call center fees</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,999)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,428)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,297)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other fees for services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,211)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(862)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(793)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Directors and Supervisory Committee&#x2019;s fees</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(66)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(60)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(36)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,600)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,006)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,919)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfTaxesAndFeesWithRegulatoryAuthorityTableTextBlock', window );">Schedule of Taxes and fees with the Regulatory Authority</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Turnover tax</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,528)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,817)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,122)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Taxes with the Regulatory Authority</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,049)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,078)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(917)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Tax on deposits to and withdrawals from bank accounts</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(626)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(539)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(403)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Municipal taxes</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(531)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(395)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(289)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other taxes</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(373)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(296)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(212)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,107)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,125)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,943)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfCommissionExpensesTableTextBlock', window );">Schedule of Commissions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Agent commissions </font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,602)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,078)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,659)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Agent commissions capitalized as SAC (Note 3.j)</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>986
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,403
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,172
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Distribution of prepaid cards commissions</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(842)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(763)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(635)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Collection commissions</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,147)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,295)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(983)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other commissions</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(88)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,631)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,849)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,193)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfAdvertisingExpensesTableTextBlock', window );">Schedule of Advertising</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Media advertising</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(769)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(527)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Fairs and exhibitions</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(264)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(176)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(137)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other advertising costs</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(171)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(153)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,218)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(874)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(814)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfCostOfValueAddedServicesTableTextBlock', window );">Schedule of Cost of Value Added Services</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Cost of mobile value added services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(829)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,446)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,218)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Cost of fixed value added services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(53)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(874)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,499)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,256)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory', window );">Schedule of Other operating expenses</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Transportation, freight and travel expenses</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(927)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(961)
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(768)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Delivery costs capitalized as SAC </font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>134
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Rental expense</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,069)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(765)
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(540)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Energy, water and others</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,117)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(783)
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(429)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">International and satellite connectivity</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(246)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(215)
				</td>
				<td valign="top" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(202)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,280)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,590)
				</td>
				<td valign="top" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,854)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDepreciationAndAmortisationExpenseExplanatory', window );">Schedule of Depreciation &amp; Amortization</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Depreciation of PP&amp;E </font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,039)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,358)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,046)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Amortization of SAC and service connection costs</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,524)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,474)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,045)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Amortization of 3G/4G licenses</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(325)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(338)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(324)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Amortization of other intangible assets</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(40)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 2.15pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,928)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,198)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory', window );">Schedule of Disposals and Impairment of Property Plant and Equipment</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Gain on disposal and impairment of PP&amp;E (*)</font></p>
				</td>
				<td valign="top" style="width:10.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Impairment of PP&amp;E &#x2013; Fixed services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(116)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Impairment of PP&amp;E &#x2013; Mobile services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(369)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(114)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decrease of PP&amp;E &#x2013; Fixed services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:10.20%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Decrease of PP&amp;E &#x2013; Mobile services</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(66)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:10.20%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Since 2016 these results are included in Other Income.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock', window );">Schedule of operating expenses disclosed per function</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;">
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:30.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Operating costs</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,287)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27,628)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20,578)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Administration costs</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,306)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,453)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,827)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Commercialization costs</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16,708)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,829)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,594)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other expenses &#x2013; provisions</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(590)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(187)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(113)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Gain on disposal of PP&amp;E and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="bottom" style="width:10.22%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
				<td valign="bottom" style="width:10.20%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(53,207)
				</td>
				<td valign="bottom" style="width:10.22%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,480)
				</td>
				<td valign="bottom" style="width:10.20%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34,311)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.36%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory', window );">Schedule of Future minimum lease payments on non cancellable operating lease agreements</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:35.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Future minimum lease payments from of non cancellable operating lease agreements as of December&nbsp;31, 2017, 2016 and 2015 are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 51.00%;">
			<tr>
				<td valign="top" style="width:25.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Less than 1<br />year</font></p>
				</td>
				<td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">1-5 years</font></p>
				</td>
				<td valign="top" style="width:18.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">More than 5<br />years</font></p>
				</td>
				<td valign="top" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2015</font></p>
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>436
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>890
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31
				</td>
				<td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,357
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2016</font></p>
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>636
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,169
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74
				</td>
				<td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,879
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:25.64%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">2017</font></p>
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>681
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,185
				</td>
				<td valign="top" style="width:18.58%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>143
				</td>
				<td valign="top" style="width:18.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,009
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDepreciationAndAmortisationExpenseExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of depreciation and amortisation expense. [Refer: Depreciation and amortisation expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDepreciationAndAmortisationExpenseExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance leases and operating leases by the lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2017-03-02&amp;anchor=para_31&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2017-03-02&amp;anchor=para_35&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the impairment of assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other operating expense. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfAdvertisingExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of advertising expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfAdvertisingExpensesTableTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfCommissionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commission expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfCommissionExpensesTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfCostOfValueAddedServicesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of cost of value added services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfCostOfValueAddedServicesTableTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of fees for services, maintenance, materials and supplies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfFeesForServicesMaintenanceMaterialsAndSuppliesTableTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of interconnection costs and other telecommunication charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfInterconnectionCostsAndOtherTelecommunicationChargesTableTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of operating expenses, categorised by function.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of taxes and fees with the regulatory authority.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7044147312">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating income (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeAbstract', window );"><strong>Operating income</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingIncomeTableTextBlock', window );">Schedule of operating income</a></td>
<td class="text"><div> <div>
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			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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				<td colspan="3" valign="top" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2016</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Operating income from services and other income</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Revenues and other income</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,104
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,437
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,524
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Operating expenses</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,279)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,711)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25,079)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income before depreciation and amortization (a)&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,825
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,726
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,445
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A </font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,928)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,198)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income from services and other income&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,581
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,145
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,808
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Operating income (loss) from equipment sales</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Revenues</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Cost of equipments and handsets</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income (loss) from equipment sales (b)&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,531
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,698
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,421
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Consolidated net income</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income before depreciation and amortization (a)&nbsp;+ (b)</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,928)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,198)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock', window );">Schedule of breakdown of operating income by segment</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Fixed<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Mobile<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total<br />consolidated</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Services revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,868
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,236
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,104
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,421
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>316
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,737
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,262)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21,017)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,279)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,421)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,737)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income for services revenues and other (1)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,711
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,114
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,825
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Equipments revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>663
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,552
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,160)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income (loss) from equipments revenues (2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,392
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,531
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income before depreciation and amortization (3)=(1)+(2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,850
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,506
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A (4)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,236)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,692)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,928)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E (5)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income (6)=(3)+(4)+(5)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,593
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,519
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net effect of the intersegment eliminations (7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,105)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,105
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income before D&amp;A (8)=(3)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,745
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,611
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income (9)=(6)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(512)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,624
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.25pt;">
			<tr>
				<td valign="bottom" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2016</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Fixed<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Mobile<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total<br />consolidated</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Services revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,989
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,448
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,437
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,947
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>158
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,105
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,464)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19,247)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,711)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(158)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,947)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,105)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income for services revenues and other (1)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,314
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,412
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,726
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Equipments revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,795
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(136)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,052)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income (loss) from equipments revenues (2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,743
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,698
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income before depreciation and amortization (3)=(1)+(2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,269
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,155
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A (4)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,897)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,301)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,198)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E (5)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income (6)=(3)+(4)+(5)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,373
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,470
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net effect of the intersegment eliminations (7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,789)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,789
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income before D&amp;A (8)=(3)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,480
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,944
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income (9)=(6)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(416)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,259
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.5pt;">
			<tr>
				<td valign="bottom" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2015</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Fixed<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Mobile<br />services</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total<br />consolidated</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Services revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,714
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,810
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,524
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,834
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,971
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,863)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,216)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25,079)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Intersegment operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(137)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,834)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,971)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income for services revenues and other (1)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,548
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,897
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,445
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Equipments revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party revenues</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,955
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 21.6pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Third party operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,513)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Subtotal income (loss) from equipments revenues (2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,442
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,421
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total operating income before D&amp;A for services and other income (3)=(1)+(2)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,527
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,339
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D&amp;A (4)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,526)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,912)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,438)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Disposals and impairment of PP&amp;E (5)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(91)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(108)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Operating income (6)=(3)+(4)+(5)&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>910
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,319
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial Bold;font-weight:bold;font-size:4pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net effect of the intersegment eliminations (7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,697)
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,697
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income before D&amp;A (8)=(3)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>830
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,036
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net segment contribution to the Operating income (9)=(6)+(7)</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(787)
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,016
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of breakdown of operating income by segment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfBreakdownOfOperatingIncomeBySegmentTableTextBlock</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998813920">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Finance income and expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfFinanceIncomeAndExpensesTableTextBlock', window );">Schedule of finance income and expenses</a></td>
<td class="text"><div> <div>
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			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<tr>
				<td valign="bottom" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Gains on other short-term investments</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>169
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Gains on investments (Argentine companies notes and Governments bonds)</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>979
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>432
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on receivables</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>763
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>183
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Foreign currency exchange gains</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,217
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>273
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>316
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">TUVES share purchase option</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="bottom" style="width:11.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total finance income&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,115
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,006
				</td>
				<td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,130
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on loans</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(928)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,613)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(566)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on salaries and social security payable, other taxes payables and accounts payable</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(49)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(37)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on provisions (Note 17)</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(320)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(207)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(137)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Loss on discounting of salaries and social security payables, other taxes payable and other liabilities</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Foreign currency exchange losses (*)</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,224)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,328)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,456)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">TUVES share purchase option</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(24)
				</td>
				<td valign="bottom" style="width:11.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Interest on pension benefits (Note 16)</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(47)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="bottom" style="width:11.00%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12)
				</td>
				<td valign="bottom" style="width:10.98%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total finance expenses&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,601)
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,250)
				</td>
				<td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,232)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 12.25pt;line-height:106.67%;text-indent: -12.25pt;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total finance income, net&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(486)
				</td>
				<td valign="bottom" style="width:11.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,244)
				</td>
				<td valign="bottom" style="width:10.98%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,102)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.02%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Includes 40, 5 and 432 of foreign currency exchange gains (losses), net generated by NDF for the years ended on December&nbsp;31, 2017, 2016 and 2015, respectively.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of finance income and expenses.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><div> <div>
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			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:113.3pt;">
			<tr>
				<td colspan="9" valign="top" style="width:100.00%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">12.31.17</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="3" valign="bottom" style="width:45.72%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 19.5pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amount of foreign currency (i)</font></p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Exchange rate</font></p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amount in local currency (ii)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Assets</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">US$</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>372
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">18.549</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(iii)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp; 7,094</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">G</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,029
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">0.003</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>399
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">EURO</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">22.283</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total assets</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,563
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Liabilities</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">US$</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(939)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">18.649</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,568)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">G</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(233,891)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">0.003</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(773)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">EURO</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">22.450</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(259)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total liabilities</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,600)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net liabilities</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,037)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">US$ = United States dollar; G= Guaran&#xED;es.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.5pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Includes 371 corresponding to Government bonds at fair value (equivalent to US$ 12 million).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:113.3pt;">
			<tr>
				<td colspan="9" valign="top" style="width:100.00%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">12.31.16</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="3" valign="bottom" style="width:45.72%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 19.5pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amount of foreign currency (i)</font></p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Exchange rate</font></p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Amount in local currency (ii)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Assets</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">US$</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>241
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">15.790</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">(iii)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp; 4,067</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">G</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250,865
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">0.003</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>684
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">EURO</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">16.625</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>124
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total assets</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,875
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Liabilities</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">US$</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(859)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">15.890</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,648)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">G</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(311,279)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">0.003</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(848)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">EURO</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9)
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">16.770</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(158)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total liabilities</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,654)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Net liabilities</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,779)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:24.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:19.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:17.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:00.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:32.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 14.7pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">US$ = United States dollar; G= Guaran&#xED;es.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12.6pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">As foreign currency figures and their amount in argentine pesos are in millions, the calculation of the amount of the foreign currency by its exchange rate could not be exact.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 35.45pt;text-indent: -21.25pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(iii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;font-size: 7pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.5pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Includes 735 corresponding to Government bonds at fair value (equivalent to US$ 45 million).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk', window );">Schedule of sensitivity analysis for interest rate risk</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:32.15pt;">
			<tr>
				<td valign="middle" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Financial debt</font></p>
				</td>
				<td valign="middle" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Financial debt<br />currency</font></p>
				</td>
				<td valign="middle" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Amount<br />(in millions)</font></p>
				</td>
				<td valign="middle" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Effect<br />(in millions)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Bank overdrafts</font></p>
				</td>
				<td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">$</font></p>
				</td>
				<td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135
				</td>
				<td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Notes</font></p>
				</td>
				<td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">$</font></p>
				</td>
				<td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>871
				</td>
				<td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.9
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Notes</font></p>
				</td>
				<td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">US$</font></p>
				</td>
				<td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
				<td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.4
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 15.85pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Bank loans</font></p>
				</td>
				<td valign="top" style="width:18.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">US$</font></p>
				</td>
				<td valign="top" style="width:27.96%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500
				</td>
				<td valign="top" style="width:25.32%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.3
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-indent:35.45pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureExplanatory', window );">Schedule of theoretical exposure of credit risk</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;margin-left:9pt;">
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Date due</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Banks and cash<br />equivalents</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />receivables, net</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />receivables,<br />net</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total due</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,807
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,807
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total not due</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,082
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,841
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,209
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total as of December&nbsp;31, 2017</font></p>
				</td>
				<td valign="top" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,082
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,648
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>455
				</td>
				<td valign="top" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 1.45pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:1.45pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,016
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock', window );">Schedule of working capital breakdown and its main variations</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:9pt;">
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2017</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">2016</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Variation</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Trade receivables</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,636
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,577
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,059
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Other receivables (not considering financial NDF)</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,431
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,011
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>420
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Inventories</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,854
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,278
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>576
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Current liabilities (not considering financial debt)</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,793)
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(13,245)
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,548)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Operative working capital - negative</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,872)
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,379)
				</td>
				<td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,493)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;">Over revenues</font></p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;">(10.5)%</font></p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:7.5pt;">(6.4)%</font></p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Cash and cash equivalents</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,831
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,945
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,114)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Financial NDF</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Investments</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,426
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,751
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,675
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">Current financial debt</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,194)
				</td>
				<td valign="top" style="width:10.28%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,266)
				</td>
				<td valign="top" style="width:11.66%;;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Net Current financial asset</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,123
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,430
				</td>
				<td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.28%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.66%;padding:0pt;">
					<p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Negative operating working capital (current assets &#x2013; current liabilities)</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,749)
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(949)
				</td>
				<td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,800)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:67.78%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Liquidity rate</font></p>
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.83
				</td>
				<td valign="top" style="width:10.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.94
				</td>
				<td valign="top" style="width:11.66%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.11)
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities', window );">Schedule of breakdown of financial liabilities into relevant maturity groups</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:36pt;">
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Maturity Date</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Trade<br />payables</font></p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Debt</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Salaries and<br />social<br />security<br />payables</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Other<br />liabilities</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Due</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>319
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">January&nbsp;2018 thru December&nbsp;2018</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,164
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,389
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,055
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,678
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">January&nbsp;2019 thru December&nbsp;2019</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,043
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>187
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,317
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">January&nbsp;2020 thru December&nbsp;2020</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,687
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,788
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">January&nbsp;2021 and thereafter</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,984
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,036
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,599
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,103
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,345
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,138
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCreditRiskExposureExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity&#8217;s financial assets and commitments to extend credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCreditRiskExposureExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a maturity analysis for derivative financial liabilities, including the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 39<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_39_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 40<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_40_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about net assessed financial position exposure to currency risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about working capital breakdown and its main variations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045269504">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party balances and transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(c)&nbsp;Balances with related parties</font>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:5pt;;font-size: 5pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="width:20.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Type of related party</font></p>
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				<td colspan="2" valign="top" style="width:18.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">As of December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">CURRENT ASSETS</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Cash and cash equivalents</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Banco Atlas S.A.(a)</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total cash and cash equivalents</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Trade receivables</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Editorial Azeta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:58.98%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.70%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;">
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">CURRENT LIABILITIES</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Trade payables</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Experta ART S.A. (b)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Haras El Capricho S.A. (b)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Telteco S.A. (c)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Penta S.A (a)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total trade payables</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Financial Debt &#x2013; Notes (current and non-current)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.48%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">La Estrella Sociedad An&#xF3;nima de Seguros de Retiro (b)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>172
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Experta ART S.A. (b)</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>151
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.48%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>323
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:59.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.62%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(d)&nbsp;Transactions with related parties and companies under sect. 33 of the LGS</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 56.7pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Companies under sect. 33 of the LGS</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Transaction&nbsp;description</font></p>
				</td>
				<td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:27.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;text-decoration:underline;">Other income</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Nortel</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Rental revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Direct parent Company</font></p>
				</td>
				<td valign="bottom" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="middle" style="width:18.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total other income</font></p>
				</td>
				<td valign="middle" style="width:07.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">-</font></p>
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:07.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:35.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:15.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:18.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 56.7pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:3pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Related parties</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Transaction description</font></p>
				</td>
				<td valign="top" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Type of related party</font></p>
				</td>
				<td valign="top" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="top" style="width:26.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;text-decoration:underline;">Services rendered</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 35.4pt;line-height:106.67%;text-indent: -35.4pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Editorial Azeta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Voice retail</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Banco Atlas S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Voice retail</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Penta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Voice retail</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.58%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.76%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.00%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.42%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.92%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="middle" style="width:18.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total services rendered</font></p>
				</td>
				<td valign="middle" style="width:06.58%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="middle" style="width:02.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:06.76%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="middle" style="width:02.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:08.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:29.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:01.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="middle" style="width:18.34%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:06.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:06.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Transaction description</font></p>
				</td>
				<td valign="top" style="width:01.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Type of related party</font></p>
				</td>
				<td colspan="5" valign="top" style="width:26.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;text-decoration:underline;">Services received</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.50%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="top" style="width:02.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Editorial Azeta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Advertising</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:06.50%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.84%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:02.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Penta S.A. (a)</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Rental</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Other related party</font></p>
				</td>
				<td valign="top" style="width:06.50%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3)
				</td>
				<td valign="top" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.84%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
				<td valign="top" style="width:02.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Total services received</font></p>
				</td>
				<td valign="top" style="width:06.50%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6)
				</td>
				<td valign="top" style="width:02.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:06.84%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5)
				</td>
				<td valign="top" style="width:02.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:29.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.58%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.66%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.76%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (a)</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Such companies relate to ABC Telecommunications Group of Paraguay (Non-controlling shareholders&#x2019; of N&#xFA;cleo).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (b)</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Such companies relate to W de Argentina &#x2013; Inversiones S.A. until May&nbsp;23, 2017.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:7pt;;"> (c)</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;margin:0pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Such company relates to a member of the Board of Directors appointed by W de Argentina &#x2013; Inversiones S.A. until May&nbsp;23, 2017.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory', window );">Schedule of compensation for Key Managers</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;">
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td colspan="5" valign="top" style="width:38.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Years ended December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Salaries (*)</font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Variable compensation (*) </font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Social security contributions </font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Hiring benefits</font></p>
				</td>
				<td valign="top" style="width:13.08%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Termination benefits</font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.08%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>323
				</td>
				<td valign="top" style="width:01.84%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.18%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>200
				</td>
				<td valign="top" style="width:01.74%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:7pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:61.26%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:13.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">(*) Gross compensation. Social security contributions and income tax retentions that are deducted from the gross compensation are in charge of the employee.</font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information about key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of transactions between the entity and its related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">For the year ended December&nbsp;31, 2017</font></p>
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			</tr>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<a name="_Hlk511081324"></a><font style="display:inline;">&nbsp;</font>
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			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
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			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Income statement information</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
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		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
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				<td valign="top" style="width:10.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Fixed</font></p>
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				<td colspan="3" valign="top" style="width:26.54%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Mobile Services</font></p>
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				<td valign="top" style="width:08.82%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="width:07.66%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
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				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Services</font></p>
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				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Personal</font></p>
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				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">N&#xFA;cleo</font></p>
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				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Subtotal</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Eliminations</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income (1)</font></p>
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				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,952
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,128
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,997
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,125
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,758)
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,625)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,876)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(217)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,093)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,718)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interconnection costs and other telecommunication charges</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,200)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,537)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(220)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,757)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,809
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,148)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,546)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,384)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(280)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,664)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>610
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,600)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,581)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,413)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(113)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,526)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,107)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Commissions</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(417)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,965)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(344)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,309)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,631)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of equipments and handsets</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(524)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,035)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(125)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,160)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,684)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(194)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(915)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(109)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,024)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,218)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of VAS</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(614)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(215)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(829)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(874)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(183)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(406)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(407)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(590)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Bad debt expenses</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(193)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(844)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(76)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(920)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,113)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other operating expenses</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,594)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,740)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(190)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,930)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>244
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,280)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income before D&amp;A</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,850
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,399
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,107
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,506
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Depreciation of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,072)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,325)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(642)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,967)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,039)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Amortization of intangible assets</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(164)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,636)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,725)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,889)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21)
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(316)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,593
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,143
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>376
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,519
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Financial results, net</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(486)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income before income tax expense</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,626
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Income tax expense, net</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,902)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Net income</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,724
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to Telecom Argentina </font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,630
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to non-controlling interest</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,724
				</td>
			</tr>
			<tr>
				<td colspan="6" valign="top" style="width:92.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 2.9pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 2.9pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(1)</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Service revenues</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,797
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,289
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,885
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,174
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,971
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Equipment sales</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>663
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,446
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,552
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other income</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Subtotal third party revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,531
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,797
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,991
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,788
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,421
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>337
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,758)
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,952
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,128
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,997
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,125
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,758)
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;">For the year ended December&nbsp;31, 2016</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<a name="_Hlk511081637"></a><font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Income statement information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Fixed</font></p>
				</td>
				<td colspan="3" valign="top" style="width:25.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Mobile Services</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Services</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Personal</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Subtotal</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Eliminations</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income (1)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,027
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,766
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,649
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,415
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,119)
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,220)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,381)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,580)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,800)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interconnection costs and other telecommunication charges</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(961)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,721)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(200)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,921)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,329
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,553)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,311)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,975)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,204)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>509
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,006)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,118)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,925)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,007)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,125)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Commissions</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(327)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,286)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(295)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,581)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,849)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of equipments and handsets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(136)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,749)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(303)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,052)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,188)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(644)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(104)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(748)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(874)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of VAS</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(53)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,329)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(117)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,446)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,499)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(78)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(109)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(109)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(187)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Bad debt expenses</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(152)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(951)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(125)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,076)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,228)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other operating expenses</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,276)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,378)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(158)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,536)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>222
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,590)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income before D&amp;A</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,269
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,318
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>837
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,155
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Depreciation of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,686)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,088)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(584)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,672)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,358)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Amortization of intangible assets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(211)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,526)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,629)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,840)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(383)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,373
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,320
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>150
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,470
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Financial results, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,244)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income before income tax expense</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,599
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Income tax expense, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,594)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Net income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,005
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to Telecom Argentina</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,975
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to non-controlling interest</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,005
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">(1)</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Service revenues</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,923
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,049
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,382
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,431
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,354
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Equipment sales</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,535
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>260
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,795
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,886
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other income</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Subtotal third party revenues and other income</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,080
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,600
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,643
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,243
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Intersegment revenues</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,947
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>166
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>172
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,119)
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,027
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,766
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,649
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,415
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,119)
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;">For the year ended December&nbsp;31, 2015</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<a name="_Hlk511081677"></a><font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Income statement information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Fixed</font></p>
				</td>
				<td colspan="3" valign="top" style="width:25.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Mobile Services</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7.5pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Services</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Personal</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">N&#xFA;cleo</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Subtotal</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Eliminations</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income (1)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,609
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,203
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,717
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,920
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,989)
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,268)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,856)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(129)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,985)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,253)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interconnection costs and other telecommunication charges</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(719)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,686)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(154)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,840)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,389
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,170)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,769)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,417)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(152)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,569)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>419
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,919)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(818)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,071)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,125)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,943)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Commissions</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(268)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,774)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,973)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,193)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of equipments and handsets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,328)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,513)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,595)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(108)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(628)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(78)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(706)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(814)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of VAS</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,136)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,218)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,256)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(96)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(96)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(113)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Bad debt expenses</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(79)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(462)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(485)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(564)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other operating expenses</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(934)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(960)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(93)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,053)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,854)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income before D&amp;A</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,509
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,789
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>568
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,357
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Depreciation of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,341)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,379)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(326)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,705)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,046)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Amortization of intangible assets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,141)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(66)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,207)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,392)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Disposals and impairment of PP&amp;E</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(91)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(109)
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(108)
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(199)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>892
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,160
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,337
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Financial results, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,102)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income before income tax expense</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,127
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Income tax expense, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,692)
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Net income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,435
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to Telecom Argentina </font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,403
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net income attributable to non-controlling interest</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,435
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">(1)</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Service revenues</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,675
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,258
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,547
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,805
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,480
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Equipment sales</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,796
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>159
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,955
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,016
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Subtotal third party revenues and other income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,775
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,059
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,706
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,765
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Intersegment revenues</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,834
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>155
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,989)
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">-</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,609
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,203
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,717
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,920
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,989)
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfBalanceSheetInformationTableTextBlock', window );">Schedule of balance sheet information</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<a name="_Hlk511081927"></a><font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">For the year ended December&nbsp;31, 2017</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt 2.15pt 0pt 0pt;">
				<font style="margin:0pt 2.15pt 0pt 0pt;font-family:Wingdings;line-height:107.08%;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:107.08%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt 2.15pt 0pt 0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Balance sheet information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:0.25pt;">
			<tr>
				<td colspan="7" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">PP&amp;E,&nbsp;net</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,039
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,901
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,598
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,499
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,538
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Intangible assets, net</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>406
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,482
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,693
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,098
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on PP&amp;E (a)</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,254
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,161
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>490
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,651
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,905
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on intangible assets (b)</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>153
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,032
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,085
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,238
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,407
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,193
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>543
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,736
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,143
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total additions on PP&amp;E and intangible assets</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,886
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,173
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>517
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,690
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,576
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net financial debt</font></p>
				</td>
				<td valign="top" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,260)
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;">For the year ended December&nbsp;31, 2016</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Balance sheet information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">PP&amp;E, net</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,468
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,541
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,156
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,697
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,165
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Intangible assets, net</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>429
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,086
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,164
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,592
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on PP&amp;E (a)</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,820
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,249
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>563
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,812
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,632
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on intangible assets (b)</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>197
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,481
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,557
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,754
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,017
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,730
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>639
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,369
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,386
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total additions on PP&amp;E and intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,525
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,708
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>627
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,335
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,860
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net financial debt</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,892)
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;">For the year ended December&nbsp;31, 2015</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Balance sheet information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">PP&amp;E, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,280
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,899
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,784
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,683
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,963
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Intangible assets, net</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,131
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,217
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1)
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,659
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on PP&amp;E (a)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,846
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,157
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>393
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,550
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,396
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Capital expenditures on intangible assets (b)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>233
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,395
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,471
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,704
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,079
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,552
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>469
				</td>
				<td valign="bottom" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,021
				</td>
				<td valign="bottom" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,100
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total additions on PP&amp;E and intangible assets</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,514
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,158
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>490
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,648
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">-</font></p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,162
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net financial asset (debt)</font></p>
				</td>
				<td valign="top" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.84%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:07.44%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;;font-weight:bold;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,277)
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasExplanatory', window );">Schedule of geographic information</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">For the year ended December&nbsp;31, 2017</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
			<font style="display:inline;font-size:5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Geographic information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 99.00%;margin-left:1pt;">
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:30.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total non-current assets</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of<br />operations</font></p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of the<br />Group&#xB4;s customers</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">location of operations</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Argentina</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,012
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,696
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,429
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Abroad</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,307
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,623
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,921
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,319
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,350
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:46.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<a name="_Hlk511082028"></a><font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;">For the year ended December&nbsp;31, 2016</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Geographic information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:31.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total non-current assets</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of<br />operations</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of the<br />Group&#xB4;s customers</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of operations</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Argentina</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,406
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,958
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,832
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Abroad</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,917
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,365
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,520
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,323
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,352
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<a name="_Hlk511082054"></a><font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:18pt;">
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1.5pt solid #000000 ;border-right:1.5pt solid #000000 ;padding:1.7pt 0pt;">
					<p style="margin:0pt 0pt 0pt 3.6pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:9pt;">For the year ended December&nbsp;31, 2015</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:35pt;"><p style="width:35pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 15.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-size:9pt;;"> q</font>
			</p>
		</td><td style="width:3pt;"><p style="width:3pt;width:3pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 9pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:9pt;text-decoration:underline;">Geographic information</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:31.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total revenues and other income</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Total non-current assets</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of<br />operations</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of the<br />Group&#xB4;s customers</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.15pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Breakdown by<br />location of operations</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Argentina</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,677
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,388
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,844
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Abroad</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,863
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,152
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,129
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,540
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,973
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:47.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:15.96%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of geographical information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of operating segments. [Refer: Operating segments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of balance sheet information.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6998785600">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Quarterly consolidated information (unaudited information) (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Quarter</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating<br />income before<br />D&amp;A</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Operating<br />income</font></p>
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				<td valign="top" style="width:14.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Financial Results,<br />net (loss) gain</font></p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Net<br />income</font></p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">Net income<br />attributable<br />to Telecom<br />Argentina</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Fiscal year 2015:</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">March&nbsp;31</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,872
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,634
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,680
				</td>
				<td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,041
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,028
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">June&nbsp;30</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,624
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,501
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,468
				</td>
				<td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>937
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>928
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">September&nbsp;30</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,094
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,529
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,311
				</td>
				<td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(73)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>800
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>801
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">December&nbsp;31</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,906
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,202
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,770
				</td>
				<td valign="top" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(910)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>657
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,496
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,866
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,229
				</td>
				<td valign="top" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,102)
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,435
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,403
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Fiscal year 2016:</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">March&nbsp;31</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,455
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,402
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,997
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(557)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>935
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>925
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">June&nbsp;30</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,951
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,362
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,724
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(489)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>802
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>800
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">September&nbsp;30</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,412
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,446
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,802
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(636)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>758
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>746
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">December&nbsp;31</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,422
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,214
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,320
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(562)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,510
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,504
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,240
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,424
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,843
				</td>
				<td valign="bottom" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,244)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,005
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,975
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;text-decoration:underline;">Fiscal year 2017:</font></p>
				</td>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.60%;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">March&nbsp;31</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,726
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,638
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,893
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>124
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,966
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,955
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">June&nbsp;30</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,818
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,706
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,958
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,673
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,660
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">September&nbsp;30</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,719
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,902
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,167
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,056
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,026
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">December&nbsp;31</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,923
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,110
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,094
				</td>
				<td valign="bottom" style="width:14.60%;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(210)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,029
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,989
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 1.45pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,186
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,356
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,112
				</td>
				<td valign="bottom" style="width:14.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(486)
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,724
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:8pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,630
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:30.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfQuarterlyConsolidatedInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfQuarterlyConsolidatedInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScheduleOfQuarterlyConsolidatedInformationTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of Quarterly consolidated information.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045513216">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Restrictions on distribution of profits and dividends (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7.5pt;">Dividends declared and paid by Telecom Argentina during the year<br /> ($ 4.28, $2.06, and $0.83 </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">peso per share, respectively)</font></p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(*)&nbsp; 4,151</font></p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(*)&nbsp; 2,000</font></p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7.5pt;">Proposed for approval at the Annual General Meeting (not recognized as a liability as of December&nbsp;31)</font></p>
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			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(*) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">By reversal of the Voluntary reserve for future dividends payments.</font>
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			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7.5pt;">(**) </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7.5pt;">The Company&#x2019;s Board of Directors has proposed to the Shareholder&#x2019;s Meeting the confirmation of the dividends&#x2019; distribution in advance (Note 33.b) and the allocation of the outstanding retained earnings ($1,989) to the constitution of a &#x201C;Voluntary reserve for future dividends payments&#x201D;, with delegation to the Board of Directors its subsequent reversal and availability.</font>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7007875344">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A. (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MergerAbstract', window );"><strong>Merger by absorption between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory', window );">Schedule of entity's capital breakdown</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of the Corporate reorganization described in Note 31, Telecom Argentina&#x2019;s breakdown of capital stock as of December&nbsp;31, 2017 is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<a name="_Hlk511079148"></a><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="middle" style="width:55.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Registered, subscribed and authorized for public offering</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Shares</font></p>
				</td>
				<td valign="middle" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Outstanding shares</font></p>
				</td>
				<td valign="middle" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Treasury shares</font></p>
				</td>
				<td valign="middle" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total capital stock</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">Ordinary shares, $1 argentine peso of nominal value each</font></p>
				</td>
				<td valign="top" style="width:17.88%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:16.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:20.52%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;&#x201C;A&#x201D;</font></p>
				</td>
				<td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>340,994,852
				</td>
				<td valign="top" style="width:16.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>340,994,852
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;height:11.35pt;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;&#x201C;B&#x201D;</font></p>
				</td>
				<td valign="top" style="width:17.88%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>627,930,005
				</td>
				<td valign="top" style="width:16.60%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:20.52%;height:11.35pt;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>643,151,378
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;&#x201C;C&#x201D;</font></p>
				</td>
				<td valign="top" style="width:17.88%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
				<td valign="top" style="width:16.60%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:9pt;">-</font></p>
				</td>
				<td valign="top" style="width:20.52%;;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total</font></p>
				</td>
				<td valign="top" style="width:17.88%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>969,159,605
				</td>
				<td valign="top" style="width:16.60%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:20.52%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:9pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>984,380,978
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:45.00%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:17.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:38.8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of January&nbsp;1, 2018, due to the merger between Telecom Argentina and Cablevisi&#xF3;n S.A., the new breakdown of capital stock is as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;">
			<tr>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Shares</font></p>
				</td>
				<td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Outstanding&nbsp;shares</font></p>
				</td>
				<td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Treasury&nbsp;shares</font></p>
				</td>
				<td valign="bottom" style="width:27.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:9pt;">Total&nbsp;capital&nbsp;stock</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;A&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>683,856,600
				</td>
				<td valign="top" style="width:27.28%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>683,856,600
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;B&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>627,930,005
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>643,151,378
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;C&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
				<td valign="top" style="width:27.28%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>234,748
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Class&nbsp;&#x201C;D&#x201D;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841,666,658
				</td>
				<td valign="top" style="width:27.28%;padding:0pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841,666,658
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,153,688,011
				</td>
				<td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,221,373
				</td>
				<td valign="top" style="width:27.28%;;font-weight:bold;font-family:Arial,Helvetica,sans-serif;font-size:10pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,168,909,384
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:18.18%;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:27.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:106.67%;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of classes of share capital. [Refer: Share capital [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7012361440">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Description of business and basis of preparation of the consolidated financial statements - Subsidiaries (Details)<br></strong></div></th>
<th class="th" colspan="1">11 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 30, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Jun. 30, 2017</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomUsaMember', window );">Telecom USA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_MicroSistemasMember', window );">Micro Sistemas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">67.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests', window );">Percentage of ownership interest held by a noncontrolling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | Tuves Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalEnviosMember', window );">Personal Envios</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">67.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests', window );">Percentage of ownership interest held by a noncontrolling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember', window );">Tuves Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember', window );">Tuves Paraguay | ABC Telecomunicaciones</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests', window );">Percentage of ownership interest held by a noncontrolling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember', window );">Tuves Paraguay | TU VES S.A. (Chile)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>Description of business and basis of preparation of the consolidated financial statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests', window );">Percentage of ownership interest held by a noncontrolling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interests in a subsidiary held by non-controlling interests. [Refer: Subsidiaries [member]; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomUsaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomUsaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_MicroSistemasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_MicroSistemasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7002790432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Description of business and basis of preparation of the consolidated financial statements - CPI (Details)<br></strong></div></th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">8 Months Ended</th>
<th class="th" colspan="1">10 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Apr. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Oct. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConsumerPriceIndexAbstract', window );"><strong>Consumer Price Index</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfConsumerPriceIndex', window );">Consumer Price Index (annual as a percent)</a></td>
<td class="nump">7.80%<span></span>
</td>
<td class="nump">16.60%<span></span>
</td>
<td class="nump">16.90%<span></span>
</td>
<td class="nump">11.90%<span></span>
</td>
<td class="nump">24.80%<span></span>
</td>
<td class="nump">36.30%<span></span>
</td>
<td class="nump">20.60%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfAccumulatedConsumerPriceIndex', window );">Consumer Price Index (3 years accumulated)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">104.90%<span></span>
</td>
<td class="nump">103.70%<span></span>
</td>
<td class="nump">65.80%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfYearsOfAccumulatedPriceIndex', window );">Number of years of accumulated price index</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InternalWholesalePriceIndexAbstract', window );"><strong>Internal Wholesale Price Index</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfInternalWholesalePriceIndex', window );">Internal Wholesale Price Index (annual as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.60%<span></span>
</td>
<td class="nump">18.80%<span></span>
</td>
<td class="nump">34.60%<span></span>
</td>
<td class="nump">19.20%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfAccumulatedInternalWholesalePriceIndex', window );">Internal Wholesale Price Index (3 years accumulated)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90.70%<span></span>
</td>
<td class="nump">105.80%<span></span>
</td>
<td class="nump">75.40%<span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the duration of accumulated Price Index under both Consumer price index and wholesale price index.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of accumulated Consumer Price Index.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of accumulated Wholesale Price Index.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfAccumulatedInternalWholesalePriceIndex</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of consumer price index over a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfConsumerPriceIndex</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfInternalWholesalePriceIndex">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of internal wholesale price Index over a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7007845712">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Description of business and basis of preparation of the consolidated financial statements - Corporate Reorganization (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Nov. 30, 2017</div></th>
<th class="th"><div>Sep. 05, 2017</div></th>
<th class="th"><div>Jul. 31, 2008</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CubecorpMember', window );">Cubecorp</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsAbstract', window );"><strong>Merger Information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CubecorpMember', window );">Cubecorp | Secretary of Commerce Resolution No. 2017-656-APN-SECC # MP</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsAbstract', window );"><strong>Merger Information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CorporateReorganizationAbstract', window );"><strong>Corporate Reorganization of the Telecom Group and Its controlling companies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetAssetFromInvestment', window );">Net assets from the investment</a></td>
<td class="nump">$ 14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetLiabilitiesFromInvestment', window );">Net liabilities from the investment</a></td>
<td class="nump">$ 14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsAbstract</td>
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<tr>
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<tr>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
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<tr>
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<td>na</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CorporateReorganizationAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetAssetFromInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the net asset from investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetAssetFromInvestment</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetLiabilitiesFromInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents net liabilities from the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetLiabilitiesFromInvestment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CubecorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_CubecorpMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationCaseAxis=teo_SecretaryOfCommerceAuthorizationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=teo_SecretaryOfCommerceAuthorizationMember</td>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=us-gaap_ParentCompanyMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7095254000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Nov. 30, 2014</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTypeOfArrangementAxis=teo_IctServicesLicenseAgreementMember', window );">ICT Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContributionToSuFundPercentageOfTotalAccruedRevenues', window );">Contribution to SU Fund, percentage</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | SCMA license agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermOfLicenseAgreement', window );">Term of the license agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | License agreement for STM and PCS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermOfLicenseAgreement', window );">Term of the license agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | License agreement for installation and provision of Internet and Data</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermOfLicenseAgreement', window );">Term of the license agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember', window );">Tuves Paraguay | License agreement for telecommunication services, distribution of digital audio and television signals</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermOfLicenseAgreement', window );">Term of the license agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares', window );">Minimum threshold obligation for non-revocability of license agreement, Notice period for transfer of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">30 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina | ICT Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContributionToSuFundPercentageOfTotalAccruedRevenues', window );">Contribution to SU Fund, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina | Personal | ICT Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContributionToSuFundPercentageOfTotalAccruedRevenues', window );">Contribution to SU Fund, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of total accrued revenues licensees are required to contribute to the SU Fund.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ContributionToSuFundPercentageOfTotalAccruedRevenues</td>
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<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum period to provide notice on transfer of shares resulting in a direct or indirect loss of control in the subsidiary, to not revoke the license agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonRevocabilityOfLicenseAgreementMinimumThresholdForNoticePeriodOnTransferOfShares</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term of the license agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TermOfLicenseAgreement</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTypeOfArrangementAxis=teo_MobileAdvancedCommunicationsServicesLicenseAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTypeOfArrangementAxis=teo_InstallationAndProvisionOfInternetAndDataLicenseAgreementMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTypeOfArrangementAxis=teo_TelecommunicationServicesDistributionOfDigitalAudioAndTelevisionSignalsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045232640">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK - Universal Service Regulation (Details) - item<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 04, 2008</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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</td>
<td class="text">&#160;<span></span>
</td>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty', window );">Number of members of the technical committee to be appointed by the company along with the counterparty</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_TelefonicaMember', window );">Telefonica</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended', window );">Period within which the coverage for fixed line networks is to be extended</a></td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOnRegulatoryFrameworkLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOnRegulatoryFrameworkLineItems</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of members of the technical committee, which the company and the counterparty should jointly appoint as per the Decree of Universal Service Regulation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfMembersOfTechnicalCommitteeToBeAppointedByCompanyAlongWithCounterparty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period within which the coverage of the company's fixed line networks are to be extended, as per the Decree of Universal Service Regulation, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodWithinWhichCoverageOfFixedLineNetworksIsToBeExtended</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_TelefonicaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_TelefonicaMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_TelefonicaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_TelefonicaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7002720432">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK - FFSU - Impact in the Company (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Oct. 01, 2012</div></th>
<th class="th"><div>Sep. 13, 2012</div></th>
<th class="th"><div>Mar. 31, 2011</div></th>
<th class="th"><div>Jan. 31, 2011</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UnrecordedAccountsReceivable', window );">Unrecorded accounts receivable</a></td>
<td class="nump">$ 2,925<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentsIncludedInUnrecordedAccountsReceivable', window );">Investments included in the unrecorded accounts receivable</a></td>
<td class="nump">2,691<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeductionsIncludedInUnrecordedAccountsReceivable', window );">Deductions included in the unrecorded accounts receivable</a></td>
<td class="nump">1,033<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission', window );">Deposit payable, as required by the CNC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 208<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositsWithBanks', window );">Deposits with the Bank, SU</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 112<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProjectInvestmentAmount', window );">Investment amount of the project for the development of a network infrastructure in locations in the Northern Region of Argentina with no mobile coverage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest', window );">Deposits with the CNC, under protest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationCaseAxis=teo_UniversalServiceFundPendingAdministrativeAppealsMember', window );">SU Fund Administrative Appeals | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetAssetsLiabilities', window );">Net assets (liabilities)</a></td>
<td class="num">(799)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationCaseAxis=teo_UniversalServiceFundPendingAdministrativeAppealsMember', window );">SU Fund Administrative Appeals | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetAssetsLiabilities', window );">Net assets (liabilities)</a></td>
<td class="nump">$ 2,925<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets less the amount of liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph IG63<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_IG63&amp;doctype=Implementation%20Guidance<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetAssetsLiabilities</td>
</tr>
<tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeductionsIncludedInUnrecordedAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deductions that were objected by the SC Resolutions included in the unrecorded accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeductionsIncludedInUnrecordedAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deposit liability, as required by the Argentine National Communications Commission (CNC).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deposit under protest with the Argentine National Communications Commission (CNC).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositsWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deposit with the banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositsWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOnRegulatoryFrameworkLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOnRegulatoryFrameworkLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InvestmentsIncludedInUnrecordedAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of investments in high-cost areas included in the unrecorded accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InvestmentsIncludedInUnrecordedAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProjectInvestmentAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of investment in the project for the development of a network infrastructure in locations in the Northern Region of Argentina with no mobile coverage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProjectInvestmentAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_UnrecordedAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of the estimated accounts receivable yet to be recorded.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UnrecordedAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationCaseAxis=teo_UniversalServiceFundPendingAdministrativeAppealsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=teo_UniversalServiceFundPendingAdministrativeAppealsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7098402336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK - Spectrum (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Sep. 01, 2016 </div>
<div>item</div>
</th>
<th class="th">
<div>Nov. 27, 2014 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Sep. 30, 2017 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Feb. 27, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,098<span></span>
</td>
<td class="nump">$ 7,592<span></span>
</td>
<td class="nump">$ 7,659<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember', window );">3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,780<span></span>
</td>
<td class="nump">$ 5,105<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TotalAmountPaidForFrequencyBand', window );">Amount paid | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 410.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,530.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxOnBankDebitsCapitalized', window );">Tax on bank debits capitalized | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 80/14</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TotalAmountPaidForFrequencyBand', window );">Amount paid | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 43.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 80/14 | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,890<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,970<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 80/14 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,892.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,972.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 81/14</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TotalAmountPaidForFrequencyBand', window );">Amount paid | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 45.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 387.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 81/14 | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">830.25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">875.25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 81/14 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">834<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">879<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 82/14</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TotalAmountPaidForFrequencyBand', window );">Amount paid | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 51.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 82/14 | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,862.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,942.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 82/14 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,867.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,947.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 83/14</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TotalAmountPaidForFrequencyBand', window );">Amount paid | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 354.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,049.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_BalanceAmountPaidForFrequencyBand', window );">Balance amount of the bid paid | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 247.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PerformanceGuaranteePercentage', window );">Performance guarantee (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AuctionedFrequencyBandsUsagePeriod', window );">Usage period of the auctioned frequency bands</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequenciesInLot', window );">Frequencies in the Lot</a></td>
<td class="nump">700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 83/14 | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,730<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,130<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 83/14 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,745<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,145<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 18/14</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeadlinePeriodForDisengagement', window );">Deadline period for disengagement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 18/14 | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">698<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">512<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DestinationBand', window );">Destination band</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses | 18/14 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">806<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">698<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DestinationBand', window );">Destination band</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | 3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositPayableForLicenseAcquisition', window );">Deposit to be paid | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositPaidForLicenseAcquisition', window );">Deposit paid, included in other current receivable | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 278<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | 3G/4G licenses | License Acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSubBandsAwarded', window );">Number of sub-bands awarded</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LicenseAcquisitionsConsiderationPaidForEachSubBand', window );">Consideration paid for each sub-bands | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CancellationOfSubBandAuctionPrice', window );">Auction price cancellation | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AuctionedFrequencyBandsUsagePeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period of usage for the auctioned frequency bands awarded, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AuctionedFrequencyBandsUsagePeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_BalanceAmountPaidForFrequencyBand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the balance amount paid for the frequency band awarded by the SC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_BalanceAmountPaidForFrequencyBand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CancellationOfSubBandAuctionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cancellation amount of the sub-band auction paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CancellationOfSubBandAuctionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeadlinePeriodForDisengagement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period before which the frequency band has to be disengaged, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter..</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeadlinePeriodForDisengagement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositPaidForLicenseAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount paid as deposit to acquire licenses, included in other current receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositPaidForLicenseAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositPayableForLicenseAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount to be paid as deposit to acquire license on the entity getting prequalified.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositPayableForLicenseAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DestinationBand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the destination band currently authorized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DestinationBand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOnRegulatoryFrameworkLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOnRegulatoryFrameworkLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FrequenciesInLot">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the frequencies in the lot.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FrequenciesInLot</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FrequencyBandAwardedOne">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the first frequency band awarded to the company by the SC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FrequencyBandAwardedOne</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FrequencyBandAwardedTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the second frequency band awarded to the company by the SC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FrequencyBandAwardedTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LicenseAcquisitionsConsiderationPaidForEachSubBand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of consideration for each sub-band paid for acquisition of licenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LicenseAcquisitionsConsiderationPaidForEachSubBand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfSubBandsAwarded">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of sub-bands awarded under the license acquisitions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfSubBandsAwarded</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PerformanceGuaranteePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of performance guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PerformanceGuaranteePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxOnBankDebitsCapitalized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capitalized amount of the taxes on bank debits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxOnBankDebitsCapitalized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TotalAmountPaidForFrequencyBand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the total amount paid for the frequency band awarded by the SC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TotalAmountPaidForFrequencyBand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber8014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber8014Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber8114Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber8114Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber8214Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber8214Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber8314Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber8314Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1814Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1814Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=teo_LicenseAcquisitionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=teo_LicenseAcquisitionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>95
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6987064000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK - Other Details (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 08, 2017</div></th>
<th class="th">
<div>Jan. 06, 2002 </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetReceivables', window );">Net receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 33<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts', window );">Receivable corresponding to IDC included in other receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RegulatoryLiabilityProvisionsOffsetWithReceivables', window );">Regulatory liability provisions offset with receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 56<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConcessionPeriodNotified', window );">Concession period, notified</a></td>
<td class="text">15 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered', window );">Period within which the Fixed Interest Access Service is to be offered</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService', window );">Period within which the company shall report about the Retail Internet Access Service</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember', window );">3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodWithinWhichSpectrumShouldBeReturned', window );">Period within which the spectrum should be returned</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled', window );">Period in advance within which the proposal should be filed with ENACOM</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average exchange rate used by the entity. Exchange rate is the ratio of exchange for two currencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ConcessionPeriodNotified">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The concession period awarded to coordinate the signing of the Authorization Agreement for the Sharing of Active and / or Passive Infrastructure, Automatic Roaming and Goals of Service.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ConcessionPeriodNotified</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOnRegulatoryFrameworkLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOnRegulatoryFrameworkLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net receivables due to the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of receivable attributable to tax on deposits to and withdrawals from bank accounts, included in the other receivables, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NoncurrentReceivableAttributableToTaxOnDepositsToAndWithdrawalsFromBankAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period in advance within which the proposal to the limit should be filed with ENACOM, on merger.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period from the date of issuance of resolution within which the company shall report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period from the date of issuance of resolution within which the company shall offer Fixed Internet Access Services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodWithinWhichSpectrumShouldBeReturned">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period within which the spectrum is to be returned, from the date of merger.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodWithinWhichSpectrumShouldBeReturned</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RegulatoryLiabilityProvisionsOffsetWithReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of regulatory liability provision that can be offset against the receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RegulatoryLiabilityProvisionsOffsetWithReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7003035760">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Significant accounting policies - Acquisition of controlling interest (Details) - Tuves Paraguay - Nucleo<br> &#8370; in Millions, $ in Millions</strong></div></th>
<th class="th">
<div>Apr. 11, 2017 </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 30, 2017 </div>
<div>PYG (&#8370;)</div>
</th>
<th class="th">
<div>Jun. 30, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract', window );"><strong>Acquisition of controlling interest</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Cash payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8370; 35<span></span>
</td>
<td class="nump">$ 0.1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTangibleOrIntangibleAssetsTransferred', window );">Partial capitalization of receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49,396<span></span>
</td>
<td class="nump">147.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,056<span></span>
</td>
<td class="nump">149.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8370; 662<span></span>
</td>
<td class="nump">$ 2.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_TuvesParaguayMember', window );">CONATEL Resolution No. 460/17</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract', window );"><strong>Acquisition of controlling interest</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSharesAcquired', window );">Number of shares acquired</a></td>
<td class="nump">350<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of cash transferred as consideration in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_f_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashTransferred</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2017-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2017-03-01&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2017-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2017-03-01&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherTangibleOrIntangibleAssetsTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of other tangible or intangible assets (including a business or subsidiary of the acquirer) transferred as consideration in a business combination, that the entity does not separately disclose in the same note. [Refer: Intangible assets other than goodwill; Business combinations [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_f_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherTangibleOrIntangibleAssetsTransferred</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity interests of the acquiree transferred as part of a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_TuvesParaguayMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_TuvesParaguayMember</td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=teo_NucleoMember</td>
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<td>na</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=teo_ConatelResolution46017Member</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6986306032">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies - Revenues and Financial instruments (Details) - Fixed telecommunication services and products - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AveragePeriodOfCustomerRelationship', window );">Average period of the customer relationship</a></td>
<td class="text">8 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromConstructionContracts', window );">Revenue on construction contracts recognized</a></td>
<td class="nump">$ 614<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodOfFinanceFor2017Agreement', window );">2017 agreement finance period</a></td>
<td class="text">48 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReceivablesFromContractsWithCustomers', window );">Receivables on construction contracts</a></td>
<td class="nump">$ 83<span></span>
</td>
<td class="nump">17<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostIncurredOnConstructionContracts', window );">Cost on construction contracts recognized</a></td>
<td class="nump">$ 429<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReceivablesFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an entity&#8217;s right to consideration in exchange for goods or services that the entity has transferred to a customer that is unconditional. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 116<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_116_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReceivablesFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromConstructionContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from construction contracts. Construction contracts are contracts specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 11<br> -IssueDate 2017-01-01<br> -Paragraph 39<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=11&amp;date=2017-03-02&amp;anchor=para_39_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRIC<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRIC&amp;num=15&amp;date=2017-03-02&amp;anchor=para_20_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromConstructionContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AveragePeriodOfCustomerRelationship">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents information about average period of customer relationship.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AveragePeriodOfCustomerRelationship</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostIncurredOnConstructionContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cost arising from construction contracts. Construction contracts are contracts specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostIncurredOnConstructionContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodOfFinanceFor2017Agreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents information about finance period for 2017 agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodOfFinanceFor2017Agreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=teo_FixedTelecommunicationServicesAndProductsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=teo_FixedTelecommunicationServicesAndProductsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6987033136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies - Property, Plant and Equipment (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_BuildingsReceivedFromEntelMember', window );">Buildings received from ENTel</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">35 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember', window );">Buildings acquired subsequent to 11/8/90</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">50 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_CommunicationAndNetworkEquipmentMember', window );">Telephony equipment and instruments</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Improvements in third parties buildings</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Tower and pole</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Transmission equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Wireless network access</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Switching equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Power equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">7 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | External wiring</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Computer equipment and systems</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Installations</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Improvements in third parties buildings</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Tower and pole</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">20 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Transmission equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">20 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Wireless network access</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">7 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Switching equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">7 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Power equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">15 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | External wiring</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">20 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Computer equipment and systems</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Installations</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_UsefulLivesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives used for property, plant and equipment, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UsefulLivesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_BuildingsReceivedFromEntelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_BuildingsReceivedFromEntelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_BuildingsAcquiredSubsequentToNovemberEightNineteenNinetyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_CommunicationAndNetworkEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_CommunicationAndNetworkEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ImprovementsInThirdPartiesBuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ImprovementsInThirdPartiesBuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TransmissionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TransmissionEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_NetworkInfrastructureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_NetworkInfrastructureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_PowerGeneratingAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_PowerGeneratingAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ExternalWiringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ExternalWiringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_InstallationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_InstallationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R83.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7011815040">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies - Intangible assets (Details) - item<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">8 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ServiceConnectionOrHabilitationCostsMember', window );">Service connection or habilitation costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">8 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember', window );">3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">180 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GrantPeriodForLicenses', window );">Grant period for licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseMember', window );">PCS license (Paraguay)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RenewedPeriodOfLicenses', window );">Renewed period of the licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ValidityOfTemporaryExtensionPeriod', window );">Temporary extension period</a></td>
<td class="text">90 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfLicenseExtensions', window );">Number of license extensions available</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_InternetAndDataTransmissionLicenseMember', window );">Internet and data transmission license (Paraguay)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 months<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_RightsOfUseMember', window );">Rights of use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">180 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships | Cubecorp</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">180 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships | Tuves Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">78 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber8314Member', window );">83/14 | Personal | 3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RemainingUsefulLifeOfFrequencies', window );">Remaining useful life of frequencies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The remaining useful life of frequencies included in the lot.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The renewed period of the granted licenses for intangible assets other than goodwill, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RenewedPeriodOfLicenses</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives used for intangible assets other than goodwill, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period of temporary extensions which are valid, with the possibility of one only extension for the same term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ServiceConnectionOrHabilitationCostsMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_InternetAndDataTransmissionLicenseMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CubecorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies - Leases (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<div>Dec. 31, 2017 </div>
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</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinanceLeaseLiabilities', window );">Finance lease liabilities</a></td>
<td class="nump">$ 13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumFinanceLeasePaymentsPayable', window );">Total payable at leases' maturity</a></td>
<td class="nump">13<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=teo_ComputerEquipmentAndSoftwareMember', window );">Computer equipment and systems</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecognisedFinanceLeaseAsAssets', window );">Net carrying value, Finance lease recognized as assets</a></td>
<td class="nump">13<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=teo_ComputerEquipmentAndSoftwareMember', window );">Computer equipment and systems | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecognisedFinanceLeaseAsAssets', window );">Net carrying value, Finance lease recognized as assets</a></td>
<td class="nump">$ 77<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsLesseeFinanceLeaseTermOfContract', window );">Lease term</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Depreciation period (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=teo_ComputerEquipmentAndSoftwareMember', window );">Computer equipment and systems | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecognisedFinanceLeaseAsAssets', window );">Net carrying value, Finance lease recognized as assets</a></td>
<td class="num">$ (64)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinanceLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current finance lease liabilities. [Refer: Finance lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-02&amp;anchor=para_55&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinanceLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MinimumFinanceLeasePaymentsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payments over the finance lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with any amounts guaranteed by the lessee or by a party related to the lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2017-03-02&amp;anchor=para_31_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MinimumFinanceLeasePaymentsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RecognisedFinanceLeaseAsAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets recognised by the entity, which are leased under finance leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2017-03-02&amp;anchor=para_31_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RecognisedFinanceLeaseAsAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsLesseeFinanceLeaseTermOfContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Term of finance lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsLesseeFinanceLeaseTermOfContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_UsefulLivesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives used for property, plant and equipment, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UsefulLivesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=teo_ComputerEquipmentAndSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=teo_ComputerEquipmentAndSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R85.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6987297216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies - Other liabilities (Details) - item<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum', window );">Number of month's salary required for the payment of single lump sum</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodOfServiceCalculatedToPayBenefits', window );">Period of service calculated to pay benefits</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments', window );">Period for payment of legal fee</a></td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">4.60%<span></span>
</td>
<td class="nump">4.80%<span></span>
</td>
<td class="nump">6.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Projected increase rate in compensation</a></td>
<td class="nump">8.00%<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">9.20%<span></span>
</td>
<td class="nump">6.20%<span></span>
</td>
<td class="nump">8.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Projected increase rate in compensation</a></td>
<td class="nump">16.30%<span></span>
</td>
<td class="nump">22.50%<span></span>
</td>
<td class="nump">26.80%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfDiscountRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used as the significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfDiscountRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of salary increases used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of month's salary to be considered for the payment of benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfMonthSSalaryRequiredForPaymentOfSingleLumpSum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period during which the legal fee is to be paid in consecutive installments, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodForPaymentOfLegalFeeInConsecutiveInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodOfServiceCalculatedToPayBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of service calculated to pay benefits, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodOfServiceCalculatedToPayBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>102
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7095394096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies - Taxes payables (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 01, 2024</div></th>
<th class="th"><div>Jan. 01, 2018</div></th>
<th class="th"><div>Nov. 14, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34.30%<span></span>
</td>
<td class="nump">34.30%<span></span>
</td>
<td class="nump">34.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AverageTurnoverTaxRate', window );">Average rates resulting from the turnover</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.40%<span></span>
</td>
<td class="nump">5.30%<span></span>
</td>
<td class="nump">5.20%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateForUniversalServiceFiduciaryFund', window );">Tax rate for SU fund</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PersonalAssetsTaxReceivableReversed', window );">Personal assets tax receivable reversed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PersonalAssetsTaxLiabilityReversed', window );">Personal assets tax liability reversed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EffectiveTaxRateApplicableForIndividuals', window );">Effective tax rate applicable for individuals</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PresumedIncomeEquivalentTransferPriceNonResidents', window );">Presume income equivalent of transfer price for non-residents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EffectiveInternalTaxRateMobileTelephoneServices', window );">Effective internal tax rate, mobile telephone services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.16%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks', window );">Effective internal tax rate, sale of mobile phones and other wireless networks that will decrease gradually until its complete phase out as of January 1, 2024</a></td>
<td class="nump">11.73%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.48%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego', window );">Effective internal tax rate, goods manufacture in Tierra del Fuego</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SocialSecurityTaxEmployerContributionsPercentage', window );">Percentage of employers' contributions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Tax Year 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EffectiveInternalTaxRateMobileTelephoneServices', window );">Effective internal tax rate, mobile telephone services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.26%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SocialSecurityEmployersContributionBase', window );">Social security, non-taxable base</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Tax Year 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Tax Year 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Changes in tax rates or tax laws enacted or announced</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevaluationTaxRealEstateCapitalAssets', window );">Real estate (regarded as capital assets) revaluation tax percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevaluationTaxRealEstateInventories', window );">Real estate (regarded as inventories) revaluation tax percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents', window );">Shares, quotas and other participations in Argentine companies owned by resident individuals revaluation tax percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevaluationTaxOtherAssetsPercent', window );">All other assets (except inventories and cars, which may not be revaluated), revaluation tax percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Changes in tax rates or tax laws enacted or announced | Tax Year 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_WithholdingTaxRateOnDividendsDistributedToNonResidents', window );">Withholding tax rate on dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage', window );">Equalization tax rate percentage, repealed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TurnoverTaxRateCommunications', window );">Turnover Tax, communications rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TurnoverTaxRateMobileTelephonePercentage', window );">Turnover Tax, mobile telephone rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Changes in tax rates or tax laws enacted or announced | Tax Year 2018 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction', window );">Annual reduction in tax on deposits to and withdrawals from bank accounts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20.00%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Changes in tax rates or tax laws enacted or announced | Tax Year 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_StampTaxRatePercentage', window );">Stamp Tax rate percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Changes in tax rates or tax laws enacted or announced | Tax Year 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_WithholdingTaxRateOnDividendsDistributedToNonResidents', window );">Withholding tax rate on dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Changes in tax rates or tax laws enacted or announced | Tax Year 2022</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SocialSecurityTaxEmployerContributionsPercentage', window );">Percentage of employers' contributions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SocialSecurityEmployersContributionBase', window );">Social security, non-taxable base</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TurnoverTaxRateCommunications', window );">Turnover Tax, communications rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TurnoverTaxRateMobileTelephonePercentage', window );">Turnover Tax, mobile telephone rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_PY', window );">Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionalTaxRateInRespectOfDividendPayment', window );">Additional tax rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">United States of America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">United States of America | Changes in tax rates or tax laws enacted or announced</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageEffectiveTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax expense (income) divided by the accounting profit. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageEffectiveTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionalTaxRateInRespectOfDividendPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional tax rate applicable in case of payment of dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionalTaxRateInRespectOfDividendPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AverageTurnoverTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average percentage of turnover tax charge over the total revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AverageTurnoverTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EffectiveInternalTaxRateMobileTelephoneServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effective internal tax rate applicable to mobile telephone services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EffectiveInternalTaxRateMobileTelephoneServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Effective internal tax rate rate levied on goods manufactured in Tierra del Fuego.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effective internal tax rate applicable to the sale of imported mobile phones and other wireless networks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EffectiveTaxRateApplicableForIndividuals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of effective tax rate applicable for individuals.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EffectiveTaxRateApplicableForIndividuals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The withholding tax rate applicable to to dividends distributed in excess of the accumulated taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PersonalAssetsTaxLiabilityReversed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payable for personal assets tax reversed in the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PersonalAssetsTaxLiabilityReversed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PersonalAssetsTaxReceivableReversed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of receivable for personal assets tax reversed in the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PersonalAssetsTaxReceivableReversed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PresumedIncomeEquivalentTransferPriceNonResidents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of transfer price presumed as income equivalent in cases of non-residents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PresumedIncomeEquivalentTransferPriceNonResidents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>One-time special tax applied to the revaluation of investments in Argentine companies owned by resident individuals that generate taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevaluationTaxOtherAssetsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>One-time special tax applied to the revaluation of all other assets (except inventories and cars excluded from revaluation) that generate taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevaluationTaxOtherAssetsPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevaluationTaxRealEstateCapitalAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>One-time special tax applied to the revaluation of real estate capital assets that generate taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevaluationTaxRealEstateCapitalAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevaluationTaxRealEstateInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>One-time special tax applied to the revaluation of real estate assets regarded as inventories that generate taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevaluationTaxRealEstateInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SocialSecurityEmployersContributionBase">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-taxable base for calculating employers' contributions to social security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SocialSecurityEmployersContributionBase</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SocialSecurityTaxEmployerContributionsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of employers' contributions to social security to be paid by large companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SocialSecurityTaxEmployerContributionsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_StampTaxRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Stamp tax rate percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_StampTaxRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Annual reduction in income tax levied on deposits to and withdrawals from bank accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRateForUniversalServiceFiduciaryFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of tax for Universal Service Fiduciary Fund.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRateForUniversalServiceFiduciaryFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TurnoverTaxRateCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Turnover tax rate applicable to communications.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TurnoverTaxRateCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TurnoverTaxRateMobileTelephonePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Turnover Tax rate applicable to mobile telephones.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TurnoverTaxRateMobileTelephonePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_WithholdingTaxRateOnDividendsDistributedToNonResidents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of withholding tax on dividends distributed to non-residents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_WithholdingTaxRateOnDividendsDistributedToNonResidents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxPeriodAxis=teo_TaxYear2018Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxPeriodAxis=teo_TaxYear2018Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxPeriodAxis=teo_TaxYear2019Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxPeriodAxis=teo_TaxYear2019Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxPeriodAxis=teo_TaxYear2020Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxPeriodAxis=teo_TaxYear2020Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxPeriodAxis=teo_TaxYear2022Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TaxPeriodAxis=teo_TaxYear2022Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_PY">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_PY</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>103
<FILENAME>R87.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6985838432">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies - Cost of Increase of Share in Controlled Companies (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Apr. 30, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business combination</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent', window );">Increase (decrease) through changes in ownership interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (3)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_TelecomPersonalS.aMember', window );">Personal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business combination</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSharesAcquired', window );">Number of Shares Acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">120,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfVotingRightsHeldByNoncontrollingInterests', window );">Proportion of voting rights held by non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.008%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total purchase price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent', window );">Increase (decrease) through changes in ownership interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">See Note 3.u.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
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<tr>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity attributable to owners of the parent through changes in ownership interests in subsidiaries that do not result in loss of control. [Refer: Subsidiaries [member]; Equity attributable to owners of parent]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControlEquityAttributableToOwnersOfParent</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of the voting rights in a subsidiary held by non-controlling interests. [Refer: Subsidiaries [member]; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfVotingRightsHeldByNoncontrollingInterests</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity interests of the acquiree transferred as part of a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6986789456">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Significant accounting policies - Use of estimates (Details)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
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<td class="text">&#160;<span></span>
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<td class="nump">9.80%<span></span>
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<td class="nump">9.80%<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_USD', window );">U.S. dollars | Intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems', window );"><strong>Receivables and payables valued at amortized cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">10.50%<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems', window );"><strong>Receivables and payables valued at amortized cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">13.00%<span></span>
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<td class="nump">13.00%<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_ARS', window );">Pesos | Non-current receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems', window );"><strong>Receivables and payables valued at amortized cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">34.00%<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">8.83%<span></span>
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<td class="nump">9.42%<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate applied to cash flow projections for a cash-generating unit (group of units). [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2017-01-01<br> -Paragraph 134<br> -Subparagraph d<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2017-03-01&amp;anchor=para_134_d_v&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2017-01-01<br> -Paragraph 134<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2017-03-01&amp;anchor=para_134_e_v&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_USD</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_IntangibleAssetsAndGoodwillMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=teo_NonCurrentTradeReceivablesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_ARS</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_PYG</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=teo_IfrsLoansPayableMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DOCUMENT>
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<SEQUENCE>105
<FILENAME>R89.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6986751776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies - New Standards (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 01, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>New Standards and Interpretations issued by the IASB not in force</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,630<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,902<span></span>
</td>
<td class="nump">$ 1,594<span></span>
</td>
<td class="nump">$ 1,692<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member', window );">Increase (decrease) due to application of IFRS 15</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>New Standards and Interpretations issued by the IASB not in force</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServiceTermContractPeriod', window );">Service term period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">24 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractAssets', window );">Contractual assets</a></td>
<td class="nump">$ 781<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="nump">234<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="nump">547<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=teo_AdvancesForMobileHandsetsAcquisitionsMember', window );">Advances for mobile handsets acquisitions | Increase (decrease) due to application of IFRS 15</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>New Standards and Interpretations issued by the IASB not in force</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="num">(48)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RetainedEarningsBeforeIncomeTax', window );">Retained earnings, before income tax</a></td>
<td class="num">(68)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="num">(20)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=teo_CreditLossesRelatedToTradeReceivablesMember', window );">Credit losses related to trade receivables | Increase (decrease) due to application of IFRS 9</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>New Standards and Interpretations issued by the IASB not in force</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="num">(357)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RetainedEarningsBeforeIncomeTax', window );">Retained earnings, before income tax</a></td>
<td class="num">(482)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="num">$ (125)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an entity&#8217;s right to consideration in exchange for goods or services that the entity has transferred to a customer, when that right is conditioned on something other than the passage of time (for example, the entity&#8217;s future performance).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 116<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_116_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RetainedEarningsBeforeIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit, before deducting of income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RetainedEarningsBeforeIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ServiceTermContractPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time over which sale price of performance obligation will be allocated.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ServiceTermContractPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=teo_AdvancesForMobileHandsetsAcquisitionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=teo_AdvancesForMobileHandsetsAcquisitionsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=teo_CreditLossesRelatedToTradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=teo_CreditLossesRelatedToTradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7095206256">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Cash and cash equivalents and Investments (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOnHand', window );">Cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 52<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 56<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BalancesWithBanks', window );">Banks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,312<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">878<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Time deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">105<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">898<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_BondsAtAmortizedCost', window );">Government bonds at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">604<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents', window );">Other short-term investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,509<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_BondsAtFairValue', window );">Lebacs at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,263<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Total cash and cash equivalents</a></td>
<td class="nump">$ 153<span></span>
</td>
<td class="nump">2,831<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="nump">3,945<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,426<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,751<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,657<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">347<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember', window );">Government bonds | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">371<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,456<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_DollarLinkedGovernmentBondsMember', window );">Government bonds - dollar linked | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">293<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsInForeignCurrencyMember', window );">Government bonds in foreign currency | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,228<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">255<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember', window );">Provincial government and municipal bonds - dollar linked | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsMember', window );">Provincial and municipal government bonds | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember', window );">Provincial And Municipal Government Bonds In Foreign Currency | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">386<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember', window );">Other short-term investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,433<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">270<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_LebacsMember', window );">Lebacs | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">109<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_SharePurchaseOptionMember', window );">Tuve's Paraguay S.A shares purchase option</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_TelecommunicationsFundMember', window );">2003 Telecommunications Fund</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BalancesWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash balances held at banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashOnHand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash held by the entity. This does not include demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashOnHand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term investments. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_BondsAtAmortizedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of BCRA bonds at amortized cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_BondsAtAmortizedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_BondsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of government bonds at fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_BondsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing other short-term investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherShortTermInvestmentsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_DollarLinkedGovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_DollarLinkedGovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsInForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsInForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_DollarLinkedProvincialGovernmentAndMunicipalBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsInForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_LebacsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_LebacsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_SharePurchaseOptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_SharePurchaseOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_TelecommunicationsFundMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_TelecommunicationsFundMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>107
<FILENAME>R91.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7096024624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Breakdown of the net cash flow provided by operating activities (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract', window );"><strong>Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 153<span></span>
</td>
<td class="nump">$ 2,831<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="nump">$ 3,945<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">Total cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 870<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,831<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,945<span></span>
</td>
<td class="nump">$ 684<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfCashReceiptsFromOperatingActivitiesAbstract', window );"><strong>Collections</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReceiptsFromSalesOfGoodsAndRenderingOfServices', window );">Collections from customers</a></td>
<td class="nump">$ 71,113<span></span>
</td>
<td class="nump">$ 55,928<span></span>
</td>
<td class="nump">41,930<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestIncomeFromCustomers', window );">Interests from customers</a></td>
<td class="nump">762<span></span>
</td>
<td class="nump">366<span></span>
</td>
<td class="nump">182<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestIncomeFromInvestments', window );">Interests from investments</a></td>
<td class="nump">670<span></span>
</td>
<td class="nump">59<span></span>
</td>
<td class="nump">190<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceiptsFromMobileOperators', window );">Mobile operators collections</a></td>
<td class="nump">1,282<span></span>
</td>
<td class="nump">885<span></span>
</td>
<td class="nump">843<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashReceiptsFromOperatingActivities', window );">Subtotal</a></td>
<td class="nump">73,827<span></span>
</td>
<td class="nump">57,238<span></span>
</td>
<td class="nump">43,145<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfCashPaymentsAbstract', window );"><strong>Payments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsToSuppliersForGoodsAndServices', window );">For the acquisition of goods and services and others</a></td>
<td class="num">(19,557)<span></span>
</td>
<td class="num">(17,120)<span></span>
</td>
<td class="num">(12,784)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsMadeForAcquisitionOfInventories', window );">For the acquisition of inventories</a></td>
<td class="num">(5,520)<span></span>
</td>
<td class="num">(5,383)<span></span>
</td>
<td class="num">(6,343)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsToAndOnBehalfOfEmployees', window );">Salaries and social security payables and severance payments</a></td>
<td class="num">(11,669)<span></span>
</td>
<td class="num">(9,113)<span></span>
</td>
<td class="num">(6,885)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsToCallingPartyPays', window );">CPP payments</a></td>
<td class="num">(1,132)<span></span>
</td>
<td class="num">(393)<span></span>
</td>
<td class="num">(413)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities', window );">Income taxes (include tax return and payments in advance)</a></td>
<td class="num">(2,400)<span></span>
</td>
<td class="num">(1,700)<span></span>
</td>
<td class="num">(1,631)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities', window );">Other taxes and taxes and fees with the Regulatory Authority</a></td>
<td class="num">(13,399)<span></span>
</td>
<td class="num">(10,731)<span></span>
</td>
<td class="num">(7,775)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers', window );">Foreign currency exchange differences related to the payments to suppliers</a></td>
<td class="num">(818)<span></span>
</td>
<td class="num">(1,433)<span></span>
</td>
<td class="num">(502)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers', window );">Inventory suppliers</a></td>
<td class="num">(269)<span></span>
</td>
<td class="num">(295)<span></span>
</td>
<td class="num">(182)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers', window );">PP&amp;E suppliers</a></td>
<td class="num">(425)<span></span>
</td>
<td class="num">(1,467)<span></span>
</td>
<td class="num">(188)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers', window );">Other suppliers</a></td>
<td class="num">(119)<span></span>
</td>
<td class="num">(144)<span></span>
</td>
<td class="num">(31)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers', window );">NDF</a></td>
<td class="num">(5)<span></span>
</td>
<td class="nump">473<span></span>
</td>
<td class="num">(101)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashPaymentsInOperatingActivities', window );">Subtotal</a></td>
<td class="num">(54,495)<span></span>
</td>
<td class="num">(45,873)<span></span>
</td>
<td class="num">(36,333)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Total cash flows provided by operating activities</a></td>
<td class="nump">$ 19,332<span></span>
</td>
<td class="nump">$ 11,365<span></span>
</td>
<td class="nump">$ 6,812<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents in the statement of cash flows when different from the amount of cash and cash equivalents in the statement of financial position. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfCashPaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfCashPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfCashReceiptsFromOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfCashReceiptsFromOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for income taxes paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsToAndOnBehalfOfEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to, and on behalf of, employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 14<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_14_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsToAndOnBehalfOfEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsToSuppliersForGoodsAndServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to suppliers for goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 14<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_14_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsToSuppliersForGoodsAndServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReceiptsFromSalesOfGoodsAndRenderingOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of goods and rendering of services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 14<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_14_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReceiptsFromSalesOfGoodsAndRenderingOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashPaymentsInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash payments made in relation to operating activities</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashPaymentsInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashReceiptsFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total cash receipts from operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashReceiptsFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestIncomeFromCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income from customers.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestIncomeFromCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestIncomeFromInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income from investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestIncomeFromInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsMadeForAcquisitionOfInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow made for the acquisition of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsMadeForAcquisitionOfInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow made to inventory suppliers on foreign currency exchange differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsOfForeignCurrencyExchangeDifferencesToInventorySuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow made to non-deliverable forward suppliers on foreign currency exchange differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsOfForeignCurrencyExchangeDifferencesToNonDeliverableForwardSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow made to other suppliers on foreign currency exchange differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsOfForeignCurrencyExchangeDifferencesToOtherSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow made to property, plant and equipment suppliers on foreign currency exchange differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsOfForeignCurrencyExchangeDifferencesToPropertyPlantAndEquipmentSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow made to suppliers on foreign currency exchange differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsOfForeignCurrencyExchangeDifferencesToSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of other taxes and fees to regulatory authorities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsOfOtherTaxesAndFeesClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsToCallingPartyPays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow made for the calling parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsToCallingPartyPays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceiptsFromMobileOperators">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the collections made by mobile operators.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceiptsFromMobileOperators</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>108
<FILENAME>R92.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7002791536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Changes in assets/liabilities components (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract', window );"><strong>Net decrease (increase) in assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Trade receivables</a></td>
<td class="num">$ (2,072)<span></span>
</td>
<td class="num">$ (2,773)<span></span>
</td>
<td class="num">$ (2,364)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables', window );">Other receivables</a></td>
<td class="num">(902)<span></span>
</td>
<td class="nump">276<span></span>
</td>
<td class="num">(754)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="num">(618)<span></span>
</td>
<td class="nump">837<span></span>
</td>
<td class="num">(1,522)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForDecreaseIncreaseInAssets', window );">Total</a></td>
<td class="num">(3,592)<span></span>
</td>
<td class="num">(1,660)<span></span>
</td>
<td class="num">(4,640)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract', window );"><strong>Net increase (decrease) in liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Trade payables</a></td>
<td class="nump">1,067<span></span>
</td>
<td class="num">(1,391)<span></span>
</td>
<td class="nump">1,368<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome', window );">Deferred revenues</a></td>
<td class="nump">51<span></span>
</td>
<td class="num">(58)<span></span>
</td>
<td class="num">(48)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities', window );">Salaries and social security payables</a></td>
<td class="nump">513<span></span>
</td>
<td class="nump">369<span></span>
</td>
<td class="nump">221<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable', window );">Other taxes payables</a></td>
<td class="nump">982<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="nump">483<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities', window );">Other liabilities</a></td>
<td class="nump">68<span></span>
</td>
<td class="nump">62<span></span>
</td>
<td class="nump">29<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForIncreaseDecreaseInOtherProvisions', window );">Provisions (Note 17)</a></td>
<td class="num">(360)<span></span>
</td>
<td class="num">(174)<span></span>
</td>
<td class="num">(163)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForIncreaseDecreaseInLiabilities', window );">Total</a></td>
<td class="nump">$ 2,321<span></span>
</td>
<td class="num">$ (1,179)<span></span>
</td>
<td class="nump">$ 1,890<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other operating receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in deferred income to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Deferred income; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome</td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in employee benefit liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other liabilities; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the adjustments for changes in assets relating to operating activities during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForDecreaseIncreaseInAssets</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the adjustments of changes in liabilities relating to operating activities during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForIncreaseDecreaseInLiabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForIncreaseDecreaseInOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the adjustments for increase (decrease) in provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForIncreaseDecreaseInOtherProvisions</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the adjustments for changes in other taxes payable during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForIncreaseDecreaseInOtherTaxesPayable</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7046105168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Main non-cash operating transactions (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashFlowNoncashOperatingActivitiesAbstract', window );"><strong>Main non-cash operating transactions:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalizedTradeReceivablesOffsettingOnAcquisition', window );">Offsetting of capitalized trade receivables of Tuves Paraguay acquisition</a></td>
<td class="nump">$ 149<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders', window );">Offsetting of tax on personal property - on behalf of Shareholders</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 8<span></span>
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<td class="nump">$ 15<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxOffsetWithVatAndInternalTaxes', window );">Income tax offset with VAT and internal taxes</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="nump">50<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherReceivablesOffsetWithProvisions', window );">Offsetting of other receivables with regulatory provisions</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">27<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_VatOffsetWithIncomeTaxes', window );">VAT offset with income tax payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables', window );">SAC acquisitions offset with trade receivables</a></td>
<td class="nump">$ 313<span></span>
</td>
<td class="nump">305<span></span>
</td>
<td class="nump">$ 212<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables', window );">Other receivables of PP&amp;E sales offset with trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25<span></span>
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<td class="text">&#160;<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalizedTradeReceivablesOffsettingOnAcquisition">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the offsetting of capitalized trade receivables on Tuves Paraguay acquisition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncomeTaxOffsetWithVatAndInternalTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the income tax offset with VAT and internal taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncomeTaxOffsetWithVatAndInternalTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherReceivablesOffsetWithProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the provisions offset for other receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherReceivablesOffsetWithProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of receivables from sale of property, plant and equipment offset with trade payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromPropertyPlantAndEquipmentSalesOffsetWithTradePayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the offset of subscriber acquisition costs with trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the offsetting of tax on personal property, on behalf of shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxOffsettingOnPersonalPropertyOnBehalfOfShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_VatOffsetWithIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the VAT offset with income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_VatOffsetWithIncomeTaxes</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R94.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7013099776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Most significant investing activities (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract', window );"><strong>Fixed assets acquisitions include:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalExpendituresPropertyPlantAndEquipment', window );">CAPEX (Note 8)</a></td>
<td class="num">$ (9,905)<span></span>
</td>
<td class="num">$ (9,632)<span></span>
</td>
<td class="num">$ (6,396)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment', window );">Acquisition of Materials (net transfers to CAPEX, Note 8)</a></td>
<td class="num">(1,433)<span></span>
</td>
<td class="num">(474)<span></span>
</td>
<td class="num">(1,062)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PropertyPlantAndEquipmentGrossAmountCapitalized', window );">Subtotal</a></td>
<td class="num">(11,338)<span></span>
</td>
<td class="num">(10,106)<span></span>
</td>
<td class="num">(7,458)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment', window );">Plus: Payments of trade payables originated in prior years acquisitions</a></td>
<td class="num">(3,342)<span></span>
</td>
<td class="num">(4,832)<span></span>
</td>
<td class="num">(1,367)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables', window );">Less: Acquisition of fixed assets through incurrence of trade payables</a></td>
<td class="nump">3,862<span></span>
</td>
<td class="nump">5,298<span></span>
</td>
<td class="nump">3,592<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts', window );">Assets retirement obligations</a></td>
<td class="nump">35<span></span>
</td>
<td class="nump">45<span></span>
</td>
<td class="nump">53<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MobileHandsetsLentToCustomersAtNoCost', window );">Mobile handsets lent to customers at no cost</a></td>
<td class="nump">56<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="nump">32<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Fixed assets acquisitions, total</a></td>
<td class="num">(10,727)<span></span>
</td>
<td class="num">(9,541)<span></span>
</td>
<td class="num">(5,148)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionsOfIntangibleAssetsAbstract', window );"><strong>Intangible assets acquisitions include:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LicensesAcquisitionsGross', window );">3G/4G Licenses acquisitions (Note 9)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,256)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities', window );">Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,256)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionsOfOtherIntangibleAssets', window );">Other intangible assets acquisitions (Note 9)</a></td>
<td class="num">(1,238)<span></span>
</td>
<td class="num">(1,754)<span></span>
</td>
<td class="num">(1,448)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets', window );">Plus: Payments of trade payables originated in prior years acquisitions</a></td>
<td class="num">(93)<span></span>
</td>
<td class="num">(201)<span></span>
</td>
<td class="num">(116)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables', window );">SAC acquisitions offset with trade receivables</a></td>
<td class="num">(313)<span></span>
</td>
<td class="num">(305)<span></span>
</td>
<td class="num">(212)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables', window );">Less: Acquisition of intangible assets through incurrence of trade payables</a></td>
<td class="nump">673<span></span>
</td>
<td class="nump">462<span></span>
</td>
<td class="nump">466<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities', window );">Total</a></td>
<td class="num">$ (971)<span></span>
</td>
<td class="num">$ (1,798)<span></span>
</td>
<td class="num">$ (1,310)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount trade payables incurred to acquire intangible assets during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AcquisitionOfIntangibleAssetsThroughIncurrenceOfTradePayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables incurred to acquire property, plant and equipment during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AcquisitionOfPropertyPlantAndEquipmentThroughIncurrenceOfTradePayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AcquisitionsOfIntangibleAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AcquisitionsOfIntangibleAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AcquisitionsOfOtherIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire other intangible assets</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AcquisitionsOfOtherIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AcquisitionsOfPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Capital expenditures for costs related to decommissioning, restoration and rehabilitation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalExpendituresForDecommissioningRestorationAndRehabilitationCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash outflow for the amount of expenditures for materials net of transfers to property, plant and and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalExpendituresMaterialsTransferredToPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalExpendituresPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and and equipment expenditures before adjustments for amounts included in payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalExpendituresPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LicensesAcquisitionsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the cash outflow to acquire 3G/4G Licenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LicensesAcquisitionsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MobileHandsetsLentToCustomersAtNoCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the value of mobile handsets lent to customers at no cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MobileHandsetsLentToCustomersAtNoCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables paid relating to prior year acquisitions of intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables paid relating to prior year acquisitions of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsOfTradePayablesFromPriorYearAcquisitionOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PropertyPlantAndEquipmentGrossAmountCapitalized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross capitalized amount of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PropertyPlantAndEquipmentGrossAmountCapitalized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of license intangible assets, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of other intangible assets, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PurchaseOfOtherIntangibleAssetsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the offset of subscriber acquisition costs with trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SubscriberAcquisitionCostsOffsetWithTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7098447472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Cash flows from purchases, sales and maturities of securities (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract', window );"><strong>Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsForPurchaseOfGovernmentBonds', window );">Government bonds acquisition</a></td>
<td class="num">$ (3,002)<span></span>
</td>
<td class="num">$ (971)<span></span>
</td>
<td class="num">$ (1,049)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromSaleOfGovernmentBonds', window );">Sales of Government bonds</a></td>
<td class="nump">1,986<span></span>
</td>
<td class="nump">1,051<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromCollectionOfGovernmentBonds', window );">Government bonds collection</a></td>
<td class="nump">276<span></span>
</td>
<td class="nump">165<span></span>
</td>
<td class="nump">45<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsForPurchaseOfOtherShortTermInvestments', window );">Other short-term investments and time deposits</a></td>
<td class="num">(2,063)<span></span>
</td>
<td class="num">(265)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Sales of Other short-term investments</a></td>
<td class="nump">176<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromCollectionOfCompanyNotes', window );">Argentine companies notes collection</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments', window );">Total</a></td>
<td class="num">$ (2,627)<span></span>
</td>
<td class="num">$ (20)<span></span>
</td>
<td class="num">$ (976)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to a decrease (increase) in short-term deposits and investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsForPurchaseOfGovernmentBonds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of government bonds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsForPurchaseOfGovernmentBonds</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsForPurchaseOfOtherShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of other short-term investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsForPurchaseOfOtherShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromCollectionOfCompanyNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from collection of company notes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromCollectionOfCompanyNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromCollectionOfGovernmentBonds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow on collection of government bonds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromCollectionOfGovernmentBonds</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromSaleOfGovernmentBonds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sale of government bonds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromSaleOfGovernmentBonds</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>112
<FILENAME>R96.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7012364272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Components of financing activities (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract', window );"><strong>Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromBankOverdrafts', window );">Bank overdrafts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,344<span></span>
</td>
<td class="nump">$ 3,150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromLongTermNotes', window );">Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,869<span></span>
</td>
<td class="nump">716<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromBankLoans', window );">Bank loans</a></td>
<td class="nump">$ 1,730<span></span>
</td>
<td class="nump">6,124<span></span>
</td>
<td class="nump">435<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Total financial debt proceeds</a></td>
<td class="nump">1,730<span></span>
</td>
<td class="nump">9,337<span></span>
</td>
<td class="nump">4,301<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RepaymentsOfBankOverdrafts', window );">Bank overdrafts</a></td>
<td class="num">(1,572)<span></span>
</td>
<td class="num">(2,793)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RepaymentsOfNonCurrentNotes', window );">Notes</a></td>
<td class="num">(566)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RepaymentsOfBankLoans', window );">Bank loans</a></td>
<td class="num">(848)<span></span>
</td>
<td class="num">(143)<span></span>
</td>
<td class="num">(31)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Total payment of debt</a></td>
<td class="num">(2,986)<span></span>
</td>
<td class="num">(2,936)<span></span>
</td>
<td class="num">(31)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts', window );">Bank overdrafts</a></td>
<td class="num">(58)<span></span>
</td>
<td class="num">(1,243)<span></span>
</td>
<td class="num">(405)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfInterestOnNotesAndRelatedExpenses', window );">Interests on Notes and related expenses</a></td>
<td class="num">(340)<span></span>
</td>
<td class="num">(205)<span></span>
</td>
<td class="num">(3)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfInterestOnBankLoansAndRelatedExpenses', window );">Interests on bank loans and related expenses</a></td>
<td class="num">(418)<span></span>
</td>
<td class="num">(125)<span></span>
</td>
<td class="num">(63)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfInterestOnNondeliverableForwards', window );">NDF</a></td>
<td class="num">(32)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Total payment of interest and related expenses</a></td>
<td class="num">$ (848)<span></span>
</td>
<td class="num">$ (1,573)<span></span>
</td>
<td class="num">$ (471)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of interest and related expenses on bank overdrafts .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfInterestOnBankLoansAndRelatedExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of interest on bank loans and related expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfInterestOnBankLoansAndRelatedExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfInterestOnNondeliverableForwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow of interest on non-deliverable forwards (NDF).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfInterestOnNondeliverableForwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfInterestOnNotesAndRelatedExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of interest on notes and related expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfInterestOnNotesAndRelatedExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromBankLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from bank loans obtained.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromBankLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromBankOverdrafts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from bank overdrafts obtained.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromBankOverdrafts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromLongTermNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from bank overdrafts obtained.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromLongTermNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RepaymentsOfBankLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payments of bank loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RepaymentsOfBankLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RepaymentsOfBankOverdrafts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payments of bank overdrafts</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RepaymentsOfBankOverdrafts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RepaymentsOfNonCurrentNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payments of non-current notes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RepaymentsOfNonCurrentNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7098286912">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Breakdown of dividends paid by company (Details)<br> $ / shares in Units, &#8370; in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">1 Months Ended</th>
<th class="th" colspan="6">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<th class="th">
<div>Dec. 29, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 18, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Mar. 28, 2017 </div>
<div>PYG (&#8370;)</div>
</th>
<th class="th">
<div>Aug. 26, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>May 13, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Apr. 29, 2016 </div>
<div>ARS ($) </div>
<div>installment</div>
</th>
<th class="th">
<div>Dec. 17, 2015 </div>
<div>PYG (&#8370;)</div>
</th>
<th class="th">
<div>May 11, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Apr. 29, 2015 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Mar. 26, 2015 </div>
<div>PYG (&#8370;)</div>
</th>
<th class="th">
<div>Oct. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>May 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>May 31, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>$ / shares</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2016 </div>
<div>ARS ($) </div>
<div>$ / shares</div>
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<th class="th" colspan="2">
<div>Dec. 31, 2015 </div>
<div>ARS ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Mar. 28, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 17, 2015 </div>
<div>ARS ($)</div>
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<th class="th">
<div>Mar. 26, 2015 </div>
<div>ARS ($)</div>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidAbstract', window );"><strong>Dividends paid by company</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities', window );">Nucleo to ABC Telecomunicaciones</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (38.0)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (45.0)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities', window );">Nortel and Telecom Argentina non-controlling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (1,300.0)<span></span>
</td>
<td class="num">$ (700.0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,151.0)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (2,000.0)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(804.0)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities', window );">Dividends advance declared by Sofora and paid by Telecom in December 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3.0)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of cash dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (4,192.0)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (2,000.0)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (849.0)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities', window );">Reserve for future cash dividends payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,150.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,000.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare', window );">Cash dividend per outstanding share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.83<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.28<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2.06<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 0.83<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfCashDividendDistributionInstallments', window );">Number of Cash Dividend Distribution installments | installment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 804.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,151.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,000.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 804.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidAbstract', window );"><strong>Dividends paid by company</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8370; 40,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8370; 35,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8370; 35,000<span></span>
</td>
<td class="nump">$ 55.0<span></span>
</td>
<td class="nump">$ 54.0<span></span>
</td>
<td class="nump">$ 80.0<span></span>
</td>
<td class="nump">$ 63.0<span></span>
</td>
<td class="nump">109.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">143.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 109.0<span></span>
</td>
<td class="nump">$ 80.0<span></span>
</td>
<td class="nump">$ 63.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidAbstract', window );"><strong>Dividends paid by company</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of cash dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(41.0)<span></span>
</td>
<td class="num">(39.0)<span></span>
</td>
<td class="num">(52.0)<span></span>
</td>
<td class="num">(41.0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37.0<span></span>
</td>
<td class="nump">37.0<span></span>
</td>
<td class="nump">54.0<span></span>
</td>
<td class="nump">42.0<span></span>
</td>
<td class="nump">74.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">96.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | ABC Telecomunicaciones</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidAbstract', window );"><strong>Dividends paid by company</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of cash dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20.0)<span></span>
</td>
<td class="num">(18.0)<span></span>
</td>
<td class="num">(26.0)<span></span>
</td>
<td class="num">(19.0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18.0<span></span>
</td>
<td class="nump">$ 17.0<span></span>
</td>
<td class="nump">$ 26.0<span></span>
</td>
<td class="nump">$ 21.0<span></span>
</td>
<td class="nump">$ 35.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 47.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidAbstract', window );"><strong>Dividends paid by company</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="nump">$ 2.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="24"></td></tr>
<tr><td colspan="24"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Board of Directors&#8217; Meeting held on December 18, 2017. The amount in pesos is $ 4,150,312,272, which was rounded in this Consolidated Statement of changes in equity to be presented in millions of pesos to 4,151.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company's Board of Directors' Meeting held on April 29, 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Ordinary Shareholders&#8217; Meeting held on April&#160;29, 2015.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends that the company has declared but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid to equity holders of the parent, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid to non-controlling interests, classified as financing activities. [Refer: Non-controlling interests; Dividends paid to non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners of the parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount, per share, of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendsPaidAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendsPaidAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow from reserves for dividends paid to equity holders of the parent, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid to equity holders of the subsidiary, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendsPaidToEquityHoldersOfSubsidiaryClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfCashDividendDistributionInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of installments in which the cash dividends are to be distributed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfCashDividendDistributionInstallments</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_AbcTelecomunicacionesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_AbcTelecomunicacionesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6987754624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Investments and Additional information on the consolidated statements of cash flows - Additional information required by IAS 7 (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from financial debt</a></td>
<td class="nump">$ 1,730<span></span>
</td>
<td class="nump">$ 9,337<span></span>
</td>
<td class="nump">$ 4,301<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of financial debt</a></td>
<td class="nump">2,986<span></span>
</td>
<td class="nump">2,936<span></span>
</td>
<td class="nump">31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of interest</a></td>
<td class="nump">848<span></span>
</td>
<td class="nump">1,573<span></span>
</td>
<td class="nump">$ 471<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ifrs-full_ShorttermBorrowingsMember', window );">Total current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">11,912<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="num">(2,104)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestAccruedOnBorrowings', window );">Accrued interests</a></td>
<td class="nump">928<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">1,499<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">12,235<span></span>
</td>
<td class="nump">11,912<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember', window );">Bank overdrafts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">1,707<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="num">(1,572)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">135<span></span>
</td>
<td class="nump">1,707<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_BankLoansCurrentMember', window );">Bank loans - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">7,401<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransfersInOutOfBorrowings', window );">Transfers</a></td>
<td class="num">(1,092)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="nump">882<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestAccruedOnBorrowings', window );">Accrued interests</a></td>
<td class="nump">11<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">992<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">8,194<span></span>
</td>
<td class="nump">7,401<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesCurrentMember', window );">Notes - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">2,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransfersInOutOfBorrowings', window );">Transfers</a></td>
<td class="num">(57)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="num">(566)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">2,158<span></span>
</td>
<td class="nump">2,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardCurrentMember', window );">NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="num">(32)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestAccruedOnBorrowings', window );">Accrued interests</a></td>
<td class="nump">37<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsCurrentMember', window );">Accrued interests</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransfersInOutOfBorrowings', window );">Transfers</a></td>
<td class="nump">1,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="num">(816)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestAccruedOnBorrowings', window );">Accrued interests</a></td>
<td class="nump">880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">366<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">$ 1,731<span></span>
</td>
<td class="nump">$ 152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from the effect of changes in foreign exchange rates. [Refer: Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 44B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_44B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from financing cash flows. [Refer: Cash flows from (used in) financing activities; Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 44B<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_44B_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities for which cash flows were, or future cash flows will be, classified in the statement of cash flows as cash flows from financing activities. [Refer: Cash flows from (used in) financing activities; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 44D<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_44D&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestAccruedOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest accrued on borrowings, during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestAccruedOnBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TransfersInOutOfBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers in and (out) of borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TransfersInOutOfBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ifrs-full_ShorttermBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ifrs-full_ShorttermBorrowingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_BankLoansCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_BankLoansCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>115
<FILENAME>R99.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6986049888">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Trade receivables (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesAbstract', window );"><strong>Current trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Total current trade receivables</a></td>
<td class="nump">$ 8,636<span></span>
</td>
<td class="nump">$ 7,577<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesAbstract', window );"><strong>Non-current trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Non-current trade receivables</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">208<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total trade receivables, net</a></td>
<td class="nump">8,648<span></span>
</td>
<td class="nump">7,785<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedAndMobileServicesMember', window );">Fixed and mobile services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesAbstract', window );"><strong>Current trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Total current trade receivables</a></td>
<td class="nump">9,232<span></span>
</td>
<td class="nump">8,210<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesAbstract', window );"><strong>Non-current trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Non-current trade receivables</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">208<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesAbstract', window );"><strong>Current trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Total current trade receivables</a></td>
<td class="num">$ (596)<span></span>
</td>
<td class="num">$ (633)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_FixedAndMobileServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_FixedAndMobileServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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</body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R100.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6749256720">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade receivables - Movements in the allowance for current doubtful accounts (Details) - Trade receivables - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfTradeReceivablesLineItems', window );"><strong>Trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the beginning of the fiscal year</a></td>
<td class="num">$ (633)<span></span>
</td>
<td class="num">$ (386)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets', window );">Additions -Bad debt expenses</a></td>
<td class="num">(1,113)<span></span>
</td>
<td class="num">(1,228)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets', window );">Uses</a></td>
<td class="nump">1,162<span></span>
</td>
<td class="nump">989<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets', window );">Currency translation adjustments</a></td>
<td class="num">(12)<span></span>
</td>
<td class="num">(8)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the end of the year</a></td>
<td class="num">$ (596)<span></span>
</td>
<td class="num">$ (633)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional allowance for credit losses of financial assets recognised in profit or loss. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an allowance account used to record impairments to financial assets due to credit losses. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in an allowance account for credit losses of financial assets resulting from the net exchange differences arising when the financial statements are translated from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in an allowance account for credit losses of financial assets resulting from the utilisation of the allowance. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfTradeReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfTradeReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>117
<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7013557824">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Other receivables (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesAbstract', window );"><strong>Current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Total Current other receivables</a></td>
<td class="nump">$ 1,491<span></span>
</td>
<td class="nump">$ 1,011<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentReceivablesAbstract', window );"><strong>Non-current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentReceivables', window );">Total Non-current other receivables</a></td>
<td class="nump">419<span></span>
</td>
<td class="nump">360<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Total other receivables</a></td>
<td class="nump">1,910<span></span>
</td>
<td class="nump">1,371<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonDeliverableForwardCurrent', window );">Financial NDF</a></td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesAbstract', window );"><strong>Current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaidExpenses', window );">Prepaid expenses</a></td>
<td class="nump">554<span></span>
</td>
<td class="nump">620<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositInAuctionsSWarrantToConatel', window );">Deposit in auction's warrant to CONATEL (Note 2.i)</a></td>
<td class="nump">278<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromReimbursementOfExpenditureCurrent', window );">Expenditure reimbursement</a></td>
<td class="nump">134<span></span>
</td>
<td class="nump">126<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromTaxCreditsCurrent', window );">Tax credits</a></td>
<td class="nump">218<span></span>
</td>
<td class="nump">46<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromRestrictedFundsCurrent', window );">Restricted funds</a></td>
<td class="nump">45<span></span>
</td>
<td class="nump">33<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesForReturnOfHandsetsCurrent', window );">Receivables for return of handsets under warranty</a></td>
<td class="nump">15<span></span>
</td>
<td class="nump">29<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentReceivablesFromSaleOfProperties', window );">PP&amp;E disposal receivables</a></td>
<td class="nump">20<span></span>
</td>
<td class="nump">18<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromGuaranteeDepositsCurrent', window );">Guarantee deposits</a></td>
<td class="nump">13<span></span>
</td>
<td class="nump">10<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Tax on personal property - on behalf of Shareholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">NDF (Note 20)</a></td>
<td class="nump">66<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesOther', window );">Other</a></td>
<td class="nump">171<span></span>
</td>
<td class="nump">140<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Total Current other receivables</a></td>
<td class="nump">1,514<span></span>
</td>
<td class="nump">1,032<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentReceivablesAbstract', window );"><strong>Non-current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Prepaid expenses</a></td>
<td class="nump">266<span></span>
</td>
<td class="nump">258<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromScResolutionAndIdcNonCurrent', window );">Credit on SC Resolution No. 41/07 and IDC (Note 2.m and n)</a></td>
<td class="nump">56<span></span>
</td>
<td class="nump">57<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromRestrictedFundsNonCurrent', window );">Restricted funds</a></td>
<td class="nump">53<span></span>
</td>
<td class="nump">33<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromRegulatoryNonCurrent', window );">Regulatory receivables (Paraguay)</a></td>
<td class="nump">39<span></span>
</td>
<td class="nump">27<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Tax on personal property - on behalf of Shareholders</a></td>
<td class="nump">18<span></span>
</td>
<td class="nump">18<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromTaxCreditsNonCurrent', window );">Tax credits</a></td>
<td class="nump">15<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromGuaranteeDepositsNonCurrent', window );">Guarantee deposits</a></td>
<td class="nump">21<span></span>
</td>
<td class="nump">12<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CreditOfIndemnityForTuvesParaguaryAcquistion', window );">Credit of indemnity for Tuves Paraguary Acquistion</a></td>
<td class="nump">29<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NondeliverableForward', window );">Financial NDF (Note 20)</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentReceivablesOther', window );">Other</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">19<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentReceivables', window );">Total Non-current other receivables</a></td>
<td class="nump">500<span></span>
</td>
<td class="nump">435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonDeliverableForwardCurrent', window );">Financial NDF</a></td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesAbstract', window );"><strong>Current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Total Current other receivables</a></td>
<td class="num">(23)<span></span>
</td>
<td class="num">(21)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentReceivablesAbstract', window );"><strong>Non-current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AllowanceForRegulatoryReceivableNonCurrent', window );">Allowance for regulatory matters (Note 2 m. and n)</a></td>
<td class="num">(56)<span></span>
</td>
<td class="num">(57)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Allowance for tax on personal property</a></td>
<td class="num">(18)<span></span>
</td>
<td class="num">$ (18)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AllowanceForTaxOnOtherCredits', window );">Allowance for tax on other credits (i)</a></td>
<td class="num">(7)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority', window );">Allowance for tax on other credits allocated to taxes with the Regulatory Authority</a></td>
<td class="num">(6)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments', window );">Allowance for tax on other credits allocated to currency translation adjustments</a></td>
<td class="num">$ (1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaidExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaidExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentReceivablesFromSaleOfProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables from sale of properties. [Refer: Receivables from sale of properties]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentReceivablesFromSaleOfProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables from taxes other than income tax. [Refer: Receivables from taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from taxes other than income tax. [Refer: Receivables from taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AllowanceForRegulatoryReceivableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for non-current regulatory receivables due to an Entity for more than one year that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AllowanceForRegulatoryReceivableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AllowanceForTaxOnOtherCredits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for non-current receivables from taxes other than income tax due to an Entity for more than one year that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AllowanceForTaxOnOtherCredits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Allowance for non-current receivables from taxes due to currency translation adjustments other than income tax due to an Entity for more than one year that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AllowanceForTaxOnOtherCreditsToCurrencyTranslationAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Allowance for non-current receivables from taxes with regulatory authority other than income tax due to an Entity for more than one year that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AllowanceForTaxOnOtherCreditsWithRegulatoryAuthority</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for non-current receivables from taxes other than income tax due to an Entity for more than one year that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AllowancesForNonCurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CreditOfIndemnityForTuvesParaguaryAcquistion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of credit indemnity for Tuves Paraguay Acquisition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CreditOfIndemnityForTuvesParaguaryAcquistion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositInAuctionsSWarrantToConatel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deposit in auctions's warrant to CONATEL</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositInAuctionsSWarrantToConatel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonDeliverableForwardCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonDeliverableForwardCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NondeliverableForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of noncurrent derivative financial assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NondeliverableForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentReceivablesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of other current receivables, other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentReceivablesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNonCurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNonCurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNonCurrentReceivablesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of other non-current receivables, other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNonCurrentReceivablesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesForReturnOfHandsetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current receivables for return of handsets under warranty.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesForReturnOfHandsetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromGuaranteeDepositsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current receivables from guarantee deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromGuaranteeDepositsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromGuaranteeDepositsNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current receivables from guarantee deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromGuaranteeDepositsNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromRegulatoryNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current receivables for regulatory matters.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromRegulatoryNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromReimbursementOfExpenditureCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of expenditure that is to be reimbursed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromReimbursementOfExpenditureCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromRestrictedFundsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current receivables from restricted funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromRestrictedFundsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromRestrictedFundsNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current receivables from restricted funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromRestrictedFundsNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromScResolutionAndIdcNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current receivables from SC Resolution No.41/07 and IDC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromScResolutionAndIdcNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromTaxCreditsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current tax credit receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromTaxCreditsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromTaxCreditsNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current tax credit receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromTaxCreditsNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6987336480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other receivables - Movements in the allowances (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherCurrentReceivablesMember', window );">Other current receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOtherReceivablesLineItems', window );"><strong>Movements in the allowances of other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the beginning of the fiscal year</a></td>
<td class="num">$ (21)<span></span>
</td>
<td class="num">$ (25)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets', window );">Additions</a></td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets', window );">Uses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the end of the year</a></td>
<td class="num">(23)<span></span>
</td>
<td class="num">(21)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_NonCurrentRegulatoryReceivablesMember', window );">Non-current regulatory receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOtherReceivablesLineItems', window );"><strong>Movements in the allowances of other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the beginning of the fiscal year</a></td>
<td class="num">(57)<span></span>
</td>
<td class="num">(84)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent', window );">Compensation of Telecom Argentina's regulatory liabilities</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">27<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the end of the year</a></td>
<td class="num">(56)<span></span>
</td>
<td class="num">(57)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_NonCurrentTaxOnPersonalPropertyReceivablesMember', window );">Non-current tax on personal property receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOtherReceivablesLineItems', window );"><strong>Movements in the allowances of other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the beginning of the fiscal year</a></td>
<td class="num">(18)<span></span>
</td>
<td class="num">(18)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the end of the year</a></td>
<td class="num">$ (18)<span></span>
</td>
<td class="num">$ (18)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional allowance for credit losses of financial assets recognised in profit or loss. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an allowance account used to record impairments to financial assets due to credit losses. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in an allowance account for credit losses of financial assets resulting from the utilisation of the allowance. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increases in valuation allowance for non-current regulatory receivables due to an entity for more than one year that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsToAllowanceForRegulatoryReceivableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOtherReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOtherReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherCurrentReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherCurrentReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_NonCurrentRegulatoryReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_NonCurrentRegulatoryReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_NonCurrentTaxOnPersonalPropertyReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_NonCurrentTaxOnPersonalPropertyReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
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<html>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6987538800">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Inventories (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">$ 1,854<span></span>
</td>
<td class="nump">$ 1,278<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">1,901<span></span>
</td>
<td class="nump">1,332<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Mobile handsets and others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">1,631<span></span>
</td>
<td class="nump">1,321<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Fixed telephones and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">18<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Inventories for construction projects</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">252<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="num">$ (47)<span></span>
</td>
<td class="num">$ (54)<span></span>
</td>
<td class="num">$ (86)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
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<td>debit</td>
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<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TypeOfInventoriesAxis=teo_MobileHandsetsAndOthersMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TypeOfInventoriesAxis=teo_FixedTelephonesAndEquipmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TypeOfInventoriesAxis=teo_InventoriesForConstructionProjectsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6986741120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories - Movements in the allowance for obsolescence of inventories (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Movements in the allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">At the beginning of the year</a></td>
<td class="nump">$ 1,278<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">At the end of the year</a></td>
<td class="nump">1,854<span></span>
</td>
<td class="nump">$ 1,278<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Movements in the allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">At the beginning of the year</a></td>
<td class="num">(54)<span></span>
</td>
<td class="num">(86)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InventoryWritedown2011', window );">Additions - Fees for services, maintenance and materials</a></td>
<td class="num">(17)<span></span>
</td>
<td class="num">(45)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UtilisationOfAllowanceForObsolescenceOfInventory', window );">Uses</a></td>
<td class="nump">24<span></span>
</td>
<td class="nump">77<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">At the end of the year</a></td>
<td class="num">$ (47)<span></span>
</td>
<td class="num">$ (54)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
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<tr>
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<tr>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognised related to the write-down of inventories to net realisable value. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InventoryWritedown2011</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of utilisation of allowance for obsolescence of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UtilisationOfAllowanceForObsolescenceOfInventory</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R105.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6988168608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories - Sale and cost of equipment and handsets by business segment (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Total equipment and handsets sale</a></td>
<td class="nump">$ 8,215<span></span>
</td>
<td class="nump">$ 7,886<span></span>
</td>
<td class="nump">$ 6,016<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Total cost of equipment and handsets</a></td>
<td class="num">(6,684)<span></span>
</td>
<td class="num">(6,188)<span></span>
</td>
<td class="num">(4,595)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentAndHandsetsSalesNetTotal', window );">Total income for sale of equipment and handsets</a></td>
<td class="nump">1,531<span></span>
</td>
<td class="nump">1,698<span></span>
</td>
<td class="nump">1,421<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Total equipment and handsets sale</a></td>
<td class="nump">663<span></span>
</td>
<td class="nump">91<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Total cost of equipment and handsets</a></td>
<td class="num">(524)<span></span>
</td>
<td class="num">(136)<span></span>
</td>
<td class="num">(82)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentAndHandsetsSalesNetTotal', window );">Total income for sale of equipment and handsets</a></td>
<td class="nump">139<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="num">(21)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember', window );">Personal Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Total equipment and handsets sale</a></td>
<td class="nump">7,446<span></span>
</td>
<td class="nump">7,535<span></span>
</td>
<td class="nump">5,796<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Total cost of equipment and handsets</a></td>
<td class="num">(6,035)<span></span>
</td>
<td class="num">(5,749)<span></span>
</td>
<td class="num">(4,328)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentAndHandsetsSalesNetTotal', window );">Total income for sale of equipment and handsets</a></td>
<td class="nump">1,411<span></span>
</td>
<td class="nump">1,786<span></span>
</td>
<td class="nump">1,468<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember', window );">Nucleo Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Total equipment and handsets sale</a></td>
<td class="nump">106<span></span>
</td>
<td class="nump">260<span></span>
</td>
<td class="nump">159<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Total cost of equipment and handsets</a></td>
<td class="num">(125)<span></span>
</td>
<td class="num">(303)<span></span>
</td>
<td class="num">(185)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentAndHandsetsSalesNetTotal', window );">Total income for sale of equipment and handsets</a></td>
<td class="num">$ (19)<span></span>
</td>
<td class="num">$ (43)<span></span>
</td>
<td class="num">$ (26)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfMerchandiseSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merchandise that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfMerchandiseSold</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of telecommunication equipment. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_i&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfTelecommunicationEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EquipmentAndHandsetsSalesNetTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the total Net value of equipment and handsets sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EquipmentAndHandsetsSalesNetTotal</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_FixedServicesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>122
<FILENAME>R106.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045066080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories - Cost of equipment and handsets (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ChangesInCostOfEquipmentAndHandsetsAbstract', window );"><strong>Cost of equipment and handsets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InventoriesTotal', window );">Inventories at the beginning of the year</a></td>
<td class="num">$ (1,332)<span></span>
</td>
<td class="num">$ (2,279)<span></span>
</td>
<td class="num">$ (794)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InventoriesAdditionsAbstract', window );"><strong>Plus:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfEquipmentAndHandsetPurchases', window );">Equipment acquisitions</a></td>
<td class="num">(7,416)<span></span>
</td>
<td class="num">(5,491)<span></span>
</td>
<td class="num">(6,233)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredSubscriberAcquisitionCosts', window );">SAC deferred costs (Note 3.j)</a></td>
<td class="nump">80<span></span>
</td>
<td class="nump">130<span></span>
</td>
<td class="nump">93<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence', window );">Decreases net of allowance of obsolescence</a></td>
<td class="nump">20<span></span>
</td>
<td class="nump">49<span></span>
</td>
<td class="nump">25<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfHandsetsLentToCustomersFreeOfCost', window );">Handsets lent to customers at no cost</a></td>
<td class="nump">56<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="nump">32<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseInInventoryCostNotChargedToEquipmentCost', window );">Decreases not charged to cost of equipment</a></td>
<td class="nump">7<span></span>
</td>
<td class="nump">17<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InventoriesDeductionsAbstract', window );"><strong>Less:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InventoriesTotal', window );">Inventories at the end of the year</a></td>
<td class="nump">1,901<span></span>
</td>
<td class="nump">1,332<span></span>
</td>
<td class="nump">2,279<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="num">$ (6,684)<span></span>
</td>
<td class="num">$ (6,188)<span></span>
</td>
<td class="num">$ (4,595)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfMerchandiseSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merchandise that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfMerchandiseSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InventoriesTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets: (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; or (c) in the form of materials or supplies to be consumed in the production process or in the rendering of services. Inventories encompass goods purchased and held for resale including, for example, merchandise purchased by a retailer and held for resale, or land and other property held for resale. Inventories also encompass finished goods produced, or work in progress being produced, by the entity and include materials and supplies awaiting use in the production process. [Refer: Current finished goods; Current merchandise; Current work in progress; Land]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InventoriesTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ChangesInCostOfEquipmentAndHandsetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ChangesInCostOfEquipmentAndHandsetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfEquipmentAndHandsetPurchases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cost of purchase of equipments and handsets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfEquipmentAndHandsetPurchases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfHandsetsLentToCustomersFreeOfCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cost of handsets lent to customers free of cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfHandsetsLentToCustomersFreeOfCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of decrease in inventory cost, net of allowance for obsolescence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DecreaseInInventoryCostNetOfAllowanceForObsolescence</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DecreaseInInventoryCostNotChargedToEquipmentCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of decrease in inventory cost that is not charged to cost of equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DecreaseInInventoryCostNotChargedToEquipmentCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeferredSubscriberAcquisitionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred subscriber acquisition costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeferredSubscriberAcquisitionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InventoriesAdditionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the information pertaining to all the additions made to the inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InventoriesAdditionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InventoriesDeductionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the information pertaining to the deductions in inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InventoriesDeductionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6987598592">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Property, plant and equipment - Property, plant and equipment, Net (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">$ 28,538<span></span>
</td>
<td class="nump">$ 23,165<span></span>
</td>
<td class="nump">$ 17,963<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61,157<span></span>
</td>
<td class="nump">51,149<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">28,538<span></span>
</td>
<td class="nump">23,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E without materials | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">72,138<span></span>
</td>
<td class="nump">61,157<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E without materials | Gross Carrying Amount, Net of Accumulated Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">26,963<span></span>
</td>
<td class="nump">21,886<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E without materials | Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="num">(305)<span></span>
</td>
<td class="num">(282)<span></span>
</td>
<td class="num">(203)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_LandBuildingsAndInstallationMember', window );">Land, buildings and installations | Gross Carrying Amount, Net of Accumulated Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">1,576<span></span>
</td>
<td class="nump">1,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember', window );">Computer equipment and systems | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">13,250<span></span>
</td>
<td class="nump">11,401<span></span>
</td>
<td class="nump">9,663<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember', window );">Computer equipment and systems | Gross Carrying Amount, Net of Accumulated Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">2,586<span></span>
</td>
<td class="nump">2,265<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingAndTransmissionEquipmentMember', window );">Switching and transmission equipment | Gross Carrying Amount, Net of Accumulated Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">6,576<span></span>
</td>
<td class="nump">5,614<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessAndExternalWiringMember', window );">Mobile network access and external wiring | Gross Carrying Amount, Net of Accumulated Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">11,256<span></span>
</td>
<td class="nump">9,078<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Construction in progress | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,915<span></span>
</td>
<td class="nump">3,015<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Construction in progress | Gross Carrying Amount, Net of Accumulated Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,915<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other tangible assets | Gross Carrying Amount, Net of Accumulated Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">831<span></span>
</td>
<td class="nump">704<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember', window );">Materials | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">2,024<span></span>
</td>
<td class="nump">1,629<span></span>
</td>
<td class="nump">1,652<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember', window );">Materials | Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="num">$ (144)<span></span>
</td>
<td class="num">$ (68)<span></span>
</td>
<td class="num">$ (52)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_LandBuildingsAndInstallationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_LandBuildingsAndInstallationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingAndTransmissionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingAndTransmissionEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessAndExternalWiringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessAndExternalWiringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>124
<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7007840736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, plant and equipment - Materials (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">$ 23,165<span></span>
</td>
<td class="nump">$ 17,963<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">9,905<span></span>
</td>
<td class="nump">9,632<span></span>
</td>
<td class="nump">$ 6,396<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="num">(316)<span></span>
</td>
<td class="num">(383)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">28,538<span></span>
</td>
<td class="nump">23,165<span></span>
</td>
<td class="nump">17,963<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">61,157<span></span>
</td>
<td class="nump">51,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,632<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,430<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61,157<span></span>
</td>
<td class="nump">51,149<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Materials</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">1,629<span></span>
</td>
<td class="nump">1,652<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase for Tuves Paraguay acquisition</a></td>
<td class="nump">72<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">5,133<span></span>
</td>
<td class="nump">3,647<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment', window );">Disposal for maintenance</a></td>
<td class="num">(1,125)<span></span>
</td>
<td class="num">(507)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment', window );">Transfers to CAPEX</a></td>
<td class="num">(3,700)<span></span>
</td>
<td class="num">(3,173)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">15<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">2,024<span></span>
</td>
<td class="nump">1,629<span></span>
</td>
<td class="nump">1,652<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment | Materials</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(68)<span></span>
</td>
<td class="num">(52)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="num">(94)<span></span>
</td>
<td class="num">(16)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Decrease</a></td>
<td class="nump">18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">$ (144)<span></span>
</td>
<td class="num">$ (68)<span></span>
</td>
<td class="num">$ (52)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in property, plant and equipment resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers from (to) investment property. [Refer: Property, plant and equipment; Investment property]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersFromToInvestmentPropertyPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reversal of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Reversal of impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain on disposal, impairment and disposal of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisposalAndImpairmentOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of losses, other than losses on disposal and impairment, recognised in profit or loss for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>125
<FILENAME>R109.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7014276496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, plant and equipment - Movements in impairment of PP&amp;E (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract', window );"><strong>Movements in impairment of PP&amp;E</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">$ 23,165<span></span>
</td>
<td class="nump">$ 17,963<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="num">(316)<span></span>
</td>
<td class="num">(383)<span></span>
</td>
<td class="num">$ (199)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">28,538<span></span>
</td>
<td class="nump">23,165<span></span>
</td>
<td class="nump">17,963<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E without materials | Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract', window );"><strong>Movements in impairment of PP&amp;E</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(282)<span></span>
</td>
<td class="num">(203)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="num">(234)<span></span>
</td>
<td class="num">(367)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Uses</a></td>
<td class="nump">211<span></span>
</td>
<td class="nump">288<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">$ (305)<span></span>
</td>
<td class="num">$ (282)<span></span>
</td>
<td class="num">$ (203)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals and retirements. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain on disposal, impairment and disposal of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisposalAndImpairmentOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7098809200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, plant and equipment - Property, plant and equipment, Gross (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">$ 23,165<span></span>
</td>
<td class="nump">$ 17,963<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">9,905<span></span>
</td>
<td class="nump">9,632<span></span>
</td>
<td class="nump">$ 6,396<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">28,538<span></span>
</td>
<td class="nump">23,165<span></span>
</td>
<td class="nump">17,963<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">61,157<span></span>
</td>
<td class="nump">51,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,632<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,430<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,054)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61,157<span></span>
</td>
<td class="nump">51,149<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | PP&amp;E without materials</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">61,157<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase for Tuves Paraguay acquisition</a></td>
<td class="nump">171<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">9,905<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">1,775<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(870)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">72,138<span></span>
</td>
<td class="nump">61,157<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Land</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">151<span></span>
</td>
<td class="nump">149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">153<span></span>
</td>
<td class="nump">151<span></span>
</td>
<td class="nump">149<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Building</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">1,877<span></span>
</td>
<td class="nump">1,771<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">103<span></span>
</td>
<td class="nump">95<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">1,992<span></span>
</td>
<td class="nump">1,877<span></span>
</td>
<td class="nump">1,771<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Tower and pole</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">1,697<span></span>
</td>
<td class="nump">1,238<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">103<span></span>
</td>
<td class="nump">82<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">188<span></span>
</td>
<td class="nump">377<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">1,988<span></span>
</td>
<td class="nump">1,697<span></span>
</td>
<td class="nump">1,238<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Transmission equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">8,010<span></span>
</td>
<td class="nump">6,880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">66<span></span>
</td>
<td class="nump">64<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">189<span></span>
</td>
<td class="nump">147<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">1,301<span></span>
</td>
<td class="nump">959<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(58)<span></span>
</td>
<td class="num">(40)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">9,508<span></span>
</td>
<td class="nump">8,010<span></span>
</td>
<td class="nump">6,880<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Mobile network access</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">8,443<span></span>
</td>
<td class="nump">5,242<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">26<span></span>
</td>
<td class="nump">128<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">329<span></span>
</td>
<td class="nump">250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">2,072<span></span>
</td>
<td class="nump">3,435<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(467)<span></span>
</td>
<td class="num">(612)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">10,403<span></span>
</td>
<td class="nump">8,443<span></span>
</td>
<td class="nump">5,242<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | External wiring</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">11,529<span></span>
</td>
<td class="nump">10,208<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">1,927<span></span>
</td>
<td class="nump">1,407<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(1)<span></span>
</td>
<td class="num">(86)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">13,455<span></span>
</td>
<td class="nump">11,529<span></span>
</td>
<td class="nump">10,208<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Switching equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">8,916<span></span>
</td>
<td class="nump">7,791<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">64<span></span>
</td>
<td class="nump">75<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">331<span></span>
</td>
<td class="nump">272<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">255<span></span>
</td>
<td class="nump">830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(52)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">9,566<span></span>
</td>
<td class="nump">8,916<span></span>
</td>
<td class="nump">7,791<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Power equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">1,727<span></span>
</td>
<td class="nump">1,449<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">76<span></span>
</td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">285<span></span>
</td>
<td class="nump">220<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(2)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">2,086<span></span>
</td>
<td class="nump">1,727<span></span>
</td>
<td class="nump">1,449<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Computer equipment and systems</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">11,401<span></span>
</td>
<td class="nump">9,663<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">56<span></span>
</td>
<td class="nump">28<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">518<span></span>
</td>
<td class="nump">408<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">1,311<span></span>
</td>
<td class="nump">1,304<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(36)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">13,250<span></span>
</td>
<td class="nump">11,401<span></span>
</td>
<td class="nump">9,663<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Telephony equipment and instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">845<span></span>
</td>
<td class="nump">806<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">51<span></span>
</td>
<td class="nump">37<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">903<span></span>
</td>
<td class="nump">845<span></span>
</td>
<td class="nump">806<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Handsets lent to customers at no cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">543<span></span>
</td>
<td class="nump">505<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase for Tuves Paraguay acquisition</a></td>
<td class="nump">171<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">56<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">97<span></span>
</td>
<td class="nump">99<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(50)<span></span>
</td>
<td class="num">(115)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">817<span></span>
</td>
<td class="nump">543<span></span>
</td>
<td class="nump">505<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Equipment lent to customers at no cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">267<span></span>
</td>
<td class="nump">190<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">224<span></span>
</td>
<td class="nump">150<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">10<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(126)<span></span>
</td>
<td class="num">(76)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">375<span></span>
</td>
<td class="nump">267<span></span>
</td>
<td class="nump">190<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">429<span></span>
</td>
<td class="nump">380<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">130<span></span>
</td>
<td class="nump">56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">9<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(23)<span></span>
</td>
<td class="num">(14)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">545<span></span>
</td>
<td class="nump">429<span></span>
</td>
<td class="nump">380<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Furniture</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">202<span></span>
</td>
<td class="nump">165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">11<span></span>
</td>
<td class="nump">9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">18<span></span>
</td>
<td class="nump">26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">234<span></span>
</td>
<td class="nump">202<span></span>
</td>
<td class="nump">165<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Installations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">1,172<span></span>
</td>
<td class="nump">905<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">324<span></span>
</td>
<td class="nump">252<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">1,513<span></span>
</td>
<td class="nump">1,172<span></span>
</td>
<td class="nump">905<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Improvements in third parties buildings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">755<span></span>
</td>
<td class="nump">574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">53<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">55<span></span>
</td>
<td class="nump">133<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">867<span></span>
</td>
<td class="nump">755<span></span>
</td>
<td class="nump">574<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Special projects</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">89<span></span>
</td>
<td class="nump">77<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">32<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">121<span></span>
</td>
<td class="nump">89<span></span>
</td>
<td class="nump">77<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Construction in progress</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">2,915<span></span>
</td>
<td class="nump">3,015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">9,237<span></span>
</td>
<td class="nump">9,022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">25<span></span>
</td>
<td class="nump">22<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="num">(7,932)<span></span>
</td>
<td class="num">(9,090)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(107)<span></span>
</td>
<td class="num">(54)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,915<span></span>
</td>
<td class="nump">3,015<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Asset retirement obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">189<span></span>
</td>
<td class="nump">141<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">35<span></span>
</td>
<td class="nump">45<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">$ 224<span></span>
</td>
<td class="nump">$ 189<span></span>
</td>
<td class="nump">$ 141<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in property, plant and equipment resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals and retirements. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers from construction in progress. [Refer: Property, plant and equipment; Construction in progress]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TransmissionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TransmissionEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ExternalWiringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ExternalWiringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_CommunicationAndNetworkEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_CommunicationAndNetworkEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_HandsetsLentToCustomersAtNoCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_HandsetsLentToCustomersAtNoCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_EquipmentLentToCustomersAtNoCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_EquipmentLentToCustomersAtNoCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_InstallationsMember</td>
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<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7097683744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, plant and equipment - Property, plant and equipment. Accumulated Depreciation (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">$ 23,165<span></span>
</td>
<td class="nump">$ 17,963<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(5,039)<span></span>
</td>
<td class="num">(4,358)<span></span>
</td>
<td class="num">$ (3,046)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">28,538<span></span>
</td>
<td class="nump">23,165<span></span>
</td>
<td class="nump">17,963<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | PP&amp;E without materials</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(39,271)<span></span>
</td>
<td class="num">(34,583)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase for Tuves Paraguay acquisition</a></td>
<td class="num">(83)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(5,039)<span></span>
</td>
<td class="num">(4,358)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(1,327)<span></span>
</td>
<td class="num">(1,033)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">703<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="nump">545<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(45,175)<span></span>
</td>
<td class="num">(39,271)<span></span>
</td>
<td class="num">(34,583)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Building</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(1,171)<span></span>
</td>
<td class="num">(1,134)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(52)<span></span>
</td>
<td class="num">(41)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">13<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(1,210)<span></span>
</td>
<td class="num">(1,171)<span></span>
</td>
<td class="num">(1,134)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Tower and pole</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(712)<span></span>
</td>
<td class="num">(596)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(97)<span></span>
</td>
<td class="num">(77)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(52)<span></span>
</td>
<td class="num">(39)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(861)<span></span>
</td>
<td class="num">(712)<span></span>
</td>
<td class="num">(596)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Transmission equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(5,793)<span></span>
</td>
<td class="num">(5,265)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(633)<span></span>
</td>
<td class="num">(476)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(113)<span></span>
</td>
<td class="num">(87)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(57)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(6,596)<span></span>
</td>
<td class="num">(5,793)<span></span>
</td>
<td class="num">(5,265)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Mobile network access</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(3,910)<span></span>
</td>
<td class="num">(3,210)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(1,146)<span></span>
</td>
<td class="num">(877)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(226)<span></span>
</td>
<td class="num">(147)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">324<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="nump">257<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(5,025)<span></span>
</td>
<td class="num">(3,910)<span></span>
</td>
<td class="num">(3,210)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | External wiring</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(6,984)<span></span>
</td>
<td class="num">(6,597)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(593)<span></span>
</td>
<td class="num">(472)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">85<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(7,577)<span></span>
</td>
<td class="num">(6,984)<span></span>
</td>
<td class="num">(6,597)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Switching equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(7,342)<span></span>
</td>
<td class="num">(6,327)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(703)<span></span>
</td>
<td class="num">(856)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(282)<span></span>
</td>
<td class="num">(211)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="nump">118<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(8,209)<span></span>
</td>
<td class="num">(7,342)<span></span>
</td>
<td class="num">(6,327)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Power equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(1,050)<span></span>
</td>
<td class="num">(921)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(119)<span></span>
</td>
<td class="num">(97)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(45)<span></span>
</td>
<td class="num">(34)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(1,212)<span></span>
</td>
<td class="num">(1,050)<span></span>
</td>
<td class="num">(921)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Computer equipment and systems</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(9,136)<span></span>
</td>
<td class="num">(7,778)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(1,112)<span></span>
</td>
<td class="num">(997)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(450)<span></span>
</td>
<td class="num">(363)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="nump">34<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(10,664)<span></span>
</td>
<td class="num">(9,136)<span></span>
</td>
<td class="num">(7,778)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Telephony equipment and instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(789)<span></span>
</td>
<td class="num">(773)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(22)<span></span>
</td>
<td class="num">(15)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(3)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="num">(814)<span></span>
</td>
<td class="num">(789)<span></span>
</td>
<td class="num">(773)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Handsets lent to customers at no cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="num">(508)<span></span>
</td>
<td class="num">(475)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase for Tuves Paraguay acquisition</a></td>
<td class="num">(83)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(75)<span></span>
</td>
<td class="num">(50)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(98)<span></span>
</td>
<td class="num">(98)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">28,538<span></span>
</td>
<td class="nump">23,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | PP&amp;E without materials</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">21,886<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">26,963<span></span>
</td>
<td class="nump">21,886<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Land</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">151<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">153<span></span>
</td>
<td class="nump">151<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Building</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">706<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">782<span></span>
</td>
<td class="nump">706<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Tower and pole</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">985<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">1,127<span></span>
</td>
<td class="nump">985<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Transmission equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">2,217<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">2,912<span></span>
</td>
<td class="nump">2,217<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Mobile network access</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">4,533<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">5,378<span></span>
</td>
<td class="nump">4,533<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | External wiring</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">4,545<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">5,878<span></span>
</td>
<td class="nump">4,545<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Switching equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">1,574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">1,357<span></span>
</td>
<td class="nump">1,574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Power equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">677<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">874<span></span>
</td>
<td class="nump">677<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Computer equipment and systems</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">2,265<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">2,586<span></span>
</td>
<td class="nump">2,265<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Telephony equipment and instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">89<span></span>
</td>
<td class="nump">56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Handsets lent to customers at no cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">103<span></span>
</td>
<td class="nump">35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Equipment lent to customers at no cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">126<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">203<span></span>
</td>
<td class="nump">126<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">278<span></span>
</td>
<td class="nump">206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Furniture</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">64<span></span>
</td>
<td class="nump">56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Installations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">453<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">641<span></span>
</td>
<td class="nump">453<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Improvements in third parties buildings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">226<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">207<span></span>
</td>
<td class="nump">226<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Special projects</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">57<span></span>
</td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Construction in progress</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">2,915<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">4,138<span></span>
</td>
<td class="nump">2,915<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of Accumulated Depreciation | Asset retirement obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of period</a></td>
<td class="nump">118<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of period</a></td>
<td class="nump">$ 136<span></span>
</td>
<td class="nump">$ 118<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in property, plant and equipment resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</td>
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<tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals and retirements. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers from construction in progress. [Refer: Property, plant and equipment; Construction in progress]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TransmissionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TransmissionEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ExternalWiringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ExternalWiringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_CommunicationAndNetworkEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_CommunicationAndNetworkEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_HandsetsLentToCustomersAtNoCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_HandsetsLentToCustomersAtNoCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_EquipmentLentToCustomersAtNoCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_EquipmentLentToCustomersAtNoCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_InstallationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_InstallationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SpecialProjectMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SpecialProjectMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_AssetRetirementObligationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_AssetRetirementObligationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>128
<FILENAME>R112.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6987389152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets - Gross Value (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">$ 7,592<span></span>
</td>
<td class="nump">$ 7,659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">1,238<span></span>
</td>
<td class="nump">1,754<span></span>
</td>
<td class="nump">$ 3,704<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">7,098<span></span>
</td>
<td class="nump">7,592<span></span>
</td>
<td class="nump">7,659<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SubscriberAcquisitionCostsMember', window );">SAC | Fixed services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">96<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">77<span></span>
</td>
<td class="nump">96<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SubscriberAcquisitionCostsMember', window );">SAC | Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">1,427<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">1,140<span></span>
</td>
<td class="nump">1,427<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ServiceConnectionOrHabilitationCostsMember', window );">Service connection or habilitation costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">119<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">136<span></span>
</td>
<td class="nump">119<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember', window );">3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">5,105<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">4,780<span></span>
</td>
<td class="nump">5,105<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseArgentinaMember', window );">PCS license (Argentina)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">588<span></span>
</td>
<td class="nump">588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServicePcsAndBandBParaguayMember', window );">PCS and Band B (Paraguay)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_RightsOfUseMember', window );">Rights of use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">226<span></span>
</td>
<td class="nump">244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ExclusivityAgreementsMember', window );">Exclusivity agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">11<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">135<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">11,788<span></span>
</td>
<td class="nump">10,851<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisition Tuves Paraguay</a></td>
<td class="nump">190<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">1,238<span></span>
</td>
<td class="nump">1,754<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">300<span></span>
</td>
<td class="nump">248<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="num">(1,535)<span></span>
</td>
<td class="num">(1,065)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">11,981<span></span>
</td>
<td class="nump">11,788<span></span>
</td>
<td class="nump">10,851<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | SAC | Fixed services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">226<span></span>
</td>
<td class="nump">234<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">87<span></span>
</td>
<td class="nump">137<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="num">(169)<span></span>
</td>
<td class="num">(145)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">144<span></span>
</td>
<td class="nump">226<span></span>
</td>
<td class="nump">234<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | SAC | Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">2,838<span></span>
</td>
<td class="nump">2,157<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisition Tuves Paraguay</a></td>
<td class="nump">55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">1,081<span></span>
</td>
<td class="nump">1,544<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">35<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="num">(1,295)<span></span>
</td>
<td class="num">(893)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">2,714<span></span>
</td>
<td class="nump">2,838<span></span>
</td>
<td class="nump">2,157<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Service connection or habilitation costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">222<span></span>
</td>
<td class="nump">208<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">50<span></span>
</td>
<td class="nump">41<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="num">(30)<span></span>
</td>
<td class="num">(27)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">242<span></span>
</td>
<td class="nump">222<span></span>
</td>
<td class="nump">208<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | 3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">5,786<span></span>
</td>
<td class="nump">5,786<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">5,786<span></span>
</td>
<td class="nump">5,786<span></span>
</td>
<td class="nump">5,786<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | PCS license (Argentina)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">658<span></span>
</td>
<td class="nump">658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">658<span></span>
</td>
<td class="nump">658<span></span>
</td>
<td class="nump">658<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | PCS and Band B (Paraguay)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">951<span></span>
</td>
<td class="nump">774<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">202<span></span>
</td>
<td class="nump">177<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">1,156<span></span>
</td>
<td class="nump">951<span></span>
</td>
<td class="nump">774<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Rights of use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">463<span></span>
</td>
<td class="nump">425<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisition Tuves Paraguay</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">32<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">7<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="num">(41)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">450<span></span>
</td>
<td class="nump">463<span></span>
</td>
<td class="nump">425<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Exclusivity agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">41<span></span>
</td>
<td class="nump">41<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">41<span></span>
</td>
<td class="nump">41<span></span>
</td>
<td class="nump">41<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisition Tuves Paraguay</a></td>
<td class="nump">129<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">146<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisition Tuves Paraguay</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Software developed for internal use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">601<span></span>
</td>
<td class="nump">566<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">41<span></span>
</td>
<td class="nump">35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">642<span></span>
</td>
<td class="nump">$ 601<span></span>
</td>
<td class="nump">$ 566<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_TuvesParaguayMember', window );">Tuves Paraguay | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">$ 134<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in intangible assets other than goodwill resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets other than goodwill resulting from disposals and retirements. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets other than goodwill resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SubscriberAcquisitionCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SubscriberAcquisitionCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_FixedServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ServiceConnectionOrHabilitationCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ServiceConnectionOrHabilitationCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseArgentinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseArgentinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServicePcsAndBandBParaguayMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServicePcsAndBandBParaguayMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_RightsOfUseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_RightsOfUseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ExclusivityAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ExclusivityAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_GoodwillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_GoodwillMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SoftwareDevelopedForInternalUseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SoftwareDevelopedForInternalUseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_TuvesParaguayMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_TuvesParaguayMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R113.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6989779024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets - Accumulated Amortization (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">$ 7,592<span></span>
</td>
<td class="nump">$ 7,659<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">7,098<span></span>
</td>
<td class="nump">7,592<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SubscriberAcquisitionCostsMember', window );">SAC | Fixed services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">96<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">77<span></span>
</td>
<td class="nump">96<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SubscriberAcquisitionCostsMember', window );">SAC | Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">1,427<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">1,140<span></span>
</td>
<td class="nump">1,427<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ServiceConnectionOrHabilitationCostsMember', window );">Service connection or habilitation costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">119<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">136<span></span>
</td>
<td class="nump">119<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember', window );">3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">5,105<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">4,780<span></span>
</td>
<td class="nump">5,105<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseArgentinaMember', window );">PCS license (Argentina)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">588<span></span>
</td>
<td class="nump">588<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServicePcsAndBandBParaguayMember', window );">PCS and Band B (Paraguay)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_RightsOfUseMember', window );">Rights of use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">226<span></span>
</td>
<td class="nump">244<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ExclusivityAgreementsMember', window );">Exclusivity agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">11<span></span>
</td>
<td class="nump">12<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">135<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(4,196)<span></span>
</td>
<td class="num">(3,192)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisition Tuves Paraguay</a></td>
<td class="num">(49)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(1,889)<span></span>
</td>
<td class="num">(1,840)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="num">(272)<span></span>
</td>
<td class="num">(229)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="nump">1,523<span></span>
</td>
<td class="nump">1,065<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(4,883)<span></span>
</td>
<td class="num">(4,196)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | SAC | Fixed services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(130)<span></span>
</td>
<td class="num">(118)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(106)<span></span>
</td>
<td class="num">(157)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="nump">169<span></span>
</td>
<td class="nump">145<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(67)<span></span>
</td>
<td class="num">(130)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | SAC | Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(1,411)<span></span>
</td>
<td class="num">(1,001)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisition Tuves Paraguay</a></td>
<td class="num">(47)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(1,385)<span></span>
</td>
<td class="num">(1,288)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="num">(26)<span></span>
</td>
<td class="num">(15)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="nump">1,295<span></span>
</td>
<td class="nump">893<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(1,574)<span></span>
</td>
<td class="num">(1,411)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Service connection or habilitation costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(103)<span></span>
</td>
<td class="num">(101)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(33)<span></span>
</td>
<td class="num">(29)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="nump">30<span></span>
</td>
<td class="nump">27<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(106)<span></span>
</td>
<td class="num">(103)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | 3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(681)<span></span>
</td>
<td class="num">(343)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(325)<span></span>
</td>
<td class="num">(338)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(1,006)<span></span>
</td>
<td class="num">(681)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | PCS license (Argentina)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(70)<span></span>
</td>
<td class="num">(70)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(70)<span></span>
</td>
<td class="num">(70)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | PCS and Band B (Paraguay)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(951)<span></span>
</td>
<td class="num">(774)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="num">(202)<span></span>
</td>
<td class="num">(177)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(1,153)<span></span>
</td>
<td class="num">(951)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Rights of use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(219)<span></span>
</td>
<td class="num">(190)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisition Tuves Paraguay</a></td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(29)<span></span>
</td>
<td class="num">(27)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="num">(3)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="nump">29<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(224)<span></span>
</td>
<td class="num">(219)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Exclusivity agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(29)<span></span>
</td>
<td class="num">(28)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(1)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(30)<span></span>
</td>
<td class="num">(29)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(1)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(10)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(11)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Software developed for internal use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(601)<span></span>
</td>
<td class="num">(566)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="num">(41)<span></span>
</td>
<td class="num">(35)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(642)<span></span>
</td>
<td class="num">$ (601)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_TuvesParaguayMember', window );">Tuves Paraguay | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">134<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CubecorpMember', window );">Cubecorp | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in intangible assets other than goodwill resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets other than goodwill resulting from disposals and retirements. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets other than goodwill resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SubscriberAcquisitionCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SubscriberAcquisitionCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_FixedServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ServiceConnectionOrHabilitationCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ServiceConnectionOrHabilitationCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseArgentinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseArgentinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServicePcsAndBandBParaguayMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServicePcsAndBandBParaguayMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_RightsOfUseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_RightsOfUseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ExclusivityAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_ExclusivityAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_GoodwillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_GoodwillMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SoftwareDevelopedForInternalUseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SoftwareDevelopedForInternalUseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_TuvesParaguayMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_TuvesParaguayMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CubecorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_CubecorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R114.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6988428368">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Trade payables (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesAbstract', window );"><strong>Current trade payables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment', window );">PP&amp;E</a></td>
<td class="nump">$ 3,854<span></span>
</td>
<td class="nump">$ 4,496<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentPayablesForOtherAssetsAndServices', window );">Other assets and services</a></td>
<td class="nump">4,783<span></span>
</td>
<td class="nump">3,422<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentPayablesForInventories', window );">Inventory</a></td>
<td class="nump">2,697<span></span>
</td>
<td class="nump">676<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentTradePayablesExcludingAgentCommissions', window );">Subtotal trade payables</a></td>
<td class="nump">11,334<span></span>
</td>
<td class="nump">8,594<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AgentCommissions', window );">Agent commissions</a></td>
<td class="nump">149<span></span>
</td>
<td class="nump">385<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers', window );">Total Current trade payables</a></td>
<td class="nump">11,483<span></span>
</td>
<td class="nump">8,979<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesAbstract', window );"><strong>Non-current trade payables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment', window );">PP&amp;E</a></td>
<td class="nump">101<span></span>
</td>
<td class="nump">152<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToTradeSuppliers', window );">Total Non-current trade payables</a></td>
<td class="nump">101<span></span>
</td>
<td class="nump">152<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Total trade payables</a></td>
<td class="nump">$ 11,584<span></span>
</td>
<td class="nump">$ 9,131<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of payment due to suppliers for goods and services used in the entity's business. [Refer: Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 70<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_70&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payment due to suppliers for goods and services used in the entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AgentCommissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Agent commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AgentCommissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentPayablesForInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables for inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentPayablesForInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentPayablesForOtherAssetsAndServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables for other assets and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentPayablesForOtherAssetsAndServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables for purchase of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentPayablesForPurchaseOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentTradePayablesExcludingAgentCommissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables excluding agent commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentTradePayablesExcludingAgentCommissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of noncurrent payables for purchase of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NoncurrentPayablesForPurchaseOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
<FILENAME>R115.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7003137968">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Deferred revenues (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccrualsAndDeferredIncomeClassifiedAsCurrentAbstract', window );"><strong>Current deferred revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PrepaidCallingCardsDeferredIncomeCurrent', window );">On prepaid calling cards - Fixed and Mobile Services</a></td>
<td class="nump">$ 292<span></span>
</td>
<td class="nump">$ 261<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConstructionProjectsDeferredIncomeCurrent', window );">On construction projects</a></td>
<td class="nump">48<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConnectionFeesDeferredIncomeCurrent', window );">On connection fees - fixed services</a></td>
<td class="nump">36<span></span>
</td>
<td class="nump">35<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapacityRentalDeferredIncomeCurrent', window );">On capacity rental</a></td>
<td class="nump">32<span></span>
</td>
<td class="nump">41<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent', window );">On mobile customer loyalty programs</a></td>
<td class="nump">95<span></span>
</td>
<td class="nump">87<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredIncomeFromRegulatorCurrent', window );">From CONATEL - mobile services Nucleo (Note 18.d)</a></td>
<td class="nump">5<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherDeferredIncomeClassifiedAsCurrent', window );">Other</a></td>
<td class="nump">7<span></span>
</td>
<td class="nump">15<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsCurrent', window );">Total current deferred revenues</a></td>
<td class="nump">515<span></span>
</td>
<td class="nump">443<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccrualsAndDeferredIncomeClassifiedAsNoncurrentAbstract', window );"><strong>Non-current deferred revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PrepaidCallingCardsDeferredIncomeNoncurrent', window );">On capacity rental - Fixed Services</a></td>
<td class="nump">195<span></span>
</td>
<td class="nump">252<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConnectionFeesDeferredIncomeNoncurrent', window );">On connection fees - Fixed services</a></td>
<td class="nump">82<span></span>
</td>
<td class="nump">87<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent', window );">On mobile customer loyalty programs</a></td>
<td class="nump">148<span></span>
</td>
<td class="nump">106<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent', window );">Total non-current deferred revenues</a></td>
<td class="nump">425<span></span>
</td>
<td class="nump">445<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncome', window );">Total deferred revenues</a></td>
<td class="nump">$ 940<span></span>
</td>
<td class="nump">$ 888<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccrualsAndDeferredIncomeClassifiedAsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccrualsAndDeferredIncomeClassifiedAsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccrualsAndDeferredIncomeClassifiedAsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccrualsAndDeferredIncomeClassifiedAsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liability representing income that has been received but is not yet earned. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as non-current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapacityRentalDeferredIncomeCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income on capacity rentals, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapacityRentalDeferredIncomeCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ConnectionFeesDeferredIncomeCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income on connection fees, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ConnectionFeesDeferredIncomeCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ConnectionFeesDeferredIncomeNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>On connection fees - Fixed services</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ConnectionFeesDeferredIncomeNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ConstructionProjectsDeferredIncomeCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income current from construction projects.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ConstructionProjectsDeferredIncomeCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeferredIncomeFromRegulatorCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income from regulator, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeferredIncomeFromRegulatorCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income on mobile customer loyalty programs, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MobileCustomerLoyaltyProgramsDeferredIncomeCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income on mobile customer loyalty programs, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MobileCustomerLoyaltyProgramsDeferredIncomeNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherDeferredIncomeClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other deferred income, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherDeferredIncomeClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PrepaidCallingCardsDeferredIncomeCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income on prepaid calling cards, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PrepaidCallingCardsDeferredIncomeCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PrepaidCallingCardsDeferredIncomeNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income on prepaid calling cards, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PrepaidCallingCardsDeferredIncomeNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>132
<FILENAME>R116.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6989872752">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial debt (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">$ 3,194<span></span>
</td>
<td class="nump">$ 3,266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current</a></td>
<td class="nump">9,041<span></span>
</td>
<td class="nump">8,646<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total financial debt</a></td>
<td class="nump">12,235<span></span>
</td>
<td class="nump">11,912<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember', window );">Bank overdrafts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">135<span></span>
</td>
<td class="nump">1,707<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_BankLoansCurrentMember', window );">Bank loans - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">182<span></span>
</td>
<td class="nump">839<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesCurrentMember', window );">Notes - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">2,158<span></span>
</td>
<td class="nump">566<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardCurrentMember', window );">NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">8<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesCurrentMember', window );">Accrued interest and related expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">711<span></span>
</td>
<td class="nump">152<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesNonCurrentMember', window );">Notes - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,084<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansNonCurrentMember', window );">Bank loans - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current</a></td>
<td class="nump">8,012<span></span>
</td>
<td class="nump">$ 6,562<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardContractNonCurrentMember', window );">NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current</a></td>
<td class="nump">9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesNonCurrentMember', window );">Accrued interests and related expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current</a></td>
<td class="nump">$ 1,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_BankLoansCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_BankLoansCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesNonCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansNonCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardContractNonCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardContractNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesNonCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6988655344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial debt - Personal (Details) - Personal<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Sep. 18, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Oct. 26, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 26, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Oct. 05, 2016 </div>
<div>installment</div>
</th>
<th class="th">
<div>Apr. 30, 2017 </div>
<div>USD ($) </div>
<div>installment</div>
</th>
<th class="th">
<div>Jul. 05, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Borrowing term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments | installment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromNoncurrentBorrowings', window );">Loan proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 392.5<span></span>
</td>
<td class="nump">$ 5,956<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Net borrowing expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | 6 month LIBOR rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 400.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_InterAmericanInvestmentCorporationLoanMember', window );">IIC Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments | installment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromNoncurrentBorrowings', window );">Loan proceeds</a></td>
<td class="nump">$ 1,723<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_InterAmericanInvestmentCorporationLoanMember', window );">IIC Loan | 6 month LIBOR rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsRecognisedAsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsRecognisedAsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from non-current borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payments including both interest and principal payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_InterAmericanInvestmentCorporationLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_InterAmericanInvestmentCorporationLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</html>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R118.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6988865120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial debt - Nucleo (Details)<br> &#8370; in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>PYG (&#8370;)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,194<span></span>
</td>
<td class="nump">$ 3,266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,041<span></span>
</td>
<td class="nump">$ 8,646<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_NucleoMember', window );">Nucleo | Bank loans - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount | &#8370;</a></td>
<td class="nump">&#8370; 120,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">182<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">215<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_NucleoMember', window );">Nucleo | Principal Nominal Value 80,000</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount | &#8370;</a></td>
<td class="nump">&#8370; 80,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">1 year 10 months 24 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">132<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">132<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_NucleoMember', window );">Nucleo | Principal Nominal Value 40,000</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount | &#8370;</a></td>
<td class="nump">&#8370; 40,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">1 year 8 months 12 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 83<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember', window );">Weighted average | Nucleo | Bank loans - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Weighted average annual rate</a></td>
<td class="nump">8.83%<span></span>
</td>
<td class="nump">8.83%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalNominalValueOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalNominalValueOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalNominalValueTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalNominalValueTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>135
<FILENAME>R119.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6990732544">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial debt - Global Programs for the issuance of Notes (Details)<br></strong></div></th>
<th class="th">
<div>Nov. 16, 2016 </div>
<div>USD ($) </div>
<div>payment</div>
</th>
<th class="th">
<div>Dec. 10, 2015 </div>
<div>ARS ($) </div>
<div>payment</div>
</th>
<th class="th">
<div>Dec. 15, 2011 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 02, 2010 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 28, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 16, 2016 </div>
<div>ARS ($) </div>
<div>payment</div>
</th>
<th class="th">
<div>May 26, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_NotesMember', window );">Term Notes | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault', window );">Minimum payable amount to default</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination', window );">Minimum defaulted amount to final court sentence dictamination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Term Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Term Notes | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Term Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Term Notes | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Series II</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 149,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">36 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DebtInstrumentNumberOfPayments', window );">Number of debt payments | payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfCapitalSettledAtMaturityDate', window );">Percentage of capital settled</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Series II | Fixed interest rate | Until ninth month</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Borrowing interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Series II | Floating interest rate | After ninth month</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Floating interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Series III</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 721,969,404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">18 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DebtInstrumentNumberOfPayments', window );">Number of debt payments | payment</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfCapitalSettledAtMaturityDate', window );">Percentage of capital settled</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Series III | Floating interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Floating interest rate</a></td>
<td class="nump">2.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Series IV</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="nump">$ 77,900,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,207,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">24 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DebtInstrumentNumberOfPayments', window );">Number of debt payments | payment</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfCapitalSettledAtMaturityDate', window );">Percentage of capital settled</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Series IV | Fixed interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Borrowing interest rate</a></td>
<td class="nump">4.85%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.85%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DebtInstrumentNumberOfPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of debt instrument payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DebtInstrumentNumberOfPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of minimum capital and/or interests commitments of financial debt to default.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MinimumBorrowingsAndOrInterestsOfFinancialDebtCommitmentToDefault</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of minimum defaulted commitments of financial debt to final court sentence dictamination (including seizure, executions of property, and similar court decisions).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MinimumOfDefaultedFinancialDebtCommitmentToFinalCourtSentenceDictamination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfCapitalSettledAtMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of capital settled at maturity date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfCapitalSettledAtMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=teo_TelecomArgentinaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=teo_TelecomArgentinaS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NotesSeriesTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NotesSeriesTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=teo_NotLaterThanNineMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=teo_NotLaterThanNineMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=teo_LaterThanNineMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=teo_LaterThanNineMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NotesSeriesThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NotesSeriesThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NotesSeriesFourMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NotesSeriesFourMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>136
<FILENAME>R120.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6984245120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Salaries and social security payables (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>employee </div>
<div>plan</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>Salaries and social security payables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Total number of employees | employee</a></td>
<td class="nump">15,396<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfEmployeesUnionized', window );">Employees unionized (in percent)</a></td>
<td class="nump">82.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfStockOptionPlans', window );">Number of stock option plans available to employees | plan</a></td>
<td class="nump">0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of personnel employed by the entity at a date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfStockOptionPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of stock option plans available to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfStockOptionPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfEmployeesUnionized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of total number of employees were unionized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfEmployeesUnionized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>137
<FILENAME>R121.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6986583840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Salaries and social security payables - Payables (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityExpensesCurrentAbstract', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_VacationAndBonusesPayableCurrent', window );">Vacation and bonuses</a></td>
<td class="nump">$ 1,433<span></span>
</td>
<td class="nump">$ 1,102<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SocialSecurityPayablesCurrent', window );">Social security payables</a></td>
<td class="nump">499<span></span>
</td>
<td class="nump">383<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TerminationBenefitsPayableCurrent', window );">Termination benefits</a></td>
<td class="nump">119<span></span>
</td>
<td class="nump">125<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityPayableCurrent', window );">Total current salaries and security payables</a></td>
<td class="nump">2,051<span></span>
</td>
<td class="nump">1,610<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TerminationBenefitsPayableNonCurrent', window );">Termination benefits</a></td>
<td class="nump">160<span></span>
</td>
<td class="nump">144<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_BonusesPayableNonCurrent', window );">Bonuses</a></td>
<td class="nump">99<span></span>
</td>
<td class="nump">40<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityPayableNonCurrent', window );">Total non-current salaries and security payables</a></td>
<td class="nump">259<span></span>
</td>
<td class="nump">184<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityPayables', window );">Total salaries and social security payables</a></td>
<td class="nump">$ 2,310<span></span>
</td>
<td class="nump">$ 1,794<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_BonusesPayableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current bonuses payable to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_BonusesPayableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityExpensesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityExpensesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current salaries and social security payables to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityPayableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current salaries and social security payables to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityPayableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of salaries and social security payables to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SocialSecurityPayablesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current social security payables to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SocialSecurityPayablesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TerminationBenefitsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TerminationBenefitsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TerminationBenefitsPayableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TerminationBenefitsPayableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_VacationAndBonusesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current vacation and bonuses payable to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_VacationAndBonusesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>138
<FILENAME>R122.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045470480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Salaries and social security payables - Expenses (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract', window );"><strong>Employee benefit expenses and severance payments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WagesAndSalaries', window );">Salaries</a></td>
<td class="num">$ (8,741)<span></span>
</td>
<td class="num">$ (6,954)<span></span>
</td>
<td class="num">$ (5,166)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SocialSecurityContributions', window );">Social security expenses</a></td>
<td class="num">(2,846)<span></span>
</td>
<td class="num">(2,147)<span></span>
</td>
<td class="num">(1,642)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SeveranceIndemnitiesAndTerminationBenefitsExpense', window );">Severance indemnities and termination benefits</a></td>
<td class="num">(944)<span></span>
</td>
<td class="num">(521)<span></span>
</td>
<td class="num">(319)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherEmployeeExpense', window );">Other employee benefits</a></td>
<td class="num">(187)<span></span>
</td>
<td class="num">(178)<span></span>
</td>
<td class="num">(126)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Total employee benefits expense</a></td>
<td class="nump">$ 12,718<span></span>
</td>
<td class="nump">$ 9,800<span></span>
</td>
<td class="nump">$ 7,253<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherEmployeeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of employee expenses that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 5<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_5&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherEmployeeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SocialSecurityContributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents social security contributions. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 9<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SocialSecurityContributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WagesAndSalaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 9<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WagesAndSalaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SeveranceIndemnitiesAndTerminationBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents severance indemnities and termination benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SeveranceIndemnitiesAndTerminationBenefitsExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DOCUMENT>
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7012055312">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Income tax payables, income tax assets and deferred income tax - Income tax asset and liability, net (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Nov. 30, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxDisclosureLineItems', window );"><strong>Income tax payables, income tax assets and deferred income tax</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxPayablesGross', window );">Income tax payables</a></td>
<td class="nump">$ 4,437<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,091<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid', window );">Withholdings and payments in advance of income taxes</a></td>
<td class="num">(1,695)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,372)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRegulationRegimeLiabilityCurrent', window );">Law No. 26,476 Tax Regularization Regime</a></td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current income tax liability, net</a></td>
<td class="nump">2,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">724<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRegulationRegimeLiabilityNonCurrent', window );">Law No. 26,476 Tax Regularization Regime</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesNoncurrent', window );">Non-current Income tax liability</a></td>
<td class="nump">$ 2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxDisclosureLineItems', window );"><strong>Income tax payables, income tax assets and deferred income tax</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxPayablesGross', window );">Income tax payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,678<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesNoncurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current tax asset amount representing income taxes withheld and income taxes paid in advance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentTaxAssetsTaxesWithheldAndAdvanceTaxesPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncomeTaxDisclosureLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncomeTaxDisclosureLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncomeTaxPayablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income tax payable gross.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncomeTaxPayablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRegulationRegimeLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax liability from tax regularization regime</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRegulationRegimeLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRegulationRegimeLiabilityNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non current tax liability from tax regularization regime</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRegulationRegimeLiabilityNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R124.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6989326464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax payables, income tax assets and deferred income tax - Temporary differences (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total deferred tax liabilities, net</a></td>
<td class="num">$ (48)<span></span>
</td>
<td class="num">$ (569)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxAssetsCurrentAndDeferredNoncurrentNet', window );">Total income tax assets</a></td>
<td class="nump">626<span></span>
</td>
<td class="nump">680<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Included in other comprehensive income</a></td>
<td class="nump">403<span></span>
</td>
<td class="nump">263<span></span>
</td>
<td class="nump">$ 257<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_IncomeTaxAssetsNetNoncurrentMember', window );">Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">1,021<span></span>
</td>
<td class="nump">774<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(1,169)<span></span>
</td>
<td class="num">(560)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Total deferred tax assets, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">214<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(148)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssetsNoncurrent', window );">Actions for recourse tax receivable</a></td>
<td class="nump">774<span></span>
</td>
<td class="nump">466<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxAssetsCurrentAndDeferredNoncurrentNet', window );">Total income tax assets</a></td>
<td class="nump">626<span></span>
</td>
<td class="nump">680<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_IncomeTaxAssetsNetNoncurrentMember', window );">Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">1,018<span></span>
</td>
<td class="nump">771<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(1,168)<span></span>
</td>
<td class="num">(560)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Total deferred tax assets, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(150)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssetsNoncurrent', window );">Actions for recourse tax receivable</a></td>
<td class="nump">774<span></span>
</td>
<td class="nump">466<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxAssetsCurrentAndDeferredNoncurrentNet', window );">Total income tax assets</a></td>
<td class="nump">624<span></span>
</td>
<td class="nump">677<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_IncomeTaxAssetsNetNoncurrentMember', window );">Income Tax Assets, Net, Noncurrent | Telecom USA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Total deferred tax assets, net</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxAssetsCurrentAndDeferredNoncurrentNet', window );">Total income tax assets</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_DeferredTaxLiabilitiesNetMember', window );">Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">41<span></span>
</td>
<td class="nump">570<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(89)<span></span>
</td>
<td class="num">(1,139)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(48)<span></span>
</td>
<td class="num">(569)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_DeferredTaxLiabilitiesNetMember', window );">Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">540<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,095)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total deferred tax liabilities, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(555)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_DeferredTaxLiabilitiesNetMember', window );">Deferred Tax Liabilities, Net | Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">41<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(89)<span></span>
</td>
<td class="num">(44)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(48)<span></span>
</td>
<td class="num">(14)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember', window );">Allowance for doubtful accounts | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">255<span></span>
</td>
<td class="nump">88<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember', window );">Allowance for doubtful accounts | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">252<span></span>
</td>
<td class="nump">86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember', window );">Allowance for doubtful accounts | Income Tax Assets, Net, Noncurrent | Telecom USA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember', window );">Allowance for doubtful accounts | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">6<span></span>
</td>
<td class="nump">287<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember', window );">Allowance for doubtful accounts | Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">271<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember', window );">Allowance for doubtful accounts | Deferred Tax Liabilities, Net | Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">6<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherProvisionsMember', window );">Provisions | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">504<span></span>
</td>
<td class="nump">341<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherProvisionsMember', window );">Provisions | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">504<span></span>
</td>
<td class="nump">341<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherProvisionsMember', window );">Provisions | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherProvisionsMember', window );">Provisions | Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_PropertyPlantAndEquipmentMember', window );">PP&amp;E | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_PropertyPlantAndEquipmentMember', window );">PP&amp;E | Income Tax Assets, Net, Noncurrent | Telecom USA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_PropertyPlantAndEquipmentMember', window );">PP&amp;E | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">33<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_PropertyPlantAndEquipmentMember', window );">PP&amp;E | Deferred Tax Liabilities, Net | Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">33<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesInventoryMember', window );">Inventory | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">62<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesInventoryMember', window );">Inventory | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">62<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesInventoryMember', window );">Inventory | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesInventoryMember', window );">Inventory | Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_NetDefinedBenefitLiabilityAssetMember', window );">Pension and termination benefits | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">162<span></span>
</td>
<td class="nump">139<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_NetDefinedBenefitLiabilityAssetMember', window );">Pension and termination benefits | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">162<span></span>
</td>
<td class="nump">139<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesDeferredRevenuesMember', window );">Deferred revenues | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">32<span></span>
</td>
<td class="nump">85<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesDeferredRevenuesMember', window );">Deferred revenues | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">32<span></span>
</td>
<td class="nump">85<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember', window );">PP&amp;E and Intangible assets | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(971)<span></span>
</td>
<td class="num">(560)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember', window );">PP&amp;E and Intangible assets | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(970)<span></span>
</td>
<td class="num">(560)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember', window );">PP&amp;E and Intangible assets | Income Tax Assets, Net, Noncurrent | Telecom USA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember', window );">PP&amp;E and Intangible assets | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(789)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember', window );">PP&amp;E and Intangible assets | Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(789)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember', window );">Cash dividends from foreign companies | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(129)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Included in other comprehensive income</a></td>
<td class="nump">46<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember', window );">Cash dividends from foreign companies | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(129)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember', window );">Cash dividends from foreign companies | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(64)<span></span>
</td>
<td class="num">(194)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember', window );">Cash dividends from foreign companies | Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(150)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember', window );">Cash dividends from foreign companies | Deferred Tax Liabilities, Net | Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(64)<span></span>
</td>
<td class="num">(44)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesFinancedSalesMember', window );">Mobile handsets financed sales | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(69)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesFinancedSalesMember', window );">Mobile handsets financed sales | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(69)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesFinancedSalesMember', window );">Mobile handsets financed sales | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(84)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesFinancedSalesMember', window );">Mobile handsets financed sales | Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(84)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_DeferredTaxLiabilitiesOfAcquireeNetMember', window );">Tuves Paraguay's Deferred tax liabilities, net | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(25)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_DeferredTaxLiabilitiesOfAcquireeNetMember', window );">Tuves Paraguay's Deferred tax liabilities, net | Deferred Tax Liabilities, Net | Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="num">(25)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesInvestmentsMember', window );">Investments | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesInvestmentsMember', window );">Investments | Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember', window );">Other | Income Tax Assets, Net, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">6<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember', window );">Other | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">6<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember', window );">Other | Deferred Tax Liabilities, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(68)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember', window );">Other | Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(68)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember', window );">Other | Deferred Tax Liabilities, Net | Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred tax assets</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember', window );">Reversals from Affidavit filings | Income Tax Assets, Net, Noncurrent | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(3)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember', window );">Reversals from Affidavit filings | Deferred Tax Liabilities, Net | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(11)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnrealisedForeignExchangeGainsLossesMember', window );">Currency translation adjustments | Deferred Tax Liabilities, Net | Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Temporary differences</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Total deferred tax liabilities, net</a></td>
<td class="num">$ (2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of current tax assets. [Refer: Current tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities net of deferred tax assets, when the absolute amount of deferred tax liabilities is greater than the absolute amount of deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxAssetsCurrentAndDeferredNoncurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of tax assets, including both current tax assets and the amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxAssetsCurrentAndDeferredNoncurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_IncomeTaxAssetsNetNoncurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=teo_IncomeTaxAssetsNetNoncurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=teo_TelecomUsaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=teo_TelecomUsaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_DeferredTaxLiabilitiesNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=teo_DeferredTaxLiabilitiesNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesFinancedSalesMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_DeferredTaxLiabilitiesOfAcquireeNetMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferenceReversalsFromAffidavitFilingsMember</td>
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<td><strong> Name:</strong></td>
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<DOCUMENT>
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<SEQUENCE>141
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6989138128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax payables, income tax assets and deferred income tax - Income tax expense (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Income tax payables, income tax assets and deferred income tax</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current tax expense</a></td>
<td class="num">$ (4,438)<span></span>
</td>
<td class="num">$ (2,091)<span></span>
</td>
<td class="num">$ (1,721)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Deferred tax benefit</a></td>
<td class="nump">228<span></span>
</td>
<td class="nump">129<span></span>
</td>
<td class="num">(69)<span></span>
</td>
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<td class="nump">308<span></span>
</td>
<td class="nump">368<span></span>
</td>
<td class="nump">98<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="num">$ (3,902)<span></span>
</td>
<td class="num">$ (1,594)<span></span>
</td>
<td class="num">$ (1,692)<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce current tax expense. [Refer: Temporary differences [member]; Unused tax losses [member]; Unused tax credits [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 80<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_80_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6990418656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax payables, income tax assets and deferred income tax - Reconciliation of income tax expense (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract', window );"><strong>Reconciliation of income tax expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccountingProfit', window );">Pre-tax income</a></td>
<td class="nump">$ 11,626<span></span>
</td>
<td class="nump">$ 5,599<span></span>
</td>
<td class="nump">$ 5,127<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonTaxableIncomeExpenseNet', window );">Non taxable items</a></td>
<td class="nump">738<span></span>
</td>
<td class="nump">79<span></span>
</td>
<td class="nump">8<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AccountingProfitNetOfNonTaxableItems', window );">Subtotal</a></td>
<td class="nump">$ 12,364<span></span>
</td>
<td class="nump">$ 5,678<span></span>
</td>
<td class="nump">$ 5,135<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Weighted statutory income tax rate (*)</a></td>
<td class="nump">34.30%<span></span>
</td>
<td class="nump">34.30%<span></span>
</td>
<td class="nump">34.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">Income tax expense at weighted statutory tax rate</a></td>
<td class="num">$ (4,235)<span></span>
</td>
<td class="num">$ (1,947)<span></span>
</td>
<td class="num">$ (1,774)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxEffectOfCashDividendsFromForeignCompanies', window );">Income tax on cash dividends of foreign companies - Nucleo</a></td>
<td class="num">(44)<span></span>
</td>
<td class="num">(15)<span></span>
</td>
<td class="num">(14)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateEffectFromChangesInTaxRate', window );">Effect of changes in tax rate</a></td>
<td class="nump">69<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Other changes in tax assets and liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense', window );">Actions for recourse income tax receivable</a></td>
<td class="nump">308<span></span>
</td>
<td class="nump">368<span></span>
</td>
<td class="nump">98<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="num">(3,902)<span></span>
</td>
<td class="num">(1,594)<span></span>
</td>
<td class="num">(1,692)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ActionsForRecourseFiledWithTaxAuthorityAbstract', window );"><strong>Income tax - Actions for recourse filed with the Tax Authority</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ActionsForRecourseIncomeTaxClaimAmount', window );">Amount of claim filed during 2015 and 2016</a></td>
<td class="nump">509<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense', window );">Tax credit recorded</a></td>
<td class="nump">$ 308<span></span>
</td>
<td class="nump">$ 368<span></span>
</td>
<td class="nump">$ 98<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract', window );"><strong>Reconciliation of income tax expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Weighted statutory income tax rate (*)</a></td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_PY', window );">Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract', window );"><strong>Reconciliation of income tax expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Weighted statutory income tax rate (*)</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionalTaxRateInRespectOfDividendPayment', window );">Additional tax rate (as a percent)</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">United States of America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract', window );"><strong>Reconciliation of income tax expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Weighted statutory income tax rate (*)</a></td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate</a></td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccountingProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) for a period before deducting tax expense. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccountingProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageEffectiveTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax expense (income) divided by the accounting profit. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageEffectiveTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that the entity does not separately disclose in the same statement or note. [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce current tax expense. [Refer: Temporary differences [member]; Unused tax losses [member]; Unused tax credits [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 80<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_80_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AccountingProfitNetOfNonTaxableItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount representing accounting profit after deducting non-taxable income (expense).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AccountingProfitNetOfNonTaxableItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ActionsForRecourseFiledWithTaxAuthorityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ActionsForRecourseFiledWithTaxAuthorityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ActionsForRecourseIncomeTaxClaimAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of claim including interest, filed with tax authority which was overpaid during prior years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ActionsForRecourseIncomeTaxClaimAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionalTaxRateInRespectOfDividendPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional tax rate applicable in case of payment of dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionalTaxRateInRespectOfDividendPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonTaxableIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income (expense) which is not chargeable to tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonTaxableIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxEffectOfCashDividendsFromForeignCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to cash dividends received from foreign companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxEffectOfCashDividendsFromForeignCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRateEffectFromChangesInTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of effect of changes in tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRateEffectFromChangesInTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_PY">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_PY</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R127.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6985663760">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Other taxes payables (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherTaxesPayablesAbstract', window );"><strong>Other taxes payables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentValueAddedTaxPayables', window );">VAT, net</a></td>
<td class="nump">$ 564<span></span>
</td>
<td class="nump">$ 360<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxWithholdingsPayableCurrent', window );">Tax withholdings</a></td>
<td class="nump">89<span></span>
</td>
<td class="nump">319<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InternalTaxPayableCurrent', window );">Internal taxes</a></td>
<td class="nump">162<span></span>
</td>
<td class="nump">138<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxOnSUPayableCurrent', window );">Tax on SU (Note 2.h)</a></td>
<td class="nump">119<span></span>
</td>
<td class="nump">110<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RegulatoryFeesPayableCurrent', window );">Regulatory fees</a></td>
<td class="nump">76<span></span>
</td>
<td class="nump">78<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TurnoverTaxPayableCurrent', window );">Turnover tax</a></td>
<td class="nump">383<span></span>
</td>
<td class="nump">75<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MunicipalTaxesPayableCurrent', window );">Municipal taxes</a></td>
<td class="nump">82<span></span>
</td>
<td class="nump">35<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RetentionDecreeCurrent', window );">Retention Decree No.583/10 ENARD</a></td>
<td class="nump">30<span></span>
</td>
<td class="nump">26<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PersonalPropertyTaxesPayableCurrent', window );">Tax on personal property - on behalf of Shareholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherTaxesPayablesCurrent', window );">Total other taxes payables</a></td>
<td class="nump">$ 1,505<span></span>
</td>
<td class="nump">$ 1,149<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentValueAddedTaxPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current value added tax payables. [Refer: Value added tax payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentValueAddedTaxPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InternalTaxPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of internal tax payable by the entity included in other taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InternalTaxPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MunicipalTaxesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payables related to a municipal taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MunicipalTaxesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherTaxesPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherTaxesPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherTaxesPayablesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of other taxes payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherTaxesPayablesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PersonalPropertyTaxesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payables related to a tax on personal property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PersonalPropertyTaxesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RegulatoryFeesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payables related to a regulatory fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RegulatoryFeesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RetentionDecreeCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payables related to a retention decree.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RetentionDecreeCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxOnSUPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payables related to a tax on SU.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxOnSUPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxWithholdingsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax that is withheld by the entity included in other taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxWithholdingsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TurnoverTaxPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payables related to a turnover tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TurnoverTaxPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>144
<FILENAME>R128.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6992315968">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Other liabilities (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsOtherLiabilitiesCurrentAbstract', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent', window );">Compensation for directors and members of the Supervisory Committee</a></td>
<td class="nump">$ 53<span></span>
</td>
<td class="nump">$ 44<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GuaranteesLiabilityCurrent', window );">Guarantees received</a></td>
<td class="nump">10<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentLiabilitiesOther', window );">Other</a></td>
<td class="nump">22<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other current liabilities</a></td>
<td class="nump">85<span></span>
</td>
<td class="nump">69<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsOtherLiabilitiesNoncurrentAbstract', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Pension benefits (Note 3.m)</a></td>
<td class="nump">214<span></span>
</td>
<td class="nump">164<span></span>
</td>
<td class="nump">$ 95<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LegalFeesNonCurrent', window );">Legal fees</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentLiabilitiesOther', window );">Other</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="nump">220<span></span>
</td>
<td class="nump">170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Total other liabilities</a></td>
<td class="nump">$ 305<span></span>
</td>
<td class="nump">$ 239<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liability for compensation payables directors and members of the supervisory committee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_GuaranteesLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liability for guarantees received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_GuaranteesLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsOtherLiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsOtherLiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsOtherLiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsOtherLiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LegalFeesNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liability for legal fees payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LegalFeesNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentLiabilitiesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentLiabilitiesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNonCurrentLiabilitiesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNonCurrentLiabilitiesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>145
<FILENAME>R129.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7046584656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other liabilities - Movements in the pension benefits (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract', window );"><strong>Movements in the pension benefits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the beginning of the year</a></td>
<td class="nump">$ 164<span></span>
</td>
<td class="nump">$ 95<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Service cost</a></td>
<td class="nump">15<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">38<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Payments</a></td>
<td class="num">(6)<span></span>
</td>
<td class="num">(4)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Actuarial loss /(gain)</a></td>
<td class="num">(6)<span></span>
</td>
<td class="nump">24<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="nump">$ 214<span></span>
</td>
<td class="nump">$ 164<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from the remeasurement of that net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>146
<FILENAME>R130.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7012039872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provisions - Rollforward (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsIncludingRegulatoryContingencies', window );">Aggregate provisions to cover potential losses</a></td>
<td class="nump">$ 2,088<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RegulatoryLiabilityProvisionsOffsetWithReceivables', window );">Regulatory Liability Provisions Offset with Receivables</a></td>
<td class="nump">56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted funds included in other receivables</a></td>
<td class="nump">98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsCurrentRollForward', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">271<span></span>
</td>
<td class="nump">$ 207<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">77<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions', window );">Reclassifications</a></td>
<td class="nump">619<span></span>
</td>
<td class="nump">278<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions', window );">Uses, Debt recognition</a></td>
<td class="num">(206)<span></span>
</td>
<td class="num">(42)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedPaymentsOtherShorttermProvisions', window );">Uses, Payments</a></td>
<td class="num">(355)<span></span>
</td>
<td class="num">(172)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance at the end</a></td>
<td class="nump">406<span></span>
</td>
<td class="nump">271<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsNoncurrentRollForward', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">1,352<span></span>
</td>
<td class="nump">1,165<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">578<span></span>
</td>
<td class="nump">234<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="nump">320<span></span>
</td>
<td class="nump">207<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions', window );">Reclassifications</a></td>
<td class="num">(619)<span></span>
</td>
<td class="num">(251)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions', window );">Uses, Debt recognition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedPaymentsOtherLongtermProvisions', window );">Uses, Payments</a></td>
<td class="num">(5)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance at the end</a></td>
<td class="nump">1,626<span></span>
</td>
<td class="nump">1,352<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsRollForward', window );"><strong>Total provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Total provisions in the beginning</a></td>
<td class="nump">1,623<span></span>
</td>
<td class="nump">1,372<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">655<span></span>
</td>
<td class="nump">234<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="nump">320<span></span>
</td>
<td class="nump">207<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions', window );">Reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">27<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedDebtRecognitionOtherProvisions', window );">Uses, Debt recognition</a></td>
<td class="num">(206)<span></span>
</td>
<td class="num">(43)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedPaymentsOtherProvisions', window );">Uses, Payments</a></td>
<td class="num">(360)<span></span>
</td>
<td class="num">(174)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Total provisions at the end</a></td>
<td class="nump">2,032<span></span>
</td>
<td class="nump">1,623<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsOtherAbstract', window );"><strong>Other information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions', window );">Additions/(recoveries), Capital, charged to provisions</a></td>
<td class="nump">590<span></span>
</td>
<td class="nump">187<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment', window );">Additions/(recoveries), Capital, charged to PP&amp;E (CAPEX)</a></td>
<td class="nump">35<span></span>
</td>
<td class="nump">45<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments', window );">Additions/(recoveries), Capital, charged to currency translation adjustments</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay', window );">Additions/(recoveries), Capital, charged to acquisition of Tuves Paraguay</a></td>
<td class="nump">27<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_LegalProceedingsProvisionMember', window );">Provision for civil and commercial proceedings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsCurrentRollForward', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">109<span></span>
</td>
<td class="nump">112<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">76<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions', window );">Reclassifications</a></td>
<td class="nump">104<span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions', window );">Uses, Debt recognition</a></td>
<td class="num">(66)<span></span>
</td>
<td class="num">(15)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedPaymentsOtherShorttermProvisions', window );">Uses, Payments</a></td>
<td class="num">(65)<span></span>
</td>
<td class="num">(35)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance at the end</a></td>
<td class="nump">158<span></span>
</td>
<td class="nump">109<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsNoncurrentRollForward', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">261<span></span>
</td>
<td class="nump">240<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">150<span></span>
</td>
<td class="nump">14<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="nump">53<span></span>
</td>
<td class="nump">54<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions', window );">Reclassifications</a></td>
<td class="num">(104)<span></span>
</td>
<td class="num">(47)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance at the end</a></td>
<td class="nump">360<span></span>
</td>
<td class="nump">261<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=teo_LaborClaimsProvisionMember', window );">Provision for labor claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsCurrentRollForward', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">91<span></span>
</td>
<td class="nump">51<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions', window );">Reclassifications</a></td>
<td class="nump">232<span></span>
</td>
<td class="nump">159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions', window );">Uses, Debt recognition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(27)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedPaymentsOtherShorttermProvisions', window );">Uses, Payments</a></td>
<td class="num">(223)<span></span>
</td>
<td class="num">(92)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance at the end</a></td>
<td class="nump">100<span></span>
</td>
<td class="nump">91<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsNoncurrentRollForward', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">377<span></span>
</td>
<td class="nump">329<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">315<span></span>
</td>
<td class="nump">130<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="nump">141<span></span>
</td>
<td class="nump">78<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions', window );">Reclassifications</a></td>
<td class="num">(232)<span></span>
</td>
<td class="num">(159)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions', window );">Uses, Debt recognition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance at the end</a></td>
<td class="nump">601<span></span>
</td>
<td class="nump">377<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember', window );">Provision for regulatory, tax and other matters claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsCurrentRollForward', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">71<span></span>
</td>
<td class="nump">44<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions', window );">Reclassifications</a></td>
<td class="nump">283<span></span>
</td>
<td class="nump">72<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions', window );">Uses, Debt recognition</a></td>
<td class="num">(140)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedPaymentsOtherShorttermProvisions', window );">Uses, Payments</a></td>
<td class="num">(67)<span></span>
</td>
<td class="num">(45)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance at the end</a></td>
<td class="nump">148<span></span>
</td>
<td class="nump">71<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsNoncurrentRollForward', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">416<span></span>
</td>
<td class="nump">407<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">78<span></span>
</td>
<td class="nump">43<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="nump">83<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions', window );">Reclassifications</a></td>
<td class="num">(283)<span></span>
</td>
<td class="num">(45)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance at the end</a></td>
<td class="nump">294<span></span>
</td>
<td class="nump">416<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember', window );">Asset retirement obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsNoncurrentRollForward', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">298<span></span>
</td>
<td class="nump">189<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">35<span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="nump">43<span></span>
</td>
<td class="nump">64<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsUsedPaymentsOtherLongtermProvisions', window );">Uses, Payments</a></td>
<td class="num">(5)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance at the end</a></td>
<td class="nump">$ 371<span></span>
</td>
<td class="nump">$ 298<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions other than provisions for employee benefits. [Refer: Non-current provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents whose use or withdrawal is restricted. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions due to acquisition of Tuves Paraguay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionChargedToAcquisitionOfTuvesParaguay</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionChargedToPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionChargedToProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the interest portion of additions or (recoveries) on other provisions, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesInterestPortionOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the interest portion of additions or (recoveries) on other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesInterestPortionOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents increase (decrease) through transfers and other changes in other provisions, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents increase (decrease) through transfers and other changes in other provisions, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsCurrentRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsCurrentRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsIncludingRegulatoryContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents aggregate provisions to cover potential losses, includes regulatory contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsIncludingRegulatoryContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsNoncurrentRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsNoncurrentRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsOtherAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsOtherAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the provisions used for debt recognition, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsUsedDebtRecognitionOtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsUsedDebtRecognitionOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the provisions used for debt recognition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsUsedDebtRecognitionOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the provisions used for debt recognition, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsUsedDebtRecognitionOtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsUsedPaymentsOtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the provisions used for payments, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsUsedPaymentsOtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsUsedPaymentsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the provisions used for payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsUsedPaymentsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsUsedPaymentsOtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the provisions used for payments, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsUsedPaymentsOtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RegulatoryLiabilityProvisionsOffsetWithReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of regulatory liability provision that can be offset against the receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RegulatoryLiabilityProvisionsOffsetWithReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_LegalProceedingsProvisionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ifrs-full_LegalProceedingsProvisionMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=teo_LaborClaimsProvisionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=teo_LaborClaimsProvisionMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>147
<FILENAME>R131.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7002792304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provisions - Probable contingent Liabilities (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Oct. 30, 2013</div></th>
<th class="th">
<div>Jun. 03, 2013 </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=teo_LaborProceedingsContingentLiabilityMember', window );">Labor contingencies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt', window );">Number of chambers of the Civil and Commercial Federal Proceedings Court who issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice - Dominguez c/ Telefonica de Argentina S.A. | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits', window );">Number of unions who filed lawsuit claiming the issuance of a profit sharing bonds | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished', window );">Statute of limitation, period established</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember', window );">Provision for regulatory, tax and other matters claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionalOtherProvisionsEstimated', window );">Estimated increase in provision | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 103,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Labor contingencies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice', window );">Statute of limitation, period established, Argentine Supreme Court of Justice</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_StatuteOfLimitationsPerChamberIii', window );">Statute of limitation, period established, Chamber III</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Regulatory contingencies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated liabilities per each alleged violation against its clients | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,380<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the estimated financial effect of contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 86<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_86_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimatedFinancialEffectOfContingentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionalOtherProvisionsEstimated">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of estimated additional other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionalOtherProvisionsEstimated</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of unions who filed lawsuits against the company, claiming the issuance of a profit sharing bonds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period of statute of limitation established on issuance of profit sharing bonds, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of chambers of the Civil and Commercial Federal Proceedings Court that issued opinions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Statute of limitations established by Argentine Supreme Court of Justice.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Statute of Limitations per Chamber III of the Civil and Commercial Federal Proceedings Court.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_StatuteOfLimitationsPerChamberIii</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6989369808">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provisions - Possible Contingencies (Details) - Civil and commercial proceedings, contingencies - Personal<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="1">15 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 24, 2017</div></th>
<th class="th"><div>Jun. 30, 2012</div></th>
<th class="th">
<div>Nov. 30, 2011 </div>
<div>action</div>
</th>
<th class="th">
<div>Feb. 28, 2017 </div>
<div>company</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember', window );">Consumidores Financieros Asociacion Civil para su Defensa</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected', window );">Number of years to be considered for reimbursement of excess amount collected</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards', window );">Number of years to be considered for crediting the customers for unused minutes on expired prepaid cards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt', window );">Total number of legal actions within the federal civil and commercial court | action</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember', window );">Changes in service prices</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer', window );">Period considered for reimbursement of increased price billed to customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember', window );">Claim by content providers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfCompaniesThatInitiatedClaim', window );">Number of companies that initiated a claim | company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive', window );">Maximum percentage of services invoiced that the mobile operators are entitled to receive</a></td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodToFileInterConnectionContracts', window );">Period to file interconnection contracts under the ENACOM</a></td>
<td class="text">30 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember', window );">Radioelectric Spectrum Fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LossesOnLitigationSettlements', window );">Difference resulting from both sets of liquidation excluding interests | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 403<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsLineItems</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LossesOnLitigationSettlements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The losses on settlements of litigation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 98<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_98_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LossesOnLitigationSettlements</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the maximum percentage of services invoiced, that the mobile operators are entitled to receive on behalf and to the order of providers of audiotext and mass calling Value Added Services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfCompaniesThatInitiatedClaim">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of companies that initiated a claim.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfCompaniesThatInitiatedClaim</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the total number of legal actions that will continue within the Federal Civil and Commercial Court.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period preceding the date of lawsuit, to be considered for crediting the customers for unused minutes on expired prepaid cards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period preceding the date of lawsuit, to be considered for reimbursement of excess amount collected from customers, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period considered for the reimbursement of increased price billed to customer, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodToFileInterConnectionContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period to file interconnection contracts under the ENACOM, or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodToFileInterConnectionContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationCaseAxis=teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationCaseAxis=teo_ChangesInServicePricesCaseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=teo_ChangesInServicePricesCaseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationCaseAxis=teo_ContentProvidersClaimMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=teo_ContentProvidersClaimMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationCaseAxis=teo_RadioelectricSpectrumFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=teo_RadioelectricSpectrumFeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>149
<FILENAME>R133.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6987952384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provisions - Contingent Asset - "AFA Plus Project" Claim (Details) - AFA Plus Project<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jul. 20, 2012</div></th>
<th class="th">
<div>Oct. 31, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReferringPriceRate', window );">Referring price rate (as a percent)</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentsMadeAndExpensesIncurred', window );">Investments made and expenses incurred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 182.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment', window );">Investments made and expenses incurred, included in PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">143.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CompensationReceivedForServicesProvidedAndWorkPerformed', window );">Compensation received from AFA for services provided and work performed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CompensationProposedForInvestmentAndExpenditure', window );">Compensation proposed by AFA for investment and expenditures incurred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_WaitingPeriodToReceiveProposedCompensation', window );">Waiting period to receive the proposed compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmountDueFromCounterParty', window );">Amount due from AFA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 179.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WorkInProgress', window );">Recoverable value of Work in progress and Materials recognized by the project</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 143.0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WorkInProgress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets currently in production, which require further processes to be converted into finished goods or services. [Refer: Current finished goods; Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WorkInProgress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AmountDueFromCounterParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount due form counter party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AmountDueFromCounterParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CompensationProposedForInvestmentAndExpenditure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount proposed by AFA to compensate for the amount spent towards investments and expenditures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CompensationProposedForInvestmentAndExpenditure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CompensationReceivedForServicesProvidedAndWorkPerformed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents compensation received towards for services provided and work performed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CompensationReceivedForServicesProvidedAndWorkPerformed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InvestmentsMadeAndExpensesIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments made and expenses incurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InvestmentsMadeAndExpensesIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments made and expenses incurred, included in property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReferringPriceRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the referring price rate on every popular ticket price per each football fan that attend the stadiums during the term of agreement, charged in order to aid a profit margin.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReferringPriceRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_WaitingPeriodToReceiveProposedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the waiting period to receive the proposed compensation, if the advertising compensation was not operating, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_WaitingPeriodToReceiveProposedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProjectAxis=teo_AfaPlusProjectMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProjectAxis=teo_AfaPlusProjectMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6989883616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1">96 Months Ended</th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Apr. 12, 2007</div></th>
<th class="th">
<div>Aug. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Aug. 31, 2011 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Nov. 30, 2003 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>MB / s</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Jul. 07, 2014 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2010 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Aug. 31, 2003 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Purchase orders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,590.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment', window );">PP&amp;E commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,205<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentCommitmentsFund', window );">Investment commitments fund</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 70.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContributionsMadeToTelecommunicationsFund', window );">Contributions made to the fund</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncome', window );">Total deferred revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 888.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">940.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Investments for commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,727.0<span></span>
</td>
<td class="nump">$ 9,541.0<span></span>
</td>
<td class="nump">$ 5,148.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=teo_PublicomS.a.Member', window );">Publicom</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages', window );">Commitment period for publishing and printing of white pages</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentPeriodForDistributionOfWhitePages', window );">Commitment period for distribution of white pages</a></td>
<td class="text">20 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages', window );">Commitment period for maintenance of internal portal to access white pages</a></td>
<td class="text">20 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages', window );">Period for right to lease advertising spaces on white pages</a></td>
<td class="text">20 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccrualsAndDeferredIncome', window );">CONATEL's total deferred disbursements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncome', window );">Total deferred revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued gains</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromGovernmentGrants', window );">Amount of subsidy from government</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 19.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | Implementation of expansion of the infrastructure networks, Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Investment commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 17.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SubsidyGrantedByConatel', window );">Amount of subsidy granted by the CONATEL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisbursementOfSubsidy', window );">Amount of subsidy disbursed by the CONATEL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | Implementation of expansion of the infrastructure networks, Department of Caaguazu Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Investment commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SubsidyGrantedByConatel', window );">Amount of subsidy granted by the CONATEL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisbursementOfSubsidy', window );">Amount of subsidy disbursed by the CONATEL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContractTerm', window );">Contract term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment', window );">PP&amp;E commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 450<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfInhabitants', window );">Number of inhabitants | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">500<span></span>
</td>
<td class="nump">500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MobileInternetServicesGuaranteedPerformanceRate', window );">Guaranteed performance speed | MB / s</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContractTerm', window );">Contract term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Accruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Accruals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccrualsAndDeferredIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accruals and deferred income. [Refer: Accruals; Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccrualsAndDeferredIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future capital expenditures that the entity is committed to make.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractualCapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of capital commitments for which the entity has entered into a contract. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractualCapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of contractual commitments for the acquisition of property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 74<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_74_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liability representing income that has been received but is not yet earned. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromGovernmentGrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income recognised in relation to government grants. [Refer: Government grants]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 20<br> -IssueDate 2017-01-01<br> -Paragraph 39<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=20&amp;date=2017-03-01&amp;anchor=para_39_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromGovernmentGrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommitmentPeriodForDistributionOfWhitePages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The commitment period given for distribution of our Company's white pages.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommitmentPeriodForDistributionOfWhitePages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The commitment period given for maintenance of internal portal of our Company's white pages.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommitmentPeriodForMaintenanceOfInternalPortalToAccessWhitePages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The commitment period given to publishing and printing of our Company's white pages.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommitmentPeriodForPublishingAndPrintingOfWhitePages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommitmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommitmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ContractTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time to complete work required by contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ContractTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ContributionsMadeToTelecommunicationsFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contributions made to telecommunication fund.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ContributionsMadeToTelecommunicationsFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisbursementOfSubsidy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash inflow of subsidy disbursed by CONATEL.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisbursementOfSubsidy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InvestmentCommitmentsFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investment commitments fund for future capital expenditures that the entity is committed to make.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InvestmentCommitmentsFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MobileInternetServicesGuaranteedPerformanceRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the guaranteed performance speed of mobile internet services in megabytes per second (Mbps) on all network locations where mobile internet services are offered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MobileInternetServicesGuaranteedPerformanceRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfInhabitants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of inhabitants in the locality who will receive SRMC, STM and PCS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfInhabitants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period for right to lease advertising spaces on our Company's white pages.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodForRightToLeaseAdvertisingSpacesOnWhitePages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SubsidyGrantedByConatel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of subsidy granted by CONATEL.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SubsidyGrantedByConatel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_PublicomS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_PublicomS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommitmentsAxis=teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommitmentsAxis=teo_ImplementationOfExpansionOfInfrastructureNetworksParaguayMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommitmentsAxis=teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommitmentsAxis=teo_ImplementationOfExpansionOfInfrastructureNetworksDepartmentOfCaaguazuNucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>151
<FILENAME>R135.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6988600224">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Equity - Summary (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAttributableToOwnersOfParent', window );">Equity attributable to Telecom Argentina (Controlling Company)</a></td>
<td class="nump">$ 23,086<span></span>
</td>
<td class="nump">$ 19,336<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Equity attributable to non-controlling interest (Note 1.a)</a></td>
<td class="nump">793<span></span>
</td>
<td class="nump">542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">TOTAL EQUITY (See Consolidated Statements of Changes in Equity)</a></td>
<td class="nump">$ 23,879<span></span>
</td>
<td class="nump">$ 19,878<span></span>
</td>
<td class="nump">$ 17,610<span></span>
</td>
<td class="nump">$ 14,769<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=10&amp;date=2017-03-01&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>152
<FILENAME>R136.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7098950160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity - Capital information (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>Vote </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jan. 01, 2018 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Nominal value of issued shares | $</a></td>
<td class="nump">$ 984,380,978<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommonStockVotingRightsNumber', window );">Number of votes per share | Vote</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="nump">969,159,605<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid', window );">Total capital stock (in shares)</a></td>
<td class="nump">984,380,978<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">984,380,978<span></span>
</td>
<td class="nump">984,380,978<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">984,380,978<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember', window );">Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,153,688,011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,168,909,384<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="nump">340,994,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">340,994,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A" | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">683,856,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">683,856,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A" | Preliminary Merger Agreement and the Final Merger Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">342,861,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember', window );">Class "B"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="nump">627,930,005<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">643,151,378<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSharesEachAmericanDepositarySharesRepresents', window );">Number of shares each ADS represents</a></td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember', window );">Class "B" | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">627,930,005<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">643,151,378<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember', window );">Class "C"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="nump">234,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">234,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember', window );">Class "C" | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">234,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">234,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember', window );">Class "D" | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">841,666,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">841,666,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember', window );">Class "D" | Preliminary Merger Agreement and the Final Merger Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">841,666,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity, for which full payment has been received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssuedAndFullyPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares in the entity held by the entity or by its subsidiaries or associates. [Refer: Associates [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommonStockVotingRightsNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of common stock voting rights.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommonStockVotingRightsNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfSharesEachAmericanDepositarySharesRepresents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of shares that each American Depositary Share (ADS) represents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfSharesEachAmericanDepositarySharesRepresents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis=teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis=teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6988054320">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity - Share Ownership Plan (Details) - Class "C"<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<th class="th">
<div>Dec. 15, 2011 </div>
<div>tranche </div>
<div>shares</div>
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<th class="th">
<div>Dec. 31, 2011 </div>
<div>tranche </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
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<div>Apr. 27, 2006 </div>
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<div>Mar. 31, 2000 </div>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ShareOwnershipPlanAbstract', window );"><strong>Share Ownership Plan</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage', window );">Capital Stock to be included in PPP (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">10.00%<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares', window );">Capital Stock to be included in PPP (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">98,438,098<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsConversionOfStockSharesAuthorized', window );">Conversion of shares, number of shares authorized</a></td>
<td class="nump">4,593,274<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,339,464<span></span>
</td>
<td class="nump">52,505,360<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsConversionOfStockSharesConverted1', window );">Conversion of shares, number of shares converted</a></td>
<td class="nump">4,358,526<span></span>
</td>
<td class="nump">41,339,464<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfTranches', window );">Number of tranches | tranche</a></td>
<td class="nump">10<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSharesHeldForConversion', window );">Number of shares held for conversion</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">234,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of capital stock that should be included in Represents the number of shares that should be included in employee share ownership program sponsored by the Argentine government, as per the decree.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of capital stock that should be included in employee share ownership program sponsored by the Argentine government, as per the decree.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsConversionOfStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of shares that are authorized for conversion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsConversionOfStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsConversionOfStockSharesConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsConversionOfStockSharesConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfSharesHeldForConversion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of shares held for conversion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfSharesHeldForConversion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfTranches">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of tranches in which the shares were converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfTranches</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ShareOwnershipPlanAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ShareOwnershipPlanAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6988939216">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Equity - Treasury Shares (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Apr. 29, 2016</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2017</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2016</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2015</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2014</div></th>
<th class="th"><div>May 21, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23,879<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 19,878<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 17,610<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 14,769<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=teo_TreasurySharesCapitalNominalValueMember', window );">Treasury shares, Capital nominal value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
<td class="nump">$ 15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThresholdPeriodForSaleOfTreasuryShares', window );">Maximum time period for sale of treasury shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfTreasurySharesHeld', window );">Percentage of treasury shares held</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.55%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1.55%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1.55%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=teo_VoluntaryReserveForCapitalInvestmentsMember', window );">Voluntary reserve for capital investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 461<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 3,191<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 3,191<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">3,191<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 1,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares acquisition cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (461)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (461)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (461)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (461)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="12"></td></tr>
<tr><td colspan="12"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As of December&#160;31, 2017 and 2016, total shares (984,380,978), of $1 argentine peso of nominal value each, were issued and fully paid. As of the same dates; 15,221,373 were treasury shares.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Corresponds to 15,221,373 shares of $1 argentine peso of nominal value each, equivalent to 1.55% of total capital. The treasury shares acquisition costs amounted to 461. See Note&#160;19&#160;- Equity to these consolidated financial statements.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2016, 2015 and 2014, total shares ( 984,380,978 ), of $1 argentine peso of nominal value each, were issued and fully paid. As of the same dates; 15,221,373 were treasury shares.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares in the entity held by the entity or by its subsidiaries or associates. [Refer: Associates [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of treasury shares to total capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Threshold period for sale of treasury shares from the date of acquisition, in 'PnYnMnDTnHnMnS' format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6986961104">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial instruments - Details of financial assets and financial liabilities (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="nump">$ 18,016<span></span>
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<td class="nump">$ 14,162<span></span>
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<td class="nump">26,220<span></span>
</td>
<td class="nump">22,912<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember', window );">Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">26,203<span></span>
</td>
<td class="nump">22,910<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember', window );">Financial liabilities at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial liabilities at fair value accounted through other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">13,673<span></span>
</td>
<td class="nump">10,903<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">4,333<span></span>
</td>
<td class="nump">3,259<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value accounted through other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember', window );">Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">11,584<span></span>
</td>
<td class="nump">9,131<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember', window );">Trade payables | Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">11,584<span></span>
</td>
<td class="nump">9,131<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember', window );">Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">12,235<span></span>
</td>
<td class="nump">11,912<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember', window );">Loans | Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">12,218<span></span>
</td>
<td class="nump">11,910<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember', window );">Loans | Financial liabilities at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember', window );">Loans | Financial liabilities at fair value accounted through other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_SalariesAndSocialSecurityPayablesMember', window );">Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">2,310<span></span>
</td>
<td class="nump">1,794<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_SalariesAndSocialSecurityPayablesMember', window );">Salaries and social security payables | Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">2,310<span></span>
</td>
<td class="nump">1,794<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember', window );">Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">91<span></span>
</td>
<td class="nump">75<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember', window );">Other liabilities | Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">91<span></span>
</td>
<td class="nump">75<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">2,831<span></span>
</td>
<td class="nump">3,945<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">1,469<span></span>
</td>
<td class="nump">2,436<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">1,362<span></span>
</td>
<td class="nump">1,509<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_CashAndBanksMember', window );">Cash and banks | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">1,364<span></span>
</td>
<td class="nump">934<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">6,082<span></span>
</td>
<td class="nump">2,097<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">3,169<span></span>
</td>
<td class="nump">349<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">2,913<span></span>
</td>
<td class="nump">1,748<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">8,648<span></span>
</td>
<td class="nump">7,785<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">8,648<span></span>
</td>
<td class="nump">7,785<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">455<span></span>
</td>
<td class="nump">335<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">387<span></span>
</td>
<td class="nump">333<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">58<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Financial assets at fair value accounted through other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">$ 10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td><strong> Balance Type:</strong></td>
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<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=teo_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_SalariesAndSocialSecurityPayablesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_CashAndBanksMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>156
<FILENAME>R140.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045835664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial instruments - Gains and losses (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost', window );">Net gain (loss) on financial assets at amortised cost</a></td>
<td class="nump">$ 2,211<span></span>
</td>
<td class="nump">$ 707<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost', window );">Net gain (loss) on financial liabilities at amortised cost</a></td>
<td class="num">(3,213)<span></span>
</td>
<td class="num">(3,010)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="nump">904<span></span>
</td>
<td class="nump">305<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial liabilities at fair value through profit or loss</a></td>
<td class="nump">3<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetGainsLossesOnFinancialInstruments', window );">Total gain (loss) on financial instruments</a></td>
<td class="num">(95)<span></span>
</td>
<td class="num">(1,999)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost', window );">Interest on financial assets at amortised cost</a></td>
<td class="nump">947<span></span>
</td>
<td class="nump">374<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss', window );">Interest on financial liabilities at amortised cost</a></td>
<td class="num">(940)<span></span>
</td>
<td class="num">(1,667)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestIncomeExpenseOnFinancialInstruments', window );">Total interest income (expense) on financial instruments</a></td>
<td class="nump">7<span></span>
</td>
<td class="num">(1,293)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember', window );">Other short-term investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="nump">121<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_SharePurchaseOptionMember', window );">Tuve's Paraguay S.A shares purchase option</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember', window );">Government bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="nump">$ 783<span></span>
</td>
<td class="nump">$ 227<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial assets measured at amortised cost. [Refer: Financial assets at amortised cost]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial assets at fair value through profit or loss. [Refer: Financial assets at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial liabilities measured at amortised cost. [Refer: Financial liabilities at amortised cost]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a_v&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial liabilities at fair value through profit or loss. [Refer: Financial liabilities at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense for financial liabilities that are not at fair value through profit or loss. [Refer: At fair value [member]; Interest expense; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from interest for financial assets that are measured at amortised cost. [Refer: Interest income; Financial assets at amortised cost]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestIncomeExpenseOnFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of total interest income or (expense) on financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestIncomeExpenseOnFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetGainsLossesOnFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net gains or (losses) on financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetGainsLossesOnFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_SharePurchaseOptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_SharePurchaseOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6992039536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial instruments - Fair value disclosures (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentInBonds', window );">Lebacs</a></td>
<td class="nump">$ 1,372<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="nump">904<span></span>
</td>
<td class="nump">$ 305<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets', window );">Transfers out of Level 1 into Level 2 of fair value hierarchy, assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets', window );">Transfers out of Level 2 into Level 1 of fair value hierarchy, assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities', window );">Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities', window );">Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets', window );">Transfers into Level 3 of fair value hierarchy, assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets', window );">Transfers out of Level 3 of fair value hierarchy, assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities', window );">Transfers into Level 3 of fair value hierarchy, liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities', window );">Transfers out of Level 3 of fair value hierarchy, liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">18,016<span></span>
</td>
<td class="nump">14,162<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">26,220<span></span>
</td>
<td class="nump">22,912<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">13,673<span></span>
</td>
<td class="nump">10,903<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember', window );">Other short-term investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="nump">121<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember', window );">Other short-term investments | Level 1 | At fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">2,532<span></span>
</td>
<td class="nump">1,779<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsInvestmentsMember', window );">Investments | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets at fair value</a></td>
<td class="nump">3,172<span></span>
</td>
<td class="nump">351<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">3,169<span></span>
</td>
<td class="nump">349<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember', window );">Government bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="nump">783<span></span>
</td>
<td class="nump">227<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember', window );">Government bonds | Level 1 | At fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">371<span></span>
</td>
<td class="nump">1,456<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_DollarLinkedGovernmentBondsMember', window );">Government bonds - dollar linked | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets at fair value</a></td>
<td class="nump">301<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">293<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsInForeignCurrencyMember', window );">Government bonds in foreign currency | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets at fair value</a></td>
<td class="nump">2,387<span></span>
</td>
<td class="nump">264<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">2,377<span></span>
</td>
<td class="nump">258<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember', window );">Provincial and Municipal Government bonds currency | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets at fair value</a></td>
<td class="nump">417<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">419<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialGovernmentBondsInPesosMember', window );">Provincial government bonds in pesos | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets at fair value</a></td>
<td class="nump">8<span></span>
</td>
<td class="nump">17<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">8<span></span>
</td>
<td class="nump">17<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsMember', window );">Provincial and municipal government bonds | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets at fair value</a></td>
<td class="nump">59<span></span>
</td>
<td class="nump">70<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">72<span></span>
</td>
<td class="nump">74<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_SharePurchaseOptionMember', window );">Tuve's Paraguay S.A shares purchase option</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsLoansPayableMember', window );">Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities at fair value</a></td>
<td class="nump">12,262<span></span>
</td>
<td class="nump">13,988<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">$ 12,235<span></span>
</td>
<td class="nump">$ 11,912<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial assets. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial assets at fair value through profit or loss. [Refer: Financial assets at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers of assets into Level 3 of the fair value hierarchy. [Refer: Level 3 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers of liabilities into Level 3 of the fair value hierarchy. [Refer: Level 3 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers out of Level 1 and into Level 2 of the fair value hierarchy of assets held at the end of the reporting period. [Refer: Level 1 of fair value hierarchy [member]; Level 2 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers out of Level 1 and into Level 2 of the fair value hierarchy of liabilities held at the end of the reporting period. [Refer: Level 1 of fair value hierarchy [member]; Level 2 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers out of Level 2 and into Level 1 of the fair value hierarchy of assets held at the end of the reporting period. [Refer: Level 1 of fair value hierarchy [member]; Level 2 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers out of Level 2 and into Level 1 of the fair value hierarchy of liabilities held at the end of the reporting period. [Refer: Level 1 of fair value hierarchy [member]; Level 2 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers of assets out of Level 3 of the fair value hierarchy. [Refer: Level 3 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers of liabilities out of Level 3 of the fair value hierarchy. [Refer: Level 3 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InvestmentInBonds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments made in bonds issued by BCRA.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InvestmentInBonds</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_DollarLinkedGovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_DollarLinkedGovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsInForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsInForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialGovernmentBondsInPesosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialGovernmentBondsInPesosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_ProvincialAndMunicipalGovernmentBondsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_SharePurchaseOptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_SharePurchaseOptionMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsLoansPayableMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial instruments - Hedge accounting (Details) - Currency risk<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<div>Sep. 30, 2017 </div>
<div>ARS ($) </div>
<div>tranche</div>
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<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>$ / item</div>
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<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
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<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>$ / item</div>
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<th class="th">
<div>Sep. 15, 2017 </div>
<div>USD ($)</div>
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<th class="th">
<div>Jun. 30, 2017 </div>
<div>ARS ($) </div>
<div>$ / item</div>
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<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($)</div>
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<th class="th">
<div>Mar. 15, 2017 </div>
<div>USD ($)</div>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Fair value hedges | Other comprehensive results</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLoansAndReceivables', window );">Receivables recognized, Current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLoansAndReceivables', window );">Receivables recognized, Non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Fair value hedges | Foreign currency exchange rate gains</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnLoansAndReceivables', window );">Gains recognized from receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="nump">$ 40.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 400.0<span></span>
</td>
<td class="nump">$ 300.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfTranches', window );">Number of Tranches | tranche</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentLiabilities', window );">Liability of hedging instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_HedgedItemLiabilitiesCurrent', window );">Current liability of hedging instrument</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_HedgedItemLiabilitiesNonCurrent', window );">Non-current liability of hedging instrument</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GainLossOnFinancialInstruments', window );">Net gain/loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (36.0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Fair value hedges | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">208.70%<span></span>
</td>
<td class="nump">208.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Fair value hedges | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">245.25%<span></span>
</td>
<td class="nump">245.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Fair value hedges | Weighted average</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">222.58%<span></span>
</td>
<td class="nump">222.58%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Maturing between February and April 2018 | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 53.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AveragePriceOfHedgingInstrument', window );">Average exchange rate | $ / item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Maturing February 2017 | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NotionalAmountDuration', window );">Notional amount, duration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GainLossOnFinancialInstruments', window );">Net gain/loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Maturing between March and August 2018 | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AveragePriceOfHedgingInstrument', window );">Average exchange rate | $ / item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.94<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.94<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Personal | Commercial commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NotionalAmountDuration', window );">Notional amount, duration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 159.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GainLossOnFinancialInstruments', window );">Net gain/loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Personal | Maturing March 2017 | Cash flow hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NotionalAmountDuration', window );">Notional amount, duration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_HedgedItemLiabilitiesCurrent', window );">Current liability of hedging instrument</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GainLossOnFinancialInstruments', window );">Net gain/loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1.0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges', window );">Deferred income/expense before income tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1.0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherReceivablesMember', window );">Other receivables | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Reserve of receivables in other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnLoansAndReceivables', window );">Gains recognized from receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 53.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NdfBondsWith2.1325PercentMember', window );">2.1325% NDF | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="nump">$ 20.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="nump">213.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NdfBondsWith2.085PercentMember', window );">2.085% NDF | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="nump">$ 20.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="nump">208.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AveragePriceOfHedgingInstrument">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average price of a hedging instrument. [Refer: Hedging instruments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 23B<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_23B_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AveragePriceOfHedgingInstrument</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current loans and receivables. [Refer: Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfHedgeAccountingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfHedgeAccountingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnLoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on loans and receivables. [Refer: Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_20_a_iv&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnLoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a hedging instrument, recognised as a liability. [Refer: Hedging instruments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: (a) those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity, upon initial recognition, designates as at fair value through profit or loss; (b) those that the entity, upon initial recognition, designates as available for sale; or (c) those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale. An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current loans and receivables. [Refer: Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income, before tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the reserve of gains and losses on financial assets measured at fair value through other comprehensive income. [Refer: Financial assets measured at fair value through other comprehensive income; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate for investments that have an interest rate. For fixed rate investments, this indicates the fixed interest rate. If the investment has a variable interest rate, the rate stated here may be the rate that is currently relevant. In this case the "Investment, Interest Rate is Current Rate for Variable Rate Investment Flag", "Investment, Interest Rate is Discount Rate at Purchase Flag", "Investment, Interest Rate Reflects Current Yield Flag" should be used. If one of these flags are not appropriate to explain the interest rate that is indicated, then a new flag should be added or an explanation should be included in "Investment, Additional Information".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 12<br> -Section 12<br> -Sentence Column A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_GainLossOnFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_GainLossOnFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_HedgedItemLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a hedged item, recognised as a liability, current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_HedgedItemLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_HedgedItemLiabilitiesNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a hedged item, recognised as a liability, Non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_HedgedItemLiabilitiesNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NotionalAmountDuration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of tranches in which the shares were converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6989355184">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial instruments - Offsetting of financial assets and financial liabilities (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember', window );">Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems', window );"><strong>Offsetting of financial assets and financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Current and noncurrent liabilities - Gross value</a></td>
<td class="num">$ (13,091)<span></span>
</td>
<td class="num">$ (10,542)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting</a></td>
<td class="nump">1,507<span></span>
</td>
<td class="nump">1,411<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Current and noncurrent liabilities - Booked value</a></td>
<td class="num">(11,584)<span></span>
</td>
<td class="num">(9,131)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember', window );">Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems', window );"><strong>Offsetting of financial assets and financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Current and noncurrent liabilities - Gross value</a></td>
<td class="num">(124)<span></span>
</td>
<td class="num">(97)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting</a></td>
<td class="nump">33<span></span>
</td>
<td class="nump">22<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Current and noncurrent liabilities - Booked value</a></td>
<td class="num">(91)<span></span>
</td>
<td class="num">(75)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems', window );"><strong>Offsetting of financial assets and financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Current and noncurrent assets - Gross value</a></td>
<td class="nump">10,155<span></span>
</td>
<td class="nump">9,196<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting</a></td>
<td class="num">(1,507)<span></span>
</td>
<td class="num">(1,411)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Current and noncurrent assets - Booked value</a></td>
<td class="nump">8,648<span></span>
</td>
<td class="nump">7,785<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems', window );"><strong>Offsetting of financial assets and financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Current and noncurrent assets - Gross value</a></td>
<td class="nump">488<span></span>
</td>
<td class="nump">357<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting</a></td>
<td class="num">(33)<span></span>
</td>
<td class="num">(22)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Current and noncurrent assets - Booked value</a></td>
<td class="nump">$ 455<span></span>
</td>
<td class="nump">$ 335<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets set off against financial liabilities when an entity: (a) currently has a legally enforceable right to set off the recognised amounts; and (b) intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. [Refer: Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 13C<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_13C_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross amount of recognised financial assets that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 13C<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_13C_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities set off against financial assets when an entity: (a) currently has a legally enforceable right to set off the recognised amounts; and (b) intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. [Refer: Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 13C<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_13C_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross amount of recognised financial liabilities that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 13C<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_13C_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of financial assets that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement, presented in the statement of financial position. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 13C<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_13C_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of financial liabilities that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement, presented in the statement of financial position. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 13C<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_13C_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>160
<FILENAME>R144.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6991813264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenues (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfRevenueLineItems', window );"><strong>Disclosure of Revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Total Services revenues</a></td>
<td class="nump">$ 56,971<span></span>
</td>
<td class="nump">$ 45,354<span></span>
</td>
<td class="nump">$ 34,480<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromInboundServicesAbstract', window );"><strong>Inbound</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Revenue from sale of telecommunication equipment</a></td>
<td class="nump">8,215<span></span>
</td>
<td class="nump">7,886<span></span>
</td>
<td class="nump">6,016<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices', window );">Revenue from sale of equipment and rendering of services</a></td>
<td class="nump">65,186<span></span>
</td>
<td class="nump">53,240<span></span>
</td>
<td class="nump">40,496<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromOtherTelecommunicationIncome', window );">Other income</a></td>
<td class="nump">133<span></span>
</td>
<td class="nump">83<span></span>
</td>
<td class="nump">44<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome', window );">Revenue from sale of equipment, rendering of services and other income</a></td>
<td class="nump">65,319<span></span>
</td>
<td class="nump">53,323<span></span>
</td>
<td class="nump">40,540<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment', window );">Gain on disposal of property, plant and equipment</a></td>
<td class="nump">21<span></span>
</td>
<td class="nump">17<span></span>
</td>
<td class="nump">31<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfRevenueLineItems', window );"><strong>Disclosure of Revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelephoneServices', window );">Revenue from voice service</a></td>
<td class="nump">8,505<span></span>
</td>
<td class="nump">6,010<span></span>
</td>
<td class="nump">4,338<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfInternetServices', window );">Revenue from internet service</a></td>
<td class="nump">7,715<span></span>
</td>
<td class="nump">5,994<span></span>
</td>
<td class="nump">4,557<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfDataServices', window );">Revenue from data service</a></td>
<td class="nump">3,577<span></span>
</td>
<td class="nump">2,919<span></span>
</td>
<td class="nump">1,780<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Total Services revenues</a></td>
<td class="nump">19,797<span></span>
</td>
<td class="nump">14,923<span></span>
</td>
<td class="nump">10,675<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromInboundServicesAbstract', window );"><strong>Inbound</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Revenue from sale of telecommunication equipment</a></td>
<td class="nump">663<span></span>
</td>
<td class="nump">91<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromOtherTelecommunicationIncome', window );">Other income</a></td>
<td class="nump">71<span></span>
</td>
<td class="nump">66<span></span>
</td>
<td class="nump">39<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember', window );">Personal Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfRevenueLineItems', window );"><strong>Disclosure of Revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Total Services revenues</a></td>
<td class="nump">34,289<span></span>
</td>
<td class="nump">28,049<span></span>
</td>
<td class="nump">22,258<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromOutboundServicesAbstract', window );"><strong>Outbound</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromRenderingOfPostpaidServices', window );">Postpaid</a></td>
<td class="nump">8,380<span></span>
</td>
<td class="nump">6,951<span></span>
</td>
<td class="nump">5,401<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromCommercialPlans', window );">Abono Fijo</a></td>
<td class="nump">13,241<span></span>
</td>
<td class="nump">10,365<span></span>
</td>
<td class="nump">7,919<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromRenderingOfPrepaidServices', window );">Prepaid</a></td>
<td class="nump">8,359<span></span>
</td>
<td class="nump">7,548<span></span>
</td>
<td class="nump">6,345<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromOutboundServices', window );">Total Outbound</a></td>
<td class="nump">29,980<span></span>
</td>
<td class="nump">24,864<span></span>
</td>
<td class="nump">19,665<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromInboundServicesAbstract', window );"><strong>Inbound</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromFixedServicesCpp', window );">From Fixed Services - CPP</a></td>
<td class="nump">1,012<span></span>
</td>
<td class="nump">779<span></span>
</td>
<td class="nump">624<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromMobileServicesTlrd', window );">From Mobile Services - TLRD</a></td>
<td class="nump">1,698<span></span>
</td>
<td class="nump">932<span></span>
</td>
<td class="nump">924<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromInboundServices', window );">Total Inbound</a></td>
<td class="nump">2,710<span></span>
</td>
<td class="nump">1,711<span></span>
</td>
<td class="nump">1,548<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices', window );">Others</a></td>
<td class="nump">1,599<span></span>
</td>
<td class="nump">1,474<span></span>
</td>
<td class="nump">1,045<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Revenue from sale of telecommunication equipment</a></td>
<td class="nump">7,446<span></span>
</td>
<td class="nump">7,535<span></span>
</td>
<td class="nump">5,796<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromOtherTelecommunicationIncome', window );">Other income</a></td>
<td class="nump">62<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember', window );">Nucleo Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfRevenueLineItems', window );"><strong>Disclosure of Revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Total Services revenues</a></td>
<td class="nump">2,885<span></span>
</td>
<td class="nump">2,382<span></span>
</td>
<td class="nump">1,547<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromOutboundServicesAbstract', window );"><strong>Outbound</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromRenderingOfPostpaidServices', window );">Postpaid</a></td>
<td class="nump">81<span></span>
</td>
<td class="nump">62<span></span>
</td>
<td class="nump">36<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromCommercialPlans', window );">Abono Fijo</a></td>
<td class="nump">999<span></span>
</td>
<td class="nump">766<span></span>
</td>
<td class="nump">458<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromRenderingOfPrepaidServices', window );">Prepaid</a></td>
<td class="nump">1,445<span></span>
</td>
<td class="nump">1,134<span></span>
</td>
<td class="nump">742<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromOutboundServices', window );">Total Outbound</a></td>
<td class="nump">2,525<span></span>
</td>
<td class="nump">1,962<span></span>
</td>
<td class="nump">1,236<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromInboundServicesAbstract', window );"><strong>Inbound</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromMobileServicesTlrd', window );">From Mobile Services - TLRD</a></td>
<td class="nump">133<span></span>
</td>
<td class="nump">118<span></span>
</td>
<td class="nump">80<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfInterconnectionServices', window );">From Fixed Services - Interconnection</a></td>
<td class="nump">8<span></span>
</td>
<td class="nump">9<span></span>
</td>
<td class="nump">9<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromInboundServices', window );">Total Inbound</a></td>
<td class="nump">141<span></span>
</td>
<td class="nump">127<span></span>
</td>
<td class="nump">89<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices', window );">Others</a></td>
<td class="nump">219<span></span>
</td>
<td class="nump">293<span></span>
</td>
<td class="nump">222<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Revenue from sale of telecommunication equipment</a></td>
<td class="nump">$ 106<span></span>
</td>
<td class="nump">260<span></span>
</td>
<td class="nump">$ 159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromOtherTelecommunicationIncome', window );">Other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gain on the disposal of property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 98<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_98_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfDataServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of data services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfDataServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfInterconnectionServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of interconnection services for other operators. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfInterconnectionServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfInternetServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of internet services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfInternetServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of telecommunication services that the entity does not separately disclose in the same statement or note. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of telecommunication services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfTelecommunicationServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfTelephoneServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of telephone services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfTelephoneServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of telecommunication equipment. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_i&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfTelecommunicationEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfRevenueLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfRevenueLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromCommercialPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents revenue from commercial plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromCommercialPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromFixedServicesCpp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from fixed services (CPP).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromFixedServicesCpp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromInboundServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount revenue from Inbound services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromInboundServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromInboundServicesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromInboundServicesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromMobileServicesTlrd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from mobile services (TLRD).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromMobileServicesTlrd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromOtherTelecommunicationIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other telecommunication income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromOtherTelecommunicationIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromOutboundServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from outbound services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromOutboundServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromOutboundServicesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromOutboundServicesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromRenderingOfPostpaidServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of postpaid services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromRenderingOfPostpaidServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromRenderingOfPrepaidServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of prepaid services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromRenderingOfPrepaidServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from sale of equipment and rendering of telecommunication services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from sale of equipment, rendering of services and other income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_FixedServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R145.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6984064864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Interconnection costs and other telecommunication charges (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Operating expenses</a></td>
<td class="nump">$ 53,207<span></span>
</td>
<td class="nump">$ 45,480<span></span>
</td>
<td class="nump">$ 34,311<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommunicationExpenseFixedTelephonyInterconnectionCosts', window );">Fixed telephony interconnection costs</a></td>
<td class="num">(486)<span></span>
</td>
<td class="num">(445)<span></span>
</td>
<td class="num">(327)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommunicationExpenseCostOfInternationalOutboundCalls', window );">Cost of international outbound calls</a></td>
<td class="num">(272)<span></span>
</td>
<td class="num">(268)<span></span>
</td>
<td class="num">(192)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork', window );">Lease of circuits and use of public network</a></td>
<td class="num">(490)<span></span>
</td>
<td class="num">(461)<span></span>
</td>
<td class="num">(336)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommunicationExpenseChargesForRoaming', window );">Mobile Services - charges for roaming</a></td>
<td class="num">(348)<span></span>
</td>
<td class="num">(414)<span></span>
</td>
<td class="num">(374)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommunicationExpenseChargesForTermination', window );">Mobile Services - charges for TLRD</a></td>
<td class="num">(1,552)<span></span>
</td>
<td class="num">(965)<span></span>
</td>
<td class="num">(941)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Total interconnection costs and other telecommunication charges</a></td>
<td class="num">$ (3,148)<span></span>
</td>
<td class="num">$ (2,553)<span></span>
</td>
<td class="num">$ (2,170)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CommunicationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from communication.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CommunicationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommunicationExpenseChargesForRoaming">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from roaming charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommunicationExpenseChargesForRoaming</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommunicationExpenseChargesForTermination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from termination charges from third parties' wireless networks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommunicationExpenseChargesForTermination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommunicationExpenseCostOfInternationalOutboundCalls">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from international outbound calls.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommunicationExpenseCostOfInternationalOutboundCalls</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommunicationExpenseFixedTelephonyInterconnectionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from fixed telephony interconnection costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommunicationExpenseFixedTelephonyInterconnectionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from lease of circuits and use of public network.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommunicationExpenseLeaseOfCircuitsAndUseOfPublicNetwork</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>162
<FILENAME>R146.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045465104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Fees for services, maintenance, materials and supplies (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MaintenanceOfHardwareAndSoftware', window );">Maintenance of hardware and software</a></td>
<td class="num">$ (671)<span></span>
</td>
<td class="num">$ (546)<span></span>
</td>
<td class="num">$ (331)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TechnicalMaintenance', window );">Technical maintenance</a></td>
<td class="num">(1,393)<span></span>
</td>
<td class="num">(1,329)<span></span>
</td>
<td class="num">(854)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServiceConnectionFeesFixedLinesAndInternetLines', window );">Service connection fees for fixed lines and Internet lines</a></td>
<td class="num">(600)<span></span>
</td>
<td class="num">(267)<span></span>
</td>
<td class="num">(224)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts', window );">Service connection fees capitalized as SAC (Note 3.i)</a></td>
<td class="nump">23<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="nump">14<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets', window );">Service connection fees capitalized as Intangible assets (Note 3.i)</a></td>
<td class="nump">50<span></span>
</td>
<td class="nump">41<span></span>
</td>
<td class="nump">36<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherMaintenanceCosts', window );">Other maintenance costs</a></td>
<td class="num">(716)<span></span>
</td>
<td class="num">(524)<span></span>
</td>
<td class="num">(396)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MobileServicesObsolescenceOfInventories', window );">Obsolescence of inventories - Mobile Services (Note 7)</a></td>
<td class="num">(17)<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="num">(38)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CallCenterFees', window );">Call center fees</a></td>
<td class="num">(1,999)<span></span>
</td>
<td class="num">(1,428)<span></span>
</td>
<td class="num">(1,297)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherFeesForServices', window );">Other fees for services</a></td>
<td class="num">(1,211)<span></span>
</td>
<td class="num">(862)<span></span>
</td>
<td class="num">(793)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DirectorsAndSupervisoryCommitteesFees', window );">Directors and Supervisory Committee's fees</a></td>
<td class="num">(66)<span></span>
</td>
<td class="num">(60)<span></span>
</td>
<td class="num">(36)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Total fees for services, maintenance, materials and supplies</a></td>
<td class="num">$ (6,600)<span></span>
</td>
<td class="num">$ (5,006)<span></span>
</td>
<td class="num">$ (3,919)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CallCenterFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from call center fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CallCenterFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DirectorsAndSupervisoryCommitteesFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from directors and supervisory committee's fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DirectorsAndSupervisoryCommitteesFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses for fees for services, maintenance, materials and supplies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MaintenanceOfHardwareAndSoftware">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from hardware and software maintenance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MaintenanceOfHardwareAndSoftware</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MobileServicesObsolescenceOfInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from mobile services, obsolescence of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MobileServicesObsolescenceOfInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherFeesForServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from other fees for services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherFeesForServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherMaintenanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from other maintenance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherMaintenanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of service connection fees capitalized as intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ServiceConnectionFeesCapitalizedAsIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of service connection fees capitalized as Subscriber Acquisition Costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ServiceConnectionFeesCapitalizedAsSubscriberAcquisitionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ServiceConnectionFeesFixedLinesAndInternetLines">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from service connection fees for fixed lines and internet lines.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ServiceConnectionFeesFixedLinesAndInternetLines</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TechnicalMaintenance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from technical maintenance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TechnicalMaintenance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>163
<FILENAME>R147.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045532624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Taxes and fees with the Regulatory Authority (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TurnoverTax', window );">Turnover tax</a></td>
<td class="num">$ (3,528)<span></span>
</td>
<td class="num">$ (2,817)<span></span>
</td>
<td class="num">$ (2,122)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxesWithRegulatoryAuthority', window );">Taxes with the Regulatory Authority</a></td>
<td class="num">(1,049)<span></span>
</td>
<td class="num">(1,078)<span></span>
</td>
<td class="num">(917)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts', window );">Tax on deposits to and withdrawals from bank accounts</a></td>
<td class="num">(626)<span></span>
</td>
<td class="num">(539)<span></span>
</td>
<td class="num">(403)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MunicipalTaxes', window );">Municipal taxes</a></td>
<td class="num">(531)<span></span>
</td>
<td class="num">(395)<span></span>
</td>
<td class="num">(289)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTaxesOther', window );">Other taxes</a></td>
<td class="num">(373)<span></span>
</td>
<td class="num">(296)<span></span>
</td>
<td class="num">(212)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Total taxes and fees with the regulatory authority</a></td>
<td class="num">$ (6,107)<span></span>
</td>
<td class="num">$ (5,125)<span></span>
</td>
<td class="num">$ (3,943)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTaxesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTaxesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MunicipalTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of municipal taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MunicipalTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax on deposits to and withdrawals from bank accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxOnDepositsToAndWithdrawalsFromBankAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxesWithRegulatoryAuthority">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of taxes with the regulatory authority.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxesWithRegulatoryAuthority</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TurnoverTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax on turnover.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TurnoverTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>164
<FILENAME>R148.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6675060384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Commissions (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommissionExpenseAgent', window );">Agent commissions</a></td>
<td class="num">$ (2,602)<span></span>
</td>
<td class="num">$ (3,078)<span></span>
</td>
<td class="num">$ (2,659)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts', window );">Agent commissions capitalized as SAC (Note 3.j)</a></td>
<td class="nump">986<span></span>
</td>
<td class="nump">1,403<span></span>
</td>
<td class="nump">1,172<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommissionExpenseDistributionOfPrepaidCards', window );">Distribution of prepaid cards commissions</a></td>
<td class="num">(842)<span></span>
</td>
<td class="num">(763)<span></span>
</td>
<td class="num">(635)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommissionExpenseCollection', window );">Collection commissions</a></td>
<td class="num">(1,147)<span></span>
</td>
<td class="num">(1,295)<span></span>
</td>
<td class="num">(983)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFeeAndCommissionExpense', window );">Other commissions</a></td>
<td class="num">(26)<span></span>
</td>
<td class="num">(116)<span></span>
</td>
<td class="num">(88)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Total fee and commission expense</a></td>
<td class="num">$ (3,631)<span></span>
</td>
<td class="num">$ (3,849)<span></span>
</td>
<td class="num">$ (3,193)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FeeAndCommissionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to fees and commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FeeAndCommissionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFeeAndCommissionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fee and commission expense that the entity does not separately disclose in the same statement or note. [Refer: Fee and commission expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFeeAndCommissionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommissionExpenseAgent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of commission expense arising from agent commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommissionExpenseAgent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of commission expense arising from agent commissions, capitalized as Subscriber Acquisition Costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommissionExpenseAgentCapitalizedAsSubscriberAcquisitionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommissionExpenseCollection">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of commission expense arising from collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommissionExpenseCollection</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommissionExpenseDistributionOfPrepaidCards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of commission expense arising from distribution of prepaid cards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommissionExpenseDistributionOfPrepaidCards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>165
<FILENAME>R149.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7046862560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Advertising (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdvertisingExpenseMedia', window );">Media advertising</a></td>
<td class="num">$ (769)<span></span>
</td>
<td class="num">$ (527)<span></span>
</td>
<td class="num">$ (524)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdvertisingExpenseFairsAndExhibitions', window );">Fairs and exhibitions</a></td>
<td class="num">(264)<span></span>
</td>
<td class="num">(176)<span></span>
</td>
<td class="num">(137)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdvertisingExpenseOther', window );">Other advertising costs</a></td>
<td class="num">(185)<span></span>
</td>
<td class="num">(171)<span></span>
</td>
<td class="num">(153)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdvertisingExpense', window );">Total advertising</a></td>
<td class="num">$ (1,218)<span></span>
</td>
<td class="num">$ (874)<span></span>
</td>
<td class="num">$ (814)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdvertisingExpenseFairsAndExhibitions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of advertising expense arising from fairs and exhibitions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdvertisingExpenseFairsAndExhibitions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdvertisingExpenseMedia">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from media advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdvertisingExpenseMedia</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdvertisingExpenseOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from other advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdvertisingExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>166
<FILENAME>R150.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741370624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Cost of VAS (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfMobileValueAddedServices', window );">Cost of mobile value added services</a></td>
<td class="num">$ (829)<span></span>
</td>
<td class="num">$ (1,446)<span></span>
</td>
<td class="num">$ (1,218)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfFixedValueAddedServices', window );">Cost of fixed value added services</a></td>
<td class="num">(45)<span></span>
</td>
<td class="num">(53)<span></span>
</td>
<td class="num">(38)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfValueAddedServices', window );">Total Cost of VAS</a></td>
<td class="num">$ (874)<span></span>
</td>
<td class="num">$ (1,499)<span></span>
</td>
<td class="num">$ (1,256)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfFixedValueAddedServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from value added services on fixed services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfFixedValueAddedServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfMobileValueAddedServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from value added services on mobile services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfMobileValueAddedServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfValueAddedServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from value added services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfValueAddedServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>167
<FILENAME>R151.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6608929200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Other operating expenses (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransportationFreightAndTravelExpenses', window );">Transportation, freight and travel expenses</a></td>
<td class="num">$ (927)<span></span>
</td>
<td class="num">$ (961)<span></span>
</td>
<td class="num">$ (768)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts', window );">Delivery costs capitalized as SAC</a></td>
<td class="nump">79<span></span>
</td>
<td class="nump">134<span></span>
</td>
<td class="nump">85<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RentalExpense', window );">Rental expense</a></td>
<td class="num">(1,069)<span></span>
</td>
<td class="num">(765)<span></span>
</td>
<td class="num">(540)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UtilitiesExpense', window );">Energy, water and others</a></td>
<td class="num">(1,117)<span></span>
</td>
<td class="num">(783)<span></span>
</td>
<td class="num">(429)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InternationalAndSatelliteConnectivityExpenses', window );">International and satellite connectivity</a></td>
<td class="num">(246)<span></span>
</td>
<td class="num">(215)<span></span>
</td>
<td class="num">(202)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Total other operating expenses</a></td>
<td class="num">$ (3,280)<span></span>
</td>
<td class="num">$ (2,590)<span></span>
</td>
<td class="num">$ (1,854)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'nature of expense' form for its analysis of expenses. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RentalExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognised on rental activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RentalExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UtilitiesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from purchased utilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UtilitiesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of delivery costs, capitalized as Subscriber Acquisition Costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeliveryCostsCapitalizedAsSubscriberAcquisitionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InternationalAndSatelliteConnectivityExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from international and satellite connectivity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InternationalAndSatelliteConnectivityExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TransportationFreightAndTravelExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from transportation, freight and travel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TransportationFreightAndTravelExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>168
<FILENAME>R152.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045263600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Depreciation &amp; Amortization (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation of PP&amp;E</a></td>
<td class="num">$ (5,039)<span></span>
</td>
<td class="num">$ (4,358)<span></span>
</td>
<td class="num">$ (3,046)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts', window );">Amortization of SAC and service connection costs</a></td>
<td class="num">(1,524)<span></span>
</td>
<td class="num">(1,474)<span></span>
</td>
<td class="num">(1,045)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets', window );">Amortization of 3G/4G licenses</a></td>
<td class="num">(325)<span></span>
</td>
<td class="num">(338)<span></span>
</td>
<td class="num">(324)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOnOtherIntangibleAssets', window );">Amortization of other intangible assets</a></td>
<td class="num">(40)<span></span>
</td>
<td class="num">(28)<span></span>
</td>
<td class="num">(23)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Total depreciation and amortisation expense</a></td>
<td class="num">$ (6,928)<span></span>
</td>
<td class="num">$ (6,198)<span></span>
</td>
<td class="num">$ (4,438)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill and other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AmortisationIntangibleAssetsOtherThanGoodwillAndOtherIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from amortization of subscriber acquisition costs and service connection costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AmortizationOfSubscriberAcquisitionCostsAndServiceConnectionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AmortizationOnOtherIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from amortization of other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AmortizationOnOtherIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>169
<FILENAME>R153.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6988019808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Disposals and Impairment of PP&amp;E (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesLineItems', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment', window );">Gain on disposal and impairment of PP&amp;E</a></td>
<td class="nump">$ 21<span></span>
</td>
<td class="nump">$ 17<span></span>
</td>
<td class="nump">$ 31<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposal and impairment of PP&amp;amp;amp;E</a></td>
<td class="num">(316)<span></span>
</td>
<td class="num">(383)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesLineItems', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment of PP&amp;E</a></td>
<td class="num">(5)<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="num">(116)<span></span>
</td>
</tr>
<tr class="re">
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<td class="num">(16)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember', window );">Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesLineItems', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment of PP&amp;E</a></td>
<td class="num">(229)<span></span>
</td>
<td class="num">(369)<span></span>
</td>
<td class="num">$ (114)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment', window );">Decrease of PPE</a></td>
<td class="num">$ (66)<span></span>
</td>
<td class="num">$ (15)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) on property, plant and equipment recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gain on the disposal of property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 98<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_98_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain on disposal, impairment and disposal of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisposalAndImpairmentOfPropertyPlantAndEquipment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of losses, other than losses on disposal and impairment, recognised in profit or loss for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LossesOtherThanDisposalsOrImpairmentPropertyPlantAndEquipment</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_FixedServicesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</body>
</html>
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<DOCUMENT>
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<SEQUENCE>170
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6991745888">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating expenses - Expenses disclosed per function (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDirectOperatingCosts', window );">Operating costs</a></td>
<td class="num">$ (32,287)<span></span>
</td>
<td class="num">$ (27,628)<span></span>
</td>
<td class="num">$ (20,578)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administration costs</a></td>
<td class="num">(3,306)<span></span>
</td>
<td class="num">(2,453)<span></span>
</td>
<td class="num">(1,827)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingExpenseCommercializationCosts', window );">Commercialization costs</a></td>
<td class="num">(16,708)<span></span>
</td>
<td class="num">(14,829)<span></span>
</td>
<td class="num">(11,594)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsExpense', window );">Other expenses - provisions</a></td>
<td class="num">(590)<span></span>
</td>
<td class="num">(187)<span></span>
</td>
<td class="num">(113)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="num">(316)<span></span>
</td>
<td class="num">(383)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Total operating expense</a></td>
<td class="num">$ (53,207)<span></span>
</td>
<td class="num">$ (45,480)<span></span>
</td>
<td class="num">$ (34,311)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain on disposal, impairment and disposal of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisposalAndImpairmentOfPropertyPlantAndEquipment</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDirectOperatingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate direct operating costs incurred during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDirectOperatingCosts</td>
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<td>debit</td>
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<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingExpenseCommercializationCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from commercialization costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingExpenseCommercializationCosts</td>
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<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsExpense</td>
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<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>171
<FILENAME>R155.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6986115600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Operating expenses - Future minimum lease payments (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payments</a></td>
<td class="nump">$ 2,009<span></span>
</td>
<td class="nump">$ 1,879<span></span>
</td>
<td class="nump">$ 1,357<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">January 2018 thru December 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payments</a></td>
<td class="nump">681<span></span>
</td>
<td class="nump">636<span></span>
</td>
<td class="nump">436<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember', window );">1-5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payments</a></td>
<td class="nump">1,185<span></span>
</td>
<td class="nump">1,169<span></span>
</td>
<td class="nump">890<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">More than 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payments</a></td>
<td class="nump">$ 143<span></span>
</td>
<td class="nump">$ 74<span></span>
</td>
<td class="nump">$ 31<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2017-03-02&amp;anchor=para_35_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>172
<FILENAME>R156.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6990872320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating income (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="12">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Sep. 30, 2017</div></th>
<th class="th"><div>Jun. 30, 2017</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Sep. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Mar. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Mar. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeFromServicesAndOtherIncomeAbstract', window );"><strong>Operating income from services and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenuesRelatingToServiceRevenueAndOtherIncome', window );">Revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 57,104<span></span>
</td>
<td class="nump">$ 45,437<span></span>
</td>
<td class="nump">$ 34,524<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(39,279)<span></span>
</td>
<td class="num">(32,711)<span></span>
</td>
<td class="num">(25,079)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome', window );">Operating income before depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,825<span></span>
</td>
<td class="nump">12,726<span></span>
</td>
<td class="nump">9,445<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">D&amp;A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,928)<span></span>
</td>
<td class="num">(6,198)<span></span>
</td>
<td class="num">(4,438)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(316)<span></span>
</td>
<td class="num">(383)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeFromServicesAndOtherIncome', window );">Operating income from services and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,581<span></span>
</td>
<td class="nump">6,145<span></span>
</td>
<td class="nump">4,808<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeLossFromEquipmentSalesAbstract', window );"><strong>Operating income (loss) from equipment sales</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Revenue from sale of telecommunication equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,215<span></span>
</td>
<td class="nump">7,886<span></span>
</td>
<td class="nump">6,016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,684)<span></span>
</td>
<td class="num">(6,188)<span></span>
</td>
<td class="num">(4,595)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentAndHandsetsSalesNetTotal', window );">Total income for sale of equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,531<span></span>
</td>
<td class="nump">1,698<span></span>
</td>
<td class="nump">1,421<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">$ 3,094<span></span>
</td>
<td class="nump">$ 3,167<span></span>
</td>
<td class="nump">$ 2,958<span></span>
</td>
<td class="nump">$ 2,893<span></span>
</td>
<td class="nump">$ 2,320<span></span>
</td>
<td class="nump">$ 1,802<span></span>
</td>
<td class="nump">$ 1,724<span></span>
</td>
<td class="nump">$ 1,997<span></span>
</td>
<td class="nump">$ 1,770<span></span>
</td>
<td class="nump">$ 1,311<span></span>
</td>
<td class="nump">$ 1,468<span></span>
</td>
<td class="nump">$ 1,680<span></span>
</td>
<td class="nump">12,112<span></span>
</td>
<td class="nump">7,843<span></span>
</td>
<td class="nump">6,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConsolidatedNetIncomeAbstract', window );"><strong>Consolidated net income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome', window );">Operating income before depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,356<span></span>
</td>
<td class="nump">14,424<span></span>
</td>
<td class="nump">10,866<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">D&amp;A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,928)<span></span>
</td>
<td class="num">(6,198)<span></span>
</td>
<td class="num">(4,438)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(316)<span></span>
</td>
<td class="num">(383)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">$ 3,094<span></span>
</td>
<td class="nump">$ 3,167<span></span>
</td>
<td class="nump">$ 2,958<span></span>
</td>
<td class="nump">$ 2,893<span></span>
</td>
<td class="nump">$ 2,320<span></span>
</td>
<td class="nump">$ 1,802<span></span>
</td>
<td class="nump">$ 1,724<span></span>
</td>
<td class="nump">$ 1,997<span></span>
</td>
<td class="nump">$ 1,770<span></span>
</td>
<td class="nump">$ 1,311<span></span>
</td>
<td class="nump">$ 1,468<span></span>
</td>
<td class="nump">$ 1,680<span></span>
</td>
<td class="nump">$ 12,112<span></span>
</td>
<td class="nump">$ 7,843<span></span>
</td>
<td class="nump">$ 6,229<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfMerchandiseSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merchandise that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfMerchandiseSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
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<tr>
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<tr>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2017-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2017-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of telecommunication equipment. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_i&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfTelecommunicationEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ConsolidatedNetIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ConsolidatedNetIncomeAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain on disposal, impairment and disposal of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisposalAndImpairmentOfPropertyPlantAndEquipment</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EquipmentAndHandsetsSalesNetTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the total Net value of equipment and handsets sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EquipmentAndHandsetsSalesNetTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating expenses relating to service revenue and other income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingExpensesRelatingToServiceRevenueAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income from services and other income and equipment sales before depreciation and amortization .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income from services and other income before depreciation and amortization .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingIncomeBeforeDepreciationAndAmortizationFromServicesAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingIncomeFromServicesAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income from services and other income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingIncomeFromServicesAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingIncomeFromServicesAndOtherIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This concept does not have any references.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingIncomeFromServicesAndOtherIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingIncomeLossFromEquipmentSalesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This concept does not have any references.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingIncomeLossFromEquipmentSalesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenuesRelatingToServiceRevenueAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenues and other income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenuesRelatingToServiceRevenueAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6989168656">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating income - Breakdown of operating income by segment (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="12">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Sep. 30, 2017</div></th>
<th class="th"><div>Jun. 30, 2017</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Sep. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Mar. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Mar. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServicesRevenuesAndOtherIncomeAbstract', window );"><strong>Services revenues and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome', window );">Third party revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 57,104<span></span>
</td>
<td class="nump">$ 45,437<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Third party operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(39,279)<span></span>
</td>
<td class="num">(32,711)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome', window );">Subtotal income for services revenues and other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,825<span></span>
</td>
<td class="nump">12,726<span></span>
</td>
<td class="nump">$ 9,445<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentsRevenuesAbstract', window );"><strong>Equipments revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,215<span></span>
</td>
<td class="nump">7,886<span></span>
</td>
<td class="nump">6,016<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,684)<span></span>
</td>
<td class="num">(6,188)<span></span>
</td>
<td class="num">(4,595)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentAndHandsetsSalesNetTotal', window );">Total income for sale of equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,531<span></span>
</td>
<td class="nump">1,698<span></span>
</td>
<td class="nump">1,421<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome', window );">Total operating income before depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,356<span></span>
</td>
<td class="nump">14,424<span></span>
</td>
<td class="nump">10,866<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">D&amp;A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,928)<span></span>
</td>
<td class="num">(6,198)<span></span>
</td>
<td class="num">(4,438)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(316)<span></span>
</td>
<td class="num">(383)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">$ 3,094<span></span>
</td>
<td class="nump">$ 3,167<span></span>
</td>
<td class="nump">$ 2,958<span></span>
</td>
<td class="nump">$ 2,893<span></span>
</td>
<td class="nump">$ 2,320<span></span>
</td>
<td class="nump">$ 1,802<span></span>
</td>
<td class="nump">$ 1,724<span></span>
</td>
<td class="nump">$ 1,997<span></span>
</td>
<td class="nump">$ 1,770<span></span>
</td>
<td class="nump">$ 1,311<span></span>
</td>
<td class="nump">$ 1,468<span></span>
</td>
<td class="nump">$ 1,680<span></span>
</td>
<td class="nump">12,112<span></span>
</td>
<td class="nump">7,843<span></span>
</td>
<td class="nump">6,229<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_OperatingSegmentsMember', window );">Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServicesRevenuesAndOtherIncomeAbstract', window );"><strong>Services revenues and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome', window );">Third party revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,524<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Third party operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(25,079)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember', window );">Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServicesRevenuesAndOtherIncomeAbstract', window );"><strong>Services revenues and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome', window );">Third party revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,737)<span></span>
</td>
<td class="num">(2,105)<span></span>
</td>
<td class="num">(1,971)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Third party operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,737<span></span>
</td>
<td class="nump">2,105<span></span>
</td>
<td class="nump">1,971<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServicesRevenuesAndOtherIncomeAbstract', window );"><strong>Services revenues and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome', window );">Third party revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,868<span></span>
</td>
<td class="nump">14,989<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Third party operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18,262)<span></span>
</td>
<td class="num">(13,464)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentsRevenuesAbstract', window );"><strong>Equipments revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">663<span></span>
</td>
<td class="nump">91<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(524)<span></span>
</td>
<td class="num">(136)<span></span>
</td>
<td class="num">(82)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentAndHandsetsSalesNetTotal', window );">Total income for sale of equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">139<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="num">(21)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome', window );">Total operating income before depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,745<span></span>
</td>
<td class="nump">1,480<span></span>
</td>
<td class="nump">830<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(512)<span></span>
</td>
<td class="num">(416)<span></span>
</td>
<td class="num">(787)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServicesRevenuesAndOtherIncomeAbstract', window );"><strong>Services revenues and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome', window );">Third party revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,714<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Third party operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(9,863)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome', window );">Subtotal income for services revenues and other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,711<span></span>
</td>
<td class="nump">3,314<span></span>
</td>
<td class="nump">2,548<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentsRevenuesAbstract', window );"><strong>Equipments revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">663<span></span>
</td>
<td class="nump">91<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(524)<span></span>
</td>
<td class="num">(136)<span></span>
</td>
<td class="num">(82)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentAndHandsetsSalesNetTotal', window );">Total income for sale of equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">139<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="num">(21)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome', window );">Total operating income before depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,850<span></span>
</td>
<td class="nump">3,269<span></span>
</td>
<td class="nump">2,527<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">D&amp;A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,236)<span></span>
</td>
<td class="num">(1,897)<span></span>
</td>
<td class="num">(1,526)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(21)<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="num">(91)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,593<span></span>
</td>
<td class="nump">1,373<span></span>
</td>
<td class="nump">910<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services | Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServicesRevenuesAndOtherIncomeAbstract', window );"><strong>Services revenues and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome', window );">Third party revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,421)<span></span>
</td>
<td class="num">(1,947)<span></span>
</td>
<td class="num">(1,834)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Third party operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">316<span></span>
</td>
<td class="nump">158<span></span>
</td>
<td class="nump">137<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentsRevenuesAbstract', window );"><strong>Equipments revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,105)<span></span>
</td>
<td class="num">(1,789)<span></span>
</td>
<td class="num">(1,697)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember', window );">Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServicesRevenuesAndOtherIncomeAbstract', window );"><strong>Services revenues and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome', window );">Third party revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,236<span></span>
</td>
<td class="nump">30,448<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Third party operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(21,017)<span></span>
</td>
<td class="num">(19,247)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentsRevenuesAbstract', window );"><strong>Equipments revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,552<span></span>
</td>
<td class="nump">7,795<span></span>
</td>
<td class="nump">5,955<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome', window );">Total operating income before depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,611<span></span>
</td>
<td class="nump">12,944<span></span>
</td>
<td class="nump">10,036<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,624<span></span>
</td>
<td class="nump">8,259<span></span>
</td>
<td class="nump">7,016<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember', window );">Mobile Services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServicesRevenuesAndOtherIncomeAbstract', window );"><strong>Services revenues and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome', window );">Third party revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,810<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Third party operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(15,216)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome', window );">Subtotal income for services revenues and other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,114<span></span>
</td>
<td class="nump">9,412<span></span>
</td>
<td class="nump">6,897<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentsRevenuesAbstract', window );"><strong>Equipments revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,552<span></span>
</td>
<td class="nump">7,795<span></span>
</td>
<td class="nump">5,955<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,160)<span></span>
</td>
<td class="num">(6,052)<span></span>
</td>
<td class="num">(4,513)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentAndHandsetsSalesNetTotal', window );">Total income for sale of equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,392<span></span>
</td>
<td class="nump">1,743<span></span>
</td>
<td class="nump">1,442<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome', window );">Total operating income before depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,506<span></span>
</td>
<td class="nump">11,155<span></span>
</td>
<td class="nump">8,339<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">D&amp;A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,692)<span></span>
</td>
<td class="num">(4,301)<span></span>
</td>
<td class="num">(2,912)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(295)<span></span>
</td>
<td class="num">(384)<span></span>
</td>
<td class="num">(108)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,519<span></span>
</td>
<td class="nump">6,470<span></span>
</td>
<td class="nump">5,319<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember', window );">Mobile Services | Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ServicesRevenuesAndOtherIncomeAbstract', window );"><strong>Services revenues and other income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome', window );">Third party revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(316)<span></span>
</td>
<td class="num">(158)<span></span>
</td>
<td class="num">(137)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome', window );">Third party operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,421<span></span>
</td>
<td class="nump">1,947<span></span>
</td>
<td class="nump">1,834<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquipmentsRevenuesAbstract', window );"><strong>Equipments revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,105<span></span>
</td>
<td class="nump">$ 1,789<span></span>
</td>
<td class="nump">$ 1,697<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfMerchandiseSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merchandise that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfMerchandiseSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2017-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2017-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of telecommunication equipment. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_i&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfTelecommunicationEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain on disposal, impairment and disposal of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisposalAndImpairmentOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EquipmentAndHandsetsSalesNetTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the total Net value of equipment and handsets sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EquipmentAndHandsetsSalesNetTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EquipmentsRevenuesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This concept does not have any references.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EquipmentsRevenuesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income for services revenues and other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncomeForServicesRevenuesAndOtherRelatingToServiceRevenueAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income from services and other income and equipment sales before depreciation and amortization .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingIncomeBeforeDepreciationAndAmortizationFromEquipmentSalesServicesAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ServicesRevenuesAndOtherIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This concept does not have any references.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ServicesRevenuesAndOtherIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Third party operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ThirdPartyOperatingExpensesRelatingToServiceRevenueAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Third party revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ThirdPartyRevenuesRelatingToServiceRevenueAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_OperatingSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_OperatingSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_FixedServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Finance income and expenses (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="12">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
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<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Sep. 30, 2017</div></th>
<th class="th"><div>Jun. 30, 2017</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestIncomeOnCashAndCashEquivalents', window );">Interest on cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 20<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GainLossOnOtherShortTermInvestments', window );">Gains on other short-term investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">121<span></span>
</td>
<td class="nump">61<span></span>
</td>
<td class="nump">169<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnDisposalsOfInvestments', window );">Gains on investments (Argentine companies notes and Governments bonds)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">979<span></span>
</td>
<td class="nump">287<span></span>
</td>
<td class="nump">432<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestIncomeOnLoansAndReceivables', window );">Interest on receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">763<span></span>
</td>
<td class="nump">373<span></span>
</td>
<td class="nump">183<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeGain', window );">Foreign currency exchange gains</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,217<span></span>
</td>
<td class="nump">273<span></span>
</td>
<td class="nump">316<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeFromSharePurchaseOption', window );">TUVES share purchase option</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="nump">9<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFinanceIncome', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Total finance income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,115<span></span>
</td>
<td class="nump">1,006<span></span>
</td>
<td class="nump">1,130<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts', window );">Interest on loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(928)<span></span>
</td>
<td class="num">(1,613)<span></span>
</td>
<td class="num">(566)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable', window );">Interest on salaries and social security payable, other taxes payables and accounts payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(49)<span></span>
</td>
<td class="num">(37)<span></span>
</td>
<td class="num">(26)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseDueToUnwindingOfDiscountOnProvisions', window );">Interest on provisions (Note 17)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(320)<span></span>
</td>
<td class="num">(207)<span></span>
</td>
<td class="num">(137)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities', window );">Loss on discounting of salaries and social security payables, other taxes payable and other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6)<span></span>
</td>
<td class="num">(15)<span></span>
</td>
<td class="num">(9)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeLoss', window );">Foreign currency exchange losses (*)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,224)<span></span>
</td>
<td class="num">(1,328)<span></span>
</td>
<td class="num">(1,456)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestExpenseOnSharePurchaseOption', window );">TUVES share purchase option</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(24)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestExpenseOnPensionBenefits', window );">Interest on pension benefits (Note 16)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(47)<span></span>
</td>
<td class="num">(38)<span></span>
</td>
<td class="num">(28)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3)<span></span>
</td>
<td class="num">(12)<span></span>
</td>
<td class="num">(10)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Total finance expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,601)<span></span>
</td>
<td class="num">(3,250)<span></span>
</td>
<td class="num">(2,232)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Financial results, net</a></td>
<td class="num">$ (210)<span></span>
</td>
<td class="num">$ (16)<span></span>
</td>
<td class="num">$ (384)<span></span>
</td>
<td class="nump">$ 124<span></span>
</td>
<td class="num">$ (562)<span></span>
</td>
<td class="num">$ (636)<span></span>
</td>
<td class="num">$ (489)<span></span>
</td>
<td class="num">$ (557)<span></span>
</td>
<td class="num">$ (910)<span></span>
</td>
<td class="num">$ (73)<span></span>
</td>
<td class="num">$ (30)<span></span>
</td>
<td class="num">$ (89)<span></span>
</td>
<td class="num">(486)<span></span>
</td>
<td class="num">(2,244)<span></span>
</td>
<td class="num">(1,102)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_StatementOfFinanceIncomeAndExpensesLineItems', window );"><strong>Finance income and expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeGain', window );">Foreign currency exchange gains</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
<td class="nump">$ 5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeLoss', window );">Foreign currency exchange losses (*)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (432)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseDueToUnwindingOfDiscountOnProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognised due to the unwinding of the discount on provisions, resulting from the effect of the passage of time. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseDueToUnwindingOfDiscountOnProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnDisposalsOfInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on disposals of investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 98<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_98_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnDisposalsOfInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on bank loans and overdrafts. [Refer: Interest expense; Bank overdrafts]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnBankLoansAndOverdrafts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestIncomeOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income on cash and cash equivalents. [Refer: Interest income; Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestIncomeOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestIncomeOnLoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income on loans and receivables. [Refer: Interest income; Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestIncomeOnLoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetForeignExchangeGain">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net gain arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2017-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=21&amp;date=2017-03-01&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetForeignExchangeGain</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetForeignExchangeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net loss arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2017-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=21&amp;date=2017-03-01&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetForeignExchangeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance costs that the entity does not separately disclose in the same statement or note. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income that the entity does not separately disclose in the same statement or note. [Refer: Finance income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_GainLossOnOtherShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains or (losses) on other short term investments of financial income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_GainLossOnOtherShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncomeFromSharePurchaseOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income on share purchase option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncomeFromSharePurchaseOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestExpenseOnPensionBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest expense on pension benefits during the financial period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestExpenseOnPensionBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest expense on salaries and social security payable and other taxes payables and accounts payable during the year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestExpenseOnSalariesSocialSecurityOtherTaxesAndAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestExpenseOnSharePurchaseOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest expense on share purchase option during the financial period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestExpenseOnSharePurchaseOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of loss on discounting of salaries and social security payables, other taxes payable and other liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LossesOnDiscountingOfSalariesSocialSecurityOtherTaxesAndOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_StatementOfFinanceIncomeAndExpensesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_StatementOfFinanceIncomeAndExpensesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045598672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings per share</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares', window );">Dilutive potential common stock outstanding (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Dilutive earnings per share (In pesos per share)</a></td>
<td class="nump">$ 0.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of shares outstanding (in shares)</a></td>
<td class="nump">969,159,605<span></span>
</td>
<td class="nump">969,159,605<span></span>
</td>
<td class="nump">969,159,605<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of dilutive potential ordinary shares that relate to the assumed exercise of the entity's share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2017-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2017-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2017-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2017-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6991070432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management - Market risk (Details)<br> &#8370; in Millions, &#8364; in Millions, $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="3"></th>
<th class="th" colspan="4"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>$ / &#8370; </div>
<div>$ / &#8364; </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>EUR (&#8364;) </div>
<div>$ / &#8370; </div>
<div>$ / &#8364; </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>PYG (&#8370;) </div>
<div>$ / &#8370; </div>
<div>$ / &#8364; </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>$ / &#8370; </div>
<div>$ / &#8364; </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>$ / &#8370; </div>
<div>$ / &#8364; </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>EUR (&#8364;) </div>
<div>$ / &#8370; </div>
<div>$ / &#8364; </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>PYG (&#8370;) </div>
<div>$ / &#8370; </div>
<div>$ / &#8364; </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($) </div>
<div>$ / &#8370; </div>
<div>$ / &#8364; </div>
<div>$ / $</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,235<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,912<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates', window );">Cash and cash equivalents and investments sensitive to changes in Peso/Dollar exchange rates (as a percent)</a></td>
<td class="nump">66.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp', window );">Dollar linked investments sensitive to changes in Peso/Dollar exchange rates (as a percent)</a></td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47,914<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(33,709)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(28,036)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DollarLinkedInvestmentsHeld', window );">Dollar linked investments held</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">365<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">74<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs', window );">Net liability position in foreign currency</a></td>
<td class="nump">$ 518<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonDeliverableForwardContractsAmount', window );">Amount of several NDF contracts entered by the group</a></td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Currency risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,563<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,875<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18,600)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(14,654)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetAssetsLiabilities', window );">Net liabilities</a></td>
<td class="num">(592)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11,037)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(9,779)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments', window );">Net liability position in foreign currency</a></td>
<td class="nump">578<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,672<span></span>
</td>
<td class="nump">611<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,705<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs', window );">Net liability position in foreign currency</a></td>
<td class="nump">518<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,559<span></span>
</td>
<td class="nump">595<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_USD', window );">U.S. dollars | Government bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Government bonds at fair value</a></td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">371<span></span>
</td>
<td class="nump">45<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">735<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_USD', window );">U.S. dollars | Currency risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">372<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,094<span></span>
</td>
<td class="nump">241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,067<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="num">$ (939)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (17,568)<span></span>
</td>
<td class="num">$ (859)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (13,648)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClosingForeignExchangeRateAssets', window );">Exchange rate, assets | $ / $</a></td>
<td class="nump">18.549<span></span>
</td>
<td class="nump">18.549<span></span>
</td>
<td class="nump">18.549<span></span>
</td>
<td class="nump">18.549<span></span>
</td>
<td class="nump">15.790<span></span>
</td>
<td class="nump">15.790<span></span>
</td>
<td class="nump">15.790<span></span>
</td>
<td class="nump">15.790<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClosingForeignExchangeRateLiabilities', window );">Exchange rate, liabilities | $ / $</a></td>
<td class="nump">18.649<span></span>
</td>
<td class="nump">18.649<span></span>
</td>
<td class="nump">18.649<span></span>
</td>
<td class="nump">18.649<span></span>
</td>
<td class="nump">15.890<span></span>
</td>
<td class="nump">15.890<span></span>
</td>
<td class="nump">15.890<span></span>
</td>
<td class="nump">15.890<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=teo_GuaraniesMember', window );">G | Currency risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8370; 120,029<span></span>
</td>
<td class="nump">$ 399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8370; 250,865<span></span>
</td>
<td class="nump">$ 684<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8370; (233,891)<span></span>
</td>
<td class="num">$ (773)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8370; (311,279)<span></span>
</td>
<td class="num">$ (848)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClosingForeignExchangeRateAssets', window );">Exchange rate, assets | $ / &#8370;</a></td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClosingForeignExchangeRateLiabilities', window );">Exchange rate, liabilities | $ / &#8370;</a></td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
<td class="nump">0.003<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_EUR', window );">EURO | Currency risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 124<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (11)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (259)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (9)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (158)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClosingForeignExchangeRateAssets', window );">Exchange rate, assets | $ / &#8364;</a></td>
<td class="nump">22.283<span></span>
</td>
<td class="nump">22.283<span></span>
</td>
<td class="nump">22.283<span></span>
</td>
<td class="nump">22.283<span></span>
</td>
<td class="nump">16.625<span></span>
</td>
<td class="nump">16.625<span></span>
</td>
<td class="nump">16.625<span></span>
</td>
<td class="nump">16.625<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClosingForeignExchangeRateLiabilities', window );">Exchange rate, liabilities | $ / &#8364;</a></td>
<td class="nump">22.450<span></span>
</td>
<td class="nump">22.450<span></span>
</td>
<td class="nump">22.450<span></span>
</td>
<td class="nump">22.450<span></span>
</td>
<td class="nump">16.770<span></span>
</td>
<td class="nump">16.770<span></span>
</td>
<td class="nump">16.770<span></span>
</td>
<td class="nump">16.770<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial assets. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets less the amount of liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph IG63<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_IG63&amp;doctype=Implementation%20Guidance<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ClosingForeignExchangeRateAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period for assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ClosingForeignExchangeRateAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ClosingForeignExchangeRateLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period for liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ClosingForeignExchangeRateLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DollarLinkedInvestmentsHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of dollar linked investments held.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DollarLinkedInvestmentsHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net liability exposure to currency risk after deducting dollar linked investments and other short term investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsAndOtherShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net liability exposure to currency risk after deducting dollar linked investments, other short term investments and NDFs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonDeliverableForwardContractsAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of non deliverable forward (NDF) contracts entered by the group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonDeliverableForwardContractsAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of cash and cash equivalents and investment that dollar-linked investments make up</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfCashAndCashEquivalentsAndInvestmentThatDollarLinkedInvestmentsMakeUp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of cash and cash equivalents and investments that are sensitive to changes in exchange rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfCashAndCashEquivalentsAndInvestmentsSensitiveToChangesInExchangeRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrencyAxis=currency_USD">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_USD</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_GovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_GovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrencyAxis=teo_GuaraniesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=teo_GuaraniesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrencyAxis=currency_EUR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_EUR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<FILENAME>R161.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6991775952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management - Sensitivity analysis of exchange and interest rate risk (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs', window );">Net liability position in foreign currency</a></td>
<td class="nump">$ 518.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,220.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22,912.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember', window );">Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,235.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,912.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Currency risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetAssetsLiabilities', window );">Net liability position in foreign currency</a></td>
<td class="nump">$ 592.0<span></span>
</td>
<td class="nump">11,037.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,779.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EstimatedVariationInExchangeRate', window );">Estimated variation in exchange rate | $ / $</a></td>
<td class="nump">0.10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EstimatedVariationInConsolidatedFinancialPosition', window );">Estimated variation in consolidated amounts of foreign currency position</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs', window );">Net liability position in foreign currency</a></td>
<td class="nump">$ 518.0<span></span>
</td>
<td class="nump">9,559.0<span></span>
</td>
<td class="nump">$ 595.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets', window );">Estimated variation in consolidated amounts of foreign currency position on the portion not covered by derivative financial instruments and other assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Interest rate risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption', window );">Variation in agreed interest rates (as a percent)</a></td>
<td class="nump">0.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Interest rate risk | Bank overdrafts | Pesos</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">135.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent', window );">Effect</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Interest rate risk | Term Notes | Pesos</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">871.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent', window );">Effect</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Interest rate risk | Term Notes | U.S. dollars</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">$ 78.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent', window );">Effect</a></td>
<td class="nump">1.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Interest rate risk | Loans | U.S. dollars</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">500.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent', window );">Effect</a></td>
<td class="nump">$ 9.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets less the amount of liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph IG63<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_IG63&amp;doctype=Implementation%20Guidance<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EstimatedVariationInConsolidatedFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated amount of variation in consolidated financial position corresponding to the variation in exchange rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EstimatedVariationInConsolidatedFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated amount of variation in consolidated financial position corresponding to the variation in exchange rate on the portion of not covered by derivative financial instruments and other assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EstimatedVariationInExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated variation in exchange rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EstimatedVariationInExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a financial instrument as a result of an increase (decrease) in a designated risk component that was reasonably possible at the end of the reporting period. Excludes defined benefit plan obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net liability exposure to currency risk after deducting dollar linked investments, other short term investments and NDFs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the increase (decrease) in the designated risk component used to determine the value of the financial instrument. Excludes defined benefit plan obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsBankOverdraftsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsBankOverdraftsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrencyAxis=currency_ARS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_ARS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_NotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_NotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrencyAxis=currency_USD">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_USD</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>178
<FILENAME>R162.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6990720528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management - Credit risk (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember', window );">Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">$ 18,016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod', window );">Maximum holding period of deposits</a></td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember', window );">Credit risk | Due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">$ 1,807<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember', window );">Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">16,209<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents | Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">2,831<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents | Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">2,831<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments | Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">6,082<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments | Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">6,082<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts', window );">Overdue balances not covered by the allowance for doubtful accounts</a></td>
<td class="nump">1,807<span></span>
</td>
<td class="nump">$ 1,738<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables | Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">8,648<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables | Credit risk | Due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">1,807<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables | Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">6,841<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">455<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">$ 455<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCreditRiskExposureLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaximumExposureToCreditRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that best represents the maximum exposure to credit risk without taking into account any collateral held or other credit enhancements (for example, netting agreements that do not qualify for offset in accordance with IAS 32). [Refer: Credit risk [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35K<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35K_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_36_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaximumExposureToCreditRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum holding period for deposits made with leading high-credit-quality banking and financial institutions, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositsWithBankAndFinancialInstitutionsMaximumHoldingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of overdue balances not covered by the allowance for doubtful accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=teo_PastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=teo_PastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>179
<FILENAME>R163.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7098837328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management - Liquidity risk (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperativeWorkingCapitalAbstract', window );"><strong>Operative working capital - negative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,636<span></span>
</td>
<td class="nump">$ 7,577<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward', window );">Other receivables (not considering financial NDF)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,431<span></span>
</td>
<td class="nump">1,011<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,854<span></span>
</td>
<td class="nump">1,278<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesExcludingCurrentFinancialDebt', window );">Current liabilities (not considering financial debt)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18,793)<span></span>
</td>
<td class="num">(13,245)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperativeWorkingCapital', window );">Operative working capital - negative</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,872)<span></span>
</td>
<td class="num">(3,379)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfOperativeWorkingCapital', window );">Over revenues</a></td>
<td class="num">(10.50%)<span></span>
</td>
<td class="num">(6.40%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Variations in operative working capital - negative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInTradeReceivables', window );">Variation in trade receivables</a></td>
<td class="nump">$ 1,059<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInOtherReceivables', window );">Variation in other receivables</a></td>
<td class="nump">420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInInventories', window );">Variation in inventories</a></td>
<td class="nump">576<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt', window );">Variation in current liabilities (not considering financial debt)</a></td>
<td class="num">(5,548)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInOperatingCapital', window );">Variation in operative working capital</a></td>
<td class="num">(3,493)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetCurrentFinancialAssetDebtAbstract', window );"><strong>Net current financial asset (debt)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="nump">$ 153<span></span>
</td>
<td class="nump">2,831<span></span>
</td>
<td class="nump">3,945<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonDeliverableForwardCurrent', window );">Financial NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,426<span></span>
</td>
<td class="nump">1,751<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,194)<span></span>
</td>
<td class="num">(3,266)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialAssetsLiabilitiesNetCurrent', window );">Net Current financial asset (debt)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,123<span></span>
</td>
<td class="nump">2,430<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_VariationsInNetCurrentFinancialAssetDebt', window );"><strong>Variations in net current financial asset (debt)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInCashAndCashEquivalents', window );">Variation in cash and cash equivalents</a></td>
<td class="num">(1,114)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInInvestments', window );">Variation in investments</a></td>
<td class="nump">1,675<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInNonDeliverableForwardCurrent', window );">Variation in Financial NDF</a></td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInCurrentFinancialDebt', window );">Variation in current financial debt</a></td>
<td class="nump">72<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent', window );">Variation in net current financial asset (debt)</a></td>
<td class="nump">693<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsLiabilities', window );">Negative operating working capital (current assets - current liabilities)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (3,749)<span></span>
</td>
<td class="num">$ (949)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInWorkingCapital', window );">Variation in working capital</a></td>
<td class="num">$ (2,800)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LiquidityRate', window );">Liquidity rate</a></td>
<td class="nump">0.83<span></span>
</td>
<td class="nump">0.94<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInLiquidityRate', window );">Variation in liquidity rate</a></td>
<td class="num">(0.11)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LeverageRate', window );">Leverage rate</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets less the amount of current liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentLiabilitiesExcludingCurrentFinancialDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities excluding current financial debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentLiabilitiesExcludingCurrentFinancialDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialAssetsLiabilitiesNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial assets less current financial liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialAssetsLiabilitiesNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in cash and cash equivalents during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInCurrentFinancialDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in current financial debt during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInCurrentFinancialDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of (increase) decrease in current financial asset liabilities, net during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in inventories during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in investments during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInOperatingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period of all assets and liabilities used in operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInOperatingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in other receivables during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in working capital during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in current liabilities excluding current financial debt during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInLiquidityRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liquidity rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInLiquidityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInNonDeliverableForwardCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in non deliverable forwards, current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInNonDeliverableForwardCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in trade receivables during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LeverageRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio of net financial debt over company market value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LeverageRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LiquidityRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio of current assets to current liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LiquidityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetCurrentFinancialAssetDebtAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetCurrentFinancialAssetDebtAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonDeliverableForwardCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonDeliverableForwardCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperativeWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets less the amount of current liabilities excluding current financial debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperativeWorkingCapital</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperativeWorkingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperativeWorkingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables excluding financial non-deliverable forward. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfOperativeWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of operative working capital on revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfOperativeWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_VariationsInNetCurrentFinancialAssetDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_VariationsInNetCurrentFinancialAssetDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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</body>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6994230496">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial risk management - Maturity analysis of financial liabilities (Details) - Liquidity risk<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">$ 28,138<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">11,599<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Loans</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">14,103<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">2,345<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">91<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Due</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">319<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Due | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">319<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2018 thru December 2018</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">16,678<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2018 thru December 2018 | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">11,164<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2018 thru December 2018 | Loans</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">3,389<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2018 thru December 2018 | Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">2,055<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2018 thru December 2018 | Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">70<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2019 thru December 2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">3,317<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2019 thru December 2019 | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">66<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2019 thru December 2019 | Loans</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">3,043<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2019 thru December 2019 | Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">187<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2019 thru December 2019 | Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">21<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2020 thru December 2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">2,788<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2020 thru December 2020 | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">45<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2020 thru December 2020 | Loans</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">2,687<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2020 thru December 2020 | Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">56<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2021 and thereafter</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">5,036<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2021 and thereafter | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2021 and thereafter | Loans</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">4,984<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">January 2021 and thereafter | Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">$ 47<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of contractual undiscounted cash flows in relation to non-derivative financial liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 39<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_39_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_SalariesAndSocialSecurityPayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_SalariesAndSocialSecurityPayablesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=teo_PastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=teo_PastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>181
<FILENAME>R165.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6992144048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party balances and transactions - Controlling group (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 30, 2017</div></th>
<th class="th"><div>Jun. 22, 2017</div></th>
<th class="th"><div>May 23, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Mar. 08, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value (in argentine peso per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value (in argentine peso per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfVotesPerShare', window );">Number of votes per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember', window );">Fintech | Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Nortel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="nump">54.74%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition', window );">Ownership percentage after treasury shares acquisition</a></td>
<td class="nump">55.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Nortel | Class A Preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Nortel | Class B Preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="nump">3.74%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProportionOfEquityInterestInPreferredShares', window );">Equity interest in preferred shares (as a percent)</a></td>
<td class="nump">7.64%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Fintech</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NortelInversoraS.a.Member', window );">Nortel | Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="nump">78.38%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora | Fintech</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">17.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfVotesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of votes per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfVotesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProportionOfEquityInterestInPreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of equity interest in preferred shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProportionOfEquityInterestInPreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in subsidiary after treasury shares acquisition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_SoforaTelecomunicacionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_NortelInversoraS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_NortelInversoraS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=teo_ClassaPreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=teo_ClassaPreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=teo_ClassBPreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=teo_ClassBPreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NortelInversoraS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NortelInversoraS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>182
<FILENAME>R166.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7007665920">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Related party balances and transactions - Balances with related parties (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashAndCashEquivalentsRelatedPartyTransactions', window );">Total cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradeReceivablesRelatedPartyTransactions', window );">Total trade receivables, net</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradePayablesRelatedPartyTransactions', window );">Total trade payables</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">21<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialDebtRelatedPartyTransactions', window );">Financial Debt - Notes (current and non-current)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">323<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_BancoAtlasS.a.Member', window );">Banco Atlas S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashAndCashEquivalentsRelatedPartyTransactions', window );">Total cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_EditorialAzetaS.a.Member', window );">Editorial Azeta S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradeReceivablesRelatedPartyTransactions', window );">Total trade receivables, net</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_ExpertaArtS.a.Member', window );">Experta ART S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradePayablesRelatedPartyTransactions', window );">Total trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialDebtRelatedPartyTransactions', window );">Financial Debt - Notes (current and non-current)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">151<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_HarasElCaprichoS.a.Member', window );">Haras El Capricho S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradePayablesRelatedPartyTransactions', window );">Total trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_TeltecoS.a.Member', window );">Telteco S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradePayablesRelatedPartyTransactions', window );">Total trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_PentaS.a.Member', window );">Penta S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradePayablesRelatedPartyTransactions', window );">Total trade payables</a></td>
<td class="nump">$ 2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember', window );">La Estrella Sociedad Anonima de Seguros de Retiro</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialDebtRelatedPartyTransactions', window );">Financial Debt - Notes (current and non-current)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 172<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashAndCashEquivalentsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashAndCashEquivalentsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentAssetsRelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialDebtRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial debt in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialDebtRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TradePayablesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TradePayablesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TradeReceivablesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade receivables in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TradeReceivablesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_BancoAtlasS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_BancoAtlasS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_EditorialAzetaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_EditorialAzetaS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_ExpertaArtS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_ExpertaArtS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_HarasElCaprichoS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_HarasElCaprichoS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_TeltecoS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_TeltecoS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_PentaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_PentaS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaEstrellaSociedadAnonimaDeSegurosDeRetiroMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>183
<FILENAME>R167.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6990370672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party balances and transactions - Transactions with related parties and companies under sect. 33 of the LGS (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Mar. 08, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherIncomeRelatedPartyTransactions', window );">Total other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Total services rendered</a></td>
<td class="nump">$ 6<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Total services received</a></td>
<td class="num">$ (6)<span></span>
</td>
<td class="num">(5)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors', window );">Minimum percent of transaction amount on the equity approved by the Board of Directors</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Total services rendered</a></td>
<td class="nump">$ 7<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Total services received</a></td>
<td class="num">(72)<span></span>
</td>
<td class="num">(153)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions', window );">Total purchases of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinanceCostsRelatedPartyTransactions', window );">Total finance costs</a></td>
<td class="nump">34<span></span>
</td>
<td class="nump">55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_NortelInversoraS.a.Member', window );">Nortel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherIncomeRelatedPartyTransactions', window );">Total other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_EditorialAzetaS.a.Member', window );">Editorial Azeta S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Total services rendered</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Total services received</a></td>
<td class="num">(3)<span></span>
</td>
<td class="num">(3)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_BancoAtlasS.a.Member', window );">Banco Atlas S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Total services rendered</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_PentaS.a.Member', window );">Penta S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Total services rendered</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Total services received</a></td>
<td class="num">$ (3)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember', window );">Fintech | Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember', window );">Fintech | Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Total services rendered</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">111<span></span>
</td>
<td class="nump">564<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Total services received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(72)<span></span>
</td>
<td class="num">(352)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions', window );">Total purchases of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18<span></span>
</td>
<td class="nump">$ 103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property and other assets purchased by the entity in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_21_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services in related party transactions. [Refer: Revenue; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_21_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServicesReceivedRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of services received in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_21_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServicesReceivedRelatedPartyTransactions</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinanceCostsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance costs in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinanceCostsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum percent of transaction amount on the equity approved by the Board of Directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MinimumPercentOfTransactionAmountOnEquityApprovedByBoardOfDirectors</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherIncomeRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other income in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherIncomeRelatedPartyTransactions</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_NortelInversoraS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_NortelInversoraS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_EditorialAzetaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_EditorialAzetaS.a.Member</td>
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<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_BancoAtlasS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_BancoAtlasS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_PentaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_PentaS.a.Member</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_SoforaTelecomunicacionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>184
<FILENAME>R168.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6994044304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party balances and transactions - Key Managers (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_KeyManagementPersonnelCompensationSalaries', window );">Salaries</a></td>
<td class="nump">$ 81.0<span></span>
</td>
<td class="nump">$ 54.0<span></span>
</td>
<td class="nump">$ 37.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_KeyManagementPersonnelCompensationVariableCompensation', window );">Variable compensation</a></td>
<td class="nump">121.0<span></span>
</td>
<td class="nump">53.0<span></span>
</td>
<td class="nump">26.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_KeyManagementPersonnelCompensationSocialSecurityContributions', window );">Social security contributions</a></td>
<td class="nump">58.0<span></span>
</td>
<td class="nump">30.0<span></span>
</td>
<td class="nump">18.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_KeyManagementPersonnelCompensationHiringBenefits', window );">Hiring benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits', window );">Termination benefits</a></td>
<td class="nump">63.0<span></span>
</td>
<td class="nump">58.0<span></span>
</td>
<td class="nump">25.0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Total Compensation for Key Managers</a></td>
<td class="nump">323.0<span></span>
</td>
<td class="nump">200.0<span></span>
</td>
<td class="nump">106.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_KeyManagementPersonnelCompensationOutstandingAmountPayable', window );">Amount payable under compensation for Key Managers</a></td>
<td class="nump">45.0<span></span>
</td>
<td class="nump">66.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_BoardOfDirectorsCompensationEstimatedCompensation', window );">Estimated compensation</a></td>
<td class="nump">$ 49.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DirectorsRemunerationExpense', window );">Compensation for members of Board of Directors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 34.6<span></span>
</td>
<td class="nump">$ 20.0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DirectorsRemunerationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of remuneration paid or payable to the entity's directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DirectorsRemunerationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of termination benefits. [Refer: Termination benefits expense; Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_BoardOfDirectorsCompensationEstimatedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of estimated compensation for board of directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_BoardOfDirectorsCompensationEstimatedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_KeyManagementPersonnelCompensationHiringBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of hiring benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_KeyManagementPersonnelCompensationHiringBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_KeyManagementPersonnelCompensationOutstandingAmountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of unpaid compensation for key management personnel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_KeyManagementPersonnelCompensationOutstandingAmountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_KeyManagementPersonnelCompensationSalaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of salaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_KeyManagementPersonnelCompensationSalaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_KeyManagementPersonnelCompensationSocialSecurityContributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of social security contributions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_KeyManagementPersonnelCompensationSocialSecurityContributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_KeyManagementPersonnelCompensationVariableCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of variable compensation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_KeyManagementPersonnelCompensationVariableCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>185
<FILENAME>R169.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7104246912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment information (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="12">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>segment</div>
</th>
<th class="th">
<div>Sep. 30, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($) </div>
<div>segment </div>
<div>company</div>
</th>
<th class="th">
<div>Sep. 30, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($) </div>
<div>segment </div>
<div>company</div>
</th>
<th class="th">
<div>Sep. 30, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>segment</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($) </div>
<div>segment </div>
<div>company</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($) </div>
<div>segment </div>
<div>company</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities', window );">Number of companies | company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfReportableSegment', window );">Number of reportable segments | segment</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 65,319<span></span>
</td>
<td class="nump">$ 53,323<span></span>
</td>
<td class="nump">$ 40,540<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(12,718)<span></span>
</td>
<td class="num">(9,800)<span></span>
</td>
<td class="num">(7,253)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection costs and other telecommunication charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,148)<span></span>
</td>
<td class="num">(2,553)<span></span>
</td>
<td class="num">(2,170)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,600)<span></span>
</td>
<td class="num">(5,006)<span></span>
</td>
<td class="num">(3,919)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,107)<span></span>
</td>
<td class="num">(5,125)<span></span>
</td>
<td class="num">(3,943)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,631)<span></span>
</td>
<td class="num">(3,849)<span></span>
</td>
<td class="num">(3,193)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,684)<span></span>
</td>
<td class="num">(6,188)<span></span>
</td>
<td class="num">(4,595)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdvertisingExpense', window );">Advertising</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,218)<span></span>
</td>
<td class="num">(874)<span></span>
</td>
<td class="num">(814)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfValueAddedServices', window );">Cost of VAS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(874)<span></span>
</td>
<td class="num">(1,499)<span></span>
</td>
<td class="num">(1,256)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsExpense', window );">Provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(590)<span></span>
</td>
<td class="num">(187)<span></span>
</td>
<td class="num">(113)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,113)<span></span>
</td>
<td class="num">(1,228)<span></span>
</td>
<td class="num">(564)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,280)<span></span>
</td>
<td class="num">(2,590)<span></span>
</td>
<td class="num">(1,854)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortization', window );">Operating income before D&amp;A</a></td>
<td class="nump">$ 5,110<span></span>
</td>
<td class="nump">$ 4,902<span></span>
</td>
<td class="nump">$ 4,706<span></span>
</td>
<td class="nump">$ 4,638<span></span>
</td>
<td class="nump">$ 4,214<span></span>
</td>
<td class="nump">$ 3,446<span></span>
</td>
<td class="nump">$ 3,362<span></span>
</td>
<td class="nump">$ 3,402<span></span>
</td>
<td class="nump">$ 3,202<span></span>
</td>
<td class="nump">$ 2,529<span></span>
</td>
<td class="nump">$ 2,501<span></span>
</td>
<td class="nump">$ 2,634<span></span>
</td>
<td class="nump">19,356<span></span>
</td>
<td class="nump">14,424<span></span>
</td>
<td class="nump">10,866<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,039)<span></span>
</td>
<td class="num">(4,358)<span></span>
</td>
<td class="num">(3,046)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationExpense', window );">Amortization of intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,889)<span></span>
</td>
<td class="num">(1,840)<span></span>
</td>
<td class="num">(1,392)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(316)<span></span>
</td>
<td class="num">(383)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">3,094<span></span>
</td>
<td class="nump">3,167<span></span>
</td>
<td class="nump">2,958<span></span>
</td>
<td class="nump">2,893<span></span>
</td>
<td class="nump">2,320<span></span>
</td>
<td class="nump">1,802<span></span>
</td>
<td class="nump">1,724<span></span>
</td>
<td class="nump">1,997<span></span>
</td>
<td class="nump">1,770<span></span>
</td>
<td class="nump">1,311<span></span>
</td>
<td class="nump">1,468<span></span>
</td>
<td class="nump">1,680<span></span>
</td>
<td class="nump">12,112<span></span>
</td>
<td class="nump">7,843<span></span>
</td>
<td class="nump">6,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Financial results, net</a></td>
<td class="num">(210)<span></span>
</td>
<td class="num">(16)<span></span>
</td>
<td class="num">(384)<span></span>
</td>
<td class="nump">124<span></span>
</td>
<td class="num">(562)<span></span>
</td>
<td class="num">(636)<span></span>
</td>
<td class="num">(489)<span></span>
</td>
<td class="num">(557)<span></span>
</td>
<td class="num">(910)<span></span>
</td>
<td class="num">(73)<span></span>
</td>
<td class="num">(30)<span></span>
</td>
<td class="num">(89)<span></span>
</td>
<td class="num">(486)<span></span>
</td>
<td class="num">(2,244)<span></span>
</td>
<td class="num">(1,102)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,626<span></span>
</td>
<td class="nump">5,599<span></span>
</td>
<td class="nump">5,127<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,902)<span></span>
</td>
<td class="num">(1,594)<span></span>
</td>
<td class="num">(1,692)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="nump">2,029<span></span>
</td>
<td class="nump">2,056<span></span>
</td>
<td class="nump">1,673<span></span>
</td>
<td class="nump">1,966<span></span>
</td>
<td class="nump">1,510<span></span>
</td>
<td class="nump">758<span></span>
</td>
<td class="nump">802<span></span>
</td>
<td class="nump">935<span></span>
</td>
<td class="nump">657<span></span>
</td>
<td class="nump">800<span></span>
</td>
<td class="nump">937<span></span>
</td>
<td class="nump">1,041<span></span>
</td>
<td class="nump">7,724<span></span>
</td>
<td class="nump">4,005<span></span>
</td>
<td class="nump">3,435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Net income attributable to Telecom Argentina</a></td>
<td class="nump">$ 1,989<span></span>
</td>
<td class="nump">$ 2,026<span></span>
</td>
<td class="nump">$ 1,660<span></span>
</td>
<td class="nump">$ 1,955<span></span>
</td>
<td class="nump">$ 1,504<span></span>
</td>
<td class="nump">$ 746<span></span>
</td>
<td class="nump">$ 800<span></span>
</td>
<td class="nump">$ 925<span></span>
</td>
<td class="nump">$ 646<span></span>
</td>
<td class="nump">$ 801<span></span>
</td>
<td class="nump">$ 928<span></span>
</td>
<td class="nump">$ 1,028<span></span>
</td>
<td class="nump">7,630<span></span>
</td>
<td class="nump">3,975<span></span>
</td>
<td class="nump">3,403<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Net income attributable to non-controlling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">94<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="nump">32<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Service revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">56,971<span></span>
</td>
<td class="nump">45,354<span></span>
</td>
<td class="nump">34,480<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,215<span></span>
</td>
<td class="nump">7,886<span></span>
</td>
<td class="nump">6,016<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">133<span></span>
</td>
<td class="nump">83<span></span>
</td>
<td class="nump">44<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember', window );">Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,758)<span></span>
</td>
<td class="num">(2,119)<span></span>
</td>
<td class="num">(1,989)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection costs and other telecommunication charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,809<span></span>
</td>
<td class="nump">1,329<span></span>
</td>
<td class="nump">1,389<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">610<span></span>
</td>
<td class="nump">509<span></span>
</td>
<td class="nump">419<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">95<span></span>
</td>
<td class="nump">59<span></span>
</td>
<td class="nump">48<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">244<span></span>
</td>
<td class="nump">222<span></span>
</td>
<td class="nump">133<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,531<span></span>
</td>
<td class="nump">15,080<span></span>
</td>
<td class="nump">10,775<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(524)<span></span>
</td>
<td class="num">(136)<span></span>
</td>
<td class="num">(82)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(512)<span></span>
</td>
<td class="num">(416)<span></span>
</td>
<td class="num">(787)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Service revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,797<span></span>
</td>
<td class="nump">14,923<span></span>
</td>
<td class="nump">10,675<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">663<span></span>
</td>
<td class="nump">91<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">71<span></span>
</td>
<td class="nump">66<span></span>
</td>
<td class="nump">39<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,952<span></span>
</td>
<td class="nump">17,027<span></span>
</td>
<td class="nump">12,609<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(9,625)<span></span>
</td>
<td class="num">(7,220)<span></span>
</td>
<td class="num">(5,268)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection costs and other telecommunication charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,200)<span></span>
</td>
<td class="num">(961)<span></span>
</td>
<td class="num">(719)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,546)<span></span>
</td>
<td class="num">(2,311)<span></span>
</td>
<td class="num">(1,769)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,581)<span></span>
</td>
<td class="num">(1,118)<span></span>
</td>
<td class="num">(818)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(417)<span></span>
</td>
<td class="num">(327)<span></span>
</td>
<td class="num">(268)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(524)<span></span>
</td>
<td class="num">(136)<span></span>
</td>
<td class="num">(82)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdvertisingExpense', window );">Advertising</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(194)<span></span>
</td>
<td class="num">(126)<span></span>
</td>
<td class="num">(108)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfValueAddedServices', window );">Cost of VAS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="num">(53)<span></span>
</td>
<td class="num">(38)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsExpense', window );">Provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(183)<span></span>
</td>
<td class="num">(78)<span></span>
</td>
<td class="num">(17)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(193)<span></span>
</td>
<td class="num">(152)<span></span>
</td>
<td class="num">(79)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,594)<span></span>
</td>
<td class="num">(1,276)<span></span>
</td>
<td class="num">(934)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortization', window );">Operating income before D&amp;A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,850<span></span>
</td>
<td class="nump">3,269<span></span>
</td>
<td class="nump">2,509<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,072)<span></span>
</td>
<td class="num">(1,686)<span></span>
</td>
<td class="num">(1,341)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationExpense', window );">Amortization of intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(164)<span></span>
</td>
<td class="num">(211)<span></span>
</td>
<td class="num">(185)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(21)<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="num">(91)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,593<span></span>
</td>
<td class="nump">1,373<span></span>
</td>
<td class="nump">910<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">892<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">663<span></span>
</td>
<td class="nump">91<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services | Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,421)<span></span>
</td>
<td class="num">(1,947)<span></span>
</td>
<td class="num">(1,834)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,105)<span></span>
</td>
<td class="num">(1,789)<span></span>
</td>
<td class="num">(1,697)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember', window );">Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,788<span></span>
</td>
<td class="nump">38,243<span></span>
</td>
<td class="nump">29,765<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,624<span></span>
</td>
<td class="nump">8,259<span></span>
</td>
<td class="nump">7,016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Service revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,174<span></span>
</td>
<td class="nump">30,431<span></span>
</td>
<td class="nump">23,805<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,552<span></span>
</td>
<td class="nump">7,795<span></span>
</td>
<td class="nump">5,955<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">62<span></span>
</td>
<td class="nump">17<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember', window );">Mobile Services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">45,125<span></span>
</td>
<td class="nump">38,415<span></span>
</td>
<td class="nump">29,920<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,093)<span></span>
</td>
<td class="num">(2,580)<span></span>
</td>
<td class="num">(1,985)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection costs and other telecommunication charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,757)<span></span>
</td>
<td class="num">(2,921)<span></span>
</td>
<td class="num">(2,840)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,664)<span></span>
</td>
<td class="num">(3,204)<span></span>
</td>
<td class="num">(2,569)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,526)<span></span>
</td>
<td class="num">(4,007)<span></span>
</td>
<td class="num">(3,125)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,309)<span></span>
</td>
<td class="num">(3,581)<span></span>
</td>
<td class="num">(2,973)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,160)<span></span>
</td>
<td class="num">(6,052)<span></span>
</td>
<td class="num">(4,513)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdvertisingExpense', window );">Advertising</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,024)<span></span>
</td>
<td class="num">(748)<span></span>
</td>
<td class="num">(706)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfValueAddedServices', window );">Cost of VAS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(829)<span></span>
</td>
<td class="num">(1,446)<span></span>
</td>
<td class="num">(1,218)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsExpense', window );">Provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(407)<span></span>
</td>
<td class="num">(109)<span></span>
</td>
<td class="num">(96)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(920)<span></span>
</td>
<td class="num">(1,076)<span></span>
</td>
<td class="num">(485)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,930)<span></span>
</td>
<td class="num">(1,536)<span></span>
</td>
<td class="num">(1,053)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortization', window );">Operating income before D&amp;A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,506<span></span>
</td>
<td class="nump">11,155<span></span>
</td>
<td class="nump">8,357<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,967)<span></span>
</td>
<td class="num">(2,672)<span></span>
</td>
<td class="num">(1,705)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationExpense', window );">Amortization of intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,725)<span></span>
</td>
<td class="num">(1,629)<span></span>
</td>
<td class="num">(1,207)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(295)<span></span>
</td>
<td class="num">(384)<span></span>
</td>
<td class="num">(108)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,519<span></span>
</td>
<td class="nump">6,470<span></span>
</td>
<td class="nump">5,319<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,337<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,552<span></span>
</td>
<td class="nump">7,795<span></span>
</td>
<td class="nump">5,955<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember', window );">Mobile Services | Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(337)<span></span>
</td>
<td class="num">(172)<span></span>
</td>
<td class="num">(155)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,105<span></span>
</td>
<td class="nump">1,789<span></span>
</td>
<td class="nump">1,697<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember', window );">Personal Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,797<span></span>
</td>
<td class="nump">35,600<span></span>
</td>
<td class="nump">28,059<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,035)<span></span>
</td>
<td class="num">(5,749)<span></span>
</td>
<td class="num">(4,328)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Service revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,289<span></span>
</td>
<td class="nump">28,049<span></span>
</td>
<td class="nump">22,258<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,446<span></span>
</td>
<td class="nump">7,535<span></span>
</td>
<td class="nump">5,796<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">62<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember', window );">Personal Mobile Services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">42,128<span></span>
</td>
<td class="nump">35,766<span></span>
</td>
<td class="nump">28,203<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,876)<span></span>
</td>
<td class="num">(2,381)<span></span>
</td>
<td class="num">(1,856)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection costs and other telecommunication charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,537)<span></span>
</td>
<td class="num">(2,721)<span></span>
</td>
<td class="num">(2,686)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,384)<span></span>
</td>
<td class="num">(2,975)<span></span>
</td>
<td class="num">(2,417)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,413)<span></span>
</td>
<td class="num">(3,925)<span></span>
</td>
<td class="num">(3,071)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,965)<span></span>
</td>
<td class="num">(3,286)<span></span>
</td>
<td class="num">(2,774)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,035)<span></span>
</td>
<td class="num">(5,749)<span></span>
</td>
<td class="num">(4,328)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdvertisingExpense', window );">Advertising</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(915)<span></span>
</td>
<td class="num">(644)<span></span>
</td>
<td class="num">(628)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfValueAddedServices', window );">Cost of VAS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(614)<span></span>
</td>
<td class="num">(1,329)<span></span>
</td>
<td class="num">(1,136)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsExpense', window );">Provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(406)<span></span>
</td>
<td class="num">(109)<span></span>
</td>
<td class="num">(96)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(844)<span></span>
</td>
<td class="num">(951)<span></span>
</td>
<td class="num">(462)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,740)<span></span>
</td>
<td class="num">(1,378)<span></span>
</td>
<td class="num">(960)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortization', window );">Operating income before D&amp;A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,399<span></span>
</td>
<td class="nump">10,318<span></span>
</td>
<td class="nump">7,789<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,325)<span></span>
</td>
<td class="num">(2,088)<span></span>
</td>
<td class="num">(1,379)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationExpense', window );">Amortization of intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,636)<span></span>
</td>
<td class="num">(1,526)<span></span>
</td>
<td class="num">(1,141)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(295)<span></span>
</td>
<td class="num">(384)<span></span>
</td>
<td class="num">(109)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,143<span></span>
</td>
<td class="nump">6,320<span></span>
</td>
<td class="nump">5,160<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember', window );">Personal Mobile Services | Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(331)<span></span>
</td>
<td class="num">(166)<span></span>
</td>
<td class="num">(144)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember', window );">Nucleo Mobile Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,991<span></span>
</td>
<td class="nump">2,643<span></span>
</td>
<td class="nump">1,706<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(125)<span></span>
</td>
<td class="num">(303)<span></span>
</td>
<td class="num">(185)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Service revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,885<span></span>
</td>
<td class="nump">2,382<span></span>
</td>
<td class="nump">1,547<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">106<span></span>
</td>
<td class="nump">260<span></span>
</td>
<td class="nump">159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember', window );">Nucleo Mobile Services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,997<span></span>
</td>
<td class="nump">2,649<span></span>
</td>
<td class="nump">1,717<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(217)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
<td class="num">(129)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection costs and other telecommunication charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(220)<span></span>
</td>
<td class="num">(200)<span></span>
</td>
<td class="num">(154)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(280)<span></span>
</td>
<td class="num">(229)<span></span>
</td>
<td class="num">(152)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(113)<span></span>
</td>
<td class="num">(82)<span></span>
</td>
<td class="num">(54)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(344)<span></span>
</td>
<td class="num">(295)<span></span>
</td>
<td class="num">(199)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipments and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(125)<span></span>
</td>
<td class="num">(303)<span></span>
</td>
<td class="num">(185)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdvertisingExpense', window );">Advertising</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(109)<span></span>
</td>
<td class="num">(104)<span></span>
</td>
<td class="num">(78)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfValueAddedServices', window );">Cost of VAS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(215)<span></span>
</td>
<td class="num">(117)<span></span>
</td>
<td class="num">(82)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsExpense', window );">Provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(76)<span></span>
</td>
<td class="num">(125)<span></span>
</td>
<td class="num">(23)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(190)<span></span>
</td>
<td class="num">(158)<span></span>
</td>
<td class="num">(93)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortization', window );">Operating income before D&amp;A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,107<span></span>
</td>
<td class="nump">837<span></span>
</td>
<td class="nump">568<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(642)<span></span>
</td>
<td class="num">(584)<span></span>
</td>
<td class="num">(326)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationExpense', window );">Amortization of intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(89)<span></span>
</td>
<td class="num">(103)<span></span>
</td>
<td class="num">(66)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Disposals and impairment of PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">376<span></span>
</td>
<td class="nump">150<span></span>
</td>
<td class="nump">177<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember', window );">Nucleo Mobile Services | Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (6)<span></span>
</td>
<td class="num">$ (6)<span></span>
</td>
<td class="num">$ (11)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation expense. Amortisation is the systematic allocation of depreciable amounts of intangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CommunicationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from communication.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CommunicationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfMerchandiseSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merchandise that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfMerchandiseSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FeeAndCommissionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to fees and commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FeeAndCommissionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'nature of expense' form for its analysis of expenses. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2017-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2017-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAndOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of the entity's revenue and other operating income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAndOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of telecommunication services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfTelecommunicationServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of telecommunication equipment. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_i&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfTelecommunicationEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfValueAddedServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from value added services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfValueAddedServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain on disposal, impairment and disposal of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisposalAndImpairmentOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses for fees for services, maintenance, materials and supplies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of companies consolidated.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfCompaniesThroughWhichGroupCarriesOutActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfReportableSegment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of segments reported by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfReportableSegment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingIncomeBeforeDepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income before depreciation and amortization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingIncomeBeforeDepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity as previously reported.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProfitLossFromOperatingActivitiesAsPreviouslyReported</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_FixedServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_OperatingSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_OperatingSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>186
<FILENAME>R170.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6988043088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment information - Balance sheet information (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">PP&amp;E, net</a></td>
<td class="nump">$ 28,538<span></span>
</td>
<td class="nump">$ 23,165<span></span>
</td>
<td class="nump">$ 17,963<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">7,098<span></span>
</td>
<td class="nump">7,592<span></span>
</td>
<td class="nump">7,659<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">9,905<span></span>
</td>
<td class="nump">9,632<span></span>
</td>
<td class="nump">6,396<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Capital expenditures on intangible assets (b)</a></td>
<td class="nump">1,238<span></span>
</td>
<td class="nump">1,754<span></span>
</td>
<td class="nump">3,704<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill', window );">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</a></td>
<td class="nump">11,143<span></span>
</td>
<td class="nump">11,386<span></span>
</td>
<td class="nump">10,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToNoncurrentAssets', window );">Total additions on PP&amp;E and intangible assets</a></td>
<td class="nump">12,576<span></span>
</td>
<td class="nump">11,860<span></span>
</td>
<td class="nump">11,162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialAssetsLiabilitiesNet', window );">Net financial asset (debt)</a></td>
<td class="num">(3,260)<span></span>
</td>
<td class="num">(5,892)<span></span>
</td>
<td class="num">(2,277)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember', window );">Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, net</a></td>
<td class="num">(1)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember', window );">Fixed services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">PP&amp;E, net</a></td>
<td class="nump">15,039<span></span>
</td>
<td class="nump">11,468<span></span>
</td>
<td class="nump">9,280<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">406<span></span>
</td>
<td class="nump">429<span></span>
</td>
<td class="nump">443<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">5,254<span></span>
</td>
<td class="nump">3,820<span></span>
</td>
<td class="nump">2,846<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Capital expenditures on intangible assets (b)</a></td>
<td class="nump">153<span></span>
</td>
<td class="nump">197<span></span>
</td>
<td class="nump">233<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill', window );">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</a></td>
<td class="nump">5,407<span></span>
</td>
<td class="nump">4,017<span></span>
</td>
<td class="nump">3,079<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToNoncurrentAssets', window );">Total additions on PP&amp;E and intangible assets</a></td>
<td class="nump">6,886<span></span>
</td>
<td class="nump">4,525<span></span>
</td>
<td class="nump">3,514<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember', window );">Mobile Services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">PP&amp;E, net</a></td>
<td class="nump">13,499<span></span>
</td>
<td class="nump">11,697<span></span>
</td>
<td class="nump">8,683<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">6,693<span></span>
</td>
<td class="nump">7,164<span></span>
</td>
<td class="nump">7,217<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">4,651<span></span>
</td>
<td class="nump">5,812<span></span>
</td>
<td class="nump">3,550<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Capital expenditures on intangible assets (b)</a></td>
<td class="nump">1,085<span></span>
</td>
<td class="nump">1,557<span></span>
</td>
<td class="nump">3,471<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill', window );">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</a></td>
<td class="nump">5,736<span></span>
</td>
<td class="nump">7,369<span></span>
</td>
<td class="nump">7,021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToNoncurrentAssets', window );">Total additions on PP&amp;E and intangible assets</a></td>
<td class="nump">5,690<span></span>
</td>
<td class="nump">7,335<span></span>
</td>
<td class="nump">7,648<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember', window );">Personal Mobile Services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">PP&amp;E, net</a></td>
<td class="nump">10,901<span></span>
</td>
<td class="nump">9,541<span></span>
</td>
<td class="nump">6,899<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">6,482<span></span>
</td>
<td class="nump">7,086<span></span>
</td>
<td class="nump">7,131<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">4,161<span></span>
</td>
<td class="nump">5,249<span></span>
</td>
<td class="nump">3,157<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Capital expenditures on intangible assets (b)</a></td>
<td class="nump">1,032<span></span>
</td>
<td class="nump">1,481<span></span>
</td>
<td class="nump">3,395<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill', window );">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</a></td>
<td class="nump">5,193<span></span>
</td>
<td class="nump">6,730<span></span>
</td>
<td class="nump">6,552<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToNoncurrentAssets', window );">Total additions on PP&amp;E and intangible assets</a></td>
<td class="nump">5,173<span></span>
</td>
<td class="nump">6,708<span></span>
</td>
<td class="nump">7,158<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember', window );">Nucleo Mobile Services | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Operating segments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">PP&amp;E, net</a></td>
<td class="nump">2,598<span></span>
</td>
<td class="nump">2,156<span></span>
</td>
<td class="nump">1,784<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">211<span></span>
</td>
<td class="nump">78<span></span>
</td>
<td class="nump">86<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">490<span></span>
</td>
<td class="nump">563<span></span>
</td>
<td class="nump">393<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Capital expenditures on intangible assets (b)</a></td>
<td class="nump">53<span></span>
</td>
<td class="nump">76<span></span>
</td>
<td class="nump">76<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill', window );">Total capital expenditures in PP&amp;E and intangible assets (a)+ (b)</a></td>
<td class="nump">543<span></span>
</td>
<td class="nump">639<span></span>
</td>
<td class="nump">469<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToNoncurrentAssets', window );">Total additions on PP&amp;E and intangible assets</a></td>
<td class="nump">$ 517<span></span>
</td>
<td class="nump">$ 627<span></span>
</td>
<td class="nump">$ 490<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsToNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to non-current assets other than financial instruments, deferred tax assets, net defined benefit assets and rights arising under insurance contracts. [Refer: Deferred tax assets; Financial instruments, class [member]; Non-current assets; Types of insurance contracts [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsToNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment and intangible assets other than goodwill, other than those acquired through business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOtherThanThroughBusinessCombinationsNoncurrentAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialAssetsLiabilitiesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of financial assets less financial liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialAssetsLiabilitiesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_FixedServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_FixedServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_OperatingSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_OperatingSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobileServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobileServicesPersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_MobilesServicesNucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>187
<FILENAME>R171.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6996579280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment information - Geographic information (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="nump">$ 65,319<span></span>
</td>
<td class="nump">$ 53,323<span></span>
</td>
<td class="nump">$ 40,540<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets Breakdown by location of operations</a></td>
<td class="nump">39,350<span></span>
</td>
<td class="nump">32,352<span></span>
</td>
<td class="nump">26,973<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TypeOfBreakdownAxis=teo_ByLocationOfOperationsMember', window );">By location of operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="nump">65,319<span></span>
</td>
<td class="nump">53,323<span></span>
</td>
<td class="nump">40,540<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets Breakdown by location of operations</a></td>
<td class="nump">39,350<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TypeOfBreakdownAxis=teo_ByLocationOfCustomerMember', window );">By location of customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="nump">65,319<span></span>
</td>
<td class="nump">53,323<span></span>
</td>
<td class="nump">40,540<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets Breakdown by location of operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29,832<span></span>
</td>
<td class="nump">24,844<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember', window );">Argentina | By location of operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="nump">62,012<span></span>
</td>
<td class="nump">50,406<span></span>
</td>
<td class="nump">38,677<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets Breakdown by location of operations</a></td>
<td class="nump">36,429<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember', window );">Argentina | By location of customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="nump">61,696<span></span>
</td>
<td class="nump">49,958<span></span>
</td>
<td class="nump">38,388<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember', window );">Abroad</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets Breakdown by location of operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,520<span></span>
</td>
<td class="nump">2,129<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember', window );">Abroad | By location of operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="nump">3,307<span></span>
</td>
<td class="nump">2,917<span></span>
</td>
<td class="nump">1,863<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets Breakdown by location of operations</a></td>
<td class="nump">2,921<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember', window );">Abroad | By location of customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Total revenues and other income</a></td>
<td class="nump">$ 3,623<span></span>
</td>
<td class="nump">$ 3,365<span></span>
</td>
<td class="nump">$ 2,152<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeographicalAreasLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeographicalAreasLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAndOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of the entity's revenue and other operating income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAndOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TypeOfBreakdownAxis=teo_ByLocationOfOperationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TypeOfBreakdownAxis=teo_ByLocationOfOperationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TypeOfBreakdownAxis=teo_ByLocationOfCustomerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TypeOfBreakdownAxis=teo_ByLocationOfCustomerMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7046253968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Quarterly consolidated information (unaudited information) (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="12">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Sep. 30, 2017</div></th>
<th class="th"><div>Jun. 30, 2017</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Sep. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Mar. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Mar. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfQuarterlyConsolidatedInformationAbstract', window );"><strong>Quarterly consolidated information (unaudited information)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">$ 17,923<span></span>
</td>
<td class="nump">$ 16,719<span></span>
</td>
<td class="nump">$ 15,818<span></span>
</td>
<td class="nump">$ 14,726<span></span>
</td>
<td class="nump">$ 14,422<span></span>
</td>
<td class="nump">$ 13,412<span></span>
</td>
<td class="nump">$ 12,951<span></span>
</td>
<td class="nump">$ 12,455<span></span>
</td>
<td class="nump">$ 11,906<span></span>
</td>
<td class="nump">$ 10,094<span></span>
</td>
<td class="nump">$ 9,624<span></span>
</td>
<td class="nump">$ 8,872<span></span>
</td>
<td class="nump">$ 65,186<span></span>
</td>
<td class="nump">$ 53,240<span></span>
</td>
<td class="nump">$ 40,496<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingIncomeBeforeDepreciationAndAmortization', window );">Operating income before D&amp;A</a></td>
<td class="nump">5,110<span></span>
</td>
<td class="nump">4,902<span></span>
</td>
<td class="nump">4,706<span></span>
</td>
<td class="nump">4,638<span></span>
</td>
<td class="nump">4,214<span></span>
</td>
<td class="nump">3,446<span></span>
</td>
<td class="nump">3,362<span></span>
</td>
<td class="nump">3,402<span></span>
</td>
<td class="nump">3,202<span></span>
</td>
<td class="nump">2,529<span></span>
</td>
<td class="nump">2,501<span></span>
</td>
<td class="nump">2,634<span></span>
</td>
<td class="nump">19,356<span></span>
</td>
<td class="nump">14,424<span></span>
</td>
<td class="nump">10,866<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">3,094<span></span>
</td>
<td class="nump">3,167<span></span>
</td>
<td class="nump">2,958<span></span>
</td>
<td class="nump">2,893<span></span>
</td>
<td class="nump">2,320<span></span>
</td>
<td class="nump">1,802<span></span>
</td>
<td class="nump">1,724<span></span>
</td>
<td class="nump">1,997<span></span>
</td>
<td class="nump">1,770<span></span>
</td>
<td class="nump">1,311<span></span>
</td>
<td class="nump">1,468<span></span>
</td>
<td class="nump">1,680<span></span>
</td>
<td class="nump">12,112<span></span>
</td>
<td class="nump">7,843<span></span>
</td>
<td class="nump">6,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Financial results, net</a></td>
<td class="num">(210)<span></span>
</td>
<td class="num">(16)<span></span>
</td>
<td class="num">(384)<span></span>
</td>
<td class="nump">124<span></span>
</td>
<td class="num">(562)<span></span>
</td>
<td class="num">(636)<span></span>
</td>
<td class="num">(489)<span></span>
</td>
<td class="num">(557)<span></span>
</td>
<td class="num">(910)<span></span>
</td>
<td class="num">(73)<span></span>
</td>
<td class="num">(30)<span></span>
</td>
<td class="num">(89)<span></span>
</td>
<td class="num">(486)<span></span>
</td>
<td class="num">(2,244)<span></span>
</td>
<td class="num">(1,102)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="nump">2,029<span></span>
</td>
<td class="nump">2,056<span></span>
</td>
<td class="nump">1,673<span></span>
</td>
<td class="nump">1,966<span></span>
</td>
<td class="nump">1,510<span></span>
</td>
<td class="nump">758<span></span>
</td>
<td class="nump">802<span></span>
</td>
<td class="nump">935<span></span>
</td>
<td class="nump">657<span></span>
</td>
<td class="nump">800<span></span>
</td>
<td class="nump">937<span></span>
</td>
<td class="nump">1,041<span></span>
</td>
<td class="nump">7,724<span></span>
</td>
<td class="nump">4,005<span></span>
</td>
<td class="nump">3,435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Net income attributable to Telecom Argentina</a></td>
<td class="nump">$ 1,989<span></span>
</td>
<td class="nump">$ 2,026<span></span>
</td>
<td class="nump">$ 1,660<span></span>
</td>
<td class="nump">$ 1,955<span></span>
</td>
<td class="nump">$ 1,504<span></span>
</td>
<td class="nump">$ 746<span></span>
</td>
<td class="nump">$ 800<span></span>
</td>
<td class="nump">$ 925<span></span>
</td>
<td class="nump">$ 646<span></span>
</td>
<td class="nump">$ 801<span></span>
</td>
<td class="nump">$ 928<span></span>
</td>
<td class="nump">$ 1,028<span></span>
</td>
<td class="nump">$ 7,630<span></span>
</td>
<td class="nump">$ 3,975<span></span>
</td>
<td class="nump">$ 3,403<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2017-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2017-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfQuarterlyConsolidatedInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfQuarterlyConsolidatedInformationAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingIncomeBeforeDepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income before depreciation and amortization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingIncomeBeforeDepreciationAndAmortization</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7013536224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Restrictions on distribution of profits and dividends (Details) - ARS ($)<br> $ / shares in Units, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="6">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May 11, 2015</div></th>
<th class="th"><div>Apr. 29, 2015</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2017</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2016</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract', window );"><strong>Restrictions on distribution of profits and dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve', window );">Minimum percentage of net income to be appropriated</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital', window );">Threshold percentage of statutory reserves of the outstanding capital, used as criteria of allocation requirement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,630<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_VoluntaryReserveForFutureDividendsPayment', window );">Voluntary reserve for future dividends payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,730<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends declared and paid by Telecom Argentina during the year ($4.28, $2.06 and $0.83 peso per share, respectively)</a></td>
<td class="nump">$ 804<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,151<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 804<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare', window );">Dividends declared and paid per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.83<span></span>
</td>
<td class="nump">$ 4.28<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2.06<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 0.83<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners', window );">Proposed for approval at the Annual General Meeting (not recognized as a liability as of December 31)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,989<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="9"></td></tr>
<tr><td colspan="9"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Board of Directors&#8217; Meeting held on December 18, 2017. The amount in pesos is $ 4,150,312,272, which was rounded in this Consolidated Statement of changes in equity to be presented in millions of pesos to 4,151.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company's Board of Directors' Meeting held on April 29, 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Ordinary Shareholders&#8217; Meeting held on April&#160;29, 2015.</td>
</tr>
</table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends proposed or declared after the reporting period but before financial statements are authorised for issue. Such dividends are not recognised as a liability at the end of the reporting period because no obligation exists at that time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2017-01-01<br> -Paragraph 13<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=10&amp;date=2017-03-01&amp;anchor=para_13&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners of the parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount, per share, of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum percentage of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses must be appropriated to statutory reserve by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The threshold percentage criteria expressed as a percentage of outstanding capital for the transfer of net income by the entity to statutory reserves. If the statutory reserves exceed the specified threshold of the outstanding capital, further appropriation is not required.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_VoluntaryReserveForFutureDividendsPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The concept that refers to the voluntary reserve for future dividends payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_VoluntaryReserveForFutureDividendsPayment</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6990056896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Corporate Reorganization of the Telecom Group and Its controlling companies - Amortization (Details)<br></strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jun. 22, 2017 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 22, 2017 </div>
<div>ARS ($) </div>
<div>shares</div>
</th>
<th class="th"><div>May 31, 2017</div></th>
<th class="th">
<div>May 23, 2017 </div>
<div>USD ($) </div>
<div>director </div>
<div>shares</div>
</th>
<th class="th">
<div>May 23, 2017 </div>
<div>ARS ($) </div>
<div>director </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>tranche </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>ARS ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOfSharesAbstract', window );"><strong>Amortization of Sofora shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">984,380,978<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Issued capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 984,380,978<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora | Argentina Inversiones S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOfSharesAbstract', window );"><strong>Amortization of Sofora shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfAmortizationTranches', window );">Number of tranches | tranche</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">140,704,640<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Issued capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 140,704,640<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners', window );">Amortization of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,683,596<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Shares amortized | shares</a></td>
<td class="nump">65,955,300<span></span>
</td>
<td class="nump">65,955,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">74,749,340<span></span>
</td>
<td class="nump">74,749,340<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17.00%<span></span>
</td>
<td class="nump">17.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares', window );">Amount paid to acquire shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 65,955,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 74,749,340<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendRightsTermsAnnualUnpaidDividendsPercentage', window );">Unpaid dividends percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendRightsCertificateRedemptionPeriod', window );">Dividend rights certificate, redemption period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">36 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold', window );">Paid percentage of maximum dividends payable, redemption threshold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora | Argentina Inversiones S.A. | Class A Bono de Goce</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOfSharesAbstract', window );"><strong>Amortization of Sofora shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendRights', window );">Dividend rights</a></td>
<td class="nump">$ 216,280,387<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 245,036,017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora | Argentina Inversiones S.A. | Minimum | Class A Bono de Goce</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOfSharesAbstract', window );"><strong>Amortization of Sofora shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfDividendCertificates', window );">Number of dividend certificates | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora | Argentina Inversiones S.A. | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOfSharesAbstract', window );"><strong>Amortization of Sofora shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendRights', window );">Dividend rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 470,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOfSharesAbstract', window );"><strong>Amortization of Sofora shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfDirectorsAppointed', window );">Number of directors appointed | director</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfAlternateDirectorsAppointed', window );">Number of alternate directors appointed | director</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSupervisoryCommitteeMembersAppointed', window );">Number of members appointed to Supervisory Committee | director</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfAlternatesAppointedToSupervisoryCommittee', window );">Number of alternates appointed to the Supervisory Committee | director</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=teo_WDeArgentinaInversionesS.a.Member', window );">WAI</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOfSharesAbstract', window );"><strong>Amortization of Sofora shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from transactions with owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire or redeem entity's shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsToAcquireOrRedeemEntitysShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AmortizationOfSharesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AmortizationOfSharesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendRights">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividend rights authorized under dividend certificate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendRights</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendRightsCertificateRedemptionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period of time after the date of issuance or the payment of specified percentage of dividends within which the dividend rights certificate may be redeemed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendRightsCertificateRedemptionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The paid percent of maximum dividends payable under terms of dividend rights certificate as a trigger for redemption terms.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendRightsCertificateTermsPercentOfMaximumDividendsPaidThreshold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendRightsTermsAnnualUnpaidDividendsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of annual unpaid dividends allowed under terms of dividend rights certificate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendRightsTermsAnnualUnpaidDividendsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfAlternateDirectorsAppointed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of alternate directors appointed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfAlternateDirectorsAppointed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfAlternatesAppointedToSupervisoryCommittee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of alternates appointed to the Supervisory Committee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfAlternatesAppointedToSupervisoryCommittee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfAmortizationTranches">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of tranches in which shares will be amortized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfAmortizationTranches</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfDirectorsAppointed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of directors appointed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfDirectorsAppointed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfDividendCertificates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of dividend certificates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfDividendCertificates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfSupervisoryCommitteeMembersAppointed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of members appointed to Supervisory Committee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfSupervisoryCommitteeMembersAppointed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=teo_SoforaTelecomunicacionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_ArgentinaInversionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_ArgentinaInversionesS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=teo_PreferenceSharesClassBonoDeGoceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=teo_PreferenceSharesClassBonoDeGoceMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=teo_WDeArgentinaInversionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=teo_WDeArgentinaInversionesS.a.Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>191
<FILENAME>R175.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7045557104">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Corporate Reorganization of the Telecom Group and Its controlling companies - Telecom Group Reorganization (Details)<br></strong></div></th>
<th class="th">
<div>May 23, 2017 </div>
<div>Vote </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConversionOfSharesAbstract', window );"><strong>Conversion terms approved by board</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina | Class "A"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConversionOfSharesAbstract', window );"><strong>Conversion terms approved by board</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfVotesPerShare', window );">Number of Votes Per Share | Vote</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina | Class "A" | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConversionOfSharesAbstract', window );"><strong>Conversion terms approved by board</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SharesConvertible', window );">Number of shares to be converted | shares</a></td>
<td class="nump">161,039,447<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina | Class "B"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConversionOfSharesAbstract', window );"><strong>Conversion terms approved by board</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfVotesPerShare', window );">Number of Votes Per Share | Vote</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ConversionOfSharesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ConversionOfSharesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfVotesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of votes per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfVotesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SharesConvertible">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares to be converted under terms of reorganization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SharesConvertible</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6994032608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A. - Terms (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 27, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 05, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 07, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Jun. 30, 2017</div></th>
<th class="th">
<div>Jul. 31, 2017 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="nump">71.55%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_PurchasedCallOptionsTelecomArgentinaEquityMember', window );">Call Option, Equity interest in Telecom Argentina | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PrepaidFullOptionPrice', window );">Full option price paid in advance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 634,275,282<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_PurchasedCallOptionsTelecomArgentinaEquityMember', window );">Call Option, Equity interest in Telecom Argentina | VLG Argentina LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfAdditionalSharesReceivedUnderOption', window );">Additional shares received under option (as a percent)</a></td>
<td class="nump">21.55%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption', window );">Additional indirect share received under option (as a percent)</a></td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio', window );">Merger agreement, distribution rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,871.07005<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_FintechAdvisoryIncMember', window );">Fintech Advisory Inc. | Call Option, Equity interest in Telecom Argentina | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="nump">$ 628,008,363<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OptionTerm', window );">Option term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ifrs-full_SubsidiariesMember', window );">Subsidiaries | Fintech Advisory Inc. | Call Option, Equity interest in Telecom Argentina | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption', window );">Equity interest acquirable under option (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.51%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption', window );">Participation equity interest acquirable under option (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 634,275,282<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SharePremiumPaid', window );">Share premium paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_FintechMediaLLCMember', window );">Fintech Media LLC | VLG Argentina LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="nump">28.45%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_FintechMediaLLCMember', window );">Fintech Media LLC | Call Option, Equity interest in Telecom Argentina | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OptionTerm', window );">Option term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">30 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to determine the number of instruments or interests issued or issuable at acquisition date for equity interests of the acquirer transferred as consideration in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfInstrumentsOrInterestsIssuedOrIssuableConversionRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OptionTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period of time an option contract can be executed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OptionTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of additional indirect shares received under terms of call option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfAdditionalIndirectSharesReceivedUnderOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfAdditionalSharesReceivedUnderOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of additional shares received under terms of call option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfAdditionalSharesReceivedUnderOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of participation equity interests acquirable under terms of call option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfParticipationEquityInterestsAcquiredInterestUnderOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of equity interests acquirable under terms of call option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfVotingEquityInterestsAcquiredInterestUnderOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PrepaidFullOptionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents full option price paid in advance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PrepaidFullOptionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SharePremiumPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount paid for entity's shares in excess of nominal value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SharePremiumPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_PurchasedCallOptionsTelecomArgentinaEquityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_PurchasedCallOptionsTelecomArgentinaEquityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_VlgArgentinaLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_VlgArgentinaLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_TelecomArgentinaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_TelecomArgentinaS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6990314016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A. - Capital Stock (Details) - shares<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 29, 2017</div></th>
<th class="th"><div>Jan. 01, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">969,159,605<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of shares in entity held by entity or by its subsidiaries or associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">984,380,978<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember', window );">Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,153,688,011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of shares in entity held by entity or by its subsidiaries or associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,168,909,384<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger', window );">Ownership interest in acquirer held before merger</a></td>
<td class="nump">55.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProportionOfOwnershipInterestInAcquirerBeforeMerger', window );">Ownership interest in acquirer held before merger</a></td>
<td class="nump">45.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">340,994,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">340,994,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A" | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">683,856,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">683,856,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A" | Preliminary Merger Agreement and the Final Merger Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">342,861,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A" | Preliminary Merger Agreement and the Final Merger Agreement | Fintech</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">342,861,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember', window );">Class "B"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">627,930,005<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of shares in entity held by entity or by its subsidiaries or associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">643,151,378<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember', window );">Class "B" | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">627,930,005<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of shares in entity held by entity or by its subsidiaries or associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">643,151,378<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember', window );">Class "C"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">234,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">234,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember', window );">Class "C" | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">234,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">234,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember', window );">Class "D" | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">841,666,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">841,666,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember', window );">Class "D" | Preliminary Merger Agreement and the Final Merger Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">841,666,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember', window );">Class "D" | Preliminary Merger Agreement and the Final Merger Agreement | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">406,757,183<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember', window );">Class "D" | Preliminary Merger Agreement and the Final Merger Agreement | VLG Argentina LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">434,909,475<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssuedAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssuedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares in the entity held by the entity or by its subsidiaries or associates. [Refer: Associates [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in the acquirer before the merger.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_CablevisionHoldingMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_TelecomArgentinaS.a.Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_FintechTelecomLLCMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7044315936">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Merger by Absorption Between Telecom Argentina and Cablevision S.A. - Business Combination (Details) - Cablevision Holding S.A.<br> $ in Billions</strong></div></th>
<th class="th">
<div>Jan. 01, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember', window );">Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferredAbstract', window );"><strong>Consideration</strong></a></td>
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<td class="nump">$ 132<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember', window );">Purchases of assets</a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract', window );"><strong>Net identifiable assets acquired</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net identifiable assets acquired</a></td>
<td class="nump">74<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment</a></td>
<td class="nump">63<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets acquired</a></td>
<td class="nump">40<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Customer Relationship recognized</a></td>
<td class="nump">10<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Trademarks recognized</a></td>
<td class="nump">9<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Licenses recognized</a></td>
<td class="nump">21<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets', window );">Deferred income tax liability recognized due to the higher value assigned to net identifiable assets</a></td>
<td class="nump">17<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate', window );">Noncontrolling interest</a></td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 59<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2017-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2017-03-01&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2017-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2017-03-01&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquiree recognised at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquiree at the acquisition date. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph o<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_o_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for plant, property and equipment acquired in a business combination. [Refer: Property, plant and equipment; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents deferred income tax liability recognized due to the higher value assigned to net identifiable assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeferredIncomeTaxLiabilityRecognizedDueToHigherValueAssignedToNetIdentifiableAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for licenses intangible assets acquired in a business combination</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LicensesIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for trademarks intangible assets acquired in a business combination</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TrademarksIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6997594384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events to December 31, 2017 - Reversal of Reserve (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Apr. 30, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Feb. 15, 2018 </div>
<div>ARS ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Jan. 31, 2018 </div>
<div>ARS ($) </div>
<div>installment</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Subsequent events to December 31, 2017</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners', window );">Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,989,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Subsequent events to December 31, 2017</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityReclassifiedIntoFinancialLiabilities', window );">Equity reclassified into financial liabilities</a></td>
<td class="nump">$ 6,866,418,019<span></span>
</td>
<td class="nump">$ 2,863,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfDistributions', window );">Number of distributions | installment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners', window );">Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,006,505,599<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears', window );">Dividends paid corresponding to the net profit from January 1 - September 30, 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,640,728,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare', window );">Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.04<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina | Voluntary reserve for future dividends payments | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Subsequent events to December 31, 2017</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityReclassifiedIntoFinancialLiabilities', window );">Equity reclassified into financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,729,418,019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember', window );">Telecom Argentina | Cablevision Holding S.A. | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Subsequent events to December 31, 2017</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears', window );">Dividends paid corresponding to the net profit from January 1 - September 30, 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,502,777,155<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends proposed or declared after the reporting period but before financial statements are authorised for issue. Such dividends are not recognised as a liability at the end of the reporting period because no obligation exists at that time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2017-01-01<br> -Paragraph 13<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=10&amp;date=2017-03-01&amp;anchor=para_13&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount, per share, of dividends proposed or declared before financial statements were authorised for issue but not recognised as distribution to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends relating to prior years, recognised as distributions to owners of the parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityReclassifiedIntoFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity reclassified into financial liabilities. [Refer: Equity; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 80A<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_80A&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityReclassifiedIntoFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfDistributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of distributions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfDistributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidatedEntitiesAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReservesWithinEquityAxis=teo_VoluntaryReserveForFutureDividendsPaymentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReservesWithinEquityAxis=teo_VoluntaryReserveForFutureDividendsPaymentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>196
<FILENAME>R180.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp7014393920">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Subsequent events to December 31, 2017 - Cablevision Dividends (Details)<br></strong></div></th>
<th class="th">
<div>Jan. 08, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Subsequent events to December 31, 2017</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinaryShares', window );">Dividends paid, ordinary shares</a></td>
<td class="nump">$ 4,077,790,056<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinaryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid by the entity on ordinary shares. [Refer: Ordinary shares [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2017-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=34&amp;date=2017-03-01&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinaryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>197
<FILENAME>R181.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6997302304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Subsequent events to December 31, 2017 - Syndicated Loan (Details) - Syndicated Loan - Entering into significant commitments or contingent liabilities - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Feb. 09, 2018</div></th>
<th class="th"><div>Jan. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Syndicated Loan</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">LIBOR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Borrowing term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">12 months<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromCurrentBorrowings', window );">Proceeds from loan</a></td>
<td class="nump">$ 650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Syndicated Loan</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Syndicated Loan</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.25%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DebtCovenantDebtIssuancePeriod', window );">Debt issuance, debt term triggering repayment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount', window );">Debt covenant, new debt issued that would trigger repayment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromCurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from current borrowings obtained. [Refer: Current borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromCurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DebtCovenantDebtIssuancePeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Under terms of the debt covenant, term of new debt issuance that triggers repayment in full of outstanding loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DebtCovenantDebtIssuancePeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Under terms of debt covenant, the amount of new debt issued that would trigger full repayment of outstanding loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DebtCovenantRepaymentTriggerDebtIssuanceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
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<td>teo_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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end
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<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.4.0.3
 *
 */

var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
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};

Show.showAR = function ( link, id, win ){
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	var ref = link;
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		if( tmp ){
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			ref.id = '';
			link.parentNode.appendChild(ref);
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	if( ref ){
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		Show.LastAR = ref;
	}
};

Show.toggleNext = function( link ){
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	do{
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	}while( ref.nodeName != 'DIV' );

	if( ref.style &&
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		if( link.textContent ){
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		if( link.textContent ){
			link.textContent = link.textContent.replace( '-', '+' );
		}else{
			link.innerText = link.innerText.replace( '-', '+' );
		}
	}
};
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>200
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
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	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
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	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>202
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='UTF-8'?>
<FilingSummary>
  <Version>3.8.0.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1218</ContextCount>
  <ElementCount>894</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>299</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>23</UnitCount>
  <MyReports>
    <Report instance="teo-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
